Abby Modell buys West Village, Midwood apartments for $68M

Defunct retail chain’s namesake family topped last week’s mid-market deals as investors continue flocking to Midwood

New York /
Apr.April 14, 2022 03:00 PM

Abby Modell with 1704 Ocean Avenue (Getty, Street Easy)

Modell’s Sporting Goods may have all but faded from New York City, but its namesake family isn’t going anywhere.

A pair of limited liability companies tied to Abby Modell, sister-in-law of Mitchell Modell, the defunct retail chain’s former CEO, purchased a 64-unit apartment building at 1704 Ocean Avenue in Midwood, Brooklyn, for $37.1 million and a 33-unit apartment building at 35 Bedford Street in the West Village for $31 million.

Yerachmael Jacobson and Marc Jacobowitz of Bluejay Management sold the Midwood building. Michael Sherman of Baseline Real Estate Advisors and Jacob Stavsky of SP Capital Group represented buyer and seller, respectively.

The West Village building was sold by Benchmark Real Estate, which bought the property for $21 million in 2019. BEB Capital advised Modell on both deals. Mitchell Modell and BEB previously came together in 2019 to buy an office building in the Garment District.

Those buildings were two of seven commercial properties that traded for between $10 million and $40 million in deals recorded in New York City last week. Manhattan had three deals, while Brooklyn and Queens each had two. Together, the seven sales totaled $135.9 million.

Also in Midwood, Moshe Greenzweig purchased a 96-unit apartment building spanning 114,000 square feet at 3101 Aurelia Court for $19.3 million. Livingston Gardens Inc. sold the property as part of a $42 million portofolio sale that also included 550 East 21st Street, 850 East 17th Street and 855 East 19th Street.

Denali Management Inc. purchased a 64,500-square-foot building with 86 residential units at 86-22 Dongan Avenue in Elmhurst, Queens, for $14.5 million from the Bokhour family. Elyas Bokhour also sold an apartment building in Long Island City in February for $15.5 million.

Hiuian Cheng, through a limited liability company, purchased a 27,600-square-foot building with mostly retail space at 47 Broadway in the Financial District for $12.5 million from the Riese Organization, a restaurant operator that has sold other buildings since the onset of the pandemic.

Christopher Petsanas’ Rasell Realty Corp sold a 13,000-square-foot development site at 45-02 Queens Boulevard in Sunnyside, Queens, for $11 million. The buyer was a limited liability company.

An affiliate of MD Squared Property bought a 12,400-square-foot building with mostly retail space at 206 Spring Street in Soho for $10.5 million from an affiliate of Corigin Real Estate. Adam Savell signed for the seller. Michael Mintz signed for the buyer.









      Related Articles

      arrow_forward_ios
      Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
      Here’s what the $10M-$30M NYC investment sales market looked like last week
      Here’s what the $10M-$30M NYC investment sales market looked like last week
      Legion Investment Group's Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)
      Old-guard landlords cash out in Manhattan, Bronx multifamily deals
      Old-guard landlords cash out in Manhattan, Bronx multifamily deals
      Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
      Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
      Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
      CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
      Landlords called it: Vacancy rate jumps, rent-stabilization stays
      Landlords called it: Vacancy rate jumps, rent-stabilization stays
      331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
      Tri-state deal roundup: Multifamily, industrial still hot
      Tri-state deal roundup: Multifamily, industrial still hot
      From left: Vice Media CEO Nancy Dubuc, Rudin’s CEO and co-chairman Bill Rudin, and Dock 72 (Getty Images, S9 Architecture, Rudin Management, iStock)
      Vice scraps move to Rudin’s Dock 72
      Vice scraps move to Rudin’s Dock 72
      From left: Metro Loft Management founder Nathan Berman, Silverstein Properties chairman Larry Silverstein, and 55 Broad Street (Metro Loft, Silverstein Properties, LoopNet)
      Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
      Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
      1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
      Investor claims Jeff Sutton cheated him out of millions on Times Square deal
      Investor claims Jeff Sutton cheated him out of millions on Times Square deal
      arrow_forward_ios

      The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

      Loading...