The Real Deal New York

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

A&E Real Estate buys Flushing multifamily building; GDS closes on purchase of Chelsea development site

October 17, 2016 05:00PM
By Kyna Doles

500 West 25th Street, Michael Kirchmann of GDS Development and 1495 Third Avenue

From left: 500 West 25th Street in Chelsea, Michael Kirchmann of GDS Development and 1495 Third Avenue on the Upper East Side

1.) SMA Equities TRData LogoTINY is expanding its presence along Third Avenue on the Upper East Side. The Great Neck-based landlord purchased a vacant commercial building at 1495 Third Avenue between East 84th and 85th streets from its longtime owners for $18.2 million. The five-story building, which the Cavallo family has held onto since 1970, sits next door to a medical office building that SMA owns at 1491 Third Avenue. SMA has not yet filed plans with the city to renovate or tear down the 11,000-square-foot property at 1495 Third Avenue, but the lot can house a building more than double its current size. The Cavallo family now operates its shop Mirror Fair at 320 East 95th Street.

2.) GDS Development closed on a deal to purchase a Chelsea development site for $16 million. The developer submitted plans to the city in July for a new residential and retail building on the site, which encompasses two parcels at 253 10th Avenue and 500 West 25th Street, as New York YIMBY first reported. Plans have not yet been approved for the new 16,000-square foot structure, but GDS received the green light in August to demolish the four-story building on the corner of 25th Street and 10th Avenue. That structure was home to a colorful mural created by Brazilian street artist Eduardo Kobra until it was painted over by the building’s seller, Ruby K. Stern.

3.) In Woodlawn, Yonkers-based landlord Isidoros Sfikas scooped up a multifamily building at 4345 Webster Avenue for $14.5 million, or just over $200 per square foot. The elevator building is home to 60 rental units across six floors. All of the apartments are rent-stabilized and brought in the former owners, John D’Angelo and Leonard D’Angelo Jr., more than $437,000 in net income last year. Sfikas also owns rental buildings throughout the Bronx, including a 78-unit multifamily building at 2144 Bronx Park East in Pelham Parkway and a 42-unit rental at 3418 Gates Place in Norwood.

4.) Multifamily landlord A&E Real Estate’s latest purchase is a 60-unit rental building at 37-33 College Point Boulevard in Flushing. A&E paid $14.3 million for the four-story property, or $332 per square foot. The seller, Ares Management, purchased it for $8.9 million eight years ago. Over half of the building’s units are rent-stabilized. Earlier this year, A&E paid $54 million for five multifamily buildings in Flushing, Corona and Richmond Hill, as The Real Deal reported.

(Source: ACRIS data for closed sales between Oct. 10-16, and Reonomy data)

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