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

JAM Real Estate buys a five-story walkup in the Upper East Side

New York /
Aug.August 26, 2019 11:30 AM
From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

In the world of New York City’s recent mid-market investment sales, a multifamily complex in Manhattan Valley sold for about $23 million and an industrial property in the Bronx went for almost $12 million. Here are the details on some of the Big Apple’s commercial deals valued between $10 million and $30 million that were made public last week.

1.) A seven-story, 87-unit mixed-use building at 2785 Broadway near Columbia University in Manhattan traded for $22.6 million, according to property records. The buyer was TriArch Real Estate Group. Dime Community Bank provided $16 million in financing for the deal. The sellers were five companies: Adama Holdings LLC, Crane Key Co. LLC, Noam Associates LLC, FLI Properties LLC and Israel Family Noam LLC.

2.) The Hospital for Special Surgery snapped up what appears to be a six-story parking garage at 524 East 73rd Street for about $19.7 million, according to property records. The seller was decades-long owner River Company LLC, with Debra Fechter as its manager. The property sits about two blocks north of the hospital’s main campus.

3.) JAM Real Estate Partners’ Jared Pinchasick picked up a six-story, mixed-use walkup at 1685-1687 First Avenue in the Upper East Side. The price tag was $13 million, according to the Collaborative Group, whose Andrew Natter and Harold Fuchs brokered the deal on behalf of both parties. The seller of the 16,889-square-foot building, which has two stores and 27 apartments, was the Punnett family. Jam Real Estate Partners recently sold another five-story walkup nearby at 223 East 89th Street, for $11.95 million.

4.) An entity called 521 Bergen Properties LLC bought a six-story, nearly 44,000-square-foot industrial building in the South Bronx for $11.75 million, property records show. Seller Abingdon Square Partners had acquired 521 Bergen Avenue in 2017 for $7.1 million.


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