Inwood i-sales bring in $26.5M
$36M in mid-market deals include school site, commercial condo and warehouse
Compared to last week, the middle range of New York’s real estate investment market was downright sluggish for the week ending March 19.
Four mid-market deals, most of which were around $10 million, were recorded, for a total sales volume of just under $47 million. Last week, there were six closed sales for a total of $147 million. Mid-market sales involve properties that change hands for between $10 million and $30 million each.
Three deals in Manhattan — a school site and retail building in Inwood, and a community facility in Hell’s Kitchen — brought in $26.2 million, while a Brooklyn warehouse fetched $10 million. Two of the sites appear to be earmarked for grocery stores.
Here are more details on those sales:
1. Peter Fine’s Bolivar Development bought a 8,600-square foot parcel at 400 West 219th Street in Inwood for $16 million. The developer has plans filed for a 120,000-square-foot educational building on the site, and secured $10 million in financing from M&T Bank to make its purchase. The seller was the limited liability company Van John Realty.
2. A limited liability company affiliated with Abro Management Corp. sold a 9,200-square-foot retail building at 4910 Broadway in Inwood for $10.5 million. The buyer was a limited liability company affiliated with Fine Fare Supermarket. Richard Scharf signed for the seller.
3. Developer Imperial Companies sold a 12,200-square-foot commercial condo unit, designated as a community facility, at its Henry Hall development at 515 West 38th Street in Hell’s Kitchen for $10.23 million. The buyer was the Committee to Protect Journalists.
4. Limited liability company Ingraham Realty Properties sold a 20,000-square-foot warehouse at 150 Varick Avenue in East Williamsburg at $10 million. The buyer was limited liability company Eastern Pearl Holdings, affiliated with 99 Asian Supermarket in Boston. Xi Ping Xia signed for the buyer, while Michael and Steven Levy signed for the seller.