The Real Deal New York

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

American Development Group sells three buildings in Flatbush; Jay Wartski sells Chelsea rental

August 22, 2016 02:15PM
By Kyna Doles

209 West 20th Street, Perry Finkleman and 4202 Church Avenue

209 West 20th Street in Chelsea, Perry Finkleman and 4202 Church Avenue in Flatbush

1.) Perry Finkleman’s American Development Group sold a trio of affordable rental buildings at 2810 Foster Avenue, 4202 Church Avenue in Flatbush for $12.1 million. American, along with HK Organization’s Harry Kotowitz, bought the properties in 2003 for $134,000 and developed them into affordable housing buildings in partnership with the city’s Neighborhood Restore. The apartments hold a combined 67 apartments and five retail spaces across 55,470 square feet. Mindy Weinberger, who also owns a three-family building are 1664 Dean Street in Crown Heights, is the buyer.

2.) In Chelsea, hotel owner Jay Wartski sold a 12-unit multifamily building at 209 West 20th Street for $11.6 million. The seven-story elevator building holds mostly market-rate units and spans 8.,525 square feet. The buyer is East Rockaway-based landlord Jill Drachman, owner of a 13-unit rental building on the Upper East Side. Wartski, who’s been accused of evicting tenants to make way for an illegal hotel, bought the property for an undisclosed sum in 2002.

(Source: ACRIS data for closed sales between Aug. 15-21, and Reonomy data)

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