The Real Deal New York

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

Seller Benedict Realty paid $14.4 million for the apartments in 2010
By Ariel Stulberg | October 23, 2015 03:25PM

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.