The Real Deal New York

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

October 13, 2015 03:00PM
By Kyna Doles

227 East 89th Street, 10-27 46th Avenue and Jeffrey Gural

From left: 227 East 89th Street, 10-27 46th Avenue and Jeffrey Gural

1.) Slate Property Group purchased Marolda Properties’ rental building at 112 Avenue C for $14.2 million. Three commercial units and 22 apartments make up the East Village property, totaling 19,844 square feet. The developer most recently closed on a Downtown Brooklyn site at 560-570 Fulton Street for $23 million and is considering building new condos.

2.) Newmark Holdings paid $14.2 million for a Long Island City development site near Court Square. The property at 10-27 46th Avenue is home to the Bridgeview School of Fine Arts, a nearly 48,000-square-foot building. Lewis Mittman Inc. is the seller. Newmark owns a nearby 22,300-square-foot industrial building at 11-05 44th Drive.

3.) The Key Food supermarket off Lefferts Boulevard in the Richmond Hill section of Queens sold for $12.8 million. Florence D’urso of D’urso Lefferts Blvd. Food Corp. sold the 27,000-square-foot building at 87-25 Lefferts Boulevard. It’s not immediately clear what the buyers have in mind for the property, which lies between Jamaica and 89th avenues. No permit applications have been filed yet to renovate or replace the food store.

4.) A 20-unit rental building at 227 East 89th Street in Yorkville sold for $12.5 million. Anthony Branchinelli acquired the property from GRJ LLC. The five-story walk-up has 10,465 square feet of residential space and sits between Second and Third avenues.

(Source: ACRIS data for closed sales between Oct. 5-11, and Reonomy data)