Gramercy Park dev site leads New York’s mid-market investment sales

Minrav Development purchased five empty parcels from CIM Group for a total of $40.5M

New York /
Feb.February 18, 2020 08:00 AM
Clockwise from top left: 255 East 18th Street, 27-34 Jackson Avenue, 925 Prospect Place, 343 East 17th Street and 311 First Avenue (Credit: Google Maps)

Clockwise from top left: 255 East 18th Street in Brooklyn, 27-34 Jackson Avenue in Queens, 925 Prospect Place in Brooklyn, and 343 East 17th Street and 311 First Avenue in Manhattan (Credit: Google Maps)

The $40.5 million sale of five parcels of vacant land in Gramercy Park led New York’s mid-market investment sales last week. Other deals included the $27 million purchase of three multifamily buildings in Brooklyn and the $26 million purchase of a Long Island City garage. Here are the details:

  1. Minrav Development purchased 305-311 First Avenue and 343 East 17th Street in Manhattan’s Gramercy Park from CIM Group for a total of $40.5 million. The firm spent $28.5 million on 305-311 First Avenue and $12 million on 343 East 17th Street. All five of the parcels are vacant, and the land spans a total of 11,500 square feet, according to the city. Minrav plans to construct two condo buildings on the sites, which have 80,000 buildable square feet overall. A Meridian Investment Sales team brokered the deal.
  2. Pistilli Realty Group bought a trio of Brooklyn multifamily buildings for $27 million from Renaissance Realty Associates. The buildings are located at 925 Prospect Place in Crown Heights, 255 East 18th Street in Prospect Park South and 2815 Beverly Road in Flatbush. The Crown Heights property contains 84 apartments; the Prospect Park South property contains 42 apartments; and the Flatbush property contains 64 apartments. Meridian Investment Sales brokered the deal.
  3. Rockrose Development bought a one-story garage at 27-34 Jackson Avenue in Long Island City from Cab Management Corp. for $26 million. The property spans 3,137 square feet and was built in 1931, according to the city.
  4. Adam Gordon’s Wildflower Ltd. bought a Maspeth industrial building from the Parsi family for $23.25 million. The one-story property at 48-23 55th Avenue spans about 43,000 square feet, and the lot spans 80,000 square feet according to the city.
  5. An LLC linked to the general contractor United Elite Group purchased a development portfolio in Park Slope for $13.2 million. The property, based at 75 Fourth Avenue, consists of four contiguous parcels with about 37,000 buildable square feet, according to TerraCRG, which brokered the deal.

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
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
Damien Dwin of Lafayette Square Holding (Photos via Lafayette; iStock)

Sustainable housing is focus of Damien Dwin’s social justice effort

Sustainable housing is focus of Damien Dwin’s social justice effort
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)

Mid-market investment sales off to strong start in 2021

Mid-market investment sales off to strong start in 2021
Dov Hertz and an aerial of 1900 South Avenue in Staten Island (Photos via Adam Pincus; Google Maps)

Dov Hertz picks up Staten Island site for $65M

Dov Hertz picks up Staten Island site for $65M
332 Monitor Street and 1400 Benson Street, which were sold last week. (Google Maps)

ExxonMobil sells Greenpoint parcel decade after agreeing to big cleanup

ExxonMobil sells Greenpoint parcel decade after agreeing to big cleanup
Clockwise from top left: 1529 62nd Street in Bensonhurst, 46-28 21st Street in Long Island City, 128 Houston Street in the Bowery, 718 East 211 Street in East Bronx and 47 West 55th Street in Midtown (Google Maps)

Mid-market sales slow in final weeks of the year

Mid-market sales slow in final weeks of the year
Lendlease’s Melissa Burch with 1 Java Street  and Miki Naftali with 470 Kent Avenue (Burch via Max Dworkin; Jll; Naftali Group; Google Maps)

Brooklyn dominates top development site deals of 2020

Brooklyn dominates top development site deals of 2020
arrow_forward_ios

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

Loading...