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

Brookland buys in Flatbush, Flushing development site grows

TRD New York /
Mar.March 28, 2017 01:25 PM

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.)


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

305 East 46th Street (Credit: iStock)

Japanese firm lands $84M financing for Midtown East buy

308 West 82nd Street and Real Capital Analytics founder Robert M. White Jr. (Credit: Google Maps)

Real Capital Analytics’ founder buys UWS building, leading last week’s I-sales

166 Berry Street in Brooklyn and Wharton Properties’ Jeff Sutton (Credit: Google Maps)

Jeff Sutton pays record price in Williamsburg: brokers

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

Clockwise from left: 2 East 55th Street, 25-25 Borden Avenue and 91 Ludlow Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

arrow_forward_ios