The Real Deal New York

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

NYU Hospital Center picks up an office in Sunset Park; GTJ buys an East New York garage

May 31, 2016 05:00PM
By Kyna Doles

Robert I Grossman, 5718 Second Avenue and 48-02 25th Avenue

Robert Grossman, 5718 Second Avenue in Sunset Park and 48-02 25th Avenue in Astoria

1.) An unidentified buyer purchased a five-story commercial building at 314 Fifth Avenue in Midtown for $19.3 million from its longtime owner Edward Eden. The property is split into a six retail and office units totaling 11,400 square feet. It holds up to 24,800 buildable square feet.

2.) A four-story office building at 48-02 25th Avenue in Astoria sold for $16 million. Brooklyn-based Mega Contracting acquired the property from Anthony Rousso. The commercial building spans over 100,000 square feet and was last renovated in 2006. It is currently configured into five units, with tenants including ministry El Rey Jesus and Astoria Heart and Vascular Clinic.

3.) Joel Schreiber’s Waterbridge Capital sold a commercial condominium unit at at 216 East 14th Street for $13.5 million, a little over a year after buying it for $10.5 million. SAK Acquisitions is listed as the buyer. The unit is part of an eight-story mixed-use building that includes 89,100 square feet of residential space.

4.) NYU Hospital Center bought an office building and warehouse in Sunset Park for $12.1 million. Brooklyn-based contractor Benjamin Maintenance Corp. occupied the two-story commercial building at 5718 Second Avenue since 1999. NYU hasn’t filed plans yet to renovate the space, but the building can hold up to 28,700 square feet of commercial and manufacturing space.

5.) Investors Li Chu Huang and Wen Chu Huang purchased a rental building at 240 East 52nd Street for $10.5 million. Located in Turtle Bay, the building holds 15 apartments across five floors and 9,100 square feet. Maria and Jose Coutinho are the sellers.

6.) Long Island-based real estate investment trust GTJ REIT picked up a 52,600-square-foot garage in East New York for $10 million. The single-story garage at 606 Cozine Avenue sits across from Motorcycle Safety School. Investors Bruce Berger, George Drastal and Glenn Schacter are the sellers. GTJ is also looking to sell a seven-acre site in East Elmhurst for more than $100 million, The Real Deal recently reported.

(Source: ACRIS data for closed sales between May 16-22, and Reonomy data)

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