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

BlackRock sells in Hudson Heights and A&E buys in Washington Heights

TRD NEW YORK /
Apr.April 17, 2019 01:30 PM
Clockwise from top left: 110 Bennett Avenue, 81 Wadsworth Avenue, and 35 Pineapple Street in Brooklyn (Credit: Google Maps)

Clockwise from top left: 110 Bennett Avenue, 81 Wadsworth Avenue, and 35 Pineapple Street in Brooklyn (Credit: Google Maps)

Multifamily building transactions were the name of the game among last week’s New York City mid-market investment sales, with a Brooklyn Heights building trading for $10 million and another in Washington Heights for $13 million.

1. For roughly $18.4 million, an entity managed by BlackRock Realty Advisors parted with a pre-war apartment building at 110 Bennett Avenue in Manhattan’s Hudson Heights neighborhood. The buyer of the six-story, 51-unit property was anonymous, going by the entity “110 Bennett Apartments LLC.”

2. A limited partnership connected to Benchmark Real Estate Group sold an apartment building at 35 Pineapple Street, a couple of blocks from the Brooklyn waterfront in Brooklyn Heights, that it had bought in 2016 for $10.3 million. The five-story, 14-unit building sold for $14.92 million to “Anpora Pineapple 35, LLC.”

3. Douglas Eisenberg’s A&E Real Estate Holdings shelled out $13.1 million for a 50-unit, six-story rental building at 81 Wadsworth Avenue in Washington Heights that had been owned by private investor Morris Weinberg, sources said. Capital One provided $6.5 million in financing for the deal. Marcus & Millichap’s Peter Von Der Ahe, Seth Glasser, Joe Koicim and Jacob Kahn represented both parties.

4. In Kips Bay, a limited liability corporation with Michael Tsoumpas as member sold 157 Lexington Avenue, a seven-story multifamily property with 12 apartments, for $11.5 million. The buyer was another LLC tied to Shaun Ajodan, president of Shaun Gems, a Midtown-based importer and supplier of precious gems. Northfield Bank provided $5 million in financing to the new owner. JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen represented the seller.


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