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New York

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

Brach buys South Williamsburg garage, Azraks sell Williamsburg apartment building

77 Varet Street and 814 Bedford Avenue in Brooklyn
77 Varet Street and 814 Bedford Avenue in Brooklyn

UPDATED April 18, 2017, 11:06 a.m.: In the world of mid-market New York City investment sales last week, Abraham Brach bought a garage in South Williamsburg, and the Azrak family sold a six-story mixed-use building in Williamsburg.

1.) A group of investors led by developer Abraham Brach, bought a one-story garage and two adjacent parcels in South Williamsburg for $12 million. The three parcels include a 8,200-square-foot lot at 814 Bedford Avenue, at the corner of Park Avenue, and two vacant lots at 824 and 826 Bedford Avenue. The properties have been in the family of the seller, Selma Prezant, since the 1970s, records show. One of the investors, Judah Klein of Parkview Management, owns the neighboring building at 828 Bedford Avenue, a six-story condo building with 11 residential units. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented both sides in the transaction.

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2.) A six-story mixed-use building in Williamsburg traded for $11.4 million. Morris Weinberg bought the 25,900-square-foot corner building at 77 Varet Street, or 66 Graham Avenue, from Ruben and Victor Azrak, who have owned the property since 1986. The 37-unit building was built in 1925 and includes seven commercial units. Bestreich Realty Group represented both the buyer and the seller in the deal.

(Source: ACRIS data for closed sales between Apr. 10-16, and Reonomy data)