The Real Deal New York

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

A&E sells in Queens, Hubb NYC buys in Hell’s Kitchen
By Chava Gourarie | May 04, 2017 04:00PM

From left: 39-11, 39-15 and 39-19 62nd Street, Douglas Eisenberg and 714 Ninth Avenue

In the world of mid-market New York City investment sales last week, A&E Real Estate Holdings TRData LogoTINY sold a three-building package in Queens for $12.9 million and Hubb NYC bought a mixed-use building in Hell’s Kitchen for $12 million.

1.) A&E Real Estate sold three 16-unit rental buildings in Queens for $12.9 million. John Kapetanos of Manhasset picked up the adjacent four-story walk-ups at 39-11, 39-15 and 39-19 62nd Street in the Woodside neighborhood. A&E bought the properties from Ares Management for $7.2 million in 2013. A&E and Ares have been trading frequently in the neighborhood. The prolific landlord recently entered contract to acquire a seven-building Queens portfolio from Ares for $83 million and, last December, bought a 10-building portfolio from Ares for $133 million with Benedict Realty Group.

2.) Hubb NYC picked up a 17-unit building in Hell’s Kitchen for $12 million. The five-story building at 714 Ninth Avenue between West 48th and 49th streets, includes 16 residential units and one retail unit. The seller, Walter Steckman, has owned the property since 1985, records show. Hubb NYC, formerly known as Trevi Retail, frequently buys rental buildings and retail in Manhattan. David Chera and David Marciano of Kassin Sabbagh Realty represented the seller.

3.) Preferred Home Care bought a 256-bed adult-care facility in the North Bronx for $15 million. The 66,000-square-foot building at 6355 Broadway is home to the Riverdale Manor Home for Adults. Berry Weiss’ Preferred Home Care is associated with the W Group, which manages adult-care facilities throughout the New York metro area including in Bayview and Goshen.

(Source: ACRIS data for closed sales between Apr. 24-30, and Reonomy data)

(To view all properties owned by A&E Real Estate Holdings, click here)