Mid-market investment sales record strong week

Six deals in Brooklyn, Queens and the Bronx totaled $100M

New York /
Nov.November 24, 2020 09:45 AM
Clockwise from left: 205 Brook Avenue in the Bronx, 219 Jay Street in Brooklyn, 377 Johnson Avenue in Bushwick and 54-25 58th Street in Maspeth (Google Maps; JLL)

Clockwise from left: 205 Brook Avenue in the Bronx, 219 Jay Street in Brooklyn, 377 Johnson Avenue in Bushwick and 54-25 58th Street in Maspeth (Google Maps; JLL)

A small office building in Brooklyn, an affordable housing portfolio in the Bronx and land parcels next to the Queens Coca-Cola bottling plant were among the six investment sales in the city between $10 million and $30 million for the week ending Nov. 20. Put together, the deals added up to just under $100 million.

Bushwick was the most active neighborhood, with two mid-market investment deals; Manhattan and Staten Island did not record a sale in that price range. Here are the details:

1. The Camber Group purchased an affordable housing portfolio spanning five buildings in Morrisania for $29.5 million. The properties span 85,000 square feet; there is an outdoor recreation area. The buildings are located on the block bound by East 136th and 137th streets, and by Brown Place and Brook Avenue. Omni Group was the seller.

2. Bethpage-based Steel Equities acquired 29,000 square feet of industrial space and 14,700 square feet of land in Bushwick for $20 million. The parcels are located at 132 Bogart Street, and 375 and 377 Johnson avenues. Joseph Lostritto signed as buyer for Steel 375 Johnson LLC. Yaakov Roth signed for the seller, Superior Holding LLC.

3. Michael Wittow of CW Realty and the Horizon Group bought 82,000 square feet of buildable space in Bushwick for $14 million. The parcels are located at 376, 378, 380, 389 and 391 Weirfield streets, 1438 Hancock Street and 1504 Jefferson Avenue. The developers plan to build 120 residential units over four buildings. The Poma family sold the property. B6 Real Estate Advisors brokered the transaction.

4. A limited liability company acquired an 1,800-square-foot gas station and auto repair shop at 30-75 21st Street in Astoria, for $13 million. Kellarakos Realty Corp. was the seller. The lot has a development potential of 40,000 square feet.

5. The development and design firm Tankhouse purchased an office building with 8,671 square feet at 219 Jay Street in Downtown Brooklyn, for $12.5 million. The company is planning a 55,000-square-foot residential building there, according to its website. The lot currently has 29,522-square feet of development potential. Bernard Dillinger of Abra Construction signed as the seller for 219 Jay Street LLC.

6. Liberty Coca-Cola Beverages purchased 68,000 square feet of land at 58-04 and 58-20 Borden avenues, and 54-25 58th Street in Maspeth, next to its bottling plant. The $10 million sale was made through 58-40 Borden Avenue LLC. The seller was Michael F. Weinberg’s K&W Associates.





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