The Real Deal New York

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

RA Cohen & Associates buys in the Upper East Side, Coney Realty acquires Far Rockaway apartment building
By Christian Bautista | August 28, 2018 08:00AM

698-700 Madison Avenue and Robert Cohen of R.A. Cohen & Associates (Credit: Google Maps and R.A. Cohen & Associates)

In the world of mid-market New York City investment sales last week, R.A. Cohen & Associates closed an Upper East Side purchase and Coney Realty acquired a Far Rockaway apartment building.

1.) R.A. Cohen and Associates and Buchbinder and Warren Realty Group bought 698-700 Madison Avenue, a five-story commercial building in the Upper East Side, for $10 million. The 13,200-square-foot property contains six units, one of which is occupied by tailoring service Alteration Services of NY. The seller is the Tressan family, which has owned the building since the 1960s, property records show.

2.) Peter Rebenwurzel’s Coney Realty Group bought a six-story apartment building in Far Rockaway for $19.1 million. The 111,100-square-foot property, at 29-32 Beach Channel Drive near the southeastern edge of Bayswater Park, contains 107 apartments, according to city data. The seller is Cedarhurst, New York-based firm Frisben Realty.

3.) New Hyde Park firm Park Construction Corporation bought a pair of low rise-buildings in Long Island City for $11.5 million. The properties, at 37-24 and 37-28 30th Street, offer 48,100 buildable square feet for a residential project. Park Construction plans to spend $1 million to remediate the site, which used to house a dry cleaning business. The seller is CT Brothers, LLC, which is controlled by Jay Lau. ARM Real Estate Group’s Anand Melwani and Alex Goulet represented both sides of the transaction.