The Real Deal New York

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

Kenneth Rosenblum buys Village townhouses; Michael Aryeh picks up Inwood rental
By Christian Bautista | December 06, 2017 02:50PM

Clockwise from top left: 133-135 West 13th Street, 209 Havemeyer Street, and 47-33 5th Street

In the world of mid-market New York City investment sales last week, a pair of distressed Greenwich Village townhouses sold for $13.5 million, while Michael Aryeh expanded his holdings in Upper Manhattan.

1.) Landlord Kenneth Rosenblum and his family have picked up a pair of Greenwich Village townhouses for $13.5 million. The properties, at 133-135 West 13th Street, are three-story buildings with a total of 13 units. The townhouses landed on the market after its owners filed for bankruptcy earlier this year. The investors, which include art collector Max Dolgicer, bought the townhouses for $9.2 million in 2008. Three years later, Village Realty Holdings acquired the $7 million mortgage on the property and initiated foreclosure proceedings. By the time that the investors filed for bankruptcy, Village Realty’s liability on the property had grown to $13.3 million. Court documents pegged the value of the townhouses, along with the adjacent 137 West 13th Street, at $15 million. Greg Corbin and Miguel Jauregui of Besen & Associates represented both the buyer and the seller.

2.) Eunhasu Corporation sold a four-story industrial building in Long Island City for $12.2 million. The firm acquired the property, at 47-33 5th Street, for $12 million in 2015. The buyer is Queens investor Shahram Nassi. With the deal, Nassi expands his Long Island City portfolio. He owns a pair of five-story buildings at 5-18 and 5-20 51st Avenue.

3.) Landlord Bashkim Celaj bought a five-story apartment building in the Bronx. The property, 181-183 West 238th Street in Kingsbridge Heights, is a 59,057-square-foot building with 65 apartment units. The sellers are investors John Sheehan and Joan Mintz. Bashkim, who was named one of the city’s worst landlords in 2014, was forced by the city to address building violations in one of his properties last year. His Bronx holdings include 212 West Kingsbridge Road and 777 Mace Avenue.

4.) Michael Aryeh’s Heritage Realty Services and investor Allen Hakimian bought 221 Wadsworth Avenue in Inwood for $13.25 million. The property is a six-story, 54-unit building near the corner of 184th Street and Wadsworth Avenue. TriArch Real Estate Group is the seller. Earlier this year, Aryeh cashed out of 163 Varick Street in Soho, tripling his money with a $65 million sale.

5.) Midtown-based firm the Sani Group purchased a five-story apartment building in Hudson Square for $17.5 million. The property, at 37 King Street, contains 40 rental units. The seller is Barel Realty Corporation. Sani is funding the acquisition with a $6.6 million mortgage from First Republic Bank.