The Real Deal New York

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

A five-story walkup sells for $20M
By Mary Diduch | March 13, 2019 09:05AM

Clockwise from top left: 489 Broadway, 47-09 5th Street in Queens, 592-598 Ninth Avenue (Credit: Sherr Equities and Brodsky Organization)

Sherr Equities buys in Soho and the Brodsky Organization sells in Hell’s Kitchen. Here are the details on New York City’s mid-market investment sales last week.

1. A five-story, eight-unit apartment building at 489 Broadway in Soho traded for about $19.9 million. Sherr Equities bought the property, also known at 444 Broome Street, from Yukah LCC, with Tak Jan Yu as its member, according to property records. Morgan Stanley provided a $19 million mortgage for the deal.

2. The Brodsky Organization parted with four neighboring, four-story walk-ups at 592-598 Ninth Avenue in Hell’s Kitchen for $17 million. The buyer was HUBB NYC.

3. Two entities tied to Steve Tallides and Larry Cerullo sold a newly built mixed-use property at 47-09 5th Street in Long Island City for $12.1 million. The buyer was Long Island investor James Kim, said Evan Daniel of Modern Spaces, the listing agent for the property along with Edward DiTomasso and Ashley Grebow. The building, which spans 15,426 square feet, had an asking price of $13.9 million and sold at cap rate of just over 5 percent, Daniel said. Its price per square foot was about $785.