The Real Deal New York

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

Cayre snags Brooklyn warehouse for $24M, Sabet makes East Village play
By Mary Diduch | February 20, 2019 08:00AM

236 East 5th Street and Ken Cayre and 1260 Atlantic Avenue in Brooklyn (Credit: Renaissance Properties New York, Patricia Adams via The Forum, and Google Maps)

New York City’s investment sales in the $20 million to $30 million range last week spanned asset classes and neighborhoods, from a warehouse deal in Crown Heights to an apartment building in the East Village.

1.) Cayre Equities dropped $23.5 million for a 92,00-square-foot warehouse at 1260 Atlantic Avenue in Crown Heights. The property will be converted to become the seventh Treasure Island Storage location in the city (Cayre owns Treasure Island), and Cayre plans to spend $5 million for the work. Marcus & Millichap’s Jakub Nowak brokered the deal. The seller was Premier Atlantic Properties, LLC.

2.) A group of four entities with Yehoshua Fruchthandler as signatory sold a commercial site in Brooklyn for $24.15 million, after buying it in 2016 for $18.5 million. The deal includes two parcels between Euclid Avenue and Pine Street, where a four-story office building stands at 406 Pine Street. The buyer was 404 Pine Realty LLC, which is registered to a Lakewood, New Jersey address.

3.) The Sabet Group picked up a six-story apartment building at 236 East 5th Street in the East Village for $23.25 million from a group of three entities, at least one of which lists Renaissance Properties’ Kenneth Fisher as member. First Republic Bank provided about $12.9 million in financing.