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

Tin Pan Alley building changes hands, RockFarmer sells in Flushing
By Christian Bautista | June 04, 2018 03:40PM

William Schmitt and 40 West 28th Street (Credit: Schmitt Capital)

1.) Jack Terzi’s JTRE Holdings bought a commercial condominium at the former Greenpoint Savings Bank Building for $10 million. The property, at 807 Manhattan Avenue, is currently home to a Capital One branch. The seller is New Jersey-based Margate Atlantic Properties. JTRE is financing the acquisition with a $7.2 million loan from the Nassau Educators Federal Credit Union.

2.) RockFarmer Properties sold a six-story apartment building in Flushing for $10.5 million. The property, at 42-04 Saull Street, spans 35,000 square feet and holds 35 apartments. The buyer is Magnolia Court LLC.

3.) NoMad-based Kahen Properties sold 159-16 Union Turnpike, a three-story commercial building in Flushing, for $10.2 million. The building is a 37,814-square foot property with 17 units. The buyer is Turnpike Evergreen, LLC, which is controlled by Simon Yu.

4.) The Goldberg Group bought a one-story commercial property in Flushing for $14.5 million. The property, at 71-02 Kissena Boulevard, is currently home to Latin American cuisine restaurant Mela’s Café. The seller is Brock Associates, LLC, which is controlled by Andrew Brock.

5.) Churchill Real Estate Holdings took possession of a Soho development site for $13.8 million. The property, at 74 Grand Street, was the subject of a legal dispute between Churchill and the previous owner, 74 Grand Street Equities. Last December, Churchill, which claimed that it had not received payment on a nearly $14 million loan, filed a petition to push 74 Grand Street Equities into involuntary bankruptcy. The purchase price is higher than the $12.5 million appraised value for the lot.

6.) The former home of the York Music Company, at the block-long stretch of Manhattan known as Tin Pan Alley, has traded hands. New Jersey-based Schmitt Capital bought the property, at 40 West 28th Street, for $13.8 million. The 10,000-square-foot mixed-use building contains four apartments and three commercial units. The seller is the Vlachos family, which has owned the property since the 1970s.

7.) The YYY Realty Company bought an industrial property in Ridgewood for nearly $10 million. The building at 65-75 Traffic Avenue, is a 52,000-square-foot building that is currently vacant. YYY plans to use the building as a warehouse for restaurant equipment. The seller is Samberg, LLC. Manhattes Group’s Alan Shmaruk and Michael Sherman represented the seller in the transaction.