Columbia expansion powers mid-market deals to $245M week

University buys in Manhattanville; Soho condo building sells for $39M

New York /
Feb.February 01, 2022 08:45 AM

90 Greene Street, 2328 12th Avenue, and 165-15 to 165-18 88th Avenue (Google Maps)

The middle of the investment sales market was a potpourri of deals last week, with 13 transactions fetching $245 million. Manhattan had seven, Brooklyn three, Queens two and the Bronx just one.

The biggest deal of the week was for a condo building in Soho, while Columbia University expanded its territory in Manhattanville, and warehouse sales continued apace; a Swedish artist even got in on the action.

Here are more details of the transactions between $10 million and $40 million recorded in the last full week of January.

1. Oaktree Capital Management sold a condominium building at 90 Greene Street in Soho for $39.4 million, having just bought the property in October for $33.6 million. Acadia Realty Trust acquired the 11,200-square-foot building, which has four full-floor residential units and ground-floor retail.

2. Columbia University bought a vacant 41,000-square-foot building at 2328 12th Avenue in Manhattanville for $25.2 million from the Glickberg family, whose Fairway Market grocery chain operated the site before going bankrupt in 2020. The building sold as part of an $84 million deal for adjacent property, all previously owned by the Glickbergs.

3. New York City’s School Construction Authority bought 49,250 square feet of land across three parcels from 165-15 to 165-18 88th Avenue in Jamaica for $24 million. The Bernard F. Dowd funeral home was the seller.

4. An affiliate of food and beverage packager Trans-Packers Services Corp. sold 77,850 square feet of warehouse space at 419 and 429 Vandervoort Avenue in East Williamsburg for $22 million. The buyer was a shell company registered to accounting firm Wei, Wei & Co., created by Steve Wei and Liren Wei. The properties are also known as 353 and 366 Frost Street.

5. The Torkian Group bought a 72,000-square-foot warehouse at 38-01 43rd Avenue in Sunnyside, Queens, for $20 million. The property was owned by a handful of family trusts and limited liability companies.

6. JAM Real Estate Partners bought 40 residential units at 324 and 326-328 East 89th Street in Yorkville for $19 million. The Grell and Schulz families sold the buildings.

7. Swedish artist Urs Fischer sold 25,000 square feet of warehouse space at 129 Van Brunt Street and 42 President Street in the Columbia Street Waterfront District, Brooklyn, for $16.1 million. Rachel Foster of JLL signed for the buyer, a limited liability company registered to property owned by Fridal Enterprises.

8. David Levy’s Adams & Company Real Estate bought a 16.4 percent stake in 1071 Sixth Avenue, a 174,000-square-foot office building in Midtown, for $20.3 million. The sellers were Equity Resource Investments and a shell company.

9. Los Angeles-based Calmwater Capital bought 18 condo units at 20 West Street in the Financial District for $14.7 million. Center Development Corporation sold the units.

10. The School Construction Authority bought a 26,400-square-foot parcel at 4002 Fort Hamilton Parkway in Borough Park, Brooklyn, for $14.7 million. A Roman Catholic congregation was the seller.

11. DHA Capital sold a 2,750-square-foot parcel at 30 Thompson Street in Soho for $13 million. Newark-based Extended Management was the buyer.

12. Paul Xuereb’s Tri-Star Equities bought a 13,900-square-foot, mixed-use building at 680 Broadway in Noho for $12.1 million. The seller was Max Abramowitz of William Max & Co.

13. Vanbarton Group sold a 19,400-square-foot retail building at 2374 Grand Concourse in Fordham, the Bronx, for $10.5 million. Edward Ostad was the buyer.





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