Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex

Among 8 mid-market deals in city totaling $127M last week

New York /
May.May 04, 2021 08:00 AM
1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)

1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)

Alex Adjmi’s A&H Acquisitions bought a Crown Heights warehouse, one of eight mid-market investment sales in the city last week.

Adjmi — who received a presidential pardon on Donald Trump’s last day in office in January — paid $15 million for the complex.

Overall, the eight deals in the city totaled $127 million, and included three industrial complexes and two multifamily buildings. The total was far higher than the previous week’s $90 million for four properties. Mid-market deals cover investment sales between $10 million and $30 million.

In the latest tally, Brooklyn and Queens each notched three sales, while Manhattan and the Bronx had one each.

Here are more details of last week’s deals, ending April 30.

1. A joint venture affiliated with Yechiel Newhouse paid $24.4 million for a 154-unit, 147,000-square-foot apartment building at 1240 Morrison Avenue in the Soundview section of the Bronx. Stellar Management was the seller.

2. American Self Storage sold a 116,000-square-foot warehouse at 47-20 Dutch Kills Street in Sunnyside, Queens, for $18.1 million. The buyer was a joint venture between Clayton Gentry’s 21st Century Storage and St. Louis-based investor Alitus Partners.

3. A New York limited liability company purchased a 33,600-square-foot retail building at 1769 86th Street in Bensonhurst, Brooklyn, for $18 million. Tim Ziss of Allied Properties put the building into bankruptcy in October 2020 after purchasing it for $10.7 million in 2017 from Santander Bank.

4. Adam Semler picked up two mixed-use buildings spanning a combined 22,800 square feet in Nolita for $17.7 million. The buildings are at 240 Mulberry Street and 196 Elizabeth Street. The seller was David Moore, according to the Department of Housing Preservation and Development.

5. Alex Adjmi’s A&H Acquisitions Corp. paid $15.2 million for a 30,600-square-foot Crown Heights industrial building at 73-97 and 73-99 Empire Boulevard, and McKeever Place. The seller was a family trust.

6. The Loketch Group bought a 36-unit, 16,300-square-foot apartment building at 1010 Bedford Avenue in Bedford-Stuyvesant for $14.2M. Pincho Loketch signed for the buyer. The seller was Jacob Sofer, who purchased the property in 2020 from All Year Management. The address is also known as 261 Skillman Street.

7. A limited liability company affiliated with Quality Building Services purchased an 18,700-square-foot industrial building at 21-21 44 Road in Hunter’s Point in Long Island City, for $10 million. Roberta Chaplin, Suzanne Alenick, Michelle Shore and Con-Dea Realty LLC were the sellers.

8. Gadi Ben Hamo purchased two parcels spanning a combined 35,300 square feet at 144-02 and 144-20 Hillside Avenue in Jamaica, Queens, for $10 million. The seller was a family trust.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    Sam Zell of Equity Commonwealth and Michael Landy of Monmouth Real Estate Investment (Getty, ACRE)
    Sam Zell acquires Monmouth Real Estate for $3.4B
    Sam Zell acquires Monmouth Real Estate for $3.4B
    Wildflower's Adam Gordon, a rendering of the JFK Logistics Center and Amazon CEO Jeff Bezos (Wildflower, Getty)
    Amazon leases massive warehouse near JFK Airport
    Amazon leases massive warehouse near JFK Airport
    Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
    Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
    Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
    Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
    Innovo Property Group aims to raise $140M for Bronx industrial site
    Innovo Property Group aims to raise $140M for Bronx industrial site
    Sen. Brian Kavanagh (Getty, iStock)
    New York votes to extend eviction ban through August
    New York votes to extend eviction ban through August
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...