Flushing vacant lot leads New York’s mid-market investment sales

Lot at 136-18 Maple Avenue in Flushing sold for roughly $23.7M

TRD New York /
Mar.March 09, 2020 07:30 AM
Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

 

There were four properties that traded in New York’s mid-level investment sales market last week, including a vacant lot in Flushing and a mixed-use building in the East Village. Here are the details:

1. A Brooklyn-based LLC purchased a vacant lot in Queens for about $23.7 million from a Manhattan-based LLC. In January, developer Vicki Zhi had filed plans to erect a roughly 106,000-square-foot mixed use project on the lot at 136-18 Maple Avenue. The project would stand 14 stories tall with 68 residential units.

2. A Long Island-based LLC bought a mixed-use building in the East Village for $20.75 million from David Gelbard and a pair of Manhattan-based LLCs. The property at 109 Avenue A stands seven stories tall with six residential units, and it spans about 16,600 square feet, according to the city.

3. Kendor Development bought a pair of adjacent buildings in Midtown for $18.5 million from five LLCs based in Queens and Long Island. The properties are located at 47 and 49 West 39th Street. The building at 47 West 39th Street is a one-story commercial property, and the building at 49 West 39th Street is a five-story mixed-use building with five residential units, according to the city.

4. A Manhattan-based LLC bought a Williamsburg multifamily building for $11 million from Brooklyn Standard Properties. The four-story building at 45 Ainslie Street has 10 residential units.


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