Multifamily, industrial sales highlight strong week for mid-market deals

Mid-market investment sales total $158M in the last week of July, up from $113M the week prior

New York /
Aug.August 04, 2021 01:11 PM
Multifamily, industrial sales highlight strong week for mid-market deals

529 West 46th Street in Hell’s Kitchen; 75 Onderdonk Avenue; 95-25 149th Street, and 95-08 and 95-12 150th Street in Jamaica, Queens. 1233 White Plains Road in Soundview; 3046 Holland Avenue in Bronxwood; and 1058 Teller Avenue in Concourse (Google Maps)

The multifamily market got a shot in the arm last week as affordable housing developers picked up distressed properties from All Year Management in Park Slope, while developer ZD Jasper bought land for a 90,000-square-foot residential building in Hunters Point.

Israel Perlmutter sold a 20-unit mixed-use building in Williamsburg to Joel Rubin and Abraham Leifer of Aview Equities unloaded a parcel from a Downtown Brooklyn assemblage that never quite panned out.

Meanwhile, industrial properties kept brokers busy in Hell’s Kitchen, Ridgewood and Jamaica, accounting for three of the ten investment sales recorded last week in the $10 million to $30 million range.

Four properties traded hands in mid-market sales in Queens, three in Brooklyn, two in Manhattan and one in the Bronx for a total of $158 million in the final week of July, up from the week before, when investment sales in the same price range totaled $113 million across six deals.

1. Housing nonprofit Help U.S.A. purchased 97 residential units across four apartment buildings in the Bronx for $25 million. The buildings — located at 1233 White Plains Road in Soundview; 3034, 3042 and 3046 Holland Avenue in Bronxwood; and 1058 Teller Avenue in Concourse — span a total of 68,000 square feet. The seller was Neighborhood Renewal Housing Development Fund Corp.

2. Jason Richard Realty LLC sold a 66,000-square-foot industrial building at 75 Onderdonk Avenue in Ridgewood, Queens for $24.5 million. The buyer was wholesale supplier My Sales LLC. The property has 61,000 feet of air rights and listed for $26.5 million in July 2020.

3. Yoel Goldman’s All Year Management and Zoltan Berkowitz unloaded 14 properties, mostly apartment buildings, in Prospect Heights for $22 million as part of the firm’s financial restructuring. The buyer was Prospect Affordable Package LLC through affordable housing sponsor NYC Housing Partnership.

The 14 properties are located near the border of Prospect Heights and Crown Heights, on Bergen Street, Classon Avenue, Franklin Avenue, Pacific Street and St. Marks Avenue.

4. National Refrigerants, Inc. picked up a 12,500-square-foot warehouse at 529 West 46th Street in Hell’s Kitchen for $16 million. The seller was Julius Louis LLC.

5. Israel Perlmutter sold a 27,000-square-foot, mixed-use building with 20 residential units at 120 South Fourth Street, also known as 364 Bedford Avenue, in Williamsburg for $15 million. The buyer was Joel Rubin of South 4 Holdings LLC.

6. Abraham Leifer of Aview Equities sold a 12,000-square-foot commercial building at 275 Livingston Street in Downtown Brooklyn for $12.75 million. The buyer was Lonicera Partners. Leifer acquired the property in 2018 for $14.8 million and was one of three he sought for an assemblage that never quite panned out.

7. The Health Insurance Plan of Greater New York sold a 36,500-square-foot commercial building at 31-75 23rd Street in Astoria for $12 million. The buyer was 3175 23rd Verv LLC.

8. ZD Jasper Realty picked up a 7,500-square-foot parcel at 45-17 Davis Street in Hunters Point, Queens, for $11 million. The developer has filed plans for a 21-story, mixed-use building spanning 90,000 square feet with 82 residential units. The seller was Priya Hospitality affiliate Davis Street LP.

9. George E. Schoellkopf sold a 5,900-square-foot, mixed-use building at 1065 Madison Avenue on the Upper East Side for $10.2 million. The buyer was the Reka Darida Foundation, a Hungarian cultural organization. Judson Realty brokered the sale.

10. Abbott Industries, Inc. sold 52,000 square feet of industrial property at 95-25 149th Street, and 95-08 and 95-12 150th Street in Jamaica, Queens, for $10 million. The buyer was Radix Capital.





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