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

Two Greenwich Village multifamily buildings trade for $34M total
By Mary Diduch |
Research by Nicholas Severin
July 17, 2019 08:00AM

From left: 227 Waverly Place, 29 5th Avenue, and 1487 Broadway in Bushwick (Credit: Renaissance Properties New York, StreetEasy, and Apartments)

From left: 227 Waverly Place, 29 5th Avenue, and 1487 Broadway in Bushwick (Credit: Renaissance Properties New York, StreetEasy, and Apartments)

Among last week’s New York City investment sales, two Greenwich Village apartment buildings got new owners, and a rehabilitated Bushwick building and a Yorkville property sold for roughly $11 million each. Here are the details on the deals made public last week.

1.) Renaissance Properties sold 227 Waverly Place, a six-story rental apartment complex in Greenwich Village, for $17.6 million to an entity called Sinkokigyo K.K., property records show. Renaissance had owned the building since 2012, when the firm acquired it for $10.7 million. The building, designed by Lafayette Goldstone, was built in 1908 and is landmarked. Rosewood Realty’s Aaron Jungreis represented the seller, and Rosewood’s Ben Khakshoor represented the buyer. ECA NY Real Estate Advisors’s William Crable and Scott Prina advised the buyer on the equity placement.

2.) Morgan Holding Capital Corp. parted with its decades-long holding 29 Fifth Avenue for $16.5 million, according to property records. The buyer of the property, also a rental building in Greenwich Village, was a limited liability company tied to the Holterbosch family, which recently sold a Long Island City development site for $285 million.

3.) In Yorkville, 223 East 89th Street traded for $11.95 million, according to Venture Capital Properties, whose Ryan Sabet and Yoel Sarraf represented buyer Jose Serruya in the deal. The seller was Jared Pinchasick’s JAM Real Estate Partners, which was represented by Joe Koicim, Peter Von Der Ahe, Danny Handweiler and Jared Bernstein of Marcus & Millichap. JAM had bought the property, a five-story, 20-unit walkup that sits between Second and Third Avenues, in 2018 for $8.1 million. Earlier this year, JAM sold another Manhattan apartment building for $11.2 million.

4.) Pliskin Realty and Development Inc. picked up 1487 Broadway in Bushwick for $11 million and took on the $6.35 million mortgage on the property from New York Community Bank, property records show. The building has 17 multifamily rental units and three retail stores. The seller was recorded as 1487 Broadway LLC and appears to be linked to Ranco Capital and Candor Capital. The entity had bought the site for $1.45 million in 2014. In 2016, plans were filed to add on two more stories to the previously two-story structure there.

Correction: A previous version of this article provided the wrong name for the firm that represented Jose Serruya in the acquisition of 223 East 89th Street. It was Venture Capital Properties, not Venture Capital Partners.