The Real Deal New York

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

Slate buys Yorkville buildings, Sephardic Academy picks up UES resi property
By Christian Bautista | January 02, 2018 05:40PM

From left: 1762-1764 First Avenue, 91-19 Queens Boulevard, Martin Nussbaum and David Schwartz

In the world of mid-market New York City investment sales last week, Slate Property Group bought two Yorkville residential properties and the Sephardic Academy of Manhattan picked up an Upper East Side residential building.

1.) Slate Property Group picked up two Yorkville apartment buildings from investor Robert Gilardian for $13.9 million. The properties, at 1762-1764 1st Avenue, are five-story walk-up apartment buildings with 26 apartments and four retail spaces. The properties were put on the market last year with an asking price of $15 million. Slate’s Manhattan holdings include 236 West 10th Street, 151-153 Ludlow Street and Rivington House. Gilardian just bought a newly developed rental building at 237 East 34th Street for $110 million. Yoel Sarraf and Ryan Sabet of Venture Capital Properties represented both sides of the deal.

2.) Midwood Investment and Development bought a retail property in Elmhurst for $18 million. The one-story building, with the address 91-19 Queens Boulevard, contains three retail spaces. The largest piece, which covers 2,600 square feet on the ground floor and 2,700 at the lower level, was home to a McDonald’s. The other spaces are vacant.

3.) The Orbach Group is continuing to part ways with its Manhattan assets. The firm sold 606 West 137th Street, a six-story apartment building in Hamilton Heights, to Misrahi Realty for $10.6 million. Orbach recently sold six multifamily buildings in Harlem and the Upper West Side to Emerald Equity Group for roughly $160 million total.

4.) The Sephardic Academy of Manhattan picked up 148 East 74th Street, a six-story residential building in the Upper East Side, for $14 million. The 11,850-square-foot property contains five apartments and two commercial units. The seller is Diba Family Limited Partnership. The Sephardic Academy of Manhattan is now located at 1274 Second Avenue.