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

10 multifamily properties sold, including a four-building portfolio in Fordham

TRD NEW YORK /
Jan.January 31, 2017 08:00 AM

In the world of mid-market New York City investment sales last week, Kenya’s Permanent Mission to the United Nations paid $18.3 million for a commercial condominium unit at 866 United Nations Plaza, and the city paid $16 million for a development site near LaGuardia Airport.

1.) Leon Goldenberg’s Goldmont Realty bought a 44-unit rental building in Washington Heights for $12 million. The seller of the six-story property, at 543 West 162nd Street, is Coltown Properties, which bought the property along with four other Washington Heights buildings for $31 million in 2012. Coltown, led by Israel Weinberger and Steven Neuman, owns the 43-unit mixed-use building next door, at 3880 Broadway, which was also part of the 229-unit portfolio.

2.) Samy Mahfar’s SMA Equities sold a seven-story rental building on the Upper East Side to Afshin Hedvat’s Prime Rok Real Estate for $15.8 million. The 15,596-square-foot building at 1442 Lexington Avenue, at the corner of 94th Street, includes 16 residential units and one commercial unit.

3.) SDG Management bought a 14-story apartment building in the West Village from Blue Star Properties for $12.6 million. The triangular 47,808-square-foot building at 80 Grove Street is located at the point where Grove Street, West 4th Street and South Washington Place meet. The mixed-use building includes 74 residential units and two commercial units.

4.) The New Jersey-based Orbach Group sold a 20-unit walk-up building at 5 West 101st Street for $10.3 million. The buyer of the five-story building, between Central Park West and Manhattan Avenue, is the Westhampton-based Coutinho Properties, which owns properties in Manhattan and Westchester.

5.) Brooklyn Standard Properties bought a four-building portfolio, with a total of 76 units, in the Fordham area in the Bronx for $16.6 buildings. The four buildings include a 24-unit building at 615 East 189th Street, two four-story buildings at 2476 and 2483 Cambreleng Avenue with 38 units between them, and a 14-unit mixed-use walk-up building at 2470 Belmont Avenue.

6.) Itzhaki Acquisitions, led by Erez Itzhaki, picked up a 45-unit rental building at 109 East 102nd Street for $14.7 million. The seller, Metropolis Realty, bought the seven-story elevator building from the city in 2001. Itzhaki is developing a 34-story rental building in Kips Bay, and owns a five-building Murray Hill portfolio.

7.) The Permanent Mission of the Republic of Kenya to the United Nations bought a commercial condo unit at 866 United Nations Plaza for $18.3 million. The Mission currently leases their offices in the same building, and this is their first real estate acquisition.

8.) The New York School Construction Authority bought a development site near LaGuardia Airport, comprised of four parcels, for $16 million. In 2015, the city had proposed to build a middle school on the 37,349-square-foot vacant lot in East Elmhurst, at 111-16 Astoria Boulevard.

9.) An unidentified buyer bought a 20-unit multifamily building on the Upper East Side for $12.5 million. The 9,745-square-foot property at 104 East 85th Street had been in the family of the sellers, Emily and Jonathan Lobatto, since the 1970s.

Source: ACRIS data for closed sales between Jan. 23-28 and Reonomy data


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