The Real Deal New York

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

Madison Realty Capital sells a Kips Bay multifamily; Akelius buys a renovated Clinton Hill rental

October 20, 2015 05:40PM
By Kyna Doles

232 East 27th Street, 415 Washington Avenue and Kunal Chothani

From left: 232 East 27th Street in NoMad, 415 Washington Avenue in Clinton Hill and Kunal Chothani

1.) Josh Zegen’s Madison Realty Capital sold a 25-unit rental building at 232 East 27th Street for $19.5 million to Maspeth-based Anthony Tristani. The Kips Bay building is six stories and spans 18,570 square feet between Second and Third avenues. Madison paid $6.3 million, less than a third of the selling price, for the building in 2011. Tristani  is also the owner of a Williamsburg warehouse at 125 Metropolitan Avenue, and a former processing plant at 860 Humboldt Street in Greenpoint that was destroyed in a fire last year.

2.) Akelius Real Estate Management purchased a newly renovated rental building in Clinton Hill for $15 million from DSA Realty Group. The 25-unit building at 415 Washington Avenue last traded for $10.3 million last year.

3.) Midwood Investments & Developments sold a former Flushing supermarket site to Thomas Suh and Yoon Suk Suh of Alpha Holding and J&J Holding Enterprises for $13.6 million. The property at 160-04 Northern Boulevard and was last occupied by L&L Supermarket and has more than 26,000 buildable square feet.

4.) Christine Svenningsen, who owns a collection of Thimble Islands, sold a pair of multifamily buildings in Little Italy for $12.3 million. The properties include a five-story building at 186 Hester Street and a four-story building at 125 Mulberry Street. Combined they have 12 apartments and one commercial space occupied by Italian restaurant Il Cortile. Ilan Cohen is the buyer.

5.) Two days before Anthony Tristani nabbed Madison Realty Capital’s Kips Bay rental building, he closed on the sale of a commercial building at 94 North 3rd Street in Williamsburg. David Kramer’s Hudson Companies paid $10 million for the development site. Tristani filed permits last year to replace the former building supplies store with a 75-unit mixed-use building totaling nearly 73,000 square feet. Marvel Architects is designing the building.

(Source: ACRIS data for closed sales between Oct. 12-18, and Reonomy data)