Pair of Bronx multifamily buildings leads New York’s mid-market investment deals

Prana Investments is buying 1226 and 1240 Sherman Avenue for $17M

TRD New York /
Apr.April 06, 2020 08:00 AM
1226-1240 Sherman Avenue and 21-23 Catherine Street (Credit: Google Maps)

1226-1240 Sherman Avenue and 21-23 Catherine Street (Credit: Google Maps)

There were three deals in New York’s mid-level investment sales market this week, including a pair of rent-stabilized buildings in the Bronx and a pair of mixed-use buildings in Manhattan. Here are the details:

1. Prana Investments is buying two buildings at 1226 and 1240 Sherman Avenue in the Bronx for $17 million from the Morgan Group. The adjacent properties are both rent-stabilized multifamily buildings. The buildings both stand six stories tall and have 123 units overall. Aaron Jungreis of Rosewood Realty brokered the deal.

2. A pair of LLCs based in Lower Manhattan purchased 21 and 23 Catherine Street for $14 million from a Midtown-based LLC. The building at 21 Catherine Street stands five stories tall with 16 units, and the building at 23 Catherine Street stands six stories tall with 17 units, according to the city.

3. An LLC linked to Tai Li Huang bought a four-story mixed-use building in Flushing for $11.5 million from an LLC linked to Aron Forem. The building at 37-19 Main Street contains six units and spans 10,000 square feet, according to the city.


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
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Shadow Ventures CEO KP Reddy (Linkedin)

Shadow Ventures launches crowdfunding for proptech startups

Shadow Ventures launches crowdfunding for proptech startups
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
1491 Bedford Avenue and 25-98 36th Street (Google Maps)

Muted week for middle of the i-sales market

Muted week for middle of the i-sales market
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
arrow_forward_ios

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

Loading...