The Real Deal New York

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

Silvershore acquires Crown Heights building, Siras buys in Chelsea
By Christian Bautista | April 09, 2018 02:00PM

David Shorenstein and 283 Albany Avenue

In the world of mid-market New York City investment sales last week, Silvershore Properties purchased a Crown Heights apartment building and Siras Development bought a commercial condominium unit in Chelsea.

1.) Silvershore Properties sold 283 Albany Avenue, a six-story, 53-unit apartment building in Crown Heights, for $20.1 million. The buyer is Alan Shamah‘s New Jersey-based Shamco Management, which is funding the acquisition with a $13.2 million mortgage from New York Community Bank. The property was part of a 44-building Brooklyn package that Silvershore put on the market last year.

2.) The estate of Queens landlord Fazlur Khan bought a one-story commercial building in Jackson Heights for $16 million. The property, which sits between 74th and 75th streets, contains seven units and spans about 8,500 square feet. The seller is the Yee family, represented by Chui King Yee. Khan recently sold three Astoria buildings to Steelpoint Property Group for $23 million.

3.) Siras Development bought a commercial condo unit at 525 West 24th Street in Chelsea for $14 million. The building, which sits between 10th and 11th Avenue, contains two units and spans 10,382 square feet. The seller is art dealer Andrea Rosen, who is closing her eponymous gallery. Saif Sumaida, who co-runs Siras with Ashwin Verma, bought a Hell’s Kitchen development site from John Catsimatidis for $65.2 million last year.

4.) The Brooklyn Home Company bought 80 4th Street, a one-story industrial building in Gowanus, for $12.8 million. The property, located between Bond and Hoyt streets, contains one unit and spans 17,820 square feet. The seller is Ottergibbon LLC, which is controlled by Colleen Fitzgibbon. Cushman & Wakefield’s Winfield Clifford and William Barrett represented the seller.