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.