The Real Deal New York

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

Brookland buys in Flatbush, Flushing development site grows
By Chava Gourarie | March 28, 2017 01:25PM

In the world of mid-market New York City investment sales last week, Brookland Capital picked up a Flatbush development site for $11.5 million and Philip Chong added an $11 million parcel to his development site in Flushing.

1.) Boaz Gilad’s Brookland Capital picked up a development site in North Flatbush for $11.5 million. The two-parcel site, at 563 and 571 Ocean Avenue comes with 83,000 buildable square feet and one of the parcels extends from Ocean Avenue to the parallel East 21st Street. The property was listed for $16 million and the seller is Netty Brown. There is a 1,900-square-foot commercial building on the site.

2.) Developer Philip Chong added an $11.2 million parcel to a Flushing development site, for a total of $46.2 million. Chong purchased a lot at 144-61 Northern Boulevard next door to the two-parcel site Chong paid $36 million for in August. The neighboring lot, at 144-51 Northern was the site of a Flushing Bank branch and came with up to 90,000 buildable square feet. The new lot, home to a one-unit commercial building, comes with approximately 25,000 buildable square feet.

3.) Kassabson Properties bought a commercial condominium unit in the Alphabet City from Largavista Companies for $10.8 million. The retail condo is one of two commercial units at 310 East Houston between Avenues B and C, a seven-story building with 23 residential condos dubbed One Avenue B Condominiums.

4.) Fein Property Management sold off a 61-unit multifamily building in Kingsbridge Heights for $11.1 million. The buyer of the rent-stabilized building at 2710 Morris Avenue is Maurice Arlos. Arlos ran an art gallery in Tribeca, called Maurice Arlos Fine Arts, in the early 2000s.

(Source: ACRIS data for closed sales between Mar. 20-26, and Reonomy data)

(To see a selection of properties owned by Brookland Capital, click here.)

(To see a selection of $10M to $20M properties sold in the last year, click here.)