Week’s mid-market sales run gamut from $80 to $500 psf

Top price was paid by Robert Cheung for a 30-unit Williamsburg building

New York /
Sep.September 01, 2020 08:00 AM
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Residential deals accounted for all middle-market investment sales for the week ending Aug. 28. One deal in Brooklyn and two in Manhattan brought in a range of prices per square foot from about $500 to $80. Within Harlem, where the Manhattan sales took place, prices per unit ranged from about $230,000 to $75,000.

The Real Deal defines mid-market sales as from $10 million to $30 million.

1. In Williamsburg, a 29,250-square-foot multifamily building at 21 Montrose Avenue sold for $15 million to Robert Cheung through the limited liability company Jian Ye. The sale price for the 30-unit building came to $500,000 per apartment. It was sold by Moshe Blum via an entity that purchased the lot in 2001 for $1.9 million. The current building was constructed in 2008.

2. City Skyline Realty purchased two West Harlem mixed-use residential buildings with a total of 60,756 square feet for $14.1 million. One, at 1480 Amsterdam Avenue, is 19,398 square feet and 25 units; the other, at 520 West 136 Street, is 41,358 square feet and 36 units. The sellers were College Realty and Campus Realty, respectively, which have the same owner, according to a person familiar with the deal.

Peter Vanderpool and Lazer Sternhell of Cignature Realty brokered the transaction.

3. Prestige Management sold to Alma Realty a North Harlem portfolio consisting of eight multifamily buildings between 141st and 145th streets totaling 154 units and 141,293 square feet. The $11.5 million sale price works out to $74,794 per unit.

The properties are located at 208 West 141st Street, 212 West 141st Street, 115 West 143rd Street, 139 West 143rd Street, 130 West 143rd Street, 137 West 144th Street, 160 West 144th Street and 227 West 145th Street. The transaction was conducted between limited partnership Prestige Realty Associates and West 144 Cluster LLC.

Contact Orion Jones at [email protected]


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