The Real Deal New York

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

A.D. Real Estate sells in Little Italy; Turken Foundation buys Murray Hill site

March 24, 2015 08:00AM
By Kyna Doles

From left: 167 Mott Street, Abraham Daniels and 69-33 Austin Street in Queens

From left: 167 Mott Street, Abraham Daniels and 69-33 Austin Street in Queens

1.) Abraham Daniels’ A.D. Real Estate Investors Inc. sold a 28-unit rental building at 167 Mott Street for $17 million— double the $8.5 million it paid in 2013. The apartment building, located in Little Italy between Broome and Grand streets, is seven stories, and includes 14,700 square feet of residential space and nearly 900 square feet of retail between two stores. Emmanuel Sark of 167 Mott LLC is the buyer.

2.) Parkoff Organization paid $17 million for a Forest Hills, Queens commercial building at 69-33 Austin Street. The four-story corner building is 25,200 square feet and is home to a New York Sports Club. The seller, Goldberg Group, acquired the property in 2006 for $13.1 million.

3.) The Turken Foundation, a Turkish organization that provides students with scholarships and housing accommodations, purchased a two-parcel development site in Murray Hill for $15.6 million. Located at 762-766 Second Avenue on the corner of East 41st Street, the development site has nearly 38,000 buildable square feet and nearly 45,500 buildable square feet available through the Inclusionary Housing Program.

4. Two industrial buildings and a duo of parking garages in the Flatbush neighborhood of Brooklyn sold for $13.1 million. The Hudson Companies Inc. picked up the four buildings at 318, 324, 326 and 350 Clarkson Avenue from the Health Science Center at Brooklyn Foundation. The buildings comprise of one-and-two story adjacent buildings spanning 65,000 square feet in total. Combined, the properties offer 200,000 buildable square between Nostrand and New York avenues. In 2010, the Health Science Center purchased the buildings for $9.5 million.

(Source: ACRIS data for closed sales between 3/16 t/o 3/22 , PropertyShark data)

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