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.


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