I-sales Recap: Turner Capital Sells Bronx Charter School for $31M

625 Bolton Avenue in the Bronx and Turner Impact Capital Principal Bari Cooper Sherman (Turner Impact, Google Maps, Getty)

The slow pace of mid-market investment sales continued last week, as only five transactions for commercial properties between $10 million and $40 million hit city records.

Four were in Manhattan and one was in the Bronx, where a K-8 charter school traded hands. Below is more information on each of the transactions, ranked by dollar amount.

1. An entity connected to California-based Turner Impact Capital sold Grand Concourse Academy Charter School at 625 Bolton Avenue in Grand Concourse, the Bronx, for $31.6 million to an entity tied to NJ Community Capital. The school was built in 2018 after Turner bought the property for $3.5 million the year before. The three-floor building spans 50,000 square feet.

2. Entities tied to SMA Equities sold a trio of mixed-use buildings at 186 Bleecker Street in Greenwich Village for $14.5 million to an entity connected to Targo Capital Partners. Built in 1910, the buildings consist of 10 units across 9,300 square feet. The portfolio last sold for $5 million in 2003.

3. An entity connected to Bridge Investment Group sold a commercial condo unit at 63 Downing Street in Greenwich Village for $13 million to an entity tied to Rivers Holdings. The unit is one of two commercial condos in the nine-floor, 50,000-square-foot building.

4. Gallagher’s Stud, based in upstate New York, sold the Theater District building that houses Gallagher’s Steakhouse at 228 West 52nd Street for $11.8 million to restaurateur Dean Poll’s Poll Group, which already owns the steakhouse. Built in 1920, the property consists of five floors across 22,000 square feet.

5. An entity connected to Fairstead bought a mixed-use building at 725 Sixth Avenue in Chelsea for $10.8 million from 725 6th Ave. Management LLC. Simon Abeckaser signed for the seller. Built in 1920, the four-floor building houses seven units across 6,300 square feet. It last sold for an undisclosed amount in 1998.