The Real Deal New York

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

CW Realty Management buys Bed-Stuy artist enclave, Prana invests in Fordham
By Chava Gourarie | March 14, 2017 01:00PM

From left: 35 Claver Place, CIM Group’s Avi Shemesh, Richard Ressler, Shaul Kuba and 2075 Grand Concourse

In the world of mid-market New York City investment sales this week, Brooklyn developer Cheskie Weisz bought an warehouse-turned-artist community in Bedford-Stuyvesant for $14 million, Fresh & Co owner Steve Tendios bought a multifamily walk-up in Queens, and Prana Investment bought another Fordham rental.

1.) Cheskie Weisz’s CW Realty Management bought a warehouse-turned-artist community in Bedford-Stuyvesant for $14.2 million. The four-story building at 35 Claver Place was converted over time to 13 artist studios and two commercial units. The seller, Gina Inverso, helped spearhead the artist community in 1985 after renting out space in her warehouse to two artists. As of February, all the tenant leases were expired. Marcus & Millichap marketed the 35,174-square-foot property for $15.25 million.

2.) Restauranteur Steve Tenedios bought a 35-unit walk-up at 34-26 41st Street in Long Island City for $12.2 million. The seller of the four-story building, John Hachmann, owned the building since 1997. Tenedios is the owner of the Cafe Metro and Fresh & Co chains, and owns a handful of apartment buildings in Astoria and Long Island City. In October he bought a 39-unit multifamily building at 29-15 36th Avenue for $10 million.

Prana Investments’ Neil McKinnon

3.) Prana Investments bought a six-story multifamily building near Fordham in the Bronx for $10.1 million from AV Properties. The 40,175-square-foot building at 2075 Grand Concourse includes 40 residential and two commercial units. In September, Prana spent $36 million on five multifamily buildings in Fordham with a total of 214 units.

4.) Prolific real estate investor CIM Group bought a one-story building from Mount Sinai Beth Israel hospital for $13 million. The 1,900-square-foot building at 343 East 17th Street is part of the hospital complex in Gramercy Park and is currently an outpatient center.

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