The Real Deal New York

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

Multifamily buildings trade in Chelsea, Sunset Park and Crown Heights
By Chava Gourarie | October 23, 2017 05:10PM

From left: 224 10th Avenue, Todd Cohen, Terrence Lowenberg and 218 25th Street in Brooklyn

In the world of mid-market New York City investment sales last week, at least three multifamily buildings traded hands, including a nine-unit walk-up in Chelsea and a 52-unit building in Crown Heights.

1.) Icon Realty Management sold a 10-unit building in Chelsea for $11.7 million to the Japan-based Tuskaki Company. The 6,399-square-foot building at 244 10th Avenue, between West 24th and 25th streets, includes eight apartments and one ground-level store. Icon purchased the property for $6.3 million in 2015. Sean Lefkovits and John Florek of HPNY brokered the deal.

2.) Joel Weiner’s Pinnacle Group bought a 23-unit apartment building in Sunset Park for $13.25 million. The seller of the four-story building at 218 25th Street, Edward English, owned the property since 1985. Pinnacle financed the acquisition with a $5 million mortgage from New York Community Group.

3.) Arker Company bought a 52-unit apartment building in Crown Heights from Scott Jaffee’s Metropolitan Realty Group. Arker paid $12.8 million for the six-story building at 959 St. Marks Place. Jaffee paid $1.9 million in 2010. The acquisition for the affordable housing building was funded partly with government funding. Arker is developing an affordable-housing megacomplex in East New York, which will have up to 1,169 units when completed.