Bulk condo deal leads Manhattan’s mid-market i-sales
Plus, developer in Brooklyn gets long-awaited construction loan
A bulk condo deal was one of three mid-market investment sales recorded in Manhattan last week, the only borough to notch such deals. Altogether, the transactions, each between $10 million and $30 million, totaled $46 million — about half the amount compared to the week prior.
Brooklyn didn’t see any deals of that size, but a mid-market development project took a step forward.
Here are more details for the week ending April 9, 2021.
1. Daniel Fishman’s Gaia Real Estate sold eight condominium units at 416 West 52nd Street in Hell’s Kitchen for $16.4 million. The buyer was a limited partnership, Acro 416 W 42nd Street. The latest sellout price of the condo conversion was about $53 million, per an updated offering plan filed in January 2020. The conversion project began in 2015.
2. Limited liability company West 114th Acquisition purchased a 30,000-square-foot parcel on 114th Street, between St. Nicholas and Lenox Avenues in Harlem, for $16.1 million. The seller was a limited partnership, Church Home Associates.
3. Drew Popkin’s Highpoint Property Group sold a 6,500-square-foot apartment building at 100 Second Avenue in the Ukranian Village for $13.25 million. Two limited liability companies affiliated with Kave Pourzanjani purchased the property.
4. Efraim Weber’s limited liability company 963 Holdings secured a $22 million construction loan at 963 Atlantic Avenue in Clinton Hill, Brooklyn from California-based Axos Bank. Weber filed plans in 2019 for a 120,000-square-foot, mixed-use building at the site.