Mid-market investment sales off to strong start in 2021

First week of the year sees 8 deals totaling $143M

New York /
Jan.January 13, 2021 08:00 AM
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)

Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)

The middle of the investment sales market is off to a running start in 2021.

Seven sales in the $10 to $30 million range — plus one just outside of it, at $32 million — combined for a total weekly volume of $143 million. That’s a good deal more than the $81 million across four sales the week before.

A retail condo sale by an LLC affiliated with SL Green topped the list, and there were deals in four of the five boroughs. (Sorry, Staten Island.) Here are more details for the week ending Jan. 8:

1. A limited liability company affiliated with SL Green sold three commercial condo units at 248 Bedford Avenue in Williamsburg for a combined $32 million. The address is also known as 195 Berry Street. CBRE’s Dan Kaplan represented the seller. Abraham Bennun’s Ethika Capital was the buyer.

2. William Lerner, president of Imperial Parking, purchased a medical building at 7601 4th Avenue in Bay Ridge for $24 million. The deal was one of three completed as a 1031 exchange. The seller was Dr. Shahrokh Abiri, a radiologist affiliated with ProHealth.

3. Liberty Coca-Cola Beverages acquired a 120,125-square-foot parking lot at 55-25 58th Street in Maspeth for $18.5 million. The parking lot is adjacent to several parcels of land totaling 68,000 square feet of land that the company recently purchased. Steven Etra signed as the seller, through the limited liability company Mancorp Realty Co.

4. Tri-Star Equities acquired three mixed-use buildings spanning a combined 21,800 square feet in the Flatiron District for $17 million. Located at 42, 44 and 46 East 21st Street, the buildings contain ground-floor retail and seven residential units. Gregory Hall of CGMT Hall Real Estate LLC was the seller.

5. Leibel Rubin purchased a 62,907-square-foot nursing home at 59-20 Van Doren Street in Corona for $15 million, through limited liability company Park Terrace Holdings. A consortium of six owners — Charles S. Ingber, Debra Weiss, Lauren Brendler, Andrew I. Rossner, Paula L. Spellman and Judith Cutler — sold the building.

6. Mineola, New York-based Malachite Group purchased a 68,946-square-foot apartment building at 62-82 Saunders Street in Rego Park for $12.6 million. The building contains 60 residential units. The seller was SJS Management.

7. Domain Companies bought a 3,456-square-foot warehouse at 444 Gerard Avenue in Mott Haven for $12.2 million. The lot has 83,520 square feet of development space. Domain plans to demolish the warehouse, according to plans on file with the Department of Buildings. Limited liability company 444 Gerard Avenue was the seller.

8. Brooklyn investor Howard Hershkovich purchased a 51,000-square-foot apartment building with 60 units at 22-88 Mott Avenue in Far Rockaway for $12 million. The sellers were listed as Cirel and Joseph Marsasow, along with a limited liability company called Twice Might.





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