New York City dealmakers went into the Labor Day weekend on a quieter note when it came to mid-market investment sales.
Only six transactions involving commercial properties valued between $10 million and $40 million hit city records last week. Manhattan and the Bronx each had two deals, while Brooklyn and Queens had one apiece. Below is more information on each deal, ranked by dollar amount.
1. An entity connected to Sunlight Development bought a warehouse and parking lot at 30-55 Vernon Boulevard in Astoria for $25 million from Pioneer Property Group and Vernon-Sutton Inc. Sunlight plans to demolish the two-floor, 24,000-square-foot warehouse to build a condominium of as much as 91,000 square feet, Commercial Observer reported. The property last sold for $8.2 million in 2013.
2. SNL Storage sold an 83 percent stake in a Life Storage facility at 1430 Bruckner Boulevard in Soundview, the Bronx, for $18 million to Life Storage. The deal also included $6 million in personal property, bringing the full sale price up to $24 million. Built in 2018, the two-floor storage facility spans 49,600 square feet. The property last sold in 2016 for $3.8 million.
Read more
Commercial
New York
Turner Capital sells Bronx charter school in quiet week of i-sales
Commercial
New York
I-sales roundup: RJ Block buys Harlem mixed-use portfolio
3. Carvi Properties, which operates a portfolio of hotels and owns the Ipanema Restaurant Group, sold the Blue Angel Hotel at 152 East 55th Street in Midtown East for $17.5 million to Millennium Queensland Holding LLC. Henry Zheng signed for the buyer. Built in 1985 and formerly known as the Carvi Hotel, the seven-floor establishment spans 18,300 square feet. The property last sold for $9.3 million in 2007.
4. Entities connected to Liberty One Group sold a five-floor, 103-unit health care facility and two-story dwelling at 2342 Washington Avenue and 2329 Bassford Avenue in Fordham Heights, the Bronx, for $17.1 million to 480 East 185th Propco LLC. Yoel Zagelbaum signed for the buyer. The two properties span a combined 18,800 square feet. Both buildings last sold in 2016 for $2.6 million.
5. Four B’s Inc. sold a warehouse at 121-129 30th Street in Sunset Park for $12.4 million to entities connected to Jacob Mermelstein. Marcus Elias signed for the seller. A Tri State Commercial Realty team consisting of Dov Bleich and David Biller brokered the deal. The warehouse had been home to Bloom’s Kosher since 1996. The company is relocating to a New Jersey warehouse, according to the brokers. Built in 1925, the two-floor warehouse they are leaving spans 27,000 square feet.
6. An entity tied to Fairstead bought an office building at 729 Sixth Avenue in Chelsea for $10.3 million from 729 Sixth Avenue Manhattan LLC. Steven Sarkisian signed for the seller. Built in 1920, the 6,400-square-foot office building has four units across four floors. It last sold in September for an undisclosed amount.