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

ICER Properties buys two Bronx multifamily buildings after Hamilton Heights buy
By Mary Diduch | July 17, 2019 04:15PM

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

From an industrial building in Queens to multifamily deals in the Bronx, these were New York City’s investment sales in the $20 million to $30 million range last week.

1. A single-story warehouse plus air rights traded in Long Island City for $25 million, according to Cushman & Wakefield, which represented buyer Alexandria Real Estate Equities in the transaction. The 52,500-square-foot property, located at 47-50 30th Street, was asking $25 million. The site yields 112,200 buildable square feet, or a price per buildable square foot of $223, and is located in an M3-2 heavy manufacturing zone. It sits across the street from Alexandria’s purchase in October of 30-02 48th Avenue for a new life-sciences center. The seller was Prestone Realty LLC, with Robert Adler as president. Cushman’s Andreas Efthymiou, Stephen Preuss and Josh King represented Alexandria, and Keller Williams’ Jason Trembicki and Cindi Adler represented the seller. Elsewhere in New York, Alexandria is building a 550,000-square-foot life-sciences campus on Manhattan’s East Side.

2. Joseph Jemal’s ICER Properties picked up two rental buildings in the Highbridge section of the Bronx for $21 million, according to sources familiar with the deal. The Sedgh family parted with 950 and 957 Woodycrest Avenue, which stand across the street from each other and measure a combined 128,907 square feet, after buying them in 2012 for $9.6 million total. Meridian Capital Group’s Amit Doshi, Jonathan Shainberg and Shallini Mehra brokered the deal for both parties. Nearby, local Bronx developer Kim Tasher is planning a 101-unit apartment building at 976 Woodycrest Avenue. Otherwise, ICER Properties recently acquired nine properties in Hamilton Heights for $30.5 million.