The Real Deal New York

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

Toys "R" Us disposed of a Brooklyn location, and a church sold its rectory in Little Italy
By Christian Bautista | October 02, 2018 11:01AM

3440 Broadway (Credit: Ariel Property Advisors)

In the world of mid-market New York City investment sales last week, Toys “R” Us disposed of a Brooklyn location and the Church of the Most Precious Blood sold its rectory in Little Italy.

1.) Bankrupt retailer Toys “R” Us, which is partially owned by Vornado Realty Trust, sold its Mill Basin location for $14.2 million. The property, at 2875 Flatbush Avenue, was acquired by MMC Brooklyn, LLC, which is controlled by portfolio manager Melissa Kempkes. Toys “R” Us previously announced that it will sell 284 properties in 46 states.

2.) The Church of the Most Precious Blood sold its three-story rectory in Little Italy for $12.8 million. The property, with the address 109 Mulberry Street, previously served as a parishioner’s residence. It is directly behind the the church’s location on 113 Baxter Street. The buyer is One Eleven Property, LLC, which is controlled by Jin Rong Zhang. One Eleven is funding the acquisition with a $9 million loan from Community Bank.

3.) Harlem-based landlord Big City Realty bought 3440 Broadway, a six-story mixed-use building in Hamilton Heights, for $18.45 million. The property is a 47,700-square-foot building with 36 apartments and six commercial units, according to city data. The seller is the estate of Upper East Side landlord Jacques Chretien.

4.) Carthage Real Estate Advisors sold a Harlem portfolio for $17 million. The properties included in the deal are 224, 228, 240, 244 and 248 West 149th Street and 2800 Eighth Avenue. The portfolio consists of six-story multifamily properties that stretch from mid-block at 149th Street to the corner of Eighth Avenue. The buyer is listed in city records as Brooklyn-based property management firm Sharp Management Corporation.