The Real Deal New York

What the $10M-$20M NYC investment sales market looked like last week

A Red Hook development site sells for $12.9M
By Mary Diduch | February 05, 2019 08:00AM

311 2nd Avenue and an aerial view of 141 Conover Street in Brooklyn (Credit: Google Maps)

In the world of New York City mid-market investment sales last week, a Gramercy Park walk-up building and a Red Hook development site traded hands. Here are the details.

1.) An entity tied to investor Elliot Sohayegh sold a six-story walk-up at 311 Second Avenue, which sits on the corner of East 18th Street in Gramercy Park, for $18 million. The buyer was recorded as family office Blue Ox Capital. Sohayegh sold a five-story apartment building in Hell’s Kitchen, located at 700 10th Avenue, for $10.5 million late last year.

2.) Brooklyn-based Oxford Nursing Home sold a Red Hook development site at 141 Conover Street for about $12.9 million. The buyer was Sabharwal Properties. Oxford had planned to build a 200-bed nursing home on the site, where a one-story commercial building stands. The City Council rejected the proposal in 2016.