Mid-market investment sales top $100M

Every borough except Staten Island notched deals of $10M to $30M last week

New York /
Dec.December 09, 2020 08:00 AM
41-09 to 41-31 Haight Street and 159 West 53rd Street (Google Maps)

41-09 to 41-31 Haight Street and 159 West 53rd Street (Google Maps)

Seven mid-market investment sales in the city combined for $100 million last week, the highest total in what has been an active three weeks.

Every borough except Staten Island recorded a sale in the $10 million to $30 million range. Manhattan and Brooklyn each notched two deals while the Bronx recorded three.

Here are more details for the week ending Dec. 4.

1. Chinese investment firm J&C International Group purchased 11 mixed use buildings in a bankruptcy auction for $28.1 million. The properties are at 41-09 to 41-31 Haight Street in Flushing. Spanning almost 75,000 square feet, the portfolio contains one condo building with 21 units, plus 10 multifamily buildings, each with four units. Prior owner 41-21 Haight Street Realty, led by Bo Jin Zhu, filed for bankruptcy in June 2019.

2. Limited liability company Centerpark Realty purchased the parking structure beneath the condo building at 159 West 53rd Street in Midtown, for $15 million. Imperial parking systems was the seller. Large parking companies have been among the businesses hit hard during the pandemic.

3. Rockrose Development sold two manufacturing buildings spanning 4,700 square feet at 43-12 and 43-14 Queens Street in Hunters Point, for $13 million. The purchase was made through 27-34 Jackson LLC. Heatherwood Luxury Rentals was the buyer, via 1214 Qst LLC.

4. A nonprofit housing development fund purchased a 34,957-square-foot mixed-use building with 50 units at 1228 Washington Avenue in Morrisania, for $13 million. The seller was a family property trust, through 12 NYC LLC.

5. A limited liability company affiliated with UNLMTD Real Estate Group acquired a 15,000-square-foot mixed-use building at 81 Court Street in Downtown Brooklyn, for $11.5 million. The seller was New Jersey-based Investors Bank, which operates a branch from the building’s ground-floor commercial space.

6. American Dream Charter School sold an 8,400-square-foot development site at 700 Gerard Avenue in Concourse, for $10.6 million. Julie Morrone, principal of Rosemawr Management, signed as the buyer for the RM Bronx LLC.

7. An 8,400-square-foot, five-story multifamily building at 312 East 83rd Street on the Upper East Side sold for $10.2 million. Sterling Properties NYC represented the seller, a limited liability company. The buyer was Creas Inc. Representing the buyer was Japan-based Efficiency Capital Advisors.


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