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

Fisher Brothers sells retail condo at Warren Lofts; Kash Group buys 16-unit rental in Greenpoint

Mar.March 14, 2016 04:40 PM

1.) Michael Niamonitakis’ Meridian Properties purchased a 57-unit condominium building located at 597-601 Ocean Parkway in Kensington for $18.7 million. Seller Jerry Bach purchased the site for $5.2 million in 2006 and completed construction on the 45,000-square-foot building in 2008. The purchase also includes 14 parking space.

2.) Brooklyn investors Solomon Feder and Israel Neiman closed on the purchase of a former nursing home in Flatbush. The pair paid $18.5 million for 123 Linden Boulevard from the New York Congressional Center for Community Life, and plans to replace the four-story nursing home with a new 20-story residential buildings. The city’s Department of Buildings approved the developers’ for a 384-unit building spanning 376,507 square feet between Rogers and Bedford avenues. Neiman recently sold a Downtown Brooklyn development site to Adam America and Slate for $41.7 million.

3.) Developer Yitzchok Schwartz bought a Brooklyn warehouse at 121 Hausman Street for $16.1 million from Norman Baker. The 70,000-square-foot buildings sits on the corner of Norman and Morgan avenues in Greenpoint. Although no plans have been filed yet, the new owner will be able to build up to 133,000 square feet of commercial space on the lot.

4.) Fisher Brothers sold a retail unit in its newly-built Warren Lofts to Hubb NYC Properties for $11.2 million. The commercial space at 37 Warren Street, also known as 136 Church Street, spans 2,800 square feet on the ground floor and 1,400 square feet on the lower level of the 18-unit luxury residential building.

5) Also in Greenpoint, Ezra Mashaal of the Kash Group acquired a 16-unit mixed-use building on the corner of Meserole and Manhattan avenues for $11 million. The four-story walk-up at 760 Manhattan Avenue has nine apartments, including three rent-stabilized units, and seven commercial units. Retail tenants in the 14,600-square-foot building include Radio Shack and GNC. The building’s seller, Gail Hazelwood, owned the building since 1974.

(Source: ACRIS data for closed sales between March 7-13, and Reonomy data)
Correction: A previous version of this article incorrectly summarized a lawsuit involving the Attorney General and Yitzchok Schwartz.

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