Galil pays $29.5M for 110-unit Kew Gardens bulk package

Seller Benedict Realty paid $14.4 million for the apartments in 2010

Oct.October 23, 2015 03:25 PM

Galil Management picked up a large set of stabilized rental units in a co-op building in Kew Gardens, paying $29.5 million to Benedict Realty Group.

The handful of units at the building that were not included in the sale are still managed by the co-op that once owned the whole building, according to a source with knowledge of the deal. 

Daniel Benedict’s BRG acquired the 110 units – at the six-story, 94,000-square-foot 83-30 118th Street – in 2010, paying $14.4 million to SIMA Corp.

Galil is also in contract to buy another co-op building, at 101 West 23rd Street in Chelsea. A dozen of the building’s residents are suing the co-op board, claiming it launched, along with Galil, a “campaign of intimidation, harassment, threats, coercion and scare tactics,” to convince owners to sell.

The bulk unit sales market has grow substantially, if unsteadily, since the crash that followed the 2008 financial crisis. Bulk sales in Manhattan hit $276.8 million in 2014, up from $173.6 million the year before, according to an analysis by The Real Deal.


Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Charlie Kushner and Harbor Point Estate in Maryland (Credit: Sasha Maslov; Harbor Point Estates)

Kushner Cos. pushes ahead with eviction lawsuits: report

48 Sidney Place and 289 Union Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market only saw 2 deals signed last week

Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)

Vornado inks another $52M closing at 220 Central Park South

Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

A view of the empty parking lot as the Westfield Garden State Plaza in New Jersey (Photo by Elsa/Getty Images)

Real estate and retail shutdowns driving Tri-State slump