Old-guard landlords cash out in Manhattan, Bronx multifamily deals

Multifamily deals in Manhattan and the Bronx highlighted an otherwise slow week for mid-market investment sales as a handful of longtime New York City landlords traded apartment buildings for between $10 million and $40 million.

Landlord Yechiel Newhouse bought a 96-unit apartment building at 1514 Sedgwick Avenue in Morris Heights, the Bronx, for $22.5 million. The seller was Sharp Management, which bought the building for $21.7 million in 2014. The 13-story property was built in 2004. Ariel Property Advisors’ Victor Sozio, Daniel Mahfar and Shimon Shkury brokered the deal.

On the Upper East Side, former Naftali executive Victor Sigoura’s Legion Investment Group paid billionaire landlord Kamran Hakim $21.1 million for an eight-unit apartment building at 26 East 84th Street. Hakim had owned the century-old, 4,400-square-foot building since 1995, records show.

An LLC tied to landlord Isidoros Sfikas bought a 64-unit apartment complex at 320-326 East 70th Street on the Upper East Side for $14.8 million from Long Island-based Vintage Real Estate Services. The 16-story structure was built in 1920 and last traded in 1978, records show, for an undisclosed amount.

An LLC connected to real estate developer Eran Nornber bought a six-story, 34-unit apartment building at 321 Lenox Avenue in Harlem for $14.3 million. The seller was an entity with ties to investment firm Delshah Management Capital. The century-old building, which last sold for $11.2 million in 2012, includes a ground-floor restaurant. Delshah tapped JLL to put it on the market in late 2019.

An entity tied to landlords Vito and Michael Sacchetti sold a 68-unit apartment building at 3120 Wilkinson Avenue in Pelham Bay, the Bronx, for $12.1 million to landlord Bashkim Celaj. 79,400-square-foot property was last sold in 1983, records show, for an undisclosed amount.

An entity tied to Meridian Capital Group’s Abe Hirsch bought a warehouse at 335-339 Moffat Street in Bushwick for $11.1 million from an LLC with ties to real estate developer Juan Figueroa. The 22,000-square-foot, single-floor property last sold in 2016 for $3.7 million.

One notable transaction that fell outside of the $10 million to $40 million range of this report involved Andrew Chung’s Innovo Property Group and real estate investment firm Square Mile Capital Management selling a Maspeth, Queens, warehouse at 58-30 Grand Avenue for $51.3 million. The buyer was an entity connected to Boston-based developer The Davis Companies.

Chung, a major investor in New York City warehouses, purchased the three-floor, 151,000-square-foot property in 2018 for $39 million.

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