The Real Deal New York

Diamond dealer brings Midwood multi-family pair to market

Buildings on Avenue K owned by trusts linked to Michael Nektalov

February 14, 2014 02:50PM
By Katherine Clarke

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Besen's Ben Weiss and 1201 Avenue K

Besen’s Ben Weiss and 1201 Avenue K

Two multi-family properties in Midwood, owned by trusts linked to diamond dealer Michael Nektalov, have hit the market for a combined $36 million, The Real Deal has learned.

The buildings, at 1106 and 1201 Avenue K, are being marketed by Ben Weiss and Jackie Himmelstein of commercial brokerage Besen & Associates.

The properties total a combined 125,000 square feet and comprise 140 apartments, two offices and two units for community facility use. They also feature four studio apartments, 80 one-bedroom units, 46 two-bedroom units and 10 three-bedroom units.

A buyer could expand the existing buildings by adding one to three stories on top, according to a spokesperson for Besen, who said the buildings come with 30,000 square feet of additional air rights.

The two trusts, Queens Plaza Associates Trust and 62 West 47 Street Trust, acquired the buildings in 2006 for a combined $14.3 million, records show.

Nektalov is a manager at Leon Diamond, a diamond retailer based on West 47th Street in Manhattan. He was not immediately available for comment.

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