The Real Deal New York

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

Icon Realty sells 6-story Williamsburg walk-up
By Mary Diduch | February 19, 2019 03:30PM

331 Keap Street in Williamsburg and 2197 Third Avenue (Credit: Google Maps)

In the world of NYC’s mid-market investment sales market last week, a Williamsburg walk-up traded for roughly $16 million and a developer picked up an East Harlem industrial property. Here are the details.

1. Icon Realty Management sold a 36-unit apartment building at 331 Keap Street in Williamsburg for $15.5 million, said Derek Bestreich of Bestreich Realty Group, the firm that brokered the sale. The deal, which closed Friday, prices out to $713 per square foot, or $430,000 per unit, he said. Icon picked up the property in 2013 for $6.5 million. The buyer was West 8th Street Associates LLC, whose principal is Soonbin Kim, Bestreich said. The deal comes after Kim in September sold two commercial properties at 45 and 47 West 8th Street for just over $16 million to California-based Jews for Jesus.

2. A two-story industrial building at 2197 Third Avenue between 119th and 120th Streets in East Harlem traded for $10 million, according to a public document filed last week with the New York City Department of Finance. The seller was 2201 Third Avenue LLC, with Frank Cangelosi as member, and an entity tied to developer Sharon Kahen, according to property records.