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

SDG Management picks up a resi complex in Washington Heights

TRD New York /
Apr.April 29, 2019 03:00 PM
Clockwise from left: 3880 Broadway, 212 Lafayette Street, and 1300 Sedgwick Avenue in the Bronx (Credit: Google Maps)

Clockwise from left: 3880 Broadway, 212 Lafayette Street, and 1300 Sedgwick Avenue in the Bronx (Credit: Google Maps)

In the world of New York City’s mid-market investment sales last week, a two-story hotel in the Bronx sold for $11 million and two mixed-use complexes traded in Manhattan, according to property records filed with the New York City Department of Finance.

1.) An entity tied to SDG Management Corp. shelled out $19.7 million for a six-story, mixed-use building at 3880 Broadway in Washington Heights, and a subsidiary of Arbor Realty Trust provided $15.81 million in financing for the deal. The seller was “Broadway 3880 LLC,” which had acquired the property, which has 35 residential units and sits at the corner of West 162nd Street, for $17.5 million in 2017.

2.) A five-story, 16-unit mixed-use building at  in Soho traded for $13.4 million. The seller was a limited liability corporation that listed Alan Luke as manager, property records show, and the seller also was masked by an LLC. First Republic Bank helped to finance the buy with an approximately $8.8 million mortgage. One unit is up for rent at the property, located between Broome and Spring Streets — a two-room pad for $3,675, according to StreetEasy.

3.) Sedgwick Hotel Corp. picked up a two-story, 45-key hotel at 1300 Sedgwick Avenue, near the Major Deegan Expressway, in the Bronx for $11 million. One of the sellers, “Seven Hills Hospitality Group LLC,” bought the property in 2005 for $6.41 million. The deed was transferred to be shared among Seven Hills and four additional entities before its sale.


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