The Real Deal New York

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

Blackstone and Fairstead sells Caiola portfolio building, and Chris Xu buys in Elmhurst
By Christian Bautista | January 29, 2018 03:19PM

Jonathan Gray and 1485 1st Avenue

UPDATED, Jan. 30, 12:11 p.m.: In the world of mid-market New York City investment sales last week, Blackstone Group and Fairstead Capital sold another Caiola portfolio building and Chris Xu bought a commercial building in Elmhurst.

1. Blackstone and Fairstead continue to cash out of the 24-building Caiola portfolio in a series of individual deals. This time, they are selling 1485 First Avenue to investor and lawyer Lee Rothman for $11.1 million. The Upper East Side property is a nine-story residential building with 19 apartments and one commercial unit. Last August, The Real Deal reported that the joint venture hired Cushman & Wakefield to market eight UES apartment buildings containing a total of 219 apartments. Blackstone and Fairstead recently sold one of the Caiola parcels, 114 East 40th Street, for $27.5 million.

2. Forkosh Development bought three Kips Bay buildings for $17 million. The properties, at 57-159 East 28th Street and 394 Third Avenue, contain seven apartments and three commercial units. The seller is a certain Henry Chiu, which has owned the building since 1986. Forkosh sold 237 East 34th Street, a 23-story rental building in Murray Hill, for $110 million last August. Itan Rahmani and Soly Halabi of Venture Capital Properties represented both sides of the deal.

3. Queens developer Chris “Jiashu” Xu bought a one-story commercial building in Elmhurst for $14.3 million. The property, at 86-55 Queens Boulevard, is currently the location for the Georgia Diner. The seller is restaurateur Dimitrios Kaloidis, who owns diners in Brooklyn and Queens. Xu, who heads United Construction and Development Group, is currently building a 183-unit condominium building in the neighborhood.

4. IGI-USA, the American arm of Israeli firm Izaki Group Investments, bought a three-story mixed-use property next to its three-building assemblage in the Upper East Side. The firm bought 308 East 86th Street from investors John Livanos and Zan Diakos for $12.5 million. The property is right next to Izaki’s assemblage at 310-314 East 86th Street. IGI has filed demolition for all four parcels.

5. Hing Wong Realty and Tak Kwing Realty sold a five-story residential building at 102-104 Mott Street on the Lower East Side for $14.7 million. The property contains 24 apartments and two commercial spaces on the ground floor. The buyer is Sky Tree Real Estate, which is controlled by Wai Lun Yu.

A previous version of the story had the incorrect figure for Blackstone’s East 40th Street sale.