The Real Deal New York

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

Akelius bought a 34-unit rental in Park Slope; BLDG snagged a building in Midtown East
By Chava Gourarie | February 07, 2017 03:00PM

From left: 427-433 Dean Street, 7 East 53rd Street and Lloyd Goldman (Credit: Google Maps and Getty Images)

In the world of mid-market New York City investment sales last week, BLDG Management picked up a two-unit commercial building in Midtown East, Prologis bought a Bronx industrial condo, and Flank picked up a three-story retail building in Downtown Brooklyn.

1.) Lloyd Goldman’s BLDG Management TRData LogoTINY picked up a two-story commercial building in Midtown East for $15.25 million. The seller, BPI Express Remittance Corporation, is a branch of the Bank of the Philippines. The 5,460-square-foot building at 7 East 53rd Street is home to a Le Pain Quotidian. BLDG has projects throughout Manhattan, and in 2016, bought three walk-ups in Murray Hill for $37 million. Brian Ezratty and Evan Papanastasiou of Eastern Consolidated represented the seller.

2.) Akelius Real Estate, the U.S. arm of Swedish investment giant Akelius, picked up a 34-unit property in Park Slope for $16 million. The four-story walk-up building, at 427-433 Dean Street, spans 28,000 square feet. The seller, Michael Pintchik, is the heir to a 104-year-old paint-store chain, and the owner of over 60 properties near Flatbush Avenue and Barclays Center, according to reports. TerraCRG’s Adam Hess brokered the deal.

3.) BookCourt, the independent book store in Cobble Hill, announced in December that it was closing and its 4,830-square-foot home at 161-163 Court Street would be sold. Eastern Capital, led by Michael Shamah and Eli Hamway, purchased the four-story building from the couple that opened the store in 1986, for $13.5 million.

4.) Florida-based SJM Partners bought an auto-repair shop at 607 West 47th Street, between 11th and 12th avenues for $18.5 million. The two-story building spans 15,062 square feet. SJM, led by Stephen Garchik, operates primarily in Florida and the D.C. area, and was tapped by the city in 2011 to renovate the George Washington Bridge Station in Washington Heights.

5.) Architecture and development firm Flank paid $10 million for a three-story mixed-use building in Downtown Brooklyn. Until recently, the 14,250-square-foot property at 312 Atlantic Avenue was home to the Axelle Fine Arts gallery, operated by the late Bertrand Delacroix. Records show an entity connected to Delacroix sold the property. It was marketed by Vespa for $11.75 million.

6.) Vendome Property Management picked up a six-story mixed-use building at 558 Broome Street for $15.75 million. The 14,737-square-foot property at the corner of Varick and Broome streets includes 20 residential units and five commercial units. The seller, Joseph DeFranca, owned the property since 1980.

7.) Industrial real estate firm Prologis picked up an 82,000-square-foot industrial condo in Soundview for $11.5 million. The condominium is one of two that comprise a one-story block-long industrial building at 1055 Bronx River Avenue, and was the home of the rug company ABC Carpets. Jerome Weinrib, ABC’s head and the owner of the property since 2009, died last year.

8.) An unknown buyer bought a five story, 11,000-square-foot commercial building in Tribeca for $11.5 million. Jay Mittman of Port Washington is the seller of the six-unit building at 106 Franklin Street.

(Source: ACRIS data for closed sales between Jan. 30 – Feb. 5, and Reonomy data)