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

The Orbach Group takes a loss on an UWS rental building

New York /
Sep.September 10, 2019 08:15 AM
Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

 

Acadia Realty Trust buys retail in Sheepshead Bay for almost $28 million and the Orbach Group takes a $10 million loss on a rental property in the Upper West Side. Here are New York City’s mid-market investment sales that were made public last week.

1.) Acadia Realty Trust sold 3860 Nostrand Avenue, a strip of two-story retail stores in Sheepshead Bay, for $27.65 million, according to property records. The buyer was ECA Buligo Nostrand Partners LP, with Christopher Wild as member. BSPRT CMBS Finance LLC provided just under $20 million in financing for the deal. Acadia had owned the site since 2013, when the firm acquired it for about $19.6 million. The real estate investment trust recently picked up a retail store in Soho along Greene Street for $24.8 million.

 

2.) Two Chelsea properties at 250 and 254 West 23rd Street traded for $19.25 million, property records show. The seller was long-time owner Jaffin-Segal Chelsea LLC and the buyer was TF Cornerstone. Three-story commercial buildings stand at both addresses, though 250 West 23rd Street is larger than the other property in the deal. It measures almost 16,000 square feet and houses an Apple Bank.

 

3.) About a block from Central Park in the Upper West Side, the Orbach Group sold 50 Manhattan Avenue for about $15.7 million, according to property records. The price marks a loss for the New Jersey-based firm, which had bought the six-story, 49-unit rent-stabilized apartment building in 2016 for $25.8 million. The property sits between West 102nd and 103rd Streets and spans 42,783 square feet, pricing the recent deal at roughly $368 per square foot. The new owner is an LLC linked to Miami investor Leon Agami. Israel Discount Bank of New York provided $12 million in financing. Commercial Observer first reported the sale.

 

4.) Avery Hall Investments picked up a Gowanus development site for $15 million, according to Kassin Sabbagh Realty, whose Isaac Shabot and David Marciano brokered the deal. The site contains a 19,000-square-foot auto body shop located at 272 4th Avenue on Carroll Street. The city is planning to rezone Gowanus, a move that could allow the site to yield up to 90,000 buildable square feet, according to Kassin Sabbagh, Avery Hall also is planning a 200,000-square-foot rental development at 204 Fourth Avenue, a plan that also hinges on the council’s rezoning.

 

5.) A vacant parcel of land at 37-29 31st Street went for $13.3 million, according to property records. The seller, an LLC registered to NorthEnd Equities, bought the site in 2015 for $7.38 million. The buyers were 37-29 31st St LLC and 166 Manhattan CM LLC. The property sits between 37th and 38th avenues, near the 39th Avenue subway station.


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