The Real Deal New York

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

RedSky adds to Bedford Ave. assemblage; Kahen sells former retail site in Sunnyside
By Kyna Doles | June 06, 2016 04:30PM

190 Bedford Avenue, Benjamin Bernstein and 39-11 Queens Boulevard

190 Bedford Avenue in Williamsburg, Benjamin Bernstein and 39-11 Queens Boulevard in Sunnyside

1.) RedSky Capital made another purchase along Bedford Avenue in Williamsburg to add to its nearly block-long assemblage. The Brooklyn-based firm, led by Benjamin Bernstein and Benjamin Stokes, paid $13.2 million for a three-story, three-unit building at 190 Bedford Avenue. RedSky has been assembling the site over the last two years. The building, which spans just over 2,800 square feet, includes a retail tenant on the ground floor and two apartments on the upper floors. RedSky bought the adjacent 1,400-square-foot building at 192 Bedford Avenue in April for $12.3 million and purchased a pair of one- and four-story buildings at 184-186 Bedford Avenue for $20.7 million in 2014. One block away, RedSky shelled out $19 million for 204-206 Bedford Avenue. The two transactions set a record price for the North Brooklyn neighborhood.

2.) A 47-unit multifamily building at 25 Sherman Avenue in Washington Heights traded hands for $11.5 million. Brooklyn-based investor Yonason Greenwald acquired the mostly rent-regulated building from Shaul Kopelowitz, who last paid $8.5 million for the property in 2014. The six-story building holds 43 apartments across 34,176 square feet and four commercial units totaling 5,000 square feet.

3.) Kahen Properties sold a development site at 39-11 Queens Boulevard to landlord Ramesh Vig for $10.5 million. The recently demolished site was once home to a row of six retail shops Kahen built in the mid-1990s. A recent rezoning allows the new owner to build up to 36,000 square feet of residential space or 18,000 square feet of new commercial space, although Vig has not filed plans yet for a new building.

(Source: ACRIS data for closed sales between May 30 – June 5, and Reonomy data)