The Real Deal New York

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

Sabet buys a West Village rental, Kopelowitz sells two buildings in Washington Heights
By Chava Gourarie | October 02, 2017 06:00PM

Updated Oct. 20, 6:08 p.m.: In the world of mid-market New York City investment sales last week, a Williamsburg apartment building traded for more than double the sales price four years ago, and a 20-unit building in the West Village sold for $12 million.

1.) In the West Village, Alferd Sabet’s Sabet Group picked up a 20-unit apartment building for $11.6 million. The seller, Alan Farber, owned the five-story building at 321 West 11th Street since the 1970s.

2.) Michael Dwyer’s Magna & York snagged a five-story walk-up in Tribeca for $10.75 million. The building at 104 Franklin Street is divided into a retail unit on the ground floor and two residential units above. The building belonged in the seller’s family since 1978.

3.) Pinny and Moishe Loketch of the Loketch Group sold off a mixed-use building in Williamsburg for double what they paid. In 2013, they paid $5 million for the six-story building at 524 Metropolitan Avenue, and sold it this week for $11,300 to Metropolitan Avenue Associates. The 20-unit building is fully occupied, and the two commercial spaces are both leased to Yola’s Café. Cushman & Wakefield’s Brendan Maddigan represented the sellers.

4.) Safe N Lock bought a 94,444-square-foot storage facility in Midwood from the Utah-based Extra Space Storage for $19 million. The four-story commercial building at 1296 East 14th Street spans 95,444 square feet. The facility spans nearly an entire block, with frontage along Avenue M and Locust Avenue as well as along East 13th and 14th streets.

5.) A group of investors including Xin Xiang Lin bought a 11,566-square-foot parking facility a 70-65 Queens Boulevard for $10.5 million. The previous owner, Sunny K Realty, bought the property in 1998. Lin is behind a proposed 84-unit condominium building at 1587 East 19th Street in Midwood.

6.) Alchemy Ventures bought two adjacent apartment buildings in Washington Heights for $11.5 million. The seller, Shaul Kopelowitz, had bought the two buildings at 82-84 Wadsworth Avenue for $7.4 million in 2014. The five-story buildings have 46 residential units between them.

This story has been updated to reflect that Safe N Lock is the buyer of a storage facility at 1296 East 14th Street. An earlier version named the buyer as Kimco Realty.