The Real Deal New York

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

Rosewood buys in Gravesend, former nursery school changes hands
By Christian Bautista | June 18, 2018 03:50PM

Rosewood Realty Group President Aaron Jungreis and 2470 West 1st in Gravesend (Credit: Apartments.com)

1.) Aaron Jungreis’ Rosewood Realty Group bought a rental building in the Gravesend area of Brooklyn for $15.7 million. The deal is a rare acquisition for the multifamily brokerage. The property, at 2470 West 1st Street, is a six-story elevator building with 72 apartment units. The seller is Birchwood Management, which gained ownership of the building in 2000. Samuel Gilad, an attorney with Ryan J. Walsh and Associates, represented Birchwood in the transaction.

2.) Catholic group the Sisters of the Order of St. Dominick sold a school building and a residence for nuns in Jamaica. The properties, at 89-14 161st Street and 89-25 162nd Street, were sold in two separate transactions for $20 million. The buildings used to be the site of the Dominican Commercial High School, a business school for young women, and the Bethany Convent and Kairos Residence. The group first announced its intention to sell the properties in August. The buyer is JJSS Jamaica LLC, which is represented by lawyer Stephen Eisner.

3. ) Great Neck firm Monarch Realty Holdings bought 1048-1064 Sheridan Avenue, a residential complex in the Concourse section of the Bronx, for $16.9 million. The property contains 95 units, and Monarch plans to add three more apartments on the lower floors. The seller is Prana Investments, which has owned the building since 2008. Monarch is financing the acquisition with an $11 million loan from Freddie Mac and Arbor Realty Trust.

4.) The former home of one of the oldest nursery schools in New York City was sold for $12.7 million. The building, at 214-216 West 15th Street in Chelsea, was the home of the Nazareth Nursery Montessori School, which operated for 114 years before closing down in 2015. The buyer is Holliswood Development, which is financing the purchase with a $21 million loan from the Arden Group.