The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

A.D. Real Estate, Harbor Group among those that closed deals

November 24, 2014 03:59PM
By Kyna Doles

From left: 427 Dean Street in Park Slope and

From left: 427 Dean Street in Park Slope and 2500 Seventh Avenue in Harlem

1) Halpern Properties sold a multifamily building at 1745 East 12th Street in the Brooklyn neighborhood of Homecrest for $15.7 million. The six-story rental building has 66 units and 60,984 square feet of residential space. The buyer is an LLC listed as 1745 East 12th Street LLC.

2) In East Flatbush, Marjorie Realty closed on the sale of a warehouse at 5700 Avenue D for $15.5 million. The industrial-zoned property has 152,640 square feet of commercial space on a 238,500 square foot lot. The buyer is an LLC listed as 5799 Ave D LLC.

3) Halpern Properties sold another property in Homecrest for $15.3 million. The slightly smaller 66-unit residential building at 2566 Ocean Avenue has 75,094 square feet of space — but it allows for a residential project of more than 200,000 square feet. with nearly three times the size in buildable square feet.

4) A duo of Park Slope residential buildings sold for a combined $14.7 million. At 427 Dean Street, there’s 16,203 square feet of space and 16 units across four-stories. The adjacent building at 433 Dean Street is a four-story, 16-unit multi-family with 11,800 square feet. Both properties were sold and purchased under separate limited limited liability companies. Buyers 427 Dean LLC and 433 Dean LLC. Seller Deaninvestors, LLC and DVO Dean Street Investors LLC.

5) Harbor Group International bought a commercial building at 148 West 125th Street for $13.8 million. Located in Central Harlem, the the four-story building has three retail stores and 21,042 square feet of commercial space. The sellers were the Jackson Group and Chehebar Realty.

6) In Manhattan’s Kips Bay neighborhood, A.D. Real Estate Investors picked up a mixed-use building at 240 East 28th Street for $13 million from two owners. The six-story Kips Bay building is located between Second and Third Avenues. There’s 17,552 square feet of space, including three ground floor retail stores and 28 residential units.

7) Acuity Capital Partners sold two Harlem properties for $11.8 million. 2500 Seventh Avenue is a 6-story walk-up, with 24 mixed-use units and 16,506 square feet of space. The adjacent building at 2504 Seventh Avenue is almost identical in size, but has approximately 200 additional square feet.

8) Newcastle Realty Services closed on the sale of a Washington Heights property for $11.5 million.The mixed-use building at 285 Ft. Washington Avenue has 37,128 square feet of space, and 60 residential rental units and two commercials units.

(Source: ACRIS data for closed sales between 11/14 to 11/21, PropertyShark data)

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