Mid-August selling spree of multifamily, mixed-use buildings hits i-sales market

Residential buildings, some with ground-floor commercial units, are hot commodities

New York /
Aug.August 17, 2021 01:47 PM
Mid-August selling spree of multifamily, mixed-use buildings hits i-sales market

1231 Seabury Avenue; 104, 106, 108 and 110 West 144th Street; 577 2nd Avenue; 135 West 225th Street (Google Maps)

The market price of residential buildings across New York City, some with ground-floor commercial units, came into view last week as the post-pandemic renaissance continued.

With apartment leasing rebounding and landlord concessions in decline, a spate of multifamily and mixed-use buildings traded hands last week.

Five of seven investment sales recorded in the $10 million to $30 million range last week were for tenant-occupied buildings. Three properties traded in Manhattan, three in the Bronx and one in Queens for a total of $121 million, beating last week’s total of just $25 million.

Here are more details of the i-sales in the middle of the market for the second week of August.

1. Linzer Products Corp. picked up a 70,000-square-foot manufacturing building at 1231 Seabury Avenue in Westchester Village in the Bronx for $29.5 million. The seller was Allway Tools.

2. Camber Property Group acquired four multifamily buildings totaling 60 units at 104, 106, 108 and 110 West 144th Street in Central Harlem for $25.3 million. The seller was Renaissance Realty Group.

3. An affiliate of Rosedale Management sold an 82-unit multifamily building at 135 West 225th Street in Marble Hill for $14.6 million. Barry Aronowsky signed for the seller. The buyer was 135 W 225 LLC, registered to the same address as Pinehurst Management in Lakewood, New Jersey.

4. An affiliate of Rental Management Associates sold a portfolio of multifamily and mixed-use buildings in Concourse, Bronx, for $13.2 million. The buyer was the Settlement Housing Fund. The buildings have 199 units across 166,000 square feet at 149 East 165th Street, 200 East 166th Street, 1194 Sherman Avenue, 1322 Morris Avenue and 1345 Teller Avenue.

5. Innovo affiliate 23-30 Borden Lower Tier Member LLC transferred a 64.9 percent interest in a 200,000-square-foot parcel at 23-30 Borden Avenue in Sunnyside, Queens, to PIMCO affiliate Tobi IV Spe I LLC in a transaction valued at $13.1 million. Innovo plans a last-mile delivery warehouse at the site.

6. An affiliate of the Torkian Group acquired a 5,200-square-foot, mixed-use building at 249 East 82nd Street in Yorkville for $12.9 million. The seller was Aryeh Realty Corp. affiliate BB&A 82nd LLC.

7. An affiliate of Barberry Rose Management sold two mixed-use buildings spanning 48 units and 40,000 square feet at 1520 and 1526 St. Nicholas Avenue for $12.5 million. The buyer was limited liability company 1520-1526 St. Nicholas Avenue.





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