The Real Deal New York

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

Shaul Kopelowitz buys Inwood rental for $12M; Joseph Brunner pays $11M for Greenpoint loft

April 12, 2016 11:00AM
By Kyna Doles

239 Banker Street, 3288 Reservoir Oval East and Harry Bajraktari

239 Banker Street in Greenpoint, 3288 Reservoir Oval East in the Bronx and Harry Bajraktari

1.) Moshe Silber purchased a trio of multifamily buildings in Washington Heights for $20 million. The five- and six-story buildings at 507 West 117th Street, 515 West 171st Street and 111 Audubon Avenue hold 79 apartments, mostly rent-regulated, and two commercial units. The seller, an entity listed as 515-517 West 117 Street LLC, was recently hit with $17,500 in fines for violations at two of the properties. City inspectors cited four instances of failing to keep the buildings up to code, according to records from the Department of Buildings.

2.) Harry Bajraktari and Rrustem Gecaj’s Bajraktari Management bought a 92-unit rent-regulated building at 3288 Reservoir Oval East in the Bronx for $18.8 million. The 106,350-square-foot building stretches between Holt Place and East 207th Street, adjacent to Williamsbridge Oval park in Norwood. Bajraktari, a Bronx-based investment and management company, owns multifamily buildings throughout the borough, including a 92-unit multifamily at 1236 Virginia Avenue and a 64-unit mixed-use at 2788 Grand Concourse.

3.) A 29-unit rental building on the Lower East Side traded hands for $16.5 million. An entity led by David Krami purchased 119 Hester Street from a partnership between Dalan Management’s Daniel Wrublin, Ronald Beard and Scott Atler. The six-story corner building holds 25 apartments, including 15 rent-regulated units, and four retail spaces. It last sold for $7.4 million in 2012.

4.) A five-story townhouse at 14 West 69th Street on the Upper West Side sold for $12.3 million, or nearly $1,700 per square foot. Investor Arthur Minerof, who also owns a townhouse at 238 West 74th Street, acquired the vacant 15-unit property from Nick Fondoules. The Gilbert Schellenger-designed townhouse was built in 1896 as a single-family home.

5.) Brooklyn-based investor Shaul Kopelowitz acquired a 67-unit rent-regulated building at 24 Arden Street in Inwood for $12.1 million. The 58,030-square-foot building spans between Sherman and Nagel avenues. It last sold for an undisclosed price in 1997. Kopelowitz recently bought a mixed-use building at 273 West 131st Street in Harlem for $14.9 million.

6.) Joseph Brunner paid $10.9 million for a loft building at 239 Banker Street in Greenpoint, a former factory once owned by Brooklyn landlords Menchaem Stark and Israel Perlmutter. The 69-unit building, known as The Sweater Factory, shuttered several years ago after it was was hit with 100 complaints and 59 violations for operating as an illegal residency, according to the New York Post. It last sold for $9.1 million in 2012.

(Source: ACRIS data for closed sales between April 4-10, and Reonomy data)

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