Extell, Bronx councilman’s brother among dealmakers in NYC’s mid-market i-sales last week

Deals in outer boroughs included commercial condos in Brooklyn, and Bronx multifamily building

New York /
Jul.July 22, 2020 10:00 AM
50 West 47th Street with Extell’s Gary Barnett and 1150 Pelham Parkway South (Google Maps)

50 West 47th Street with Extell’s Gary Barnett and 1150 Pelham Parkway South (Google Maps)

The mid-sized New York City investment sales market sprang back to life last week. A little bit, anyway.

Five deals between $10 million and $30 million closed between July 12-18, compared to just one the week prior. Deals popped up in all boroughs except for Staten Island, with Manhattan notching two, and Brooklyn, Queens and Bronx each recording one.

1. Gary Barnett’s Extell Development sold 12 commercial condo units at 50 West 47th Street in Midtown — via Extell GT LLC — to Touro College for $26.5 million. To make the purchase, the nonprofit education corporation based in New York signed a loan agreement with the state’s Dormitory Authority valued at $30 million.

2. Gemini Rosemont purchased a 13,052-square-foot building in East Village for $14.5 million through Second and Second Property LLC. Located at 38 2nd Avenue, the school building was sold by the nonprofit La Salle Academy through La Salle New York City Inc.

3. Victor Tawil through the entity Oldham Properties LLC purchased two commercial condo units for $27.3 million at 1930 Bedford Avenue in Prospect-Lefferts Gardens. The seller was an entity controlled by Nik Lavrinoff, who developed the rental property known as Prospect Quarters in 2018.

4. An industrial building at 126-56 Northern Boulevard in Flushing spanning 17,100 square-feet sold for $10 million to Shaungjing Pan via Flushing Yongsheng Realty LLC. The seller was Leonard Scarola acting through Shea Building Corp.

5. Two LLCs sold 1150 Pelham Parkway South, a 57,500-square-foot, 50-unit apartment building for $10 million to two other LLCs. Sellers of the Morris Park building were listed as 1150 Tisi and A&R Management, controlled by Steven Traficante; and buyers were Paul Gjonaj through Group Gjona (he is the brother of Bronx councilman Mark Gjonaj), and Nicholas Borg via 1150 Pelham Partners.

UPDATE: The East Village sale was updated to reflect the true size of the property to 13,052 square-feet.

Contact Orion Jones at [email protected]


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