The Real Deal New York

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

Bruman Realty buys an Astoria development site for $11.5M
By Mary Diduch | January 30, 2019 08:00AM

47-20 30th Street in Long Island City (Credit: Google Maps)

In the world of mid-market New York City investment sales, an Astoria development site was one of the transactions that hit public records last week.

1.) In the biggest sale of last week in the $10 million to $20 million range, an entity connected to investor Jacob Schwimmer sold a parcel between Boynton and Morrison Avenues in the Bronx for $18.5 million. An LLC tied to developer Bernard Jacobowitz was the buyer.

2.) In Astoria, an industrial development site comprised of two tax lots at 26-24 4th Street traded for $11.5 million. Bruman Realty bought the site from LAC Realty Corp. Alfonso Holloman of Lee & Associates NYC arranged the sale of the roughly 25,500-square-foot site for both parties. The tax lots are zoned residential but a 20,000-square-foot warehouse sits on one of the lots; the other is vacant land. The parcels allow for a building of just under 68,000 square feet, according to a press release from Lee & Associates.

3.) A 30,000-square-foot industrial building at 47-20 30th Street in Long Island City sold for $13.4 million. Sunrise Asset Holdings Co., which property records list its president as Weisheng Chen, bought the site. The seller was Jomeira Realty, with Jodi Ehren as manager.