The Real Deal New York

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

Four Winds Real Estate buy two UWS buildings for $22M
By Mary Diduch |
Research by Nicholas Severin
March 05, 2019 03:00PM

Clockwise from left: 56-85 49th Street in Queens, 157 West 18th Street, 4-6 and 8-10 West 108th Street (Credit: Google Maps)

A California company picked up an industrial property in Maspeth, and Meyer Orbach sold once again in the Upper West Side. Here are the details on last week’s $20 million to $30 million investment sales market in New York City, per documents recorded with the New York City Department of Finance.

1.) Terreno Realty Corporation bought an industrial transshipment property near the Brooklyn-Queens Expressway for $24 million. The building at 56-85 49th Street has about 18,000 square feet and 36 dock-high loading positions and is leased to one tenant. The property’s estimated stabilized cap rate is 5.3 percent, according to the San Francisco-based company’s press release on the deal. The deed indicates that another parcel at 3 49th Lane also was included in the deal. The seller was J.T. Enterprises, L.P.

2.) Midtown Electric Supply sold its long-time home at the seven-story 157 West 18th Street for $23.2 million to Caspi Development. In the fall, Caspi and its partners sold two office buildings in the Lower East Side to Marx Realty for $48.5 million.

3.) Meyer Orbach closed on his sale of two contiguous apartment buildings in the Upper West Side to David Schneiderman’s Four Winds Real Estate. The price tag for 4-6 and 8-10 West 108th Street, steps from Central Park, was $22 million. Orbach bought the six-story walkups, which have 48 units combined, for $12.25 million in 2013. Argentic Real Estate Investment LLC provided $15.4 million in financing.