I-sales: Maligned landlord sells in Park Slope, Midtown apts trade for $42M

Notorious investor Greenbrook Partners among mid-market deals recorded in city records last week

New York /
Apr.April 29, 2022 07:00 AM
 847 Second Ave (Loopnet, iStock) Turtle bay, Apartments

847 Second Ave (Loopnet, iStock)

Multifamily assets continued to attract buyers despite a slow week for New York City’s investment sales market, including two buildings in Turtle Bay that traded for an apparent discount and a mixed-use property in Park Slope that was offloaded by a controversial corporate landlord.

The nonprofit J.T. Tai & Co. Foundation sold the two Turtle Bay buildings for a combined $41.5 million. The larger of the pair, at 847 Second Avenue, boasts 82 units and spans most of the block between East 45th and East 46th streets. On the corner of East 51st Street, a four-story building at 961 Second Avenue was also included in the deal. Both buildings include ground-floor retail.

The foundation, formed by the late Chinese-American art dealer and real estate investor J.T. Tai, tapped JLL to market the properties last year and was reportedly seeking $50 million for them, according to the Commercial Observer. The buyer was listed in city records as Oak B Management Corp.

Apart from that deal, seven investment sales in the middle of the market — ranging from $10 million to $40 million — were recorded in city records last week, totaling about $98 million. Three of the deals were in Manhattan, two in Brooklyn and one each in Queens and the Bronx.

Bram Auto Group, an operator of tri-state-area car dealerships, including several in Bay Ridge, Brooklyn, bought a retail condo at 547 West 47th Street in Hell’s Kitchen for $26 million. The property sits at the base of The West, a 219-unit new development condo by CB Developers, SK Development and Ironstate Development. CB Developers is listed as the seller of the retail space, which was designed to hold an automotive showroom, according to YIMBY.

Queens-based New City Realty Co. bought a 30,000-square-foot, four-story office building at 353 East 149th Street in Melrose, the Bronx for $14 million. Iris Nelson-Schwartz signed for the seller, an LLC.

Greenbrook Partners, which attracted significant unwanted attention last year after Park Slope residents railed against its allegedly predatory tactics as a landlord, sold one of its many properties in the Brooklyn neighborhood, a mixed-use building with six apartments at 157 Fifth Avenue, for $13.4 million. An attorney at White Plains-based Allegretti & Associates signed for the buyer, an LLC.

Sanyo Chemical Company and MD Squared, a Manhattan-based property management firm, bought a 21-unit apartment building at 439 West 46th Street in Hell’s Kitchen, for nearly $13 million, according to records. The seller is Relo Redac Inc., a New York-based subsidiary of the Japanese real estate firm Relo Group.

Peak Capital Advisors purchased neighboring apartment buildings totaling 26 units at 161 and 163 East 89th Street in Carnegie Hill for $11.6 million.

Century Development Group bought a 6,000-square-foot warehouse and adjacent parking lot at 45-36 21st Street in Hunters Point, Queens, for $10 million from Hutzler Manufacturing Co.

Brooklyn developer Joel Schwartz, through a limited liability company, bought a 10,500-square-foot office building at 88 North First Street in Williamsburg, Brooklyn, for $10 million from an LLC whose address matches B. Gans Management.


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