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New York

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

Black Spruce buys a 99-unit Queens rental; BRG picks up a Brooklyn multifamily

1947 Ocean Avenue, 196-03 Jamaica Avenue and Daniel Benedic
From left: 1947 Ocean Avenue in Midwood, 196-03 Jamaica Avenue in Hollis and Daniel Benedict

1.) Daniel Benedict’s BRG purchased a Brooklyn rental building for $17.3 million from Silverman Management Group. The six story, 77-unit building is located in Midwood at 1947 Ocean Avenue, between Avenue O and Avenue N. Benedict’s Great Neck-based investment firm recently picked up 110 rent-stabilized units at 83-30 118th Street in Kew Gardens for $29.5 million and sold off a 94-unit rental building in Sunnyside for $27.5 million in May.

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2.) Black Spruce Management collaborated with New York City’s Housing Partnership to take ownership of a 99-unit rental building at 196-03 Jamaica Avenue in Queens for $12.1 million. Landlord Harold Stark, who owns several multifamily buildings across the Hollis neighborhood, inherited the property from his late father Fred Stark in 1993, records show. The multifamily building is two stories and has an additional 33,200 square feet of air rights, according to a listing from Besen & Associates.

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

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Investment Sales