The Real Deal New York

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

Storage Deluxe buys a Bronx site along Deegan Expressway; HAP expands an assemblage along 28th Street

February 29, 2016 04:07PM
By Kyna Doles

223 West 28th Street in Chelsea, Eran Polack of HAP Investments and 2880 Exterior Street in the Bronx

From left: 223 West 28th Street in Chelsea, Eran Polack of HAP Investments and 2880 Exterior Street in the Bronx

1.) Storage Deluxe is taking over the site of an auto repair shop at 2880 Exterior Street and 2864 Major Deegan Expressway in the Bronx. The Flatiron District-based self-storage company bought the two properties for $18.9 million from Steven Kelinman’s Marbledale Properties and Starl Properties. A new storage facility on the site could span as much as 119,000 square feet. Storage Deluxe operates 10 facilities across New York City, with two locations in the Bronx and seven new locations expected to open.

2.) Brooklyn-based investor Benzion Kohn sold an 86-unit mixed-use building at 155 West 162nd Street for $16 million, his second major deal recorded this month. Skyline Capital Group purchased the rental building, which holds 76 rent-regulated apartments and 10 commercial units. Kohn, who paid $35 million for a 222-unit multifamily in the Bronx last week, originally purchased the West 162nd Street building for $9.5 million in 2014.

3.) HAP Investment Developers is continuing its buying spree along West 28th Street in Chelsea. The developer paid $13.6 million for a two-story commercial building at 223 West 28th Street, the fifth building it’s purchased on the block since 2013. In December, HAP acquired a 17-unit rental building at 213 West 28th Street for $13 million, next door to a 21-story condominium project it’s planning at 215-219 West 28th Street. One building at 221 West 28th Street still stands in the way. Property records show that building is owned by investor Vincent Downing, but the former owner of 215 West 28th Street acquired development rights to the property in 2012, a year before selling the three-building site to HAP for $50.3 million.

4.) A 22-unit rental building at 194 West 10th Street in the West Village traded hands for $13 million. Jordan Vogel and Aaron Feldman’s Benchmark Real Estate Group sold the property to a buyer under the entity West 10th Street, LLLC, although it’s not clear who’s behind the limited liability company. The sale comes a year after Benchmark purchased the building for $9.3 million in January of last year. Vogel originally planned to spend $150 per apartment to renovate the apartments and increase rents, according to the New York Observer, but city records show the developer never filed plans for the makeover.

5.) A nine-unit retail strip along Jerome Avenue on the corner of East Gunn Hill Road in the Bronx sold for $13 million.  A buyer under the entity 3488 Jerome Partners purchased the 12,000-square-foot property from 8 Fruitful Properties Corp., led by principal Chen Chung.

6.) Investment firm Icon Realty Management paid $10.6 million for a pair of commercial warehouses at 69-71 Grand Street in Williamsburg, two blocks from the Domino Sugar Factory redevelopment. The one and two-story buildings sit between Kent and Wythe avenues and offer a combined 19,760 buildable square feet for new residential or commercial developments. Thomas Fatato Realty Corp. is the seller.

(Source: ACRIS data for closed sales between Feb. 22- 28, and Reonomy data)

MENU