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

A handful of apartment buildings traded hands last week, but a slow spring continued for mid-market investment sales

New York /
May.May 19, 2022 08:45 AM
Legion Investment Group's Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)

Legion Investment Group’s Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)

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.





    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
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys languishing project in Fairfield
    NJ developer buys languishing project in Fairfield
    Kohl's CEO Michell Glass (Kohl's, iStock)
    Kohl’s looking to cash in on $8B real estate portfolio
    Kohl’s looking to cash in on $8B real estate portfolio
    Sackman Enterprises president Carter Sackman and 15-19 West 96th Street (Sackman Enterprises, Google Maps, iStock)
    Fed up Chabad sues Sackman over unfinished condo
    Fed up Chabad sues Sackman over unfinished condo
    A photo illustration of Times Square (iStock)
    Retail asking rents show signs of recovery
    Retail asking rents show signs of recovery
    SL Green's Harrison Sitomer and 450 Park Avenue (SL Green, Taconic Partners)
    SL Green closes on Park Avenue office tower
    SL Green closes on Park Avenue office tower
    arrow_forward_ios

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

    Loading...