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

Treetop sold in Harlem, Goldmont bought in Ditmas Park

TRD New York /
Nov.November 21, 2017 09:00 AM

From left: 463 Lexington Avenue and 104-110 West 144th Street. (inset: Azi Mandel and Adam Mermelstein)

In the world of mid-market New York City investment sales last week, Treetop Development sold off a row of Harlem walk-ups and Solil Management picked up a Turtle Bay building for $15 million.

1.) Leon Goldenberg’s Goldmont Realty bought twin apartment buildings near Ditmas Park for $14.6 million. The two four-story buildings, at 754 East 23rd Street and 837 East 22nd Street, each span 32,000 square feet and have 63 units between them. The price per unit works out to just over $230,000. There are three sellers, at least one of whom has owned the assets since 1983. Erik Yankelovich of GFI Realty represented both the buyer and the sellers.

2.) Teaneck, New Jersey-based Treetop Development sold off a quartet of Harlem apartment buildings for $18.75 million to Renaissance Realty Group, at $312,500 per unit. The four contiguous five-story buildings, at 104-110 West 144th Street, have 15 units each. Renaissance took out a $17 million mortgage to finance the acquisition. Treetop paid $13.3 million for the 60-unit portfolio in 2015. In April, Treetop sold two Flushing buildings with 181 units to Pinnacle Group for $58 million.

3.) Solil Management bought a mixed-use building in Turtle Bay for $14.5 million. The 6,154-square-foot building at 463 Lexington Avenue, between East 45th and East 46th streets, includes three commercial and four residential units. The seller, commercial real estate firm Emmes Asset Management, bought the building in 2000.

4.) Two adjacent parking garages near Gowanus sold for $18 million. The former home of LCR Trucking, the two garages at 233 and 239 Nevins Street span a combined 22,000 square feet. The former, a two-story 12,000-square-foot building at at the corner of Butler Street, sold for $8 million. The second, a one-story garage at the corner of Douglass Street, sold for $10 million. LCR has owned the properties since 1984.

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