The Real Deal New York

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

AB Capstone scoops up a Queens retail site; Phoenix House sells Prospect Heights rehab clinic
By Kyna Doles | June 20, 2016 04:30PM

187-20 Union Turnpike, Meir Babaev and 103 Saint Marks Place

From left: 187-20 Union Turnpike in Fresh Meadows, Meir Babaev and 103 St. Marks Place in the East Village

1.) The Hudson Pointe at Riverdale Center for Nursing and Rehabilitation in the Bronx sold for $19.9 million. SentosaCare, New York’s largest for-profit nursing home, acquired the facility and an adjacent vacant lot along Henry Hudson Park. It’s the latest of several pricey buys SentosaCare made in the area. Most recently, Sentosa acquired the nonprofit Jewish Home at 100 West Kingsbridge Road for $110 million and it operates at least 25 other facilities across the state, according to ProPublica, which investigated the company’s record of violations and complaints last year.

2.) Bronx-based landlord Ved Parkash’s latest purchase is a 79-unit rental building at 1420 Nobel Avenue in the Soundview neighborhood. The accused slumlord paid $12.8 million for the rent-stabilized building. The building has traded hands four times in the last eight years, and most recently owned by Edward Sisters Realty.

3.) In the East Village, controversial landlord Bahram Hakakian acquired a 23-unit mixed-use building at 103 St. Mark’s Place for $11.5 million. The six-story building holds mostly rent-regulated apartments and two retail units. Adria Realty Investment Association is the seller.

4.) Developer AB Capstone scooped up a one-story retail strip in the Fresh Meadows neighborhood of Queens for a combined $14.3 million. The site holds nine retail units, including a Rite Aid at 187-16 Union Turnpike and the kosher Turnpke Café at 187-20 Union Turnpike. The developer, led by Meir Babev, has not revealed its plans yet for the site, but its website shows six Queens projects currently in development.

5.) The Phoenix House Foundation, a drug and alcohol rehab center, sold its Prospect Heights headquarters for $10.5 million. The nonprofit operates treatment facilities throughout the state, including the community residence center at 174 Prospect Place, which its owned since 1970. Yosef Rabinowitz is listed as the new owner.

(Source: ACRIS data for closed sales between June 13-19, and Reonomy data)