The Real Deal New York

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

Michael Ashkenazy buys three Bronx parking facilities, Orbach sells another Manhattan building
By Christian Bautista | January 22, 2018 05:07PM

4720 Third Avenue (Credit: Google Maps)

UPDATED, 8:27 p.m., Jan. 22: In the world of mid-market New York City investment sales last week, Michael Ashkenazy and Peter Castellana bought three Bronx parking facilities and the Orbach Group sold another Manhattan property.

1.) The Orbach Group continues to cash out of Manhattan. The firm sold a six-story apartment building in Manhattan Valley for $12 million. The property, at 964 Amsterdam Avenue, contains 22 apartments and four commercial units. The buyer is TriArch Management, which owns Manhattan properties such as 550-556 West 184th Street in Washington Heights and the Alabama apartment building in Greenwich Village. Cignature Realty’s Peter Vanderpool and Elan Teichman represented the seller and the buyer.

2.) A partnership between Michael Ashkenazy and Peter Castellana bought three commercial properties in the Bronx for $18 million. The parcels, at 4720 Third Avenue, 4734 Third Avenue and 448 East 189th Street, are parking facilities in the Belmont neighborhood. The seller is Mayo Associates. This is not Ashkenazy and Castellana’s first joint venture. The pair are part of an entity that purchased two Marble Hill lots for $14 million last September.

3.) Chick-Teri Corp. sold 129-09 26th Avenue, a four-story commercial building in Flushing, for $17.1 million. The property, which spans 60,000 square feet, contains 12 commercial units. Tenants in the building include cell phone parts distribution company GTE and property management firm Elite Pool and Fitness. The buyer is Prestige Property New York LLC.

4.) The New York City School Construction Authority closed on its acquisition of 38-04 48th Street in Sunnyside. The SCA filed plans to build a 600-seat middle school at the site in October of 2016. The SCA’s acquisition required approval from the City Council, which may explain the delay. The proposed structure will replace a two-story parking garage designed by Clarence Stein, who worked on the “garden city” plans for Sunnyside Gardens.

A previous version of this story incorrectly identified the buyer of three Bronx buildings.