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

Excelsior sells three Crown Heights rentals; Lightstone picks up a Bronx building

TRD NEW YORK /
Jul.July 26, 2016 02:40 PM

1.) Brooklyn-based landlord Yeshaya Wasserman bought three multifamily buildings at 24-30 Rogers Avenue and 637-641 St Marks Avenue in Crown Heights for $14.2 million. The rental buildings hold a combined 70 apartments and total 37,000 square feet. Seller Excelsior Equities paid a total of $11 million for the buildings in 2014. That same year, Wasserman reached a settlement with the state’s Tenant Protection Unit over allegations that the landlord harassed tenants.

2.) David Lichtenstein’s Lightstone Group picked up a 56-unit rental building in the Bronx for $11 million, or more than $196,000 per unit from a partnership between landlords Mehmet Capin and Boysie Siew. The rent-stabilized building at 1011 Carroll Place spans 59,700 square feet across six floors and is located a block from the Bronx Museum of the Arts. Capin and Siew bought the building for $6.8 million in 2014. Lightstone recently ditched plans to build the borough’s only outlet mall and sold the Whitestone Cinema complex to Extell Development for $41 million.

(Source: ACRIS data for closed sales between July 18-24, and Reonomy data)


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