The Real Deal New York

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

Black Spruce buys in Little Italy, Jonas Equities acquires Flatbush apartment building
By Christian Bautista | August 14, 2018 08:30AM

185-189 Hester Street (Credit: Cushman & Wakefield)

In the world of mid-market New York City investment sales last week, Black Spruce bought three contiguous properties in Little Italy and Jonas Equities acquired a Flatbush apartment building.

1) Black Spruce Management bought three contiguous properties in Little Italy for $18.3 million. The buildings, at 185-189 Hester Street, are five-story structures with a total of 49 apartments and three commercial units. The assemblage offers 34,900 buildable square feet. The seller is the Garofalo family, which has owned the properties since the 1980s. Black Spruce is funding the acquisition with a $12.1 million loan from Signature Bank. Cushman & Wakefield‘s Robert Burton, Keegan Mehlhorn and Bobby Carrozzo represented the seller in the transaction.

2) Brooklyn firm Jonas Equities bought 297 Lenox Road, a six-story apartment building in Flatbush, for $12.8 million. The property, located between New York and Nostrand avenues, contains 66 apartment units. The seller is 297 Lenox Realty LLC, controlled by Estelle Cohen and Lea Maswary, which has owned the building since the 1980s. Jonas took out an $8 million Signature Bank mortgage to finance the purchase.

3) Developer Ilias Thedoropoulos sold a four-story mixed-use building in Astoria for $11 million. The property, with the address of 23-05 29th Street, has 18 apartments and five commercial units. The buyer is investor Rey Nieto. Thedoropoulos also owns 25-41 Broadway in the same neighborhood.