Here’s what the $10M-$20M NYC investment sales market looked like last week
East New York SNAP center sells; Renatus buys Peter McManus-anchored Chelsea buildings
1.) White Plains-based landlord Sierra Assets Group bought a 12-story office building at 160 East 56th Street for $18.7 million, following a recent dispute between the property’s sellers. The building holds 42 units, mostly office tenants with some retail, across 51,900 square feet. One of the building’s owners, David Associates, sued three of the property’s managing members in October to fairly partition the proceeds from the sale, citing constant friction between the owners, according to the complaint. The owners countersued, claiming they were owed income from the property that was never distributed.
2.) The Brooklyn SNAP center at 404 Pine Street sold for $18.5 million. Entities listed as FBE 404 Pinter Street LLC, 404 Pine Investors LLC, MP 404 LLC, which are appear to be linked to two separate buyers, acquired the property from Jeffrey Bresner. The four-story building spans 60,180 Square Feet Along Pitkin Avenue in East New York and is one of five SNAP centers located in the borough. It last sold for $8.6 million in 2007.
3.) Landlord Ved Parkash scooped up a a 72-unit mixed-use building at 2691 Reservoir Avenue in the Bronx for $17.3 million. The six-story building last sold for $8.4 million less than a year ago. Parkash, who was named on a New York City watchlist as one of the city’s worst landlords, recently paid $19 million for a rental building at 3873 Orloff Avenue.
4.) The Orbach Group’s latest purchase on the Upper West Side is a nine-story multifamily at 203 West 107th Street. The New Jersey-based landlord, which owns dozens of rental properties between West 101st and 114th streets, paid $16.3 million for the apartment building. Twenty-five of the building’s 28 apartments are rent-regulated units.
5.) A 65-unit rental building at 675 86th Street in Dyker Heights sold for $15.2 million. Meridian Properties acquired the property from longtime Virginia-based owner Paul Valentino. The building holds 66 apartments, most of them rent-stabilized units, and totals 64,200 square feet. According to a Massey Knakal listing for the property, the new owner will have an additional 10,700 square feet in the unfinished garden level.
6.) The Renatus Group bought two contiguous mixed-use buildings at 152-154 7th Avenue for $10.5 million from longtime owner Michael Connolly. One of the building’s three retail tenants is popular pub Peter McManus Cafe, which sits on the corner of West 19th Street. According to Renatus’ website, it will redevelop the buildings to significantly improve cash flow.
(Source: ACRIS data for closed sales between April 11-17, and Reonomy data)