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

Applegrad buys Bronx rental, Icon sells Hell’s Kitchen walk-up

Feb.February 27, 2017 05:25 PM

In the world of mid-market New York City investment sales this week, Bronx landlord Sam Applegrad picked up a 62-unit building for $12 million, restaurateur Robert Malta bought a Midtown walk-up for $12.5 million and Eli Tabak’s Bluestone Group sold a Bronx homeless shelter for $16 million.

1.) Bronx landlord Sam Applegrad bought a 62-unit mixed-use building in the South Bronx or $12 million. The six-story property at 1229 Franklin Avenue in Claremont Village includes six commercial units and 56 apartments, 45 of which are rent-regulated. The building was part of the so-called “Three Borough Pool,” a 35-building portfolio that Normandy Real Estate Partners TRData LogoTINY and Westbrook Partners sold in 2015 in a series of sales to multiple buyers. Applegrad, who has been building up a portfolio of Bronx rental properties, paid $25 million for the 135-unit Palmer Court Homes last year.

2.) Restaurateur Robert Malta bought a 14-unit property at 328-330 West 46th Street for $12.5 million. The three-story, 7,130-square-foot building has two commercial units, both occupied by a restaurant called Brazil Brazil, and approximately 8,000 square feet of air rights. Malta is the owner of the New York City Restaurant Group and owns several buildings throughout the city.

3.) The Dwight School purchased a four-unit building on the Upper West Side for $11.7 million. The four-story, 5,509-square-foot rental building at 21 West 88th Street is located around the corner from the private prep school at the corner of Central Park West and West 89th Street. The seller is Robert Van Duyn, who has owned the property since 1980.

4.) Icon Realty Management and Stellar Management flipped an 11-unit multifamily building in Hell’s Kitchen they bought for $5.4 million in 2014. The buyer, Brooklyn-based landlord Brian Elgart, paid $11.4 million for a five-story walk-up at 454 West 58th Street. According to Cushman & Wakefield, which marketed the site, 10 of the 11 units are rented at market-rate, at an average of $5,370 per month.

5.) Eli Tabak’s Bluestone Group sold the site of a former detention center in Melrose to Liberty One Group for $16 million. Bluestone, together with the Bronx-based Altmark Group, purchased the 61,187-square-foot property at 470 East 161st Street for $6.8 million in 2014. The building serves as a 24-hour homeless shelter operated by the nonprofit BronxWorks. Liberty One declined to comment on whether the property will continue to serve as a shelter.

6.) LargaVista sold a one-story retail property at 246-248 West 125th Street for $17.8 million. LargaVista bought the 5,046-square-foot property, home to kids’ clothing store the Children’s Place, from Harbor Group International in 2015. The buyer appears to be Eugene Fata of the Fata Organization, which owns several properties along West 125th Street, records show.

(Source: ACRIS data for closed sales between Feb. 21-26, and Reonomy data)

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