The Real Deal New York

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

June 09, 2015 01:40PM
By Kyna Doles

Samy Mahfar, 255 East Houston Street and 18 Wesy 75th Street

From left: Samy Mahfar, 255 East Houston Street and 18 West 75th Street

1.) Samy Mahfar’s SMA Equities purchased a development site on the Lower East side for $16.5 million. The properties include a commercial building at 255 East Houston Street and an adjacent vacant lot at 171 Suffolk Street, which has a combined 55,800 buildable square feet. The seller is Eagle Cal SC, Inc. SMA recently acquired two Gramercy buildings at 297 and 299 Third Avenue for a total of $27.8 million.

2.) In the Bronx, an apartment building at 210 West 251st Street traded hands for $15 million. An entity listed as Golda Rivka 2 LLC acquired the 70-unit rental building from Richard Scharf’s Abro Management. The building, located between Post Road and Broadway, is six stories and spans 75,000 square feet. It last traded for $10.2 million in 2006.

3.) Whitestone-based developer Fulcrum Real Estate Advisors closed on the purchase of a six-acre Queens development site for $14 million. The developer is planning to build 45 homes at the former site of the Cresthaven Country Club along 150th Street and Sixth Avenue in Whitestone. Fulcrum picked up the vacant land, which is zoned for residential, in a foreclosure auction earlier this year.

4.) Long Island-based investment firm Omek Capital paid $11.3 million for a 10-unit residential building at 18 West 75th Street. The Upper West Side building, between Columbus Avenue and Central Park West, has four stories and nearly 6,700 square feet of residential space. Omek recently acquired two townhouses on the Upper West Side and in the West Village for $22 million, with plans to redevelop the properties. The seller, Spruce Capital Partners, paid $5.2 million for the West 75th Street property in 2012.

5.) The Housing Partnership helped acquire a nine-parcel commercial site along Archer Avenue in Jamaica for $10.1 million. The site includes a mix of office and retail buildings stretching from Sutphin Boulevard to 150th Street. Andrew Mashel’s Jamaica Capital Corporation is the seller.

6.) Flushing-based developer Jia Shu Xu sold a new residential building to Kayin Tsui for $10.4 million. Xu developed the four-story, eight-unit building at 32-20 137th Street in Flushing after acquiring the site in 2009 for $3.5 million.

7.) A former nightclub-turned-artist studio at 259 Banker Street in Greenpoint sold for $10 million. Artist Matthew Day Jackson transformed the former Studio B space in the two-story industrial building into a 15,0000-square-foot work studio and loft. Clean Slate Studio LLC purchased the property for $1 million less than the original asking price.

(Source: ACRIS data for closed sales between June 1-7, and Reonomy data)