Jul 13, 2023

A Bespoke Living unloaded a commercial unit in a luxury condo redevelopment that’s been the subject of drama. In 2018, then-owner Hans Futterman accused its lender on what was then a development site on West 122nd Street property, Ari Shalam’s RWN Real Estate Partners, of holding a “sham” bankruptcy auction that suppressed potential buyers. Futterman defaulted on a $36 million loan from RWN in 2016, then declared bankruptcy — accusing RWN of a “loan-to-own” strategy. RWN, the real estate arm of Apollo Global Management, was one of two bidders in the 2017 auction, and won with a $48.6 million offer. A few months later it sold the property for $69 million to Bespoke, then known as Happy Living, which was the other bidder. The 13-story, 166,000-square-foot project at 300 West 122nd Street was eventually built with 170 apartments and three commercial units.. The one that sold last week fetched $18 million for Bespoke Living from KBI Realty. That was a highlight of last week’s deals in the city’s middle market, defined as sales between $10 million and $40 million. Below are the rest of them, ordered by price. Brookfield Properties sold a Queens apartment building to Slate Property Group and Settlement Housing Fund for $39 million. Located at 54-39 100th Street in Corona, the building has 296 units over eight floors and 266,000 square feet. Brookfield bought it in 2019 for $27.2 million. Wavecrest Equities bought the Belmont-Venezia Apartments in the Little Italy section of the Bronx from Rosewood Realty for $28 million. The project-based Section 8 development has five buildings within a quarter mile of each other, with 180 apartments and two commercial units. The addresses are 2404-2416 Crotona Avenue, 2476 Hughes Avenue, and 2423-31 Belmont Avenue. Wavecrest assumes a $15.7 million mortgage. Sign Up for the undefined Newsletter SIGN UP By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy. Benchmark Real Estate Group purchased a mixed-use development at 146-150 10th Avenue in Chelsea for $26.8 million. The trio of addresses combine for 46 residential and three commercial units over 15 floors and 26,000 square feet, with about 20 percent of the residential units being rent-regulated. The seller was Jack Hidary’s Hidrock Properties, which acquired the property for $35.5 million in 2015. In 2020, the company refinanced existing debt on the buildings with a $26.5 million floating-rate loan from Ladder Capital. Kenneth Horn’s Alchemy-ABR purchased an eight-unit, five-story, 7,500-square-foot walkup apartment building on the Upper East Side for $26.3 million. Denver-based Air Properties is the seller of the property, located at 1691-93 Second Avenue between East 87th and East 88th streets. The company purchased the property for $2.1 million in 2004. Bahar Corporation sold the Giorgio Hotel in Long Island City for $17 million. The buyer is Best Western Plus Plaza, which also owns a hotel on 21st Street in Queens. The Giorgio hotel, located at 38-60 13th Street, has 72 rooms over 10 floors and 31,000 square feet. Bahar bought the hotel from Yip Brothers Realty in 2014 for $2.6 million. Bahar assumes a $9.9 million mortgage in the deal from Metro City Bank. Lourdes Zapata’s SoBro Local Development Corporation bought a sextet of neighboring manufacturing buildings in the Morrisania neighborhood of the Bronx for $16 million. The properties — 1004 Brook Avenue, 1014 Brook Avenue, 412 East 165th Street, 414 East 165th Street, 416 East 165th Street and 422 East 165th Street — were sold by Tiffany Lumber Company. SoBro took out a $12.2 million loan from Metropolitan Commercial Bank to fund the purchase. SoBro plans a development called New Roads Plaza with 95 low-income housing units. The Calhoun School sold off its five-story campus at 160 West 74th Street on the Upper West Side for $14 million to UWS Partners, which took out a $9.6 million mortgage from M&T Bank to complete the purchase. Read more A Bespoke Living unloaded a commercial unit in a luxury condo redevelopment that’s been the subject of drama. In 2018, then-owner Hans Futterman accused its lender on what was then a development site on West 122nd Street property, Ari Shalam’s RWN Real Estate Partners, of holding a “sham” bankruptcy auction that suppressed potential buyers. Futterman defaulted on a $36 million loan from RWN in 2016, then declared bankruptcy — accusing RWN of a “loan-to-own” strategy. RWN, the real estate arm of Apollo Global Management, was one of two bidders in the 2017 auction, and won with a $48.6 million offer. A few months later it sold the property for $69 million to Bespoke, then known as Happy Living, which was the other bidder. The 13-story, 166,000-square-foot project at 300 West 122nd Street was eventually built with 170 apartments and three commercial units.. The one that sold last week fetched $18 million for Bespoke Living from KBI Realty. That was a highlight of last week’s deals in the city’s middle market, defined as sales between $10 million and $40 million. Below are the rest of them, ordered by price. Brookfield Properties sold a Queens apartment building to Slate Property Group and Settlement Housing Fund for $39 million. Located at 54-39 100th Street in Corona, the building has 296 units over eight floors and 266,000 square feet. Brookfield bought it in 2019 for $27.2 million. Wavecrest Equities bought the Belmont-Venezia Apartments in the Little Italy section of the Bronx from Rosewood Realty for $28 million. The project-based Section 8 development has five buildings within a quarter mile of each other, with 180 apartments and two commercial units. The addresses are 2404-2416 Crotona Avenue, 2476 Hughes Avenue, and 2423-31 Belmont Avenue. Wavecrest assumes a $15.7 million mortgage. Sign Up for the undefined Newsletter SIGN UP By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy. Benchmark Real Estate Group purchased a mixed-use development at 146-150 10th Avenue in Chelsea for $26.8 million. The trio of addresses combine for 46 residential and three commercial units over 15 floors and 26,000 square feet, with about 20 percent of the residential units being rent-regulated. The seller was Jack Hidary’s Hidrock Properties, which acquired the property for $35.5 million in 2015. In 2020, the company refinanced existing debt on the buildings with a $26.5 million floating-rate loan from Ladder Capital. Kenneth Horn’s Alchemy-ABR purchased an eight-unit, five-story, 7,500-square-foot walkup apartment building on the Upper East Side for $26.3 million. Denver-based Air Properties is the seller of the property, located at 1691-93 Second Avenue between East 87th and East 88th streets. The company purchased the property for $2.1 million in 2004. Bahar Corporation sold the Giorgio Hotel in Long Island City for $17 million. The buyer is Best Western Plus Plaza, which also owns a hotel on 21st Street in Queens. The Giorgio hotel, located at 38-60 13th Street, has 72 rooms over 10 floors and 31,000 square feet. Bahar bought the hotel from Yip Brothers Realty in 2014 for $2.6 million. Bahar assumes a $9.9 million mortgage in the deal from Metro City Bank. Lourdes Zapata’s SoBro Local Development Corporation bought a sextet of neighboring manufacturing buildings in the Morrisania neighborhood of the Bronx for $16 million. The properties — 1004 Brook Avenue, 1014 Brook Avenue, 412 East 165th Street, 414 East 165th Street, 416 East 165th Street and 422 East 165th Street — were sold by Tiffany Lumber Company. SoBro took out a $12.2 million loan from Metropolitan Commercial Bank to fund the purchase. SoBro plans a development called New Roads Plaza with 95 low-income housing units. The Calhoun School sold off its five-story campus at 160 West 74th Street on the Upper West Side for $14 million to UWS Partners, which took out a $9.6 million mortgage from M&T Bank to complete the purchase. Read more