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

Chetrit buys in Queens, Port Morris storage facility trades

TRD New York /
Aug.August 29, 2017 11:50 AM

Clockwise from top left: 12 East 88th Street, 2255 Bedford Avenue, Meyer Chetrit and Queens Motor Inn (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
KKR’s Henry Kravis and George Roberts and 260 gold street (Getty; rendering via J Frankl Architects)

KKR teams up with Dalan on big Brooklyn multifamily buy

KKR teams up with Dalan on big Brooklyn multifamily buy
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
JLL CEO Christian Ulbrich (Ulbrich by Jemal Countess/Getty Images for Women's Forum of New York)

JLL profits halved by pandemic

JLL profits halved by pandemic
82-10 Baxter Avenue and 3111 Heath Avenue (Google Maps)

Queens retail sale tops mid-market deals of the week

Queens retail sale tops mid-market deals of the week
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...