The Real Deal New York

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

Waterfront Williamsburg buildings sell for $15.8 million; Staten Island industrial site trades for $13.9M
By Kyna Doles | January 25, 2016 03:45PM

1.) Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group partnered to buy a three-building site at 119-123 Kent Avenue in Williamsburg for $15.8 million. Anthony Fernicola held onto the 20,000-square-foot site near the Brooklyn waterfront for nearly 25 years before deciding to sell it, public records show. The trio of buildings hold 18 apartments, which the new buyers plan to renovate, according to brokers GFI Realty Services. Fernicola also delivered an additional 5,700 square feet, which will be used to expand the three existing retail spaces.

2.) A massive industrial site in the Charleston neighborhood of Staten Island sold for $13.9 million. Auto salvage company Copart USA, headquartered in Connecticut, acquired 11 John Street and three adjacent vacant parcels, which hold more than 1 million buildable square feet. The seller is Interstate Drywall Corporation, a construction company led by Frank and Peter DiTommaso. The brothers were allegedly linked to organized crime in New York and the company was temporarily barred in the early 2000s from working on Atlantic City’s casinos.

3.) A Kew Gardens-based buyer purchased a corner rental building at 197 Eighth Avenue in Chelsea for $11.9 million. The retail spans nearly 4,000 square feet of the ground and lower floors, and nine rental units occupy the upper floors of the four-story building. The sellers are Dimitrios Isaakidis of Greece and Gus Biskoff of Miami. The anonymous buyer also owns a retail and office building at 217-12 Jamaica Avenue in Queens Village, under the name 217 Jam, LLC.

(Source: ACRIS data for closed sales between Jan. 18- 24, and Reonomy data)