The Real Deal New York

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

Caiola buys 24-unit multifamily in Gramercy; city’s “worst landlord” makes Bronx purchase

March 07, 2016 02:55PM
By Kyna Doles

Alfred Caiola, 332 East 18th Street and 3873 Orloff Avenue

From left: Alfred Caiola, 332 East 18th Street and 3873 Orloff Avenue

1.) Landlord Ved Parkash, named on a New York City watchlist as one of the city’s worst landlords, purchased a rental building at 3873 Orloff Avenue in the Bronx for $19 million. The property includes 89 rent-regulated units across seven floors and 93,767 square feet. It last sold to owner Iosif Levitan in 1994. The Jamaica-based landlord racked up more than 2,200 violations from 11 buildings he owns, according to Public Advocate Letitia James’ landlord watchlist published last year. Prakash recently paid $30.6 million for a pair of multifamily building at 2911 Barnes Avenue and 2910 Wallace Avenue in the Bronx.

2.) A two-story retail building at 202 East 77th Street on the Upper East Side traded hands for $17.5 million. An unidentified buyer who controls the entity 202 East 77th Street LLC purchased the 6,100-square-foot building from Haug 202 Associates LLC. Mautner-Glick Corp. will manage the property on behalf of the new buyer. A thrift shop occupies the ground floor and the second floor serves as a private venue space. If the building is renovated or demolished, the new buyer can build up to 30,650 square feet of residential space on the lot. Commercial space is capped at the building’s current size.

3.) In Gramercy Park, a 24-unit rental building at 232 East 18th Street sold for $14.6 million. Investor Alfred Caiola bought the six-story residential property. Located between First and Second avenues, the building totals 16,680 square feet and includes five rent regulated units. In one of 2015’s priciest multifamily deals, the Caiola family sold a 24-building portfolio to Fairstead Capital and Blackstone Group for nearly $690 million.

4.) TriBoro Shelving & Partition is moving to Queens after selling its former Williamsburg warehouse to Brooklyn investors Joseph Brunner and Abe Mendel for $26.5 million, to make way for new residential and retail development. The shelving manufacturer purchased a warehouse at 19-40 Flushing Avenue in Ridgewood from the LoGrande family for $10.5 million. At 35,000 square feet, the single-story warehouse is nearly three times bigger than TriBoro’s former headquarters.

(Source: ACRIS data for closed sales between Feb. 28 – March 6, and Reonomy data)

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