Outer boroughs dominate mid-market deals last week

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

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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 orion.jones@therealdeal.com