The Real Deal New York

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

Karp buys DoBro warehouse from Catsimatidis, family of late Harry Silverstein sells PLG multifamily building
By Chava Gourarie | March 21, 2017 05:05PM

291 Livingston Street, Eli Karp (credit: Twitter) and 1130 Nostrand Avenue

UPDATED Mar. 30, 12:00 p.m.: In the world of mid-market New York City investment sales this week, we highlight a few closings that went through only after bigger deals unraveled. Hello Living picked up a warehouse that was expected to be part of a $70 million assemblage, and relatives of the late Harry Silverstein sold off a property that was once slated to be part of a 14-building portfolio deal to A&E Real Estate Management.

1.) Eli Karp’s Hello Living picked up a commercial building at 291 Livingston Street in Downtown Brooklyn for $11.1 million from Red Apple Group’s TRData LogoTINY John Catisimatidis. The two-story property was supposed to be part of a $70 million assemblage that Abraham Leifer of Aview Equities had been in contract to buy from a trio of sellers — Red Apple Group, the Lieberman Group and Harry Blaustein. That deal, which would have seen Leifer amass a total of 220,000 buildable square feet, stalled when Lieberman Group moved to terminate a contract on the nearby 283 Livingston Street. Leifer filed suit to protest the termination, but a Brooklyn court dismissed the case in December. Leifer plans to appeal the decision.

2.) Brooklyn landlord Yechiel Weinberger paid $10.5 million for a 46-unit apartment building in Prospect-Lefferts Gardens that was part of the multifamily portfolio Harry Silverstein’s estate inherited after the landlord’s death late last year. The family was in talks with A&E Real Estate Management to sell the 14-building portfolio for $275 million, The Real Deal reported in December. The four-story building at 1130 Nostrand Street includes six small commercial units.

3.) Carmelo Milio’s Trion Real Estate Management picked up a five-story mixed-use building in Hell’s Kitchen for $11.5 million. The Yonkers-based investment firm bought the building at 818 Tenth Avenue from Justin Ehrlich’s Churchill Real Estate Holdings. Located between 54th and 55th Streets, the 18-unit building includes two commercial units, one of which is currently leased to Mamasita’s Bar & Grill.

4.) An industrial building in Greenpoint changed hands for the third time in three years. Landlord and former NYPD officer Jerry Lebedowicz of Queens recently bought the warehouse at 83-97 Apollo Street for $10.56 million from Consolidated Reverse Management, for just $64,000 more than the last sale price. Consolidated bought the property from Ofer Joe Levy in 2015, who paid $4.5 million several months before. The single-story building is located between Nassau and Norman avenues and has 47,000 buildable square feet.

5.) ASG Equities bought a 50 percent stake in a retail condo at the Northmoore condo in Tribeca for $18 million from Centurion Realty. Ralph Tawil’s Centurion bought the 13,484-square-foot unit at 53 North Moore Street for $30 million in 2015. The condo spans a full block, from 121 to 133 Hudson Street, between Beach and North Moore streets. Tenants include Chinese Restaurant Mr. Chow and a CitiBank branch.

6.) Flushing-based Ciampa organization bought a single-story warehouse in Maspeth for $10 million. The deal includes two lots, at 25-26 and 25-36 56th Drive, that together span 49,500 square feet. The property was last sold in 1982.

(Source: ACRIS data for closed sales between Mar. 13-19, and Reonomy data)