The Real Deal New York

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

Asana Partners buys two Williamsburg commercial properties
By Mary Diduch | February 06, 2019 12:30PM

66 North 6th Street (left) and 22 Chapel Street with Michael Shah

New York City investment sales transactions in the $20 million to $30 million range included the sale of two Williamsburg properties to Asana Partners. Here are the details, per public records filed last week with the city’s Department of Finance.

1.) Asana Partners picked up two commercial properties next door to each other, 66 and 70 North 6th Street in Williamsburg, for $29,500,000. The sellers were entities tied to investor Peter Eliou. In September, Asana bought 93 North 6th Street, a six-story mixed-use building about a block away from these two acquisitions, for $10.1 million. And in January, Eliou’s entities bought a 60-unit apartment building, at 28-15 34th Street in Queens, for $25 million.

2.) Michael Shah’s Delshah Capital closed on the site of its first ground-up residential rental development. Delshah paid $26.45 million for the property at 22 Chapel Street in Downtown Brooklyn, which the company is developing into a 180-unit apartment building with partner OTL Enterprises.

The deal also includes a parcel at 50 Flatbush Avenue Extension. The seller was nonprofit Start Treatment & Recovery Centers Inc., which will be housed in the new building. Bank OZK and Denver-based EverWest Real Estate Partners recently loaned about $103 million to finance the construction of the project.