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

Hubb NYC buys in the East Village, Coney Realty buys in Inwood

TRD New York /
Oct.October 09, 2017 06:28 PM

From left: 128-130 1st Avenue, Hubb NYC’s Johnny McCarthy and 16 East 82nd Street

In the world of mid-market New York City investment sales last week, an Upper East Side townhouse near the Metropolitan Museum of Art sold for $10.7 million, and Hubb NYC Properties bought two East Village rental properties for $12 million.

1.) Victor Sigoura’s Legion Investment Group bought a string of apartment buildings in Greenpoint for $11.4 million from Isaac Jungreis. The three seven-unit apartment buildings at 282-284 Nassau Avenue span a combined 25,149 square feet. Sigoura, formerly the chief investment officer at Naftali Group, formed Legion in 2016. This appears to be the first acquisition for the new company. Sigoura financed the acquisition with a $9.2 million mortgage from Bank of the Ozarks.

2.) Hubb NYC Properties bought two adjacent five-story properties in the East Village for $12.25 million. The two buildings at 128-130 First Avenue Between East 7th Street and St. Mark’s Place, have eight residential units each and three retail units between them. The retail unit at 130 First Avenue is leased to the bakery Sweet Generation.

3.) A five-story townhouse near the Met sold for $10.7 million. The Queen Anne-style building at 16 East 82nd Street was built in 1888 and includes a ground-floor doctor’s office and six residential apartments. Four of the apartments are market-rate and two are rent-stabilized. The buyer is 16 East 82nd Owner LLC.

4.) Peter Rubenwurzel’s Coney Realty Group picked up two Inwood apartment buildings for $11 million from Hillcrest Acquisitions. They bought the adjacent buildings in two deals, a 20-unit walk-up at 87 Post Avenue for $4.3 million and a 32-unit building at 520 West 214th Street, at the corner of Post Avenue, for $6.7 million. Hillcrest paid $7.7 million for both buildings in 2014. In 2014, Coney Realty bought the 1,360-unit “Kings and Queens portfolio” from Urban American for $236 million.

5.) A parking garage in Kips Bay traded hands for $16 million. Select Garages, which operates the lot, bought the property from Corinthian parking. The lot is located on the site of a 57-story building at 345 East 27th Street between First and Second avenues.

6.) A senior care center in Far Rockaway traded for $12 million. The Park Terrace Care Center bought a 200-bed facility at 520 Beach 19th Street from the Queens Nassau Rehabilitation and Nursing Center. The three-story building last sold in 1988.

7.) Junji Hada, a private investor, bought a six-story, mixed-use property at 331 East 81st Street in Yorkville for $12.75 million, or $1,202 per square foot. The 10,606-square-foot building includes 14 apartments and one retail unit, which is leased to Prima Bar. The seller, Justin Management, paid $12.2 million for the property in 2014. Eastern Consolidated represented both the buyer and the seller.

8.) Also in Yorkville, a vacant storage facility traded for $11 million. The buyer, going by Skylight Properties, LLC bought the 15,750-square-foot commercial building at 1587 Third Avenue, between East 89th and 90th streets. The building has been in possession of the seller, Yorkville Van & Storage, for 70 years. Madison Realty Capital provided a $4.8 million mortgage to finance the acquisition.

9.) A Queens investor, Shun Kuan Liu, paid $11.4 million for five industrial parcels in Flushing. The properties, fro 31-15 to 31-33 Farrington Street span a total of 22,122 square feet for four buildings and a 3,125-square-foot parking lot.

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