The Real Deal New York

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

iStar sells Coney Island dev site, Reifer Management cashes out of Harlem apartment portfolio
By Christian Bautista | November 21, 2018 08:00AM

2006 Surf Avenue in Brooklyn and 590 West 204th Street (Credit: Google Maps)

In the world of mid-market New York City investment sales last week, iStar sold the site of planned 135-unit housing complex and Reifer Management cashed out of a Harlem apartment portfolio.

1.) Developer Mark Mehlman sold 590 West 204th Street, a six-story mixed-use building in Inwood for $13.5 million. The 44,800-square foot property contains 50 apartments and six commercial units, according to city records. According to public records, the buyer is investor Joseph Aryeh, who is funding the purchase with a $7.9 million mortgage from First Republic Bank.

2.) Developer iStar sold its portion of a Coney Island development site. The property, at 2006 Surf Avenue, changed hands in a $10.4 million deal. The buyer is New Destiny Housing Corporation, a nonprofit that focuses on providing shelter for victims of domestic violence. Permits for a 20-story, 187,900-square-foot property were filed for the site last January. The building is part of the Surf Vets Place complex, which is being developed by nonprofits Georgica Green Ventures, Concern for Independent Living and an affiliate of Glenwood Management. The 20-story rental building is expected to feature 216 residential units.

3.) Reifer Management Corporation sold an East Harlem multifamily portfolio for $11.5 million. The package includes four apartment buildings at 334, 340, 344 and 346 East 105th Street, which contains total of 55 apartments. The portfolio also includes vacant lot at 336 East 105th Street. The buyer is 105 Realty 2018, LLC, which is managed by GFI Realty’s Roni Abudi.

4.) Harry Einhorn closed on his acquisition of a two-story commercial building in Flatbush. The property, at 815 Flatbush Avenue, spans 18,500 square feet. Einhorn filed permits to build a 65-unit mixed-use property at the site last month. The seller is Stath Realty, which bought the property for $4.2 million in 2012.