The Real Deal New York

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

Rentals in the Bronx and Gramercy Park trade hands
By Chava Gourarie | December 27, 2017 08:30AM

In the world of mid-market New York City investment sales last week, a Gramercy Park rental sold for $13.5 million, and Sion Misrahi picked up a rental in the Bronx’s Little Italy.

1.) Sunny Paek’s Sunny K Realty paid $13.5 million for an 18-unit mixed-use building at 18 East 23rd Street. The Gramercy Park property includes 16 apartments and two commercial units, and was last sold for $5.7 million in 2010. The seller is Bait & Tackle Realty LLC, of which Charles Milite, who owns several restaurants, is a member. Milite is behind Flatiron’s Live Bait, the Coffee Shop at Union Square, and Luna Park, which is now closed.

2.) Sion Misrahi’s Misrahi Group picked up a 47-unit building in the Bronx for $12 million. The 55,331-square-foot building at 1825-1835 Needham Avenue, was once owned by the city. The seller is Beechwood Needham Management Company. Misrahi recently sold a 24-unit rental at 11 Essex Street on the Lower East Side for $11.4 million.