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

Madison Realty Capital sells East Harlem rental, Veracity buys Soho walkup for $12M

TRD New York /
Sep.September 06, 2017 08:00 AM

230 East 124th Street in East Harlem and 137 Thompson Street (Credit: Leslie J. Garfield)

UPDATED Sep. 6, 12:48 p.m.: In the world of mid-market New York City investment sales last week, three multifamily buildings sold in East Harlem, and Metrovest Equities picked up a retail building in Greenwich Village for $17 million.
 1) In East Harlem, Madison Realty Capital sold off a rental they bought at auction, for $11.7 million. Madison bought the 22-unit property at 230 East 124th Street, which was under construction, along with an adjacent lot in 2014 and finished construction in 2015. The buyer is Topaz Realty Management, a Union Square-based investment firm headed by Poonam Sachdev and Suresh Sachdev. In 2016, Topaz bought a Williamsburg rental from Madison for $22.4 million, more than double the price Madison paid. Daniel Pollock of ZP Realty Capital represented both buyer and seller.

2) Veracity Equities bought a multifamily property in Soho for $12 million. The five-story walk-up at 137 Thompson Street includes 15 residential units, three of which are rent-stabilized, and two storefronts. The seller is Russ Chinnici, whose family has owned the property since 1986.

3) In Washington Heights, a multifamily property traded hands for $11.6 million. Gideon Platt’s GP Properties sold the 42-unit building at 560-562 West 174th Street, which he bought for $6.4 million in 2014. The buyer is an entity associated with Edward Setton, who runs both Shamco Management and Shamah Properties.

4) Centers Health Care, led by Daryl Hagler and Kenny Rosenberg, expanded their nursing home empire with the purchase of the 90-bed Highbridge Woodycrest Center, a long-term healthcare facility in the Bronx, for $14 million. The 63,000-square-foot facility at 936 Woodycrest Avenue was run by the nonprofit Bronx-Lebanon Hospital Center. Centers owns and operates multiple centers in New York City and beyond, including a nine-story senior care facility is located at 4915 10th Avenue in Borough Park, which they recently refinanced for $78 million.

5) Greenroad Capital bought a five-story office building in Lower Manhattan for $12.5 million. The seller of the 21,520-square-foot building at 27 Cliff Street, Alpina Company, ran a print shop out of that location, and still owns Alpina Copy World on East 28th Street. David Natanov is the managing partner of Greenroad.

6) Metrovest Equities, in partnership with Anda Realty and Metropolitan Realty, bought a two-story commercial building in Greenwich Village for $17 million. The retail portion of the 9,021-square-foot building at 307-309 Sixth Avenue, was formerly a CVS store and has been vacant since 2014. The property, between Bleecker and West 4th streets comes with 40,000 as-of-right buildable square feet. The new owners plan to keep both development and retail leasing options open. Developer William Rainero is the seller.

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