The Real Deal New York

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

Jeff Sutton sells an East Flatbush retail site; Goldmont Realty makes two Brooklyn buys

March 31, 2015 10:30AM
By Kyna Doles

From left: 133 Avenue D, 1 Remsen Avenue in Brooklyn and Jeff Sutton

From left: 133 Avenue D, 1 Remsen Avenue in Brooklyn and Jeff Sutton

UPDATED, 12:53 p.m., March 31: 1.) Brooklyn-based Goldmont Realty Corp. purchased an 84-unit apartment building at 1834 Caton Avenue in Prospect Park South for $18.5 million. The six-story multifamily building spans over 93,000 square feet. The seller, Canton Avenue Partners LLC, acquired the six-story property for $11 million in 2013.

2.) Jeff Sutton’s Wharton Properties sold a single-story retail building at 1 Remsen Avenue in East Flatbush, Brooklyn for $12.9 million. The 36,000-square-foot building, on the corner of East New York Avenue, is home to a Duane Reade. Cayre Investments purchased the property.

3.) Goldmont Realty Corp. picked up another Brooklyn residential building, located 1.5 miles away from its Prospect Park purchase. The company paid $11.5 million for a Crown Heights apartment building at990 President Street. The six-story building, between Franklin and Washington avenues, holds 54 units and totals over 68,000 square feet. The sellers, Alfred Sayegh, Celebrity Kids Inc., and 990 President Street Associates, paid $5 million for the building in 2009.

4.) Vintage Group acquired an East Village mixed-use building at 133 Avenue D, between East 9th and 10th streets, for $10,5 million. The six-story, 14,500-square-foot building holds 20 apartments. Red Man Takes It Back Realty Inc. is the seller.

5.) A single-story warehouse near the Williamsburg waterfront sold for $10.5 million. Largo Investments purchased the industrial building at 76 North 8th Street, between Wythe and Kent avenues, from Gans Management.  The 10,000-square-foot building has an additional 10,000 square feet of development rights and last traded in 2008 for $450,000.

6.) MM Consolidated Corporation acquired a five-story walk-up on the Upper West Side for $10 million, or a steep $1,900 per square foot. The mixed-use building at 392 Columbus Avenue has six residential units and a retail space occupied by The Coffee Bean & Tea Leaf, for a total of 5,277 square feet. The seller is listed as the entity 42-78/86 Realty LLC. The deal was brokered by Friedman-Roth Realty Services’ George Niblock and Eric Roth, who claim that it is a record on a price-per-square-foot basis for a mixed-use property on the Upper West Side.

(Source: ACRIS data for closed sales between 3/23 to 3/29, PropertyShark data)

  • richjew

    Goldmont is overpaying

  • Not So Rich Jew

    It wasn’t Goldmont and they didn’t over pay. 200 bucks a foot right near the park…long term value

    • lol

      Great name choice

  • Harji Singh

    hahahahah did anyone else not notice the name.. ” Red Man Takes It Back Realty Inc.”

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