The Real Deal New York

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

Queens hospital trades for $10.9M; Akelius buys Crown Heights rental building for $10.5M

August 04, 2015 03:55PM
By Kyna Doles

Michael Wahba, 28 East 72nd Street, 48 East 79th Street and 1500 Carroll Street

From top left: Michael Wahba, 28 East 72nd Street, 48 East 79th Street and 1500 Carroll Street

UPDATED, 11:20 a.m., August 5: 1.) New York criminal defense attorney Gerald Lefcourt sold a five-story commercial building on the Upper East Side after 26 years of ownership. Joshua Polan and Teodora Zobel purchased the building for $16 million. The property, which is home to Lefcourt’s law offices, has five commercial units and spans 4,500 square feet.

2.) A Flatiron mixed-use building at 23 East 17th Street traded hands for $13.2 million — slightly below the original asking price of $14 million. Shigeru Numano sold the building to an entity listed as 23 East Square, LLC. The six-story building, located between Broadway and Fifth Avenue, houses four residential units and three commercial tenants, including the office of Paragon Sports. The 11,000-square-foot building last traded in 1993.

3.) Salomon Smeke and Michael Wahba’s Salt Equities paid $12 million for a rental building in Lenox Hill and $10 million for a second rental property on the Upper East Side. The buildings, located at 28 East 72nd Street and 1403 Second Avenue, are each five-stories with a combined 21 residential units and three commercial units. Together, they span almost 15,000 square feet. The Mildred G. Thaler Cohen Family Limited Partnership sold both properties.  CBRE’s Edward “Ned” Midgely, Tim Sheehan, Daniel Kaplan and David McCuiston represented the seller in both deals, while Jeremy Aidan and Itan Rahmani of Venture Capital Properties represented the buyer. Salt recently sold a five-story apartment building at 640-644 10th Avenue in Hells Kitchen for $21 million.

4.) The Holliswood Hospital in Jamaica, Queens traded for $10.9 million after shutting its doors two years ago. A buyer under the entity 3861 Realty LLC and SFK Shopping Center Corp. purchased the three-story, 73,000-square-foot property at 83-37 Palermo Street from Liberty Management. The 127-bed psychiatric hospital operated for 27 years before it fell into financial woes and permanently closed.

5.) Eli Bleeman’s Asden Properties purchased a pair of Bronx rental building at 1364 and 1374 Bronx River Avenue for $10.6 million. Situated on the corner of Elder and Bayton avenues, the properties have a total of 73 apartments, three commercial units and nearly 57,000 square feet of space. Meiba Magid is listed as the seller. In April, Asden picked up a 170-unit apartment building at 1777 Grand Concourse Avenue in the Bronx for $12.6 million.

6.)  Akelius scooped up a rental building in Crown Heights for $10.5 million, just a few months after acquiring an apartment building in the rapidly-changing neighborhood for $44 million. The Swedish investment firm purchased the 34-unit building at 1500 Carroll Street between Albany and Troy avenues from Basic Maintenance Inc. The building is six stories and spans 32,500 square feet. In April, Akelius paid $13.1 million for BCB Property Management’s four-building, Crown Heights portfolio.

Source: ACRIS data for closed sales between July 27- August 2, and Reonomy data)