Redeemer Presbyterian’s UES multifamily building buy leads mid-market deals

Church bought 24-unit Carnegie Hill development from GPG Properties

TRD New York /
Aug.August 25, 2020 03:06 PM
150 East 91st Street and Redeemer Presbyterian's Timothy Keller (Google Maps; Frank Licorice via Wikipedia)

150 East 91st Street and Redeemer Presbyterian’s Timothy Keller (Google Maps; Frank Licorice via Wikipedia)

 

New York’s $10 million to $30 million investment sales market saw three deals last week, two involving multifamily buildings. The third transaction — parking lots in the Kingsbridge Heights section of the Bronx — will allow for the construction of an affordable housing development.

Here are the details of those transactions for the week ending Aug. 21.

1. GPG Properties sold a 21,342-square-foot multifamily building on the Upper East Side to Redeemer Presbyterian Church for $29.5 million. Located at 150 East 91st Street in Carnegie Hill, the six-story building has 24 units, and was completed in 1910. In 2008, Redeemer Presbyterian purchased a four-story parking garage at 150 West 83rd for $21.5 million, and converted it into a ministry center.

2. Eric Silverstein’s Samber Holding Corp. sold a 105,136-square-foot multifamily building in Flatbush for $14.8 million. The buyer was Abraham Jeremias, via 261 Lenox Road LLC. The six-story Brooklyn building has 120 residential units, and was built in 1956.

Silverstein has been particularly active in the last few weeks. Another Silverstein sale last week that just missed the $10 million threshold was a 74,016-square-foot multifamily building at 141 Lenox Road, also in Flatbush. Made through Rayjer Realty Corp., that 66-unit property sold for $8.1 million. The buyer for that was Eliezer Jeremias via 141 Lenox Road LLC.

3. Saint Philip Neri Catholic Church sold 27,500 square feet of space at 3054 and 3069 Villa Avenue in Kingsbridge Heights, for $11.6 million. The buyer of the Bronx property was nonprofit Villa Bedford Housing Development Fund Corporation. Plans call for the construction of two affordable housing buildings with a total of 186 residential units on what is now parking lots. The sale is part of an affordable housing initiative by Catholic Charities across six sites to create 754 affordable units, 35 of which will be reserved for adults with mental illness.

Contact Orion Jones at [email protected]


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