The Real Deal New York

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

Colonnade Group buys an East Village condo project; Newmark Holdings acquires a Williamsburg resi building

October 06, 2015 05:50PM
By Kyna Doles

75 First Avenue, Stefano Fasura of Colonnade Group and 285 North 6th Street

From left: 75 First Avenue, Stefano Fasura of Colonnade Group and 285 North 6th Street

1.) Sean Lavin of Lavin Development purchased a 24-unit rental building at 328 West 19th Street for $18.2 million from David and Kathleen Kearney. The six-story Chelsea building includes three rent-stabilized units and 21 free market apartments, according to Cushman & Wakefield listing for the property.

2.) Newmark Holdings scooped up a 24-unit residential building in Williamsburg for $15.6 million. The property, located at 287 North 6th Street between Havemeyer Street and Meeker Avenue, is five stories and spans 26,000 square feet. David Fink is the seller.

3.) A 40-unit rental building at 723 St. Nicholas Avenue traded hands for $15.5 million. Property records list Adam Kakowsky as the buyer and 723 St. Nicholas Realty as the seller. The Hamilton Heights building is six stories and spans nearly 34,000 square feet.

4.) Coney Island Realty Group purchased a pair of mixed-use buildings at 8758 Bay Parkway and 159 Bay 29th Street in Bath Beach for $15.1 million. The buildings, located between Bath and Benson avenues, have a combined 65 apartments and 11 retail units. Both buildings are four stories and span roughly 30,000 square feet each. The seller, Yusuf Bildirici, acquired the properties in 2008 for $8.8 million.

5.) Colonnade Group picked up a new eight-story condominium project at 75 First Avenue for $12.9 million from Ozymandius Realty founder Anthony Marano. The long-stalled project will include 27 condos and nearly 8,500 square feet of ground-floor retail. Construction on the building is estimated to be completed by Fall 2017, according to Colonnade’s website.

6.) Ditmas Management acquired a 20-unit residential building in Park Slope that is set to lose its rent control status by June 2017. Twelve of the units at 477 3rd Street will soon become free market, according to GFi Realty Services, which marketed the five-story building. NYC Management is the seller

7.) Cornelia Feigl, the longtime owner of a Washington Heights rental building at 645 West 160th Street, sold the property to an entity listed as Yaaron LLC for $11.3 million. The building six-story elevator building has 48 rental units and totals 63,000 square feet.

(Source: ACRIS data for closed sales between Sept. 28- Oct. 4, and Reonomy data)