The Real Deal New York

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

Sam Chang buys LIC dev site, Jograj family sells Mrs. Maxwell's location
By Christian Bautista | June 11, 2018 02:53PM

Sam Chang and 38-47 9th Street (Credit: Google Maps)

In the world of mid-market New York City investment sales last week, Sam Chang bought a Long Island City development site and the Jograj family sold the location of the Mrs. Maxwell’s Bakery in East New York.

1.) Sam Chang’s McSam Hotel Group bought a development site in Long Island City for $10.2 million, or $90 per square foot. The parcel, at 38-47 9th Street between 38th and 40th avenues, would be the site of a hotel. The seller is an affiliate of film production company Broadway Stages. Chang’s other hotel projects in the neighborhood include 38-39 9th Street and 38-04 11th Street. Besen & Associates’ Dan Shapiro and Niko Berdzeni represented both sides of the transaction.

2.) The Jograj family, which operates the Mrs. Maxwell’s Bakery, sold its one-story East New York location and the adjoining parking lot for $11.5 million. The property, which covers 177 Vermont Street, 2708-2716 Atlantic Avenue and 142 Wynona Street, was acquired by 2700 Atlantic LLC, which shares the same business address as Brooklyn firm Goldmont Realty. The Jograj family has owned the property since the 1980s, according to property records.