The Real Deal New York

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

Deals include Flushing food market, Harlem development project

September 15, 2015 03:55PM
By Kyna Doles

Rendering of 300 West 122nd Street, 111 East 115th Street and Rubin Schron

From left: Rendering of 300 West 122nd Street, 111 East 115th Street and Rubin Schron

1.) The Met Food Market at 41-62 Bowne Street in Flushing sold for $18.5 million after nearly 35 years of operation. Yin Chou Hu purchased the 11,000-square-foot commercial building from owners Fuad and Iyad Saleh of Abdel Realty. Permits were filed last month to demolish the one-story building, but no new plans for the property have been revealed. The buying entity is named Epic Tower, which could hint that the new owners plan to make use of the more than 60,000 buildable square feet of residential space the property has.

2.) Hans Futterman’s RGS Holdings closed on the purchase of a Harlem development site at 223 St. Nicholas Avenue for $17.5 million, where the developer is planning a new 127-unit, mixed-use building. Futterman acquired the vacant gas station from St. Nicholas Parking Corp. and plans to bring a new 161,000-square-foot building to the site. The development site includes a parcel at 300 West 122nd Street, which Futterman acquired in 2011 for $8.3 million.

3.) A buyer listed as 3750 Broadway BCR, LLC picked up a 40-unit, mixed-use building at 3750 Broadway in Washington Heights for $16 million. The 47,000-square-foot building, located on the corner of West 156th Street, has 34 rental apartments and six commercial units. Monarch Realty Holdings paid $8.3 million for the property in 2013.

4.) Illinois-based Banner Property Management purchased a pair of industrial buildings in Sunset Park for $11.8 million. The purchase includes a two-story factory at 5002 2nd Avenue and two-story warehouse at 140 50th Street near Bush Terminal Piers Park.

5.) A pair of contiguous rental buildings at 181-182 Prospect Park West sold for $11.7 million. Deepak Raj purchased the 34-unit buildings from Slope Realty, in a deal brokered by TerraCRG’s Adam Hess. The properties are located directly across from Prospect Park, between 13th and 14th Streets. The Park Slope neighborhood saw a record sale this summer when RedSky Capital and Megalith Capital Management sold two multifamily buildings for $37 million, which was the area’s priciest on a per-square-foot basis.

6.) Rubin Schron’s Cammeby’s International sold a vacant parcel along East 115th Street to Albert Rabizadeh for $10 million. No new plans have been filed for the 13,600-square-foot lot, located at 11 East 11th Street, but the property has 47,000 buildable square feet.

(Source: ACRIS data for closed sales between Sept. 7- 13, and Reonomy data)