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

Sam Chang is over his retirement plans with the purchase of a Chinatown garage

New York /
Aug.August 05, 2019 02:00 PM
Sam Chang with 62 Mulberry Street in Manhattan and 37-30 Review Avenue in Long Island City (Credit: Google Maps)

Sam Chang with 62 Mulberry Street in Manhattan and 37-30 Review Avenue in Long Island City (Credit: Google Maps)

From a hotel in Chinatown to a diner in Flushing, these were the mid-market investment sales that popped up in New York City’s property records last week.

1.) Sam Chang’s McSam Hotel Group picked up a Chinatown parking garage for $18.75 million. Standing at eight stories tall, 62 Mulberry Street measures 34,800 square feet. The seller was 62-64 Mulberry Street Corp., with Lai Ming Fu as president. Parke Bank loaned about $14 million in financing. The deal marks a turnaround for hotel developer Chang, who had not bought a development site in over a year and had been winding down his business.

2.) At the Liberty Lofts at 43 West 64th Street in Lincoln Square, two commercial condominiums traded for $14.5 million. The buyer was 49W64 LLC. An entity linked to BET Investments bought the units in 2004 for about $7.2 million.

3.) In Flushing, the Kanes Diner at 44-15 College Point Boulevard sold for $13.6 million. The buyer was an entity linked to Feng Jin Wang. Cathay Bank provided a $4 million mortgage for the deal. Seller Koumbar Realty Ltd. had held the building for decades. The eatery, which was founded by Earnie Kane in 1968, shut its doors in May, according to QNS.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
From left: Standard International's Amar Lalvani and SIXTY Collective's Jason Pomeranc along with the SIXTY Soho Hotel (Getty, Facebook/SIXTY Soho)
Standard buys Sixty Soho hotel for apparent post-Covid record price
Standard buys Sixty Soho hotel for apparent post-Covid record price
Blue Flag Partners' Jason Brown with 326 Front Street (LinkedIn, Getty, Greenporter Hotel)
Investors buy North Fork’s Greenporter hotel
Investors buy North Fork’s Greenporter hotel
Investment Sales, Federal Reserve, Interest Rates, Real Estate Finance, Jay Powell
What the Fed’s latest rate hike means for commercial real estate
What the Fed’s latest rate hike means for commercial real estate
From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
Hawkins Way, Värde buy defunct Marriott East Side hotel
Hawkins Way, Värde buy defunct Marriott East Side hotel
Warehouse buildings
U.S. industrial sales dropped 30% toward normal in 2022
U.S. industrial sales dropped 30% toward normal in 2022
A photo illustration of 8 Spruce Street and 616 First Avenue (Getty, Google Maps)
NYC multifamily sales boomed, but party could be over
NYC multifamily sales boomed, but party could be over
47 West 175th Street in Morris Heights with Camber Property Group’s Rick Gropper and Vitus Group’s Stephen Whyte
Camber nabs Bronx apartment buildings to top midsize i-sales
Camber nabs Bronx apartment buildings to top midsize i-sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...