Manhattan investment sales show vital signs again

Middle-market deals in New York and Kings counties last week exceeded $80M

New York /
Dec.December 01, 2020 08:51 AM
From left: Rybak Development's Sergey Rybak, 126 East 86th Street, 128 East 125th Street, Maddd Equities' Jorge Madruga (Rybak, Google Maps; Getty)

From left: Rybak Development’s Sergey Rybak, 126 East 86th Street, 128 East 125th Street, Maddd Equities’ Jorge Madruga (Rybak, Google Maps; Getty)

After going quiet at the onset of the pandemic, the investment sales market in Manhattan is showing signs of life. Three of the five deals that closed last week in the $10 million to $30 million range were recorded on the Upper East Side, East Harlem and Turtle Bay.

Brooklyn had the other two mid-market deals, with an apartment building portfolio in Stuyvesant Heights changing hands and a commercial building selling in Bay Ridge. Here are more deal details for the holiday week ending Nov. 27.

1. Rybak Development acquired 126 East 86th Street on the Upper East Side for $26 million. The company has filed plans for a 63,888-square-foot mixed use building with 32 residential units and 1,500 square feet of commercial space. To construct the 20-story building, Rybak purchased 12,000 square feet of air rights from 128 East 86th Street. The building will have a facade of limestone and masonry, according to project architect Igor Zaslavskiy, as well as outdoor spaces, an interior spa and wellness amenities.

The seller was JP Morgan Chase, which used the address for a branch.

2. Maddd Equities purchased a 21,556-square-foot building at 128 East 125th Street in East Harlem for $15 million. The seller was charter school Harlem RBI, through the limited liability company Dream On 125.

3. The Arker Companies, through Albany Kingston LLC, paid $15 million for a portfolio of apartment buildings in Stuyvesant Heights on Albany Avenue between Decatur and Fulton streets. The five buildings span 120,000 square feet. The limited partnership Albany Crossings Apartments was the seller.

4. MD Squared Property Group bought 36 condominiums in a bulk transaction at 321 East 48th Street in Turtle Bay for $11.5 million. The seller was Friedman Management via the limited liability company 321E48 Realty.

5. ACHS Management purchased a 37,412-square-foot commercial building at 531 86th Street in Bay Ridge for $14.1 million. Alan J. Helene signed as the buyer, acting through Helene Family Holdings LLC.

Correction: This article has been revised to correct the spelling of Igor Zaslavskiy’s name.





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