The Real Deal New York

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

Extell snags three buildings from Duell; Benchmark sells BK Heights rental
By Kyna Doles | December 14, 2015 03:20PM

1.) A commercial building along Canal Street, once part of the area’s Counterfeit Triangle, traded hands for $12.2 million. The property’s longtime owner, Kim Lum Fong, sold the eight-unit building at 224 Canal Street to Flushing-based attorney Alison Fung. The building’s stores were temporarily shuttered in 2008 following the city’s investigation into counterfeit goods, and Fong was ordered to pay a fine as part of a settlement agreement. Fong acquired the 28,000-square-foot building in 1977.

2.) Gary Barnett’s Extell Development is the latest buyer to snag properties from Duell Management. The developer purchased a pair of Chelsea buildings at 116 Seventh Avenue and 204 West 17th Street from the family-run investment firm for $11 million. One of the buildings, on the corner of West 17th Street and Seventh Avenue, holds nine apartments and two retail spaces. The second adjacent property has four apartments. Combined, the two buildings offer 21,500 buildable square feet. Duell recently sold three buildings in Greenwich Village and the Upper East Side for a combined $76 million.

3.) Extell also purchased a third building from Duell for $11 million. The five-story building at 501 Third Avenue has three retail units, including La Giara, and 24 rental apartments. Duell has owned the building since 1987.

4.) Alfred Thompson’s Newstart Development acquired a 12-unit rental building in Brooklyn Heights from Benchmark Real Estate for $10.5 million. The Crown-Heights-based firm recently sold off four properties to Oak Tree and will now take over the six-story building at 63 Montague Street.

(Source: ACRIS data for closed sales between Dec. 7-13, and Reonomy data)