The Real Deal New York

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

Rebenwurzel picks up a Flatbush rental building; Galil sells apartments in Washington Heights

June 27, 2016 05:35PM
By Kyna Doles

755 Fenimore Street in Northeast Flatbush, Peter Rebenwurzel amd 161 West 23rd Street in Chelsea

From left: 755 Fenimore Street in Flatbush, Peter Rebenwurzel and 161 West 23rd Street in Chelsea

1.) Peter Rebenwurzel’s Coney Realty Group acquired a 93-unit rental building at 755 Fenimore Street for $16.6 million from Hager Management. The six-story block-through building is located in Flatbush, between Troy and Albany avenues. All of the apartments are rent-stabilized units. Last year, the Brooklyn-based landlord acquired a 15-property rental portfolio, which also consisted of mostly rent-stabilized apartments, for $236 million.

2.) A multifamily building at 548 West 164th Street in Washington Heights traded hands for the third time in the three years. Barberry Rose Management picked up the 54-unit rental building from Galil Management, an affiliate of multifamily giant E+M Associates, for $16.2 million. The building last sold for nearly $10 million in 2014, and a year prior, sold as part of a four-building portfolio for $45 million. It’s a six-story elevator building  spanning 57,000 square feet, and primarily rent-stabilized. Barberry owns at least two dozen residential properties throughout Upper Manhattan, Brooklyn and Queens.

3.) JVL Property Group bought a mixed-use building at 161 West 23rd Street in Chelsea from its longtime owner for $13.3 million. The 8,500-square-foot building is comprised of ground-floor retail space, an office on the second floor, and two apartments on the third and fourth floors. JVL will have up to 15,000 buildable square feet available if the developer decides to renovate the property. The Galvis family has owned the building since 1984.

4.) F&R Realty Associates scooped up a commercial building at 234 Bowery and mixed-use building at the adjacent 5 Prince Street for $12.3 million.The properties sit next door to Bari Equipment and Supply Store, which the new owner lists as its main address. Anton Meyer heads F&R and owns three adjacent buildings at 241-245 Bowery, which includes the Sunshine Hotel.

(Source: ACRIS data for closed sales between June 13-19, and Reonomy data)

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