The Real Deal New York

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

Ken Fishel sells 6-story walk-up for $21M
By Mary Diduch | February 25, 2019 11:00AM

Ken Fishel of Renaissance Properties and 35 Bedford Street (Credit: Getty Images and Google Maps)

Renaissance Properties sells another investment property, this time for $21 million, and a development site trades hands for roughly $23 million, according to public documents recorded with the New York City Department of Finance last week.

1. A six-story apartment building at 35 Bedford Street in the West Village traded for $21 million in a deal that closed Jan. 24. The buyer was Benchmark Real Estate Group, which secured $12.5 million in financing, including a $7.8 million gap mortgage, from Metropolitan Commercial Bank. The seller was Ken Fishel’s Renaissance Properties, which had owned the building since the early 1980s. Rosewood Realty Group’s Aaron Jungreis brokered the deal. The property has 33 residential units and three retail spaces. Benchmark’s buy marked a turn for the firm, which had sold about $400 million worth of holdings from 2015 to 2017. Meanwhile, Renaissance Properties sold another downtown Manhattan building to the Sabet Group for about $23.3 million.

2. Manufacturer Ko-Rec-Type, founded by Victor Barouh, parted with one piece of its portfolio near the Williamsburg waterfront for $23 million. The parcel sits at 96 North 10th Street, across the street from a larger development site that previously had been on the market. Three brokerages — now-shuttered Eastern Consolidated, Marcus & Millichap and JLL — had marketed the North 10th Street site over the past year. It’s the site of a two-story, 45,000-square-foot industrial building. An entity called “96 North 10th Street Holdings LLC” that names Eliyahu Zev Kohn as manager bought the property and secured an $8 million mortgage from “Confidential Lending LLC.”