In the world of mid-market New York City investment sales last week, the Chetrit Group partnered with a Queens developer to buy a hotel for $13.3 million, and a self-storage facility in Port Morris traded for $19 million.
1.) The Chetrit Group partnered with developer Gadi Ben Hamo to buy a hotel in Queens for $13.3 million. Ben Hamo entered into contract for the Queens Motor Inn at 64-11 Queens Boulevard, known for renting rooms by the hour, in 2016. He then filed plans to demolish the 17,754-square-foot building and told the Sunnyside Post he planned to build 120 rental units in its place. Chetrit and Ben Hamo financed the acquisition with a $7 million loan from Banco Popular.
2.) Sion Misrahi of the Misrahi Group sold a 24-unit apartment building on the Lower East Side to an unidentified investor for $11.4 million. Misrahi bought the five-story building at 11 Essex Street in 2001 and since 2009, all 22 residential units in the building have been market-rate.
3.) A California company bought package of Upper East Side new-development condos for $10 million. BH Karka LLC bought 12 units at Simon Baron Development’s 24-unit building at 12 East 88th Street. The 13-story building was originally built in 1931 and the interiors were recently renovated and designed by Champalimaud Design.
4.) Vincent Ragosta, a Staten Island-based investor, bought a 63-unit multifamily property at 2255 Bedford Avenue in Flatbush for $11 million. The sellers were a group of investors including Thomas Anderson and Aleksander Goldin. Of the 57 residential units, 45 are rent-regulated, and the six-story building is 100 percent occupied.
5.) A self-storage facility in Port Morris traded hands for $19 million, more than triple the price for which it last sold. The D.C.-based MRP Realty bought the 88,000-square-foot facility from Tuck-It-Away Associates, which bought the property for $5.3 million in 2012. MRP financed the acquisition with a $13 million loan from East West Bank.