The Real Deal New York

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

Rockfeld buys a $20.5M East Harlem building; Thai food supplier acquires $20M Queens factory
By Kyna Doles | December 16, 2014 11:00AM

UPDATED, 5:24 p.m., Dec. 16:

1.) The Rockfeld Group purchased a $20.5 million mixed-use building at 2283 Third Avenue in East Harlem. Lane Capital Partners was the seller, flipping the property for $3 million after buying it in March. The seven-story building has 28,700 square feet of residential space, 12,000 square feet of retail space, and an additional 10,208 square feet.

2.) Thai food supplier Wangderm Enterprises bought a $20 million industrial site in Queens. The property, located at 56-02 Maspeth Avenue, is a 149,736-square-foot factory, occupied by design and manufacturing shop Dickard Widder Industries and cabinet maker Forever Cabinetry. The seller is listed as 56-02 Realty Company LLC.

3.) Extell Development purchased an $18.7 million development site at 256-262 West 46th Street in Midtown. The empty lot, located on the corner of 46th Street and Eighth Avenue, boasts development rights of up to 104,500 square feet. Champion Realty LLC is listed as the seller.

4.) In Brooklyn, a seven building portfolio sold for $18.3 million. The Park Monroe II Rehab Housing Development Fund Corp. acquired the multi-family properties in Crown Heights and Ocean Hill from the Park Monroe Housing Development Fund Corp. The building at 1169 East New York Avenue is 4-stories tall with 38 apartments across 37,642 square feet. The six-story building at 1920 Union Street is 82,908 square feet and includes 65 apartments, while the slightly larger six-story residential at 1933 Union Street is 96,048 square feet and includes 83 units. The building at 1939 Park Place has 45 apartments across four-stories and 45,640 square feet. Three adjacent buildings at 862864 and 868 Macon Street are 4-stories each, and total 23,580 square feet and 48 apartments.

5.) Pratt Institute purchased a residential building in Brooklyn’s Clinton Hill neighborhood for $11 million. The building at 98 Grand Avenue, between Myrtle and Park Avenues, is a four-story residence hall that includes 25 units and 25,000 square feet of apartment style living for students. The building is located a block away from the Pratt campus. 100 Grand Avenue LLC is the seller.

6.) Waterbridge Capital bought a single-unit retail space at 216 East 14th Street for $10.5 million. The West Village property is part of an 8-story mixed use building that includes 89,094 square feet of residential and 7,487 square feet of retail space. Charles Blaichman’s CB Developers is the seller.

7.) Real estate investor Jeff Kaye acquired a West Village mixed-use building at 70 University Place for $10.1 million. The property is situated between East 10th and 11th Streets and can be developed up to 12,762 square feet. The site is home to a five-story building that includes 10 apartments across 6,177 square feet, and 1,300 square feet of retail space for a single retail store. (TRD reported this morning that Stone Street sold the last of its NYC holdings.) Kaye is a principal at Stone Street Properties, but did this deal independent of the firm.  (Note: Correction appended)

(Source: ACRIS data for closed sales between 12/8 to 12/14, PropertyShark data)

Correction: A previous version of this article incorrectly identified the buyer of 70 University Place. It is Jeff Kaye, who purchased it independent of The Investment Firm Stone Street Properties.