The Real Deal New York

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

NY Transit Authority buys a Flatiron parking lot; Simon Baron sells a Harlem rental

June 13, 2016 04:15PM
By Kyna Doles

4 East 20th Street in Flatiron, 124 West Houston Street in Greenwich Village and artists Shusaku Arakawa and Madeline Gins

From left: 4 East 20th Street in Flatiron, 124 West Houston Street in Greenwich Village and artists Shusaku Arakawa and Madeline Gins

1.) Jonathan Bakhash of SHEL Capital along with Moris Bakhash of the Kash Group and the family-owned textile company Zelouf International bought a 54-unit rental building at 770 St. Marks Avenue in Brooklyn for $19.1 million. The property was part of a three-building Crown Heights portfolio that Australian real estate investment trust Dixon Advisory’s U.S. Masters Residential Property Fund and Excelsior Equities acquired for nearly $25 million in 2014. None of the portfolio’s remaining properties have traded hands since. The building holds mostly rent-regulated units and spans 70,100 square feet on the corner of New York Avenue.

2.) Brooklyn-based Dib Management is the new owner of a townhouse at 124 West Houston Street, which artists Shusaku Arakawa and Madeline Gins used as their private home and studio space. Dib bought the Greenwich Village townhouse from the couple’s estate for $15.5 million. The home spans 13,150 square across six floors. The first floor of the building once served as Bob Dylan’s rehearsal space. It last sold in 1967.

3.) Simon Baron Development sold a six-story rental building in Central Harlem for $14.7 million. Coutinho Properties, led by Charles Coutinho, is the buyer. The multifamily building at 230 East 113th Street consists of 24 two-bedroom apartments and totals 23,106 square feet.

4.) The Jackson Group bought a retail development site at 2962-2970 Third Avenue in the Bronx from Ricky Cohen’s Conway Capital for $13.1 million. The 30,000-square-foot building is mostly vacant, aside from retailer Rainbows, which occupies one of the units. The Jackson Group will have up to 129,000 square feet of development rights to renovate and expand the block-through property.

5.) The New York City Transit Authority paid $13 million for a parking lot at 6 East 20th Street in the Flatiron District. Madison Capital last bought the site in 2013 for the same amount. The transportation agency has not revealed its plans yet for the property, and no permits have been filed with the Department of Buildings. The site offers up to 29,000 buildable square feet and is zoned for commercial and manufacturing.

(Source: ACRIS data for closed sales between June 6 -12, and Reonomy data)

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