The Real Deal New York

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
By Kyna Doles | July 11, 2016 04:00PM

1543 East 19th Street in Midwood, Seth Kobay of Majestic Property Management and 1268 First Avenue on the Upper East Side

From left: 1543 East 19th Street in Midwood, Majestic Property Management’s Seth Kobay and 1268 First Avenue on the Upper East Side

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.