The Real Deal New York

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

Marc Blumenfrucht and Stanley Wasserman make multifamily buys
By Chava Gourarie | July 03, 2017 04:22PM

UPDATED July 5, 2017, 5:47 p.m.: In the world of mid-market New York City investment sales last week, Bentley Zhao picked up an 84-unit Queens building and SW Management bought a Greenwich Village walk-up for $20 million.

1.) Developer Marc Blumenfrucht bought an 84-unit walk-up building in Queens for $10.2 million. Blumenfrucht partnered with the Department of Housing Preservation and Development to purchase the four-story building at 26-49 96th Street in East Elmhurst. The seller is Stuart Match Suna, who is best known for founding the Long Island City-based Silvercup Studios, but has also run a commercial real estate company called Metro Management since 1985. Blumenfrucht is the founder of the Hackensack-based Iris Holdings Group and a principal at Black Iris Capital.

2.) A Greenwich Village townhouse rumored to have once housed the Rolling Stones sold for $10.3 million to an anonymous buyer. Peter Stefan, the owner of five-story brownstone at 54 West 9th Street, listed it back in 2008 for $8 million. The 160-year-old home was built by a tobacco mogul, and was once owned by the German American painter Tony Sarg. It is currently divided into five full-floor rentals, and includes two gardens.

3.) Stanley Wasserman’s SW Management picked up a 36-unit rental building in Greenwich Village for $20 million. The seller was landlord Gerard Ragone, whose family has held the building since 2003. The landmarked six-story building at 277 West 11th Street was built in 1906 and spans 22,686 square feet.

4.) Uri Dreifus’ Rockaway Capital Partners sold two adjacent Hudson Heights walk-ups with 12 units each for $12.3 million. The buyer of the two five-story buildings, at 558-560 West 184th Street, was Brooklyn-based landlord Joel Werzberger. Werzberger owns several buildings in the Bronx including 912-922 Southern Boulevard with 66 units, which he picked up for $16.1 million in 2016.

5.) Gabrielli Truck Sales bought a vacant lot in the North Bronx from scrap metal company Pascap. Gabrielli paid $11 million for the 182,000-square-foot lot at 3501 Hutchinson Avenue.

6.) South China Import, a footwear wholesaler, sold a Brooklyn warehouse to Green Art Holdings LLC, based in the Channel Islands. The two-story building at 144 Greene Street in Greenpoint sold for $18 million.

(Source: ACRIS data for closed sales between June 26-July 2, and Reonomy data)

Correction: A previous version of this story incorrectly identified the buyer of a four-story walk-up at 26-49 96th Street. The buyer is Marc Blumenfrucht.