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

Maddd Equities and Joy Construction Group partner for Inwood buy, Four Corners leads investors in Flatbush acquisition

New York /
Feb.February 26, 2018 03:50 PM

4778 Broadway in Inwood

In the world of mid-market New York City investment sales last week, a joint venture between Maddd Equities and Joy Construction Group bought an Inwood development site and Four Corners Development led a group of investors for a Flatbush acquisition.

1.) Jorge Madruga’s Maddd Equities and Eli Weiss’ Joy Construction Group acquired the development site at 4778 Broadway in Inwood for $12.3 million at a bankruptcy auction, sources told The Real Deal. The 12,000-square-foot parcel sits between Academy Street and Dyckman Street. The transaction may be the first phase of Maddd and Joy’s assemblage play in the neighborhood. The partners have also submitted a bid for the adjacent property at 4790 Broadway, an 18,000-square-foot site that is currently occupied by the Inwood branch of the New York Public Library. The city had issued an RFP for an affordable housing development with a public library and a preschool. If they were to win the bid, the developers could include 4778 Broadway in the project.

2.) A group of 1031 investors led by Four Corners Development Group bought a four-story residential property in Flatbush for $12 million. The property, at 2501 Newkirk Avenue between East 25th and 26th streets, contains 54 apartments. The seller is a group of families operating under the entity name Newkirk Realty Holdings 250 LLC. The previous owners bought the building for $4.3 million in 2012, according to property records. ZP Realty Capital served as the adviser for both sides of the transaction.

3.) Queens landlord June & Youn Realty Corporation sold a one-story industrial property in Woodside for $15 million. The building, at 51-02 Roosevelt Avenue, is a 20,960-square-foot property that is home to J & Sons Plumbing and Heating Supply. The buyer is HW LIC One LLC, which is controlled by Fanggang Wang.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Sonesta Hotels’ John Murray and The Shelburne Hotel (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Affinia, Sonesta)
TRD Pro: Biggest hotel sales of the past year
TRD Pro: Biggest hotel sales of the past year
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
(Illustration by The Real Deal with Getty Images)
How to sell a building today: Package it with cheap debt
How to sell a building today: Package it with cheap debt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...