Galil picks up the Classic in Kew Gardens for $35M

The Kamali Organization converted the former factory to luxury rentals in 2008

New York /
Nov.November 09, 2015 03:01 PM

UPDATED: 3:27 p.m., Nov. 9, 2015: Galil Management made another major buy in Kew Gardens, picking up the Classic, a 52-unit rental building, for $35 million.

The 90,000-square-foot building, which also includes one commercial unit, currently leased to the Department of Education, is located at 83-30 Kew Gardens Road, between 83rd and 84th avenues in Queens.

The Kamali Organization and the Roubeni family purchased the property, formerly the Chatillon Scale Factory, for $5.5 million in 2005.

Lazer Philpson brokered the sale.

Three years later, the owners added several stories, decked the building out with amenities, then converted it to condos. Half the units in the building went into contract at the time, according to a source familiar with the conversion, but demand evaporated in the face of the financial crisis and the ensuing market downturn. Later that year, Kamali and the Roubeni’s converted again, to luxury rentals.

Galil’s move followed the developer’s $29.5 million purchase in September of a package of 110 rent-stabilized units at the nearby 83-30 118th Street, also in Kew Gardens. Those units comprised nearly the entire building.

The firm was sued by residents at another building it’s in the process of purchasing, at 101 West 23rd Street in Chelsea. Residents accused Galil and the building’s co-op board of engaging in a “campaign of intimidation, harassment, threats, coercion and scare tactics,” aimed at convincing owners to sell.

The article was updated with broker information and a more detailed history of the property. 


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
10066 Cielo Dr. in Beverly Crest with Jeff Franklin and Sharon Tate (Zillow, Wikipedia, IMDB)
“Full House” producer selling LA mansion on site of Manson murders
“Full House” producer selling LA mansion on site of Manson murders
In the days after Hong Kong circulated its latest virus measures this month, several shops, bars and eateries said they would close (Geology.com, iStock)
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
New York Ranger Jacob Trouba (Getty)
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...