South Bronx leads mid-market investment sales with $42M land deal

Beitel Group plans 470-unit apartment building at 120 East 144th Street

New York /
Apr.April 21, 2022 01:45 PM
CEO Ben Beitel and 120 East 144th Street (Google Maps, LinkedIn)

CEO Ben Beitel and 120 East 144th Street (Google Maps, LinkedIn)

The biggest mid-market sale recorded in New York City last week was in the Bronx.

Beitel Group’s Binyamin Beitel, through an LLC, purchased a development site at 120 East 144th Street in Mott Haven, the Bronx, for $41.5 million from Tori Realty Group. Beitel Group has filed permits for a 13-story residential building on the property with 470 units.

While that sale was slightly above the typical $10 million to $40 million range of transactions included in this weekly roundup, seven other mid-market commercial deals recorded in city records last week fetched a total of $118 million. Five of the deals occurred in Brooklyn, one in the Bronx and one in Manhattan.

Elsewhere in the Bronx, a 22,000-square-foot building at 1851 Phelan Place, most recently operated as an adult shelter, sold for $25.5 million. Yoel Zagelbaum signed as the borrower for the buyer, a limited liability company. The property had previously been managed by Childrens Community Services Inc., a nonprofit that obtained over $900 million in city contracts before it was reportedly raided by federal authorities for allegedly defrauding the city with false billings.

Titan Group, a Queens-based demolition contractor, bought a 70,000-square-foot warehouse at 121 Hausman Street in Greenpoint, Brooklyn, for $24 million from Yitzchok Schwartz and Yidel Hirsch.

Bushburg Properties purchased an 86-unit apartment building at 117 Grattan Street in East Williamsburg for $16.5 million from the Vanbarton Group.

EMP Capital Group purchased a development parcel spanning 24,000 square feet at 1034-1042 Atlantic Avenue and 1035 Pacific Street in Crown Heights, Brooklyn, for $14 million from Gold Star “A” Realty. EMP has plans to build a 17-story apartment building on the site. The developer reportedly got assurance that a necessary rezoning for the project would be approved after reaching an agreement with local Council member Crystal Hudson to increase the amount of affordable housing in the building.

Mirwais Barakzai, through limited liability company Sachs Holdings, purchased a 40,000-square-foot apartment building at 3364 Guider Avenue in Brighton Beach, Brooklyn, for $13.8 million from Exclusive Properties Development Group. Sheikh Ullah signed for the seller.

Be’Er Miriam, an all-girls Yeshiva school, purchased the 42,000-square foot Mt. Pisgah Baptist Church at 760 DeKalb Avenue in Stuyvesant Heights, Brooklyn, for $13.1 million from Avdoo & Partners, according to a release. DJ Johnston, William Cheng, Michael Murphy and Ben Rechler of B6 Real Estate Advisors brokered the sale.

Simone Development Companies bought a commercial condo at The Charleston, a 21-story residential building at 225 East 34th Street in Murray Hill, for $11.1 million from Neuro Real Estate. NYU Langone occupies the 12,000-square-foot space.





    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
    From left: Scott Rechler and 5 Times Square; Marc Holliday, Stephen Ross and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
    Swell of maturing debt pressures office owners
    Swell of maturing debt pressures office owners
    (photos by Joe Lovinger/The Real Deal)
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Boston Properties' Hilary Spann and Eldridge CEO Todd Boehly in front of 767 Fifth Avenue (Boston Properties, Eldridge, Google Maps)
    Firm ditches Park Ave for entire floor of GM Building
    Firm ditches Park Ave for entire floor of GM Building
    Adam Neumann with 515 West Avenue (Wikipedia, Realtor, iStock)
    No buzz, but Adam Neumann will take the $293M
    No buzz, but Adam Neumann will take the $293M
    Photo illustration depicting landlords being outearned by their lenders (iStock)
    More multifamily landlords are making less than their lenders
    More multifamily landlords are making less than their lenders
    RFR's Aby Rosen and 285 Madison Avenue (RFR, iStock)
    RFR seeks extension on 285 Madison loan
    RFR seeks extension on 285 Madison loan
    HNA Group's Guoqing Chen (left), SL Green CEO Marc Holliday (right), and 245 Park Avenue (SL Green, World Travel & Tourism Council - via Wikimedia Commons, LoopNet)
    HNA must pay SL Green fat sum over 245 Park Avenue
    HNA must pay SL Green fat sum over 245 Park Avenue
    arrow_forward_ios

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

    Loading...