The Real Deal New York

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

Besen sells in Washington Heights, former Flatbush theater trades for $12M
By Chava Gourarie | April 03, 2017 05:30PM

In the world of mid-market New York City investment sales last week, Besen Properties sold two Washington Heights buildings for $13 million and a former theater in Flatbush traded for $12 million.

1.) A two-story commercial building opposite New York City’s largest Target store sold for $12.1 million to an entity managed by Ezra Mizrahi. The triangular-shaped building at 1584 Flatbush Avenue is the former site of the College Theater and spans 20,100 square feet, with an additional 20,840 buildable square feet available. The sellers are Stanley Liker and a group of investors who have owned the building for about 30 years.

2.) David Chu, the founder of apparel company Nautica, sold a six-story mixed-use building in Chelsea for $14.1 million to David Brand of Great Neck. Chu bought the 24-unit building at 256 West 15th Street for $13 million in 2014. Also in 2014, Chu sold a six-story townhouse in the Flatiron District that he bought for $27 million after buying it for $9.3 million, and in December he listed an apartment at 15 Central Park West for $19 million.

3.) Besen properties sold two adjacent six-story apartment buildings in Washington Heights for $13 million. The two buildings at 2220 and 2224 Amsterdam Avenue have 63 units between them and a few retail stores. The buyer is Amsterdam 2220 LLC and the buildings last sold for $2.5 million in 2003.

(Source: ACRIS data for closed sales between Mar. 27-Apr. 2, and Reonomy data.)