City agencies grease the wheels of investment sales
Government cuts deals for affordable housing, homeless shelters and schools
Why fight City Hall when you can make real estate deals with it instead?
The City of New York was active in the property market last week as both a buyer and seller, scooping up land for schools in Inwood while selling development rights in Greenpoint.
The week’s largest deal was for a homeless shelter in Hell’s Kitchen sold by Triumph Hotels co-founder Shimmie Horn for just over $25 million. The building is operated by homeless-services nonprofit Care for the Homeless, which in 2019 received $11 million in government grants, according to tax records.
The six investment sales in the $10 million to $30 million range last week fetched $113 million. Three were in Brooklyn, two were in Manhattan and one was in Queens.
The week before, investment sales in that range had totaled just over $200 million.
Here are more details of mid-market sales recorded in the third week of June.
1. A limited liability company affiliated with Horn sold a 35,800-square-foot homeless shelter at 427 West 52nd Street for $25.2 million. The buyer was 427 West 52nd Propco LLC. Shelter operator Care for the Homeless recently filed plans to renovate the property.
2. Paul Gagliardi sold two parcels spanning 27,700 square feet at 3761 and 3769 10th Avenue in Inwood for $23.6 million. The buyer was the New York City School Construction Authority.
3. Park Tower Group picked up 224,500 square feet of development rights at 16 Dupont Street in Greenpoint, Brooklyn, for $22.9 million. The seller was New York City. Park Tower will develop an affordable housing project at Greenpoint Landing with 374 units.
4. Self-storage company Insite Property Group acquired a 55,700-square-foot warehouse at 131-21 14th Avenue in College Point, Queens, for $15.25 million. The seller was Safeguard Self Storage.
5. An affiliate of Bridges Development Group acquired a 21 percent tenancy-in-common interest in Ceasar’s Bay Bazaar, a 290,000-square-foot shopping center at 1608 Shore Parkway, also known as 8949 Bay Parkway, in Gravesend, Brooklyn, for $14 million. The seller was Diiorio Realty.
6. Netanel Jacobov and Barak Jacobov sold an 8,000-square-foot retail building at 1702 East 9th Street in Midwood, Brooklyn, for $12.25 million. The seller was Yelena Vaynshteyn.