The Real Deal New York

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

West Village walk-up sells, Rechler Realty picks up W'burg gas station
By Chava Gourarie | May 15, 2017 06:06PM

From left: Prana CEO Neil McKinnon, 1427 Taylor Avenue and 601 Hudson Street

In the world of mid-market New York City investment sales last week, A&E Real Estate Holdings sold an East Harlem rental building for $15 million and Marcal Group sold a Prospect-Lefferts Gardens property for $20 million.

1.) A West Village walk-up changed hands for $12.75 million. Louise Pfister sold the 12-unit rental building at 601 Hudson Street to an LLC controlled by Abraham Sanieoff. Pfister had filed a condo offering for the 9,555-square-foot property, which has an alternate address of 18 Abingdon Square, but never followed through with the conversion. Sanieoff bought another West Village rental at 25 Grove Street in 2015. Kevin Esh, Sean Lefkovits and John Florek of HPNY represented both the buyer and seller.

2.) Marcal Group sold a 46-unit rental building in Prospect-Lefferts Gardens for $20 million to Joseph Weiss. Marcal bought the seven-story building at 382 Lefferts Avenue for $6 million in 2014. The previous owners had initially planned to build a 26-unit condo building but switched to middle-income affordable housing after the project stalled during the recession, and leasing opened building in 2013. Apartments rent for an average of $38 per square foot, according to StreetEasy.

3.) San Francisco-based Prana Investments bought two Bronx rental buildings for $10.75 million from a group of investors led by Morris Weinberg. The two properties include 1475 Taylor Avenue, a 40-unit residential building and 1427 Taylor Avenue, a 25-unit mixed-use building with 5 commercial units. Both buildings are rent-regulated and located between Archer Street and the Cross Bronx Expressway.

4.) Orbach Group sold a 31-unit building at 9 Central park North for $13.65 million to Jerome Associates. The five-story Building Between Fifth Avenue and Malcolm X Boulevard spans 23,640 square feet and includes two commercial units, which are leased to the Central Park Organic Deli Grocery. The building, which faces Central Park, last sold for $11 million in 2015 and $4 million in 2007.

5.) A&E Real Estate sold a 32-unit multifamily building in East Harlem to Abro Management for $14.8 million. The six-story building at 115 East 116th Street, between Park and Lexington avenues, has 32 rent-stabilized units. A&E paid $6.4 million for the building in 2012.

6.) A Speedway gas station a 801 Bedford Avenue in Brooklyn sold to Rechler Realty for $11.4 million. The 13,255-square-foot lot is located at the corner of Bedford and Park avenues in South Williamsburg. The property comes with 39,255 buildable square feet of residential space or 26,030 square feet of commercial space.

(Source: ACRIS data for closed sales between May. 8-14, and Reonomy data.)