The Real Deal New York

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

Rebenwerzel buys four-building BK portfolio, Recording Academy buys home of JP Morgan
By Chava Gourarie | January 03, 2017 06:15PM

184 Mott Street in Little Italy, 2502 Avenue D in Brooklyn (inset: Peter Rebenwerzel)

UPDATED, Jan. 4, 11:02 a.m.: In the world of mid-market New York City investment sales last week, Peter Rebenwerzel’s Coney Realty Group picked up four multifamily buildings in Flatbush and the Recording Academy bought the onetime home of J.P. Morgan in Murray Hill.

1.) Peter Rebenwerzel’s Coney Realty Group TRData LogoTINY snagged four multifamily buildings in Flatbush from Jacob Deutsch in two separate deals totaling $28.7 million. In one transaction, a six-story, 53-unit building at 2502 Avenue D sold for $11.2 million. In the other, three buildings — two in Flatbush, at 1077 and 1114 New York Avenue, and a third near Brownsville, at 514 Rockaway Parkway — sold for a total of $17.4 million. The four properties collectively have 146 rental units. Last year, Coney Realty Group bought a 1,434-unit Brooklyn portfolio from Urban American Management, adding to their extensive Brooklyn holdings of roughly 35 buildings.

2.) Joseph Sbiroli of Ventura Land Corporation bought a 48-unit multifamily building in Washington Heights from Joshua Sternhell for $14.6 million. Sternhell purchased the 52,896-square-foot property at 547 West 157th Street for $6.7 million in 2013. Last year, Sternhell, in partnership with Mike Spira and other investors, purchased an eight-building Washington Heights portfolio for $101.5 million from Sentinel Real Estate Corporation.

3.) Developer Jack Jangana sold a 25 percent stake in a six-story industrial building in Little Italy to Juergen Ostertag for $11 million. The 32,214-square-foot building at 174 Mott Street is being renovated by DXA Studios. Janagana, in partnership with Waterbridge Capital, bought the May Co. building, a nine-story historic department store in Los Angeles, for $130 million in 2014. Ostertag is a partner at Pryor Cashman, and is listed as vice president of the purchasing entity.

4.) The Recording Academy, best known for the Grammy’s, bought a 10-unit apartment building, that was once the home of home of J.P. Morgan, in Murray Hill for $13.5 million. Neil Portnow’s National Academy of Recording Arts and Sciences, purchased the 7,202-square-foot building at 21 East 37th Street from Norton Hamish, president of a bulk shipping company. The organization bought the property through its nonprofit title holding arm, NARAS Properties.

5.) Andrew Borek and Michael Petrillo flipped a vacant 15,373-square-foot lot in Sunset Park to Delta Tower Enterprises for $10.3 million. Borek bought the the triangular corner lot, at 4001 New Utrecht Avenue or 4002 10th Avenue, for $750,000 in 2014. The property is located between 40th and 41st streets south of Greenwood Cemetery.

6.) James Giddings of GLS Real Estate bought a one-story factory in the Bronx for $11M. The 48,952-square-foot building, at 2590 Park Avenue in Mott Haven, is home to Streamline Plastics and has an additional 51,848 square feet of development rights available for commercial or industrial use.

7.) Jordan Vogel’s Benchmark Real Estate picked up a 15-unit apartment building in Brooklyn Heights to from Michael Goldstein for $10.3 million. The 11,842-square-foot building includes 14 residential and one commercial unit, was managed by Trezza Management.

(Source: ACRIS data for closed sales between Dec. 26-Jan. 1 and Reonomy data)

Correction: A previous version of this story incorrectly identified the value of the interest purchased at 174 Mott Street. It is 25 percent.