The Real Deal New York

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

Walter & Samuels buys a Midtown office building; Icon scoops up a Bushwick rental property

September 22, 2015 02:30PM
By Kyna Doles

Alex Kahen, 381 First Avenue and 36-40 Linden Street

From left: Alex Kahen, 381 First Avenue in Gramercy Park and 36-40 Linden Street in Bushwick

1.) Kahen Properties purchased four multifamily buildings in Gramercy Park for $18.5 million. The rental properties, located at 337-339 East 22nd Street and 381-383 First Avenue, have a combined 36 apartments and three commercial units spanning nearly 27,000 square feet. Earlier this month, Kahen picked up three buildings in Downtown Brooklyn for $23.2 million.

2.) Walter & Samuels scooped up a seven-story office building at 5 East 47th Street for $18.3 million. A cafe occupies the building’s ground floor and the upper floors are home to office tenants. The seller, Robert Smallheiser’s First Edition, purchased the Midtown building in 1978 for an undisclosed sum. The 14,000-square-foot property has an additional 16,000 buildable square feet if the new owners decide to expand.

3.) A pair of multifamily buildings at 72 and 82 Wadsworth Terrace in Washington Heights sold for $15.9 million. Ronald and Hanna Goldberg acquired the rental properties from longtime owners 728 Terrace Realty LLC. The six-story elevator buildings have 84 residential units across 66,500 square feet.

4.) A Lower East Side multifamily building, home to German restaurant Loreley, traded hands for $13.1 million. Veracity Real Estate Management purchased the 18-unit building at 7 Rivington Street from Marolda Properties. The nearly 10,000-square-foot building houses the biergarten on the ground floor and 17 apartments on the upper levels. Marolda acquired the five-story building in 2000.

5.) Icon Realty Management is taking over a 34-unit residential building in Bushwick. The Manhattan-based landlord paid $10.5 million for a four-story walkup at 36-40 Linden Street. The property is located between Bushwick Avenue and Broadway. Lind Plaza LLC is listed as the seller.

6.) Douglas Peterson’s City Skyline Realty, Inc. purchased a 75-unit multifamily building in the Tremont neighborhood of the Bronx for $10.3 million. The property, located at 2126 Tiebout Avenue, last traded hands in 2010 for $4.8 million. The five-story building spans 63,700 square feet between East 180th and 181st streets. DKCK Management  is the seller.

(Source: ACRIS data for closed sales between Sept. 14- 20, and Reonomy data)