School’s still out but Construction Authority buys in Brooklyn

$21M building purchase leads light week of mid-market sales across 5 boroughs

New York /
Aug.August 25, 2021 08:30 AM
8802 5th Avenue and 348 Atlantic Avenue in Brooklyn (Google Maps)

8802 5th Avenue and 348 Atlantic Avenue in Brooklyn (Google Maps)

Maybe the city School Construction Authority was gearing up for the start of classes with its $21 million purchase of a building in Fort Hamilton.

The deal was the priciest in the city amid a light week of investment sales involving mid-market properties between $10 million and $30 million.

The seller was developer Tim Ziss, who sold the property for $6 million more than he shelled out in 2017. A couple of years ago, he flipped a building to the SCA for $12 million more than what he had paid eight months earlier.

In all, four mid-market properties traded last week across the city for $59 million combined, a sharp fall-off from the $121 million of properties that traded the week before. Three of the properties were in Brooklyn — including two in Boerum Hill — and one was in the Bronx.

Here are more details of sales recorded in the third week of August.

1. Tim Ziss — also known as Efthimios Zisimopoulos — sold the 13,800-square-foot building at 8802 5th Avenue in Fort Hamilton for $21 million. The parcel underneath spans 21,600 square feet. The School Construction Authority was the buyer. Ziss bought the property in 2017 for $15 million. In 2019 Ziss sold a nearby Nathan’s Famous to the SCA for $25 million, having paid $12.25 million for the building months earlier, according to the Brooklyn Daily Eagle.

2. Denali Management acquired three multifamily buildings at 2584 Creston Avenue, and 2585 and 2593 Grand Concourse in Fordham for $13.4 million. The buildings have a combined 74 units and span 74,500 square feet. The seller was the Morgan Group.

3. Bayrock Capital affiliate 316 Partners LLC acquired a 18,500-square-foot dormitory building at 316 Atlantic Avenue in Boerum Hill for $13 million. The seller was ASA College.

4. Hidrock Properties sold two mixed-use buildings at 348 Atlantic Avenue and 336 State Street in Boerum Hill for $11.85 million. The 336 State Street property is also known as 75 Hoyt Street. The buildings span 11,200 square feet with 12 residential units and four commercial units. Luxembourg-based Cofinance Group was the buyer. Lev Mavashev and Daniel Aminov of Alpha Realty brokered the sale for the buyer and seller.





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