The Real Deal New York

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

Slate buys the Greenpoint Savings Bank; Coltown Properties picks up a Harlem rental building

November 17, 2015 05:20PM
By Kyna Doles

Martin Nussbaum of Slate Property Group, 807 Manhattan Avenue and 159 5th Avenue

From left: Slate’s Martin Nussbaum, 807 Manhattan Avenue in Greenpoint and 159 Fifth Avenue in Park Slope

1.) An 83-unit residential building at 80 Clarkson Avenue in Flatbush traded hands for $19.8 million. Guardian Realty Management handled operations for the nearly 98,000-square-foot multifamily building. The buyer and seller are unclear.

2.) Slate Property Group purchased Capital One’s Greenpoint Savings Bank Building for $15.4 million. The historic, 40,000-square-foot building is located at 807 Manhattan Avenue in Brooklyn, between Calyer Street and Meserole Avenue. It was built in 1908 by Brooklyn architects Helmle and Huberty and housed the Greenpoint Savings Bank. Capital One acquired the property in 2006, along with 42 other branch locations across the city in a $170 million deal.

3.) Blake Partners picked up a 10-unit rental building at 159 Fifth Avenue in Park Slope for $13 million. The four-story building has nine apartments and a Chase Bank totaling 14,800 square feet. An entity listed as 159 5 Avenue LLC is the seller.

4.) New Jersey-based Real Estate Equities Group acquired a five-story residential building on the Lower East Side for $12.3 million. The building at 281 Grand Street spans 15,600 square feet, includes eight apartments and a single retail unit on the ground floor. Flushing based-landlord Jonathan Jacobs is the seller, and property records show he paid $8.5 million for the property two years ago.

5.) Family-owned Barberry Rose Management sold a Harlem rental building at 137 West 37th Street to real estate investor Israel Weinberger’s Coltown Properties for $12 million. Barberry paid just $5.1 million for the 56-unit residential building in 2007. The 48,711-square-foot property sits between Seventh and Lenox avenues in Central Harlem.

6.) The Uptown Motors retail store at 327 East 84th Street in Yorkville traded hands for $11.7 million. Manhattan Residential purchased the auto repair shop from longtime owners Andrew and Karen Buczeck. The new owner is now planning to convert the three-story building into luxury condos, according to DNAinfo. Uptown Motors first opened up on the Upper West Side in 1916 and the shop now plans to relocate to a new store in the Bronx.

7.) Timothy Chuang, owner NY Tong Ren Tang in Flushing, acquired the retail building where the store operates out of for $10.5 million. The medicine store is located at 40-34 Main Street, a two-story, 4,000-square-foot building between 40th Road and 41st Avenue. Herbert Jacobs is the seller.

(Source: ACRIS data for closed sales between Nov. 9-15, and Reonomy data)