The Real Deal New York

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

Blackstone and Fairstead sell another piece of the Caiola portfolio, Ved Parkash buys in the Bronx
By Christian Bautista | October 09, 2018 10:30AM

244 East 75th Street

In the world of mid-market New York City investment sales last week, the Blackstone Group and Fairstead Capital sold another piece of the Caiola portfolio and Ved Parkash acquired a Bronx residential building.

1.) The Blackstone Group and Fairstead Capital sold another piece of the Caiola portfolio for $14.1 million. The ten-story, 24-unit building at 244 East 75th Street offers 21,500 buildable square feet, according to PropertyShark. It was listed in August as part of an eight-building package with an asking price of $17.9 million. The buyer is Migdal6 Management 2010 LLC, which is managed by GFI Realty’s Roni Abudi.

2.) Controversial Queens landlord Ved Parkash acquired 3039 Wallace Avenue — a six-story, 60-unit apartment building in the Williamsbridge section of the Bronx — for $10 million. The seller is Nikola Grishaj, who bought the property for $4.6 million in 2009. Parkash, who has been accused of being a slumlord, topped the city’s “Worst Landlords” list in 2015 with 2,235 violations.

3.) Developer Anshel Friedman closed on the acquisition of 885 Rogers Avenue, a development site in East Flatbush, for $11.8 million. The vacant lot, at the corner of Snyder Avenue and with an alternate address of 2708 Avenue, allows for up to 157,600 buildable square feet, according to PropertyShark. Friedman has already filed permits to build a 105-unit residential building at the site. The seller is the League Education and Treatment Center, a nonprofit that services people with psychiatric and development issues. The organization sold the property as it consolidates its services at its 483 Clermont Avenue location.

4.) R. A. Cohen & Associates sold a one-story commercial building near Fordham University for $10.1 million. The 11,700-square-foot property at 53-63 West Fordham Road is a one-story retail building that previously housed a 99-cent store. The buyer is Jerome Avenue Realty LLC, which is controlled by Solomon Barnathan.