The Real Deal New York

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

Sugar Hill sells in Harlem and Blumenfrucht buys in Bed-Stuy
By Chava Gourarie | August 14, 2017 06:10PM

136-23 Sanford Avenue and 656 St. Nicholas Boulevard

In the world of mid-market New York City investment sales last week, Sugar Hill Capital Partners sold a 30-unit building in Harlem and the Free Synagogue of Flushing sold one of its three buildings.

1.) Michael Zito’s Aulder Capital bought a 30-unit apartment building in Harlem from Sugar Hill Capital Partners for $10 million. Sugar Hill bought the six-story building at 656 St. Nicholas Avenue for $8.1 million in 2015. Twelve of the 30 units are rent-stabilized, down from 23 in 2010. This is Zito’s second purchase in Harlem in recent months. In March, Aulder bought a 100-unit portfolio of five adjacent buildings at 265-273 West 146th Street for $23 million.

2.) Marc Blumenfrucht’s Iris Holdings Group bought a five-building portfolio in Bed-Stuy for $15 million. The 64-unit residential portfolio is divided between three adjacent buildings from 189-193 Jefferson Avenue, with 32 units combined, and two 16-story buildings at 39 and 44 Macdonough Street. The seller is Mark Rubin of JM Development Group, which bought the five-building package in 1998.

3.) Santander Bank sold off a second South Brooklyn location to an unknown buyer for $10.7 million. The two-story corner building at 1769 86th Street in Bensonhurst sold to 1769 LLC. Earlier this month, Santander sold a one-story retail building and adjacent lot, at 8802 8th Avenue, in Bay Ridge to 8802 LLC for $15 million.

4.) The Free Synagogue of Flushing sold a piece of its Queens property to a group of investors for $17 million. The synagogue will retain the sanctuary, located at the corner of Sanford Avenue and Kissena Boulevard, along with an adjacent building on Sanford Avenue. The synagogue administration sold a third building on the property, at 41-60 Kissena Boulevard, which was originally used as a school and has long been vacant. The buyers include May R. Isai and La-Yu Yen. The sanctuary, at 136-23 Sanford Avenue, was built in 1917 and is on the National Registry of Historic Places.

(Source: ACRIS data for closed sales between August 7-13, and Reonomy data)