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

An office building and two development sites make up this week's list.
By Mary Diduch |
Research by Nicholas Severin
June 24, 2019 02:30PM

From top: 45-31 Davis Street and 61-56 Springfield Boulevard (Credit: Google Maps)

From top: 45-31 Davis Street and 61-56 Springfield Boulevard (Credit: Google Maps)

Queens sales dominated this week’s mid-market investment sales, according to property records filed with the city’s Department of Finance.

1.) In the Oakland Gardens neighborhood of Queens, an office building traded for about $14.7 million. Seller Jacaroga LLC, managed by Benhad Manager, Inc., has held the two-story property at 61-56 Springfield Blvd., which sits at the corner of 64th Avenue, for decades. The buyer in the most recent transaction was Jackson 13-Lee 74 LLC, controlled by Korean investor Ui Kun Lee. JPMorgan Chase provided $8.3 million in financing. Another entity managed by Lee in October picked up two four-story buildings in Times Square for $22.5 million.

2.) Ascent Development closed on 45-31 Davis Street in Long Island City, which it bought from 4531 Davis Street LLC for $10.58 million. The developer earlier this month also snapped up nearby 45-26 Pearson Street for about $1.8 million. The lots are the final pieces of Ascent’s assemblage of five tax lots where the firm hopes to build a 20-story apartment building. Marcus & Millichap’s Jonathan Eshaghian and Jakub Novak brokered the sale of 45-31 Davis Street and other parcels at the site, but were not involved in the sale of 45-26 Pearson Street. The price of the total assemblage was about $20.3 million.

3.) Also in Long Island City, LargaVista Companies bought 29-00 Queens Plaza East from Mansour Zandieh’s Zand Development LLC. In 2017, Zand filed an application with the city’s Buildings Department to construct a 28-story apartment building on the property. The site is not too far from 30-12 41st Avenue, which Larga Vista bought in 2017 for $27.1 million. Both plots are near Tishman Speyer’s office megadevelopment.

Correction: A previous version of this article misspelled Marcus & Millichap’s Jakub Nowak’s first name. The article has since been updated.