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

An East Village office building trades for $18M, an athletic center in Bayside goes for $12M

Jun.June 05, 2019 01:30 PM
From left: 137 2nd Avenue, Joel Schreiber, and 51-55 East 125th Street (Credit: Google Maps)

From left: 137 2nd Avenue, Joel Schreiber, and 51-55 East 125th Street (Credit: Google Maps)

New York City’s mid-market investment sales ran the gamut last week, from an athletic center in Bayside to a three-story office building in the East Village. Here are some of the sales made public from May 28 to 31.

1.) The Cofinance Group picked up 137 Second Avenue in the East Village for $18 million, said Bunny Escava of KSR NY, who brokered the sale with KSR’s Jeffrey Znaty and Ally Dayon for both parties. The former owners, which included Joel Schreiber, bought the three-story, 22,000-square-foot office building in 2007 for $9 million. The Real Deal reported in January that the Wing, the women-focused co-working company, was moving its headquarters to the building.

2.) Barberry Rose Management sold a mixed-use building with 44 apartments and nine retail stores at 1588-1600 Amsterdam Avenue in Hamilton Heights for $16.8 million, said Meridian Investment Sales announced. The buyer was David Eshaghoff of Eshco Realty, and Meridian’s Amit Doshi and Shallini Mehra represented both parties in the transaction. The property, which sits across the street from the City College of New York, measures just over 38,000 square feet, pricing the deal at roughly $435 per square foot. The deal also saw a 4.6 capitalization rate, according to Meridian. Both brokers previously sold the five-story building in 2014 to Barberry from Canadian private equity firm Onex Real Estate Partners for $9.3 million.

3.) A three-story commercial building at 51-55 East 125th Street in Harlem traded for $12.95 million. The seller, an LLC that lists Robert Nass as member, bought the property for $6.25 million in 2010. The new owner is 125th Street Bapaz LLC, tied to a post office box in Great Neck, N.Y.

4.) The North Shore Tennis & Racquet Club in Bayside has closed on the sale of its property in the Queens neighborhood for $12.25 million. The buyer was 6118 Bayside LLC, and the deed was signed by Jiaqi Kwon as authorized signatory. QNS last year reported that the athletic club, located at 34-28 214th Place, was reportedly sold to developers who plan to raze the site and build a new center there. Cushman & Wakefield represented the seller.

Eddie Small contributed reporting.

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