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New York

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

Permanent Mission of UAE expands at Midtown HQ; ex-FDNY warehouse in Maspeth trades

679 Magenta St 305 East 47th Street and Ambassador Lana Nusseibeh,
From left: 679 Magenta Street in the Bronx, 305 East 47th Street in Midtown and Ambassador Lana Nusseibeh

1.) A Maspeth warehouse that was once home to the Fire Department of the city of New York traded hands for $20.6 million. A partnership led by Dong Jiang, Yi Wei Li and Pin Me Wang acquired the 106,000-square-foot building at 55-30 58th Street. The building last sold in 2013 for $13.4 million.

2.) The Permanent Mission of the United Arab Emirates is more than doubling its footprint at its Midtown headquarters. The embassy paid $12.2 million for the full second floor at 305 East 47th Street, a 133,000-square-foot office building. In addition to the 9,749 square feet the embassy occupies and owns on the seventh floor, it will take up another 10,663 square feet of office space. Massachusetts-based real estate investment firm Marwick Associates purchased the commercial condo unit for $9.3 million in April.

3.) Reiko Wireless CEO Yu Long Zhang picked up a warehouse at 269 Randolph Street in East Williamsburg for $12 million. The single-story, 29,000-square-foot building last housed a newspaper distributor but was delivered vacant to the buyer. It offers up to 58,000 buildable square feet and last sold for $350,000 as part of a five-parcel deal in 2005. Reiko Wireless, a cellphone accessory manufacturer and wholesaler, is headquartered in Suffolk County.

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4.) Dov Rakower’s Tamrak Management Corp. bought a 74-unit rental property in the Bronx for $11 million. All units at 679-681 Magenta Street, a five-story walkup consisting of two buildings, are market rate, despite being entirely rent-controlled in 2012. Department of Buildings records reveal the buildings were hit with seven violations in the last two years, including several violations that are classified as immediately hazardous. One tenant living in a Hamilton Heights building managed by Tamrak was awarded $112,000 last year for rent overcharges. However, Tamrak denied it was responsible for the landlord ignoring the rent freeze on the tenant’s apartment.

5.) A four-story mixed-use building  at 130 10th Avenue in Chelsea sold for $10.6 million. The building sits adjacent to a planned residential building along West 18th Street that SHoP [TRDataCustom] is designing. Sy Ghassemi is listed as the buyer. The building holds four rental apartments and a single commercial unit on the ground floor of the 5,225-square-foot building.

(Source: ACRIS data for closed sales between Nov. 21-27, and Reonomy data)

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Investment Sales