Extell Development Buys Back Midtown Commercial Unit

Gary Barnett wants a do-over at The Briarcliffe.

His firm, Extell Development, bought back a commercial condominium unit at the Midtown building from Forrell & Thomas last week for $11.35 million. Extell had sold the unit in 2006 to Forrell for $10.2 million.

The Briarcliffe, at 171 West 57th Street, has 35 apartments spread over 13 floors and 95,000 square feet. Among the Billionaires Row property’s previous residents is Wilbur Ross, who famously turned out not to be a billionaire. Ross sold his penthouse for a loss in 2017.

Extell and Forrell’s reverse swap highlighted last week’s deals in the middle market, defined as commercial sales between $10 million and $40 million. The rest are listed below, ranked by dollar amount:

David Kramer — not the one who runs Hudson Companies — bought a 49 percent stake in a newly built Ocean Hill apartment building for $31 million. Joe Schwartz previously owned the entire development, having paid $8 million for it and two other lots in 2020. The building, at 1884 Broadway, was home to Benaiah Ministries before the church structure was demolished in 2019. Yisroel Greenfield developed the lot into 66 apartments over 86,000 square feet. Kramer took out $40 million in financing from Bellco Credit Union.
Abraham “Abie” Hidary’s Hidrock Properties unloaded two lots in Cobble Hill for $20 million. The parcels are home to redeveloped buildings damaged in a five-alarm fire in March 2022. Located at 96 and 110 Boerum Place between Pacific and Dean streets, the buildings combine for five floors and 30,000 square feet, according to marketing material from RIPCO. The buyer is Avdoo & Partners Development. Hidrock bought the lots in 2017 for $30.5 million.
A designated landmark in the East Village traded hands for $18.9 million, 16 percent less than the $22.5 million it was listed for in March. Located at 137 Second Avenue, the historic structure, built in 1884, was originally home to German Dispensary, later to Stuyvesant Polyclinic and most recently The Wing, a women’s coworking space. The anonymous buyer was represented by Denham Wolf Real Estate Services, Jonathan Denham and Paul Wolf’s firm. The seller, Jean-Claude Pick’s Cofinance Group, bought it for $18 million in 2019.
A Greenpoint warehouse changed hands for $18.75 million. Located at 33-49 Ash Street, the two-floor, one-unit property was built in 1969 and is 52,000 square feet. The buyer took out an $11.5 million mortgage from Amerasia Bank. The seller purchased the building for $8.5 million in 2016. Property records for that sale show the buyer’s address traces back to Lambo Construction.
A mixed-use building in Tribeca called The Griffen sold for $13 million. According to PincusCo, which first reported the deal, New Jersey developer Anthony LoConte sold it to Sung Soo Han. Gunbae, a Korean restaurant, is a tenant. Located at 67 Murray Street, the building was constructed in 1920 and has six units, six floors and 12,300 square feet. LoConte purchased it in 2014 for $12 million from Brady Properties, but listed it just months later for $21.5 million, citing the 15-year, $500,000 per year lease Gunbae had just signed.
Robin Damaghi purchased a four-unit residential building in Carroll Gardens for $10.8 million. Located at 76 1st Place, it has two buildings with four residential units over four floors and 6,500 square feet. The seller is several individuals including William Sbarbaro. Damaghi obtained a $6.5 million mortgage from Castellan Real Estate Partners to fund the purchase.
David Gleitman’s Targo Capital Partners bought a walkup in Bowery for $10 million. The seller is RA Cohen & Associates, which purchased the property in 2011 for $3.85 million. Located at 5 Spring Street, the building lies between Elizabeth Street and Bowery. It has 21 apartments, one commercial unit and more than 9,000 square feet. The property was built in 1900 and renovated in 2011. The bar Sweet & Vicious has been a tenant since 1998.