The Real Deal New York

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

Flank sells a Williamsburg warehouse primed for conversion; Ashkenazy takes over a retail building in Washington Heights

February 23, 2016 04:10PM
By Kyna Doles

4162 Broadway, Ben Ashkenazy and 240 Wythe Avenue

From left: 4162 Broadway, Ben Ashkenazy and 240 Wythe Avenue

UPDATED: Feb. 29 5:10 p.m: 1.) The Jewish Theological Society sold a 50-unit rental building in Morningside Heights to the Orbach Group, marking the religious center’s third sale this month. Orbach paid $19 million for the five-story building located at 415 West 120th Street.  A joint venture between Coltown Properties, Esplanade Partners and Avenue Realty Capital recently purchased a mixed-use building at 3060 Broadway from the seminary for $35.3 million and Savanna shelled out $96 million for the group’s former off-campus residence hall and a defined lot off the the edge of its campus at 3080 Broadway.

2.) Ashkenazy Acquisition is taking ownership of a four-story parking garage and retail building at 4162 Broadway in Washington Heights. The developer purchased the 27,000-square-foot building for $13.9 million. A restaurant and pawn shop currently occupy two of the three ground-floor units, while the garage takes up space on the building’s upper floors. According to an earlier Massey Knakal Realty Services listing for the property, redeveloping the property could bring the new owner more than $1.6 million of annual net income.

3.) The Key Food supermarket in Howard Beach is getting a new owner, after American Realty Capital Properties sold the property and four adjacent vacant parcels for $12.6 million in an effort to reduce its debt. Lawrence-based investment firm Bluejay Management acquired the site at 163-30 Cross Bay Boulevard, which is home to the nearly 10,000-square-foot supermarket. The store opened in late 2014 and replaced a Duane Reade that was damaged in Hurricane Sandy.

4.) Flank Development sold an L-shaped commercial building at 340 Wythe Avenue in Brooklyn for $11.7 million, a year after scooping up the property for $7.5 million. The buyer is shielded behind the entity Automotive Holdings LLC, and represented by the Silicon Valley-based financial adviser, Iconiq Capital, which manages the funds of a few of the area’s top tech billionaires. Automotive filed plans earlier this month to convert the 8,600-square-foot warehouse into an art studio, and approval for the project is still pending.

5.) A pair of contiguous rental building at 1221-1225 Sheridan Avenue in the Bronx sold for a combined $11.5 million. Investor Shaul Kopelowitz, who recently bought a mixed-use Harlem building from Treetop Development, sold the two buildings to an unidentified buyer listed under several limited liability companies. The properties each hold 54 apartments, all rent-stabilized units, and span 40,000 square feet. Residents at 1221 Sheridan Avenue were without gas for several months in 2014, after Con Edison shut off service due to a gas leak, according to a News12.

(Source: ACRIS data for closed sales between Feb. 15- 21, and Reonomy data)

Correction: A previous version of this story incorrectly stated the Jewish Theological Society sold its headquarters at 3080 Broadway. The organization sold its off-campus residence hall and a defined lot on the edge of their campus.