The Real Deal New York

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

Wharton Properties sold two commercial buildings in Queens
By Mary Diduch | December 27, 2018 08:00AM

136-16 Roosevelt Avenue and 65-63 Grand Avenue in Queens (Credit: Google Maps)

In the world of mid-market New York City investment sales last week, Wharton Properties sold a commercial building in Flushing for $13.5 million along with another in Maspeth for about $10.4 million, according to records filed last week with the New York City Department of Finance.

1) Wharton Properties sold a one-story, 3,125-square-foot commercial property at 136-16 Roosevelt Avenue in Queens for $13.5 million. An entity called Great World Realty LLC, which lists Lian Wu Shao as its managing member, bought the Flushing property. Preferred Bank provided two mortgages for the purchase totaling $9.5 million.

2) Wharton Properties sold another Queens commercial property, 65-63 Grand Avenue. The Bram Auto Group, a network of car dealerships, picked up the site for about $10.4 million. The one-story building is Maspeth currently houses a Bank of America retail location.

3) Prana Investments sold a six-story apartment building at 2304 Sedgwick Avenue in the Bronx for about $14.9 million. The buyer was Desai Real Estate Group LLC, which lists Dinesh Desai as member. Elsewhere in the borough, Prana recently acquired a portfolio of eight multifamily buildings for $65 million from the Morgan Group.