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

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.

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