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

Joseph Brunner sells two Brooklyn parcels for $11M
By Mary Diduch |
Research by Nicholas Severin
April 10, 2019 01:30PM

25 Stewart Avenue in Bushwick and 1623 Kings Highway in Midwood (Credit: Google Maps and Boss Equities)

25 Stewart Avenue in Bushwick and 1623 Kings Highway in Midwood (Credit: Google Maps and Boss Equities)

In the world of New York City mid-market investment sales, a Queens property traded between credit unions and Yoel Goldman bought in Bushwick, according to property records made public last week.

1. An entity tied to developer Yoel Goldman snapped up 25 Stewart Avenue in Bushwick, which at one point had been the site of a proposed hotel.  Longtime owners James Ruggiero and Louis Ruggiero sold the parcel, where a one-story commercial building once stood, for $14.3 million. New plans have yet to be filed with the building department.

2. For $18 million, the Interborough Developmental & Consultation Center, which provides mental health treatment services, bought the office building that houses its Midwood location at 1623 Kings Highway. Seller Lido Realty, with Zipporah Goldstein as manager, picked up the four-story building in 2016 for $17 million from New York REIT, according to property records. TD Bank provided $9.5 million in financing for that acquisition.

3. The Melrose Credit Union parted with its Queens outpost for $14.6 million. The buyer of the three-story property, with an address of 139-30 Queens Boulevard, was the Teachers Federal Credit Union, which already has a branch there.

4. An entity managed by Joseph Brunner’s Bruman Realty sold two parcels — at 1325 and 1337 Atlantic Avenue — in Brooklyn to another entity, tied to Steven Green, for about $10.8 million. Brunner’s LLC had bought them in 2016 for $7.8 million. The properties stand about a block from the Nostrand Avenue subway stop, between New York and Brooklyn Avenues and near a public school. A five-story, approximately 44,500-square-foot building stands at 1325 Atlantic Avenue.