Outer boroughs dominate mid-market deals last week

Among them, BlackRock sold in Flushing and Treetop Development sold in Crown Heights

New York /
Jul.July 07, 2020 07:45 AM
1107 Dekalb Avenue (Google Maps)

1107 Dekalb Avenue (Google Maps)

Mid-market investment sales picked up in the city last week with four transactions, all in the outer boroughs. That compared to just two deals in the same $10 million to $30 million range the week before. Three were for multifamily buildings with a diversity of sellers that included private equity and the city Housing Authority. The fourth involved a colorful hotel building and an Ohio-based educational nonprofit.

1. BlackRock Realty Advisors sold a multifamily building at 105-05 69th Avenue in Flushing, to Global One Investments for $26.5 million. The transaction took place between the companies’ respective LLCs.

2. Property management firm ABCNY Inc., acting through its LLC, sold 1107 Dekalb Avenue in Bed-Stuy for $18 million. The buyer was an educational nonprofit, Youth Art Life, via its LLC. The hotel was reportedly constructed as “fully automatic,” with guests checking in through kiosks.

3. Treetop Development — via 560-570 Lefferts Avenue Holding LLC — sold two multifamily buildings at 556 and 570 Lefferts Avenue in Crown Heights for $18.25 million. The buyer was Meridian Properties through the entity M&M Lefferts Realty LLC.

4. The New York City Housing Authority sold a vacant lot on Myrtle Avenue in Brooklyn for $16.6 million to Maddd Equities via YYY Brooklyn NY LLC. The land will be used to develop affordable housing, according to public records of the transaction.

Contact Orion Jones at [email protected]


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