Here’s what the $20M-$30M NYC investment sales market looked like last week

A Queens parking lot traded for $21M and a former Blackstone exec closed on a private art gallery space

New York /
Jan.January 16, 2019 09:00 AM

A rendering of 90-02 168th Street in Queens and the Getty at 501 West 24th Street (Credit: BRP Companies Wharton Properties via YIMBY and Curbed NY)

UPDATED, Jan. 17, 12:00 p.m.: New York City investment sales within the $20 million to $30 million range included the Greater Jamaica Development Corporation selling its 168th Street parking lot and Rybak Development acquiring four Yorkville walk-ups, according to Department of Finance filings made public last week.

1.) BRP Companies picked up a lot that will be the site of its new Queens development for $20.5 million. The Greater Jamaica Development Corporation was the seller of the parking lot at 90-02 168th Street. In 2017 it was reported that BRP is looking to develop a 500,000-square-foot mixed-use project there with Jeff Sutton’s Wharton Properties, but Wharton Properties is no longer part of the project.

2.) Former Blackstone exec Tom Hill closed on a commercial condo at the Getty, at 501 West 24th Street, for $29 million. The unit covers the third and fourth floors and will serve as the home of his art collection, which includes works by Andy Warhol and Francis Bacon and is valued at over $800 million.

3.) Rybak Development bought four Upper East Side townhouses at 331, 333, 335 and 337 East 82nd Street in Yorkville for $23 million. The project, to be called “Manor82,” will be a 21-unit condominium and have a limestone facade, according to a press release. The seller was Sean Lavin’s Townhouse Property Group, which in August filed plans to turn the site into an eight-story apartment building.

Clarification: Wharton Properties is no longer part of BRP Companies’ mixed-use development at 90-02 168th Street in Queens.


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