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

Maidman family sells on the Upper East Side and Orbach buys in Gravesend

New York /
Sep.September 12, 2016 06:05 PM

UPDATED: Sept. 13 at 1:32 p.m.1.) Peter Rebenwurzel’s Coney Realty Group scooped up two rental buildings in Washington Heights for $19.5 million. The rent-stabilized buildings, located at 14 Thayer Street and 24-28 Thayer Street, hold a total of 84 apartments and span 64,355 square feet. Rockland County-based landlord Shaul Kopelowitz paid a $11.7 million for the properties two years ago.

2.) In Brooklyn’s Gravesend neighborhood, Orbach Group purchased a cluster of low-rise apartment buildings for $15.5 million. Black Spruce Management sold the five buildings for a $4 million profit a little over a year after acquiring them. The buildings have addresses at 2322 West 11th Street, 2328 West 11th Street, 2302 West 12th Street, 2314 West 12th Street and 2315 West 13th Street. Combined, the buildings hold 51 rental units across 57,451 square feet.

3.) Kahen Properties, led by father and son Majid and Alex Kahen, paid $11 million to the Maidman family for an apartment building at 206 East 81st Street on the Upper East Side. The Maidmans have owned the 24-unit rental building since 1969. Nearly half of the apartments in the six-story walk-up are rent-stabilized. Kahen owns more than a dozen rental properties in Manhattan, Brooklyn and Queens and recently sold a development site in Sunnyside for $10.5 million.

 

Correction: A previous version of this story incorrectly named Majid and Alex Kahen as brothers. Majid and Alex are father and son.

(Source: ACRIS data for closed sales between Sept. 5-11, and Reonomy data)


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