The Real Deal New York

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

Bluestone sells FiDi rentals, Ved Parkash buys a Bronx building
By Chava Gourarie | February 21, 2017 06:00PM

From left: 165-167 William Street, Eli Tabak and renderings of 1516 Park Avenue (Credit: Ariel Property Advisors and Karl Fischer Architect)

UPDATED, Feb. 23, 1:02 p.m.: Last week in mid-market sales, the Tabaks sold a multifamily building in the Financial District at a loss, Coltown bought a gas station in Washington Heights, and controversial landlord Ved Parkash picked up rental apartments in the Bronx.

1.) Eli Tabak’s Bluestone Group sold a 12-unit multifamily building in the Financial District for $19 million at a loss. Bluestone bought the 10-story building at 165 William Street for $20.5 million in 2014 together with the Tabak brothers’ Princeton Holdings. Five of the units are rent-stabilized.

2.) ACNY Development bought the site of a proposed 12-story apartment building in East Harlem for $10.25 million. The seller, Williamsburg-based developer Isaac Schwartz, originally asked $12.5 million for the two adjacent lots, at 94 East 111th Street and 1516 Park Avenue, which together span 7,065 square feet. He bought the properties for $5.8 million in 2014, and his plans for a 43,412-square-foot mixed-use building, designed by Karl Fischer, were approved in 2015.

3.) Israel Weinberger’s Coltown Properties bought a gas station at 150 West 145th Street in Harlem for $10.1 million. The 18,884-square-foot lot comes with a one-story building spanning 2,344 square feet. The property comes with 35,424 buildable square feet or 120,402 buildable square feet for a community facility.

4.) An entity managed by Yosef Rabinowitz bought a two-story medical facility at 19 Duryea Place in Flatbush for $11.75 million. The 18,720-square-foot building, built in the 1930s, is now used as supportive housing for seniors with mental illness.

5.) Landlord Ved Parkash bought a 66-unit rental building at 11 West 172nd Street in the Bronx for $10.5 million. The seller of the six-story building was an entity with an address at 199 Lee Avenue. Last week, a nearby building owned by Parkash, at 750 Grand Concourse, came under scrutiny by two city agencies. The Department of Buildings found illegal apartments in the basement, and the Department of Health called it a “rat breeding ground.”

6.) An unidentified investor paid $12.8 million for a mixed-use NoMad building. The four-story building at 832 Sixth Avenue, at the corner of 29th Street, includes four residential units and three retail units. The seller is Vlasios Georgousis, who has owned the building since 1979.

(Source: ACRIS data for closed sales between Feb. 6 – 12, and Reonomy data)

Correction: A previous version of this story incorrectly identified the address of the $12.8 million sale. It is 832 Sixth Avenue.