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New York

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

Abe Bernat buys a Bushwick rental building; Xavier High School closes on deal for NoMad space

946 Bushwick Avenue in Bushwick, Ken Horn and 35 West 15th Street in NoMad
From left: 946 Bushwick Avenue in Bushwick, Ken Horn and 35 West 15th Street in NoMad

1.) Harlem-based landlord ABJ Properties scooped up a trio of mixed-use buildings on the corner of West 138th Street and Lenox Avenue for $15.5 million. The properties, located at 539 Lenox Avenue and 100-102 West 138th Street, hold a combined 55 rental apartments and eight retail spaces totaling nearly 60,000 square feet. All of the apartments are rent-stabilized. Strategic Development and Construction Group, which focuses on gut-renovating vacant buildings, bought the properties from the city in 1992 for an undisclosed price and spent $3.2 million transforming them into residential and commercial space.

2.) Landlord Abe Bernat, brother-in-law of deceased Brooklyn developer Menachem Stark, purchased a mostly rent-stabilized building at 946 Bushwick Avenue for $14.6 million. The building holds 53 rental apartments across six floors and nearly 48,000 square feet. It last traded hands more than a decade ago for $3.6 million. Since Stark’s death in 2014, Bernat, who now heads Garden Management, bought 12 of his brother-in-laws’s buildings for $29.3 million, as The Real Deal reported. Bernat owns at least two dozen properties across Williamsburg, Bushwick and Bedford-Stuyvesant, including a luxury rental building at 120 South 4th Street.

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3.) In the Bronx, nursing home operator Cassena Care bought the Terrace Healthcare Center at 2678 Kingsbridge Terrace for $12.4 million. The 240-bed facility spans 87,600 square feet and eight stories. Cassena operates eight nursing homes across the New York City, including the former DeWitt Rehabilitation and Nursing Center on the Upper East Side which it bought last year for $106 million.

4.) Xavier High School closed on the purchase of an educational facility at Alchemy Properties’ 25 West 15th Street for $11.5 million. The college-preparatory school, currently located on nearby West 16th Street, will occupy the lower six floors of the recently-built condominium building.

(Source: ACRIS data for closed sales between Aug. 8-14, and Reonomy data)

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Alchemy PropertiesInvestment Sales