The Real Deal New York

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

Bonchon Chicken acquires Chelsea building; Jeff Sutton buys in Flatbush
By Christian Bautista | March 26, 2018 02:55PM

131 West 14th Street

In the world of mid-market New York City investment sales last week, South Korean restaurant chain Bonchon Chicken acquired a Chelsea building and Jeff Sutton bought a Brooklyn building occupied by Social Security Administration.

1.) South Korean restaurant franchise Bonchon Chicken bought 131 West 14th Street, a five-story mixed-use building in Chelsea, for $13 million. The 11,550-square-foot property, located between Sixth and Seventh avenues, contains four apartments and one retail unit that will be delivered vacant. The seller is the De Silva family, which has owned the building since the late 1970s, according to property records. Sean Lefkovits and John Florek of HPNY and Tony Park of PD Properties represented the buyer in the transaction.

2.) Meridian Properties bought a six-story, 46-unit apartment building in Bay Ridge for $12.5 million. The property, at 218 74th Street between Ridge Boulevard and Third Avenue, contains 16 studios, 28 one-bedrooms and two two-bedrooms. All of the apartments are rent-stabilized. The seller is a certain Madeline Behette. A GFI Realty Services team composed of Yosef Katz, Natan Safdieh and Erik Yankelovich represented the seller and procured the buyer.

3.) Jeff Sutton bought a Flatbush commercial building from GFI Capital Resources for $14.6 million. The one-story property, at 2250 Nostrand Avenue, currently houses a Brooklyn branch of the Social Security Administration. GFI has owned the property since 1997, according to city records.

4.) Eunhasu Corporation purchased a five-story apartment building at 168 Suffolk Street on the Lower East Side. Eunhasu acquired the nine-unit building for $12.8 million. The seller was Hogg Holdings, which bought the property for $5 million in 2014.

5.) Financial institution Progressive Credit Union sold two commercial condos in Midtown South for $18 million. The units are located within 131 West 33rd Street, an office condominium building owned by Time Equities and Hamlin Ventures. The buyer is labor group Construction and General Building Laborers’ Local 79.

6.) Bronx landlord Chaim Schweid sold an 80-unit apartment complex in the Concourse section of the Bronx for $13.7 million. The property, at 1112 Carroll Place near the Bronx Museum of the Arts, is a five-story apartment building that spans 70,220 square feet. The buyer is Carroll Place Realty LLC, which is controlled by Martin Schwartz.