Mid-market sales see another strong week with $97M in deals

Multifamily properties made up the bulk of $10M to $30M investment sales

2514 Albemarle Road in Flatbush, 242 and 246 Bradhurst Avenue and 5 West 91st Street (Google Maps)
2514 Albemarle Road in Flatbush, 242 and 246 Bradhurst Avenue and 5 West 91st Street (Google Maps)

It was another solid week for the mid-market investment sales, with six deals recorded in the $10 million to $30 million range for a total sales volume of $97.5 million. That’s slightly less than last week’s $100 million in deals, but still a positive sign for the market, which has been showing more signs of life in the past few weeks.

Three of those deals were in Manhattan, and another three in Brooklyn. Multifamily sales made up the bulk of those sales, with the sale of three apartment buildings in Harlem topping the list.

Here are more details for the week ending Dec. 11.

1. Black Spruce Management purchased three multifamily buildings in Harlem spanning 83,673 square feet for $26.1 million. The properties, which together hold 136 units, are located at 242 and 246 Bradhurst Avenue, and 303 West 154th Street. John Schreiber of Uphattan Corporation signed as the seller.

Sign Up for the undefined Newsletter

2. May Realty Group purchased a 48,972-square-foot multifamily building at 5 West 91st Street on the Upper West Side for $20 million. The building has 48 units across six floors. The Park family, which has real estate holdings in New York and New Jersey, sold the building, which it purchased for $27.1 million in 2013.

3. Imperial Parking Systems sold a parking garage beneath the L’Ecole condo building at 211 East 46th Street for $15.7 million. The buyer was a limited liability company affiliated with Centerpark Realty. Imperial purchased the garage in 2008 for $11.5 million. Another parking garage in Midtown sold for $15 million last week.

4 & 5. Separate limited liability companies affiliated with the same seller offloaded two Brooklyn properties: A 39,628-square-foot mixed use building at 2514 Albemarle Road in Flatbush for $12.6 million, and a 25,000-square-foot institutional facility at 56 Kingston Avenue in Crown Heights for $12.02 million. In both deals, Scott Katz signed as the seller, and Jeffrey Zwick signed as the buyer.

6. A limited liability company affiliated with Slope Realty sold a 30,047-square-foot multifamily building at 503 12th Street in Park Slope for $11.1 million. The buyer was limited liability company 503-9 12th Street.