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New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

CGI pays $17.8M for a Midtown garage; Slate buys a First Avenue mixed-use building for $14M

500 West 43rd Street, 401 East 50th Street and David Schwartz
From left: 500 West 43rd Street, 401 East 50th Street and David Schwartz

1.) Gidi Cohen and Adrian Goldstein’s CGI Strategies In Real Estate sold the The Strand Condominium garage for $17.8 million. Hertz leases the three-level garage at 500 West 43rd Street, which is part of a 313-unit tower located between 10th and 11th Avenues. The buyer is private investor Samuel Annis of 500 West 43rd St. Garage LLC. CGI acquired the property from Harbor Group International in 2013 for $13.6 million

2.) Queens-based developer Ampiera Group purchased a vacant office building at at 90-75 Sutphin Boulevard in Jamaica, Queens for $17.5 million. The six-story building, which sits between Jamaica and Archer avenues, spans nearly 91,000 square feet and has an additional 14,000 square feet of air rights. Arbern Sutphin Properties is the seller. Amperia is also developing an eight-story, mixed-use building in Long Island City at 24-12 42nd Road.

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3.) Slate Property Group paid $14 million for a mixed-use building at 401 East 50th Street, on the corner of First Avenue. The Midtown East building has 25 residential units, three of which are rent-controlled and 17 are currently vacant. The building also has five commercial units, and combined with residential, totals nearly 15,000 square feet, although the site can be developed to more than twice that size. The seller, Alexico Group, offloaded another First Avenue development site for $64 million last year following a number of stalled projects.

4.) Social services agency OHEL Children’s Home and Family Services sold its headquarters at 4510 16th Avenue in Brooklyn for $12 million. Canadian real estate group Rosdev Corp. is buying the five-story, eight-unit office in the Borough Park neighborhood. The building spans 20,000 square feet.

5.) Meridian Properties paid $10.7 million for a 62-unit Bay Ridge residential building at 537 Ovington Avenue. Rents in the four-story rental building average $1,300 per month. The buyer is Paul Valentino’s Quinray Realty Corporation.

6.) The Trade Delivery Service warehouse at 300 Sheffield Avenue in East New York traded hands for $10.3 million. Pennsylvania-based Urban Storage Fund LP acquired the three-story, 78,000-square-foot industrial building from MPWP Realty Corp.

(Source: ACRIS data for closed sales between 4/6 to 4/12, PropertyShark data)

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Investment Sales