The Real Deal New York

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

AD Real Estate buys an UES rental building; Better Living Properties scoops up a LES multifamily

September 29, 2015 05:05PM
By Kyna Doles

Haim Chera of Crown Acquisitions, 2007 86th Street and 19 Stanton Street

From left: Haim Chera of Crown Acquisitions, 2007 86th Street and 19 Stanton Street

1.) Crown Acquisitions sold a 14,000-square-foot retail building at 2007 86th Street in Bensonhurst for $20.2 million to a buyer listed as 2007 86th Street, LLC. Crown paid $12.2 million for the property in 2013 and began leasing the one-story building to Planet Fitness and the Vitamin Shoppe last year.

2.) Great-Neck based AD Real Estate purchased an Upper East Side rental building at 328 East 78th Street for $15.4 million. The six-story multifamily building has 28 residential units and two commercial tenants, including Xi’an Famous Foods on the ground-floor. Longtime owners Estate of Gertrude Hirsch and Paul Hirsch are the sellers.

3.) A vacant lot along Neptune Avenue in Coney Island could soon be converted into a car dealership. Florida-based automotive executive Manuel Kadre paid $14.5 million for the property from a now-shuttered Storage Deluxe at 809 Neptune Avenue. The lot sits across from the Luna Park Coop between West 8th and 12th streets and is adjacent to the now closed storage facility. No permits have officially been filed yet for a new building, but the site has 3,700 square feet of air rights.

4.) Fortis Property Group closed on a deal to buy Long Island City College Hospital’s Polhemus Building at 350 Henry Street in Brooklyn for $14.1 million. The developer received approval from the Landmarks Preservation Commission earlier this month to convert the seven-story building into condominiums. The residential conversion is part of Fortis’ larger plan to redevelop the Cobble Hill site into hospitals, schools, retail and residential.

5.) Ariel Soundry’s Better Living Properties scooped up a five-story mixed-use building on the Lower East Side for $12 million. The property at 19 Stanton Street has ground-floor commercial space and 13 apartments, including six rent stabilized units. Delshah Capital owned the property in 2011.

(Source: ACRIS data for closed sales between Sept. 21- 27, and Reonomy data)