The Real Deal New York

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

Thor sells Boerum Hill rental to BFC; Ferrovecchio sells Port Morris gas station
By Chava Gourarie | December 28, 2016 06:10PM

46-45 Kissena Boulevard in Flushing, Donald Cappocia and 292 Atlantic Avenue in Boerum Hill

In the world of mid-market New York City investment sales last week, BFC picked up a $10.5 million Boerum Hill rental building from Thor Equities and the Communications Workers of America bought a $11 million commercial condominium unit at the old New York Mercantile Exchange Building in Tribeca.

1.) Donald Capoccia’s BFC Partners bought an eight-unit rental building from Thor Equities in Boerum Hill for $10.3 million. The four-story building at 292 Atlantic Avenue includes five residential units and three retail units. BFC is the developer behind the Toren condominiums and the Bedford-Union Armory development, where they proposed to bring 300 apartments.

2.) Chun Min Kwok and Joyce Cheng, picked up a 16,800-square-foot commercial building at 46-45 Kissena Boulevard in Flushing for $12.5 million. The one-story building  at is currently home to Good Fortune Restaurant. The Flushing-based developers own several other properties in Flushing, including a vacant 8,400-square-foot lot at 138-10 Northern Boulevard and a 7,750-square-foot warehouse at 134-36th Road.

3.) Andrew Impagliazzo bought a warehouse and adjacent gas station in Port Morris from Dominic Ferrovecchio for $11.8 million. The properties include a one-story, 40,900-square-foot, commercial building at 382 East 137th Street, currently home to the Ferrari Driving School, and a 19,150-square-foot gas station next door at 370 East 137th street, across three parcels. Together, the properties take up an entire block stretching from 136th to 137th streets, and from Cypress Avenue to the Bruckner Expressway. Ferrovecchio owns a number of other properties in the South Bronx, often under the name Ferro Properties.

4.) The New York City branch of the Communications Workers of America bought a commercial condo unit at the old New York Mercantile Exchange Building in Tribeca for $10.9 million. The eight-story, 38,213-square-foot building at 97 Hudson Street, also known as 6 Harrison Street, is divided into seven commercial units, including ground-floor retail.

5.) Square Advisors sold off a 10-unit walk-up on the Upper East Side for $10.4 million. Square Advisors, an investment advisory firm and affiliate of the London-based Square Capital, picked up the five-story, 8,754-square-foot building at 539 East 87th Street for $8 million in 2013.