The Real Deal New York

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

BLDG picks up Grand Beekman retail and Abingdon Square buys in the Bronx
By Christian Bautista | February 12, 2018 03:30PM

Lloyd Goldman and the Grand Beekman at 400 East 51st Street

UPDATED, Feb. 13, 11:36 a.m.: In the world of mid-market New York City investment sales last week, BLDG Management bought a retail condominium at the Grand Beekman Condominium and Red Pine Capital Partners acquired the Union Hotel in Gowanus.

1. Abingdon Square Partners bought a 90,000 square foot warehouse at 425-437 Devoe Avenue and 439-449 Devoe Avenue in the Bronx’s West Farms neighborhood for $12.5 million. The deal marks the firm’s second acquisition in the borough. Last October, Abingdon bought a 50,000 sf warehouse at 521 Bergen Avenue. Its New York City portfolio includes seven properties in Manhattan and Brooklyn, including 481 Washington Street in Hudson Square and 47 Third Avenue in the East Village. The seller was Quality Door Corporation, which put the building on the market for $12.5 million.

2. Michael Shah’s Delshah Capital acquired an apartment building on the Lower East Side from investor Michelle Goldstein for $18.9 million. The property, at 138-140 Ludlow Street, is a six-story building with 27 apartments and two commercial units. Delshah is financing the purchase with a $14 million mortgage from Amherst Capital Management.

3. Frey Management sold 2197 Ocean Avenue, a six-story rental building in Madison for $10 million. The property, which sits between Quentin Road and Avenue R, contains 35 units. The seller was 2197 Ocean LLC.

4. BLDG Management bought a commercial condo unit at the Grand Beekman in Midtown East. The unit, at 400 East 51st Street, was sold by a joint venture between Dalan Management and Los Angeles-based Standard Property Company for $10.9 million. BLDG, which is headed by Lloyd Goldman, owns a Manhattan portfolio that includes 261 Fifth Avenue and 36 West 34th Street. The 7,039-square-foot retail condo is currently occupied by Chase Bank and Dunkin’ Donuts. Eastern Consolidated’s Ben Tapper and Brian Ezratty represented the sellers and procured the buyer.

5. Michael Federman’s Red Pine Capital Partners bought the Union Hotel in Gowanus for $10 million. The 13,000 square foot property, located at 611 Degraw Street between Third and Fourth avenues, contains 42 rooms. The transaction is one of two transactions between Red Pine and the sellers, Greenwich Street Equities and Alec Shtromandel. Red Pine provided $23.5 million in equity financing to acquire the Gowanus Inn and Yard at 645 Union Street. Red Pine was previously a minority partner in both hotels before buying out its partners. Greenwich and Shtromandel will continue to manage the hotels.

A previous version of the article had the incorrect figure for Abingdon Square’s Devoe Avenue purchase.