Here’s what the $10M-$30M NYC investment sales market looked like last week

ICER Properties buys two Bronx apartment buildings for $21M

Aug.August 21, 2019 08:15 AM
Clockwise from top left: 237-24` East 62nd Street, 957 Woodycrest Avenue, 210 Clarkson Avenue, 950 Woodycrest Avenue (Credit: Google Maps)

Clockwise from top left: 237-241 East 62nd Street, 957 Woodycrest Avenue, 210 Clarkson Avenue, 950 Woodycrest Avenue (Credit: Google Maps)

In the world of mid-market investment sales last week, two church-owned properties sell in Lenox Hill for almost $18 million and an office building in Midtown East went for a bit over $15 million. Here are the details:

  1. ICER Properties snapped up a pair of mixed-use buildings that stand across the street from each other in the Highbridge section of the Bronx for $21 million, according to property records. The sellers of 950 and 957 Woodycrest Avenue, which are six and five stories tall, respectively, were David Sedgh, Isaac Sidaoui and Jeffrey Brandler.
  2. In Prospect Lefferts Garden, a family office bought a two-story, 43,000-square-foot mixed-use building at 210 Clarkson Avenue for $20.5 million, according to KFIR Capital, whose Jake Blatter represented both sides in the off-market deal. The buyer plans to develop the site, which has 140,000 square feet of future development rights. The seller was 210 Clarkson Corp., a partnership controlled by multifamily operator Albert Srour, who also is behind Brooklyn discount department store Fat Albert. The property also is in an Opportunity Zone, according to KFIR.
  3. In Lenox Hill, two churches traded a pair of properties for $17.8 million, according to property records. The Roman Catholic Church of St. John the Evangelist sold 237 and 239-241 East 62nd Street to the Coptic Orthodox Patriarchate Diocese of New York and New England. One of the properties at 237 East 62nd Street had been home to the Our Lady of Peace, which in 2014 merged with St. John the Evangelist in Midtown, according to the New York Times. In Brooklyn, a church in Boerum Hill recently sold for $10 million.
  4. The Bill Blass Group picked up 3 East 44th Street, a 14,175-square-foot, six-story office building in Midtown East, for $15.3 million, according to Cushman & Wakefield. The brokerage’s Will Conrad and Rob Shapiro represented sellers Bernstein Real Estate and NYC Associates LLC, a group of investors. The deal works out to about $1,079 per square foot.
  5. Two entities — at least one of which is linked to the Chehebar family — sold a one-story industrial property at 966-988 Alabama Avenue near Starrett City in Brooklyn for $10.7 million, property records show. They had owned the property since 2015, when it was acquired for $5.65 million. Pinnacle Realty’s David Junik and Nechama Liberow represented the seller and brought the buyer into the deal. East West Bank provided buyer ATW Realty LLC, whose manager is Lisa C. Wong, a $7.4 million mortgage for the deal. Joseph Chehebar, whose family runs the apparel company Rainbow, recently picked up a unit at 432 Park Avenue.

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