The Real Deal New York

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

Orbach Group buys a Morningside Park rental; Black Spruce purchases five Brooklyn properties

July 07, 2015 04:20PM
By Kyna Doles

Meyer Orbach, 320 Manhattan Avenue and 550 West 184th Street

From left: Meyer Orbach, 320 Manhattan Avenue and 550 West 184th Street

1.) Orbach Group purchased a 54-unit rental building in Morningside Park for $15.5 million. The six-story building is located at 320 Manhattan Avenue on the corner of West 114th Street. Orbach acquired the 44,600-square-foot property from Simon Baron Development.

2.) A 3.7-acre development site at 46-73 Metropolitan Avenue in Ridgewood traded hands for $13 million. Patrick Quadrozzi of PMC Development LLC purchased the property from Quadrozzi Realty Corp. The industrial site was used by a cement supplier.

3.) A former funeral home in Flushing, Queens sold for $13 million. The National Memorial Chapel Inc. sold the 15,000-square-foot vacant building at 141-26 Northern Boulevard to a buyer listed as Yin Chou Hou. The property has nearly 55,000 buildable square feet and an additional 30,000 square feet with a community facility.

4.) Christoper DeAngelis’ TriArch Real Estate Group acquired four continguous Washington Heights apartment buildings for $12.1 million. The properties, located at 550, 552, 554 and 556 West 184th streets, are five stories with a combined 56 residential units and two commercial units. The buildings span 48,000 square feet between St. Nicholas and Audubon avenues. The seller, Barberry Rose Management, paid $4.2 million for the properties in 2004.

5.) A bulk of condos in the American-Chinese Tower in Flushing sold for $11.7 million in a bankruptcy auction. The buyers, Winnie and Brian Lam, acquired 11 residential units totaling 8,500 square feet, four community facility units grossing nearly 14,000 square feet and 29 parking spaces at 142-25 37th Avenue.

6.) Josh Gotlib’s Black Spruce Management paid $11.4 million for five Brooklyn apartment buildings. The Gravesend properties include buildings at 2314 West 13th Street, 2315 West 13th Street, 2320 West 11th Street, 2330 West 11th Street and 2302 West 12th Street. The three-story buildings have a combined 51 units and 57,500 square feet. The seller, E&M Associates, acquired the properties in 2006 for $4.8 million.

(Source: ACRIS data for closed sales between June 29-July 5, and Reonomy data)