The Real Deal New York

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

JRC acquires Astoria apartments; Meir Babaev buys in Ridgewood
By Christian Bautista | March 05, 2018 03:20PM

Prana’s Neil McKinnon and 114 East 168th Street (Credit: LinkedIn and Google Maps)

In the world of mid-market New York City investment sales last week, Meir Babaev bought two commercial buildings in Ridgewood and JRC Management acquired an Astoria apartment building.

1.) JRC Management bought 25-40 30th Road, a five-story rental building in Astoria, for $12.5 million. The property, located between 29th Street and Crescent Street near the Mount Sinai Queens hospital, contains 41 apartments. The seller is Georgis Realty 2540 LLC, which is controlled by Michael and Anna Georgis. JRC also owns a 94-unit rental building at 43-31 45th Street in Sunnyside.

2.) Developer Meir Babaev bought two commercial buildings in Ridgewood for $11 million. The properties included in the deal are 54-31 Myrtle Avenue and 16-37 Woodbine Street. The adjacent buildings are two-story properties with a total of 14 commercial units. The seller is Parkford Corporation. Babaev, who heads AB Capstone, is developing a 180,000-square-foot mixed-use property at 3-50 St. Nicholas Avenue in the same neighborhood.

3.) A group of investors that includes Ephraim Landau sold a six-story, 59-unit Bronx apartment building to San Francisco-based Prana Investments. Landau, who was named one of the city’s worst landlords in 2016, was part of a coalition that cashed out of 114 East 168th Street in Concourse. Prana trimmed its Bronx holdings last year, selling an 11-property portfolio to Isaac Kassirer for $49.3 million.