Here’s what the $20M-$30M NYC investment sales market looked like last week

Sterling Town sells a mixed-use building in Clinton Hill for $26M

TRD New York /
Jun.June 12, 2019 08:30 AM
Left: 122-124 Ludlow Street, 1007 Atlantic Avenue and 240 Broadway (Credit: Google Maps)

Left: 122-124 Ludlow Street, 1007 Atlantic Avenue and 240 Broadway (Credit: Google Maps)

Last week’s NYC mid-range investment sales market saw a wide array of deals: from a new development in Clinton Hill to a walk-up in the Lower East Side. These are the transactions made public last week, according to the city’s Department of Finance database.

1.) For $26 million, Classon Management LLC took on a new mixed-use development at 1007 Atlantic Avenue in Clinton Hill. The eight-story rental building, whose residential and commercial space were sold by an entity tied to Yosef Ariel’s Sterling Town Equities, has 50 apartments and commercial space on the first floor. Further west, Sterling Town acquired 542 Atlantic Avenue, a two-story commercial property in Boerum Hill, for $27.5 million last year.

2.) In the Lower East Side, a six-story walkup at 122-124 Ludlow Street traded for $21.5 million. The seller of the property — which appears to be a contiguous building that sits between Delancey and Rivington streets, with roughly 40 apartments combined — was a limited liability company tied to Alan Luke, who had held the building since the 1980s. The buyers also were LLCs, linked to Abraham Sanieoff. Santander Bank loaned $15 million for the deal. At 122 Ludlow, a one-bedroom apartment is on the market for $3,000, and a three-bedroom is renting for $5,500.

3.) An entity tied to Abraham Russak sold 240 Broadway, a five-story mixed-use building that the company owned for decades, in Williamsburg for $20.1 million. The buyer of the 24-apartment, almost 39,000-square-foot property was 240 Broadway Property LLC. Israel Discount Bank of New York provided $16.5 million in financing.

Eddie Small contributed reporting.


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