The Real Deal New York

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

Hell's Kitchen homeless shelter sells for $16M, Monarch Realty buys in the Bronx
By Christian Bautista | July 17, 2018 10:00AM

From left: 427 West 52nd Street and 1027-1029 Westchester Avenue in the Bronx (Credit: Google Maps)

UPDATED, Tuesday, July 17, 12:10 p.m.: Great Neck firm Monarch Realty Holdings is continuing its expansion in the Bronx. The company is in contract to buy two properties in Morrisania and Highbridge for $11.6 million. The package is composed of 1027-1029 Westchester Avenue, a six-story apartment building with 32 apartments and five commercial units, and 1408 Cromwell Avenue, a vacant lot included in the Jerome Avenue rezoning. Monarch plans to keep the Westchester Avenue building as it is. The Cromwell Avenue parcel is zoned for 52,000 square feet of development, according to city records. Monarch is funding the Westchester acquisition by taking over a $5.4 million loan from Santander, while the Cromwell parcel will be paid for in cash. The sellers for the properties are Joseph Nieves (Westchester) and Ronald Klausner (Cromwell). Monarch made its first Bronx acquisition last month with its $16.9 million purchase of 1048-1064 Sheridan Avenue.

Self-storage facility operator Safe N Lock Storage bought 87-16 121st Street, a two-story property in the Richmond Hill section of Queens, for $11 million. The seller is lumber products supplier Interstate Plywood & Lumber, which has owned the property since the late ‘90s. Safe N Lock has 13 locations in Queens, Brooklyn and the Bronx, according to its website.

Homeless shelter nonprofit sold its Hell’s Kitchen location for $16 million. The property, at 427 West 52nd Street, is a six-story building that was used as a shelter for homeless mothers and their children. The buyer entity, 427-429 West 52 LLC, shares the same address as restaurant operator Triumph Hospitality Group.

Correction: This story has been updated to reflect that Monarch Realty Holdings is in contract to purchase 1027-1029 Westchester Avenue and 1408 Cromwell Avenue.