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

Pinnacle Group buys three Midwood buildings; Galil sells Hillcrest another Upper Manhattan rental

TRD NEW YORK /
Jul.July 11, 2016 04:00 PM

UPDATED, 2:06 p.m., July 12: 1.) Great Neck-based landlord Majestic Property Management bought a mixed-use building on the Upper East Side for $17.6 million. The building, located at 1269 First Avenue and East 68th Street, contains 20 apartments and three commercial units across 15,490 square feet and five floors. Vinsue Corp. is the seller.

2.) Joel Wiener’s Pinnacle Group picked up a row of mixed-use buildings at 1456-1462 Coney Island Avenue in Brooklyn’s Midwood neighborhood for $15.5 million. The three- and four-story buildings hold a combined 48 apartments and eight retail units. Bosco Realty Associates bought the building for an undisclosed price in 1992.

3.) Jacob Tambor’s JJA Assets acquired a stalled project in Midwood for $14.4 million through a bankruptcy auction. The site, located at 1537-1543 East 19th Street, is home to a 50-unit multifamily building currently under construction. Donald Fischoff of Midwood Gardens LLC, the site’s former owner, filed for Chapter 11 bankruptcy protection in October.

4.) Long Island-based investment firm Malachite Group, led by Manouchehr “Manny” Malekan, purchased a pair of corner retail buildings spanning 102-18 Roosevelt Avenue and 102-30 Roosevelt Avenue in Corona for $14.3 million. Tenants in the two-story retail strip include Payless ShoeSource, McDonald’s and a Taekwondo studio. The Hanan family has owned the properties and an adjacent Rite Aid, since 1985. Malachite owns more than two dozen commercial sites throughout New York, including the Rockaway Commons and Yellowstone Shopping Center in Forest Hills.

5.) Hillcrest Acquisitions nabbed another Upper Manhattan property from Irving Langer’s Galil Management, following the purchase of a large portfolio from Galil last year worth $149 million. The latest deal is for a 54-unit rental building at 610 West 163rd Street in Washington Heights. Nearly all of the building’s apartments are rent-stabilized units. Galil paid $11.2 million for the five-story walk-up in 2014.

6.) In the East Village, Nazarian Property Group picked up a pair of contiguous multifamily buildings at 192-194 First Avenue from the Emmes Group of Companies for $13 million. The five-story buildings hold a mix of apartments and retail. Emmes bought the properties as part of a 30-building portfolio in 1997.

(Source: ACRIS data for closed sales between July 4-10, and Reonomy data)

Correction: A previous version of this story incorrectly named the address in the first deal as 1268 First Avenue. The correct address is 1269 First Avenue.

 

Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

1115 Broadway, RXR Realty's Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

Flatiron office building leads New York’s mid-market investment sales

Clockwise from left: The Chrysler Building, The Putnam Portfolio, CBRE's Darcy Stacom, JLL's Andrew Scandalios, The Coca-Cola Building and Cushman & Wakefield's Doug Harmon

A tight hustle: TRD’s annual tally of the city’s biggest investment sales firms

150-152 East 79th Street (Credit: Google Maps)

HFZ assemblage play leads New York’s mid-market investment sales

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

Flushing vacant lot leads New York’s mid-market investment sales

Arthur Shapolsky of Shapolsky Real Estate and 143 East 62nd Street (Credit: Facebook, Google Maps)

Real estate titan: I was duped on deal by elderly button-shop owner

arrow_forward_ios
Loading...