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

Slate buys East Village walk-up, Prana sells Bronx portfolio

Jul.July 31, 2017 07:00 PM

From left: 151 East Houston Street, 244 East 7th Street, Martin Nussbaum and David Schwartz

In the world of mid-market New York City investment sales last week, Slate Property Group picked up an East Village rental building and Prana Investments sold a three-building Bronx portfolio.

1.) Gary Vinbaytel picked up a Chelsea property slated for demolition for $10.1 million. The five-story commercial building, at 128 West 26th Street, was damaged by construction at a long-stalled site two doors down, at 132 West 26th Street, where Jack Ancona planned to build a 12-story residential building. In 2015, an Italian restaurant at the five-story building received a vacate notice because of structural damage, and Ancona was served with a stop-work order. In January of this year, the neighbor in between, at 130 West 26th, sued Aconda for structural damage to that building as well. The buyer, investor-developer Gary Vinbaytel, immediately filed for demolition permits. Vinbaytel owns several buildings in Manhattan including a mixed-use building at 192 Eight Avenue, also in Chelsea, which he picked up for $8.3 million.

2.) Jack Oved picked up a Lower East Side hotel that was facing foreclosure for $16.9 million. The 42-key East Houston Hotel, at 151 East Houston Street, was converted into a hotel in 2007 by the seller, Jin Sup An. In 2015, Connecticut-based Knighthead SSRE REIT sued the owners for $2.5 million in defaulted payments, but the suit was dropped several months later. Back in 2010, Jack Oved was in business with his brother Ronnie Oved, who was known for operating illegal SRO-turned-hotels until 2010 when a new state law outlawing under 30-day rentals, was adopted. The brothers are unrelated to the Midtown-based Oved Group, led by Isaac and David Oved.

3.) Slate Property Group bought a 24-unit multifamily building in the East Village for $11.9 million. Ten of the units at 244 East 7th Street are rent regulated, down from 14 in 2010. The 16,776-square-foot building was last sold in 1975.

4.) Shlomo Bakhash’s Kash Group sold a 54-unit building in Clinton Hill to Akelius Real Estate Management for $13.3 million. The property, at 286 Clinton Avenue, which includes three buildings at the corner of DeKalb and Clinton avenues, is rent-regulated. The Kash Group owns multiple properties throughout Texas and New York, and recently bought the Morgans Hotel at 237 Madison Avenue for $41 million, with a plan to turn the upper floors to micro apartments.

5.) A two-story building in Mapleton that housed a Russian bathhouse called Sandoony will be converted to a storage facility. Storage Deluxe picked up the commercial building at 1158 McDonald Avenue for $15 million. The seller, Ilhanan Israilov, was also the proprietor Sandoony, which closed in 2016. He bought the property for $4 million in 2006.

6.) Prana Investments sold a three-building Bronx portfolio for $17.5 million to Chestnut Holdings. The three five-story walk-up apartment buildings have 76 units between them, including 12 retail stores. The three buildings include 2376 Ryer Avenue, 2463 Valentine Avenue and 2265 Grand Avenue in the University Heights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and the seller.

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

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