The Real Deal New York

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

BCB Management sold a Crown Heights rental for $13.2M after offering tenant buyouts
By Kyna Doles | February 03, 2015 09:00AM

1.) Developer Jimmy Shao bought a 4,800-square-foot commercial building at 306 West 40th Street in Midtown for $16.3 million. Shao filed permits in December to construct a 30-story, 118-key hotel spanning 44,234 square feet. The sellers are listed as 306 W/ 40th St. Realty Corp., Ace Inv. Group LLC, A&S 306 LLC, and DPR 306 LLC.

2.) In Flatbush, Brooklyn, a 79-unit co-op at 2125 Newkirk Avenue traded hands for $14 million. Bernard Miller of Newkirk 2215 LLC purchased the six-story, 117,564-square-foot residential building. The property last sold for $2.7 million in 2006 to a buyer under the entity 22215 Properties LLC.

3.) Debrah Lee Charatan and Bennat Charatan Berger’s BCB Property Management sold a Crown Heights apartment building for $13.2 million, following tenant protests in March. BCB offered buyouts to tenants of 1059 Union Street last year, who later rallied against the landlord, claiming BCB was illegally converting apartments and attempting to illegally evict residents. The five-story building totals 42,285 square feet and includes 32 units. The new buyer is listed under the name 829-835 Franklin Avenue Residences, LLC.

4.) A pair of five-story apartment buildings at 161-163 East 89th Street sold for $13 million to 108 Charlton Street Realty. The buildings have a combined 26 units and 19,710 square feet of space. Esther Rosenberg is the seller.

5.) The Dahesh Museum of Art purchased a new home at 178 East 64th Street for $12.5 million. The museum is relocating its headquarters and exhibition space to the former home of Chrysler executive James Press and Suwichada Press. The three-story Upper East Side townhouse features nearly 7,000 square feet of space. No permits have been filed yet for renovation of the space.

6.) In Queens, a commercial building at 106-04 Northern Boulevard traded hands for $10.3 million. Coldwell Banker originally listed the property for $16.5 million. The building includes 28 apartments, six commercial units and totals 48,479 square feet. Joel Wertzberger purchased the six-story building from Rhonda K. Lowe.