Pent-up demand? Midsize i-sales total $125M after week of zero

Four of eight sales between $10M and $30M were in Manhattan

New York /
Jun.June 15, 2021 11:00 AM
From top to bottom: 101 Cooper Street in Inwood, 781 Washington Avenue in Crown Heights and 70-35 113th Street in Forest Hills (Google Maps)

From top to bottom: 101 Cooper Street in Inwood, 781 Washington Avenue in Crown Heights and 70-35 113th Street in Forest Hills (Google Maps)

Outliers happen.

One week after not a single midsize investment sale was recorded in New York City, eight such transactions were posted last week with a total dollar volume of $125 million.

Manhattan had four of the eight deals.

They included a bulk purchase of commercial condos in Hudson Yards, an apartment building sale in Inwood, and mixed-use buildings changing hands in the East Village and Noho.

Brooklyn and Queens each saw two i-sales in the $10 million to $30 million range. Here are more details on midsize deals recorded in the second week of June.

1. A trio of developers — SYU Properties, Top Rock Holdings and RJ Capital — acquired a 71,478-square-foot former hospital at 70-35 113th Street in Forest Hills for $8 million and an adjacent lot which faces the Grand Central Parkway and spans 32,382 square feet for $23.7 million. The buyer was limited liability company PWH GCP Building. The seller was Ilio Mavlyanov of Auberge Grand Central LLC.

2. Mendel Kaff acquired a 48,000-square-foot, 63-unit apartment building at 781 Washington Avenue in Crown Heights for $22 million via SJ Washington LLC. Douglas Rosenberg of NOHA Development signed for the seller, limited partnership Prospect Heights Associates.

3. AIDS nonprofit GMHC purchased seven commercial condo units at 307 West 38th Street in Hudson Yards for $16.7 million. The seller was George Comfort & Sons.

4. Rose Associates acquired a 79,000-square-foot building with 68 apartments at 101 Cooper Street in Inwood for $15.1 million. The seller was Rosedale Management.

5. Terrence Lowenberg’s Icon Realty Management sold a 10,000-square-foot, mixed-use building with 10 units at 205 Avenue A in the East Village for $14.3 million. The buyer was Japan-based Tsukaki Company, represented by ECA Capital Advisors.

6. Yoel Gruber acquired a 25,000-square-foot warehouse at 266 47th Street in Sunset Park for $12 million. The seller was a limited liability company registered to Chaim Sobel.

7. California-based Avalon Transportation sold a 24,000-square-foot warehouse at 25-45 Borden Avenue in Sunnyside for $11 million. Mohommad Malik signed for the buyer, Borden Media LLC.

8. Bobby Zar’s ZG Capital Partners acquired a 20,000-square-foot, mixed-use building at 654 Broadway Avenue in Noho for $10 million. The seller was Acadia Realty Trust.





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