After a hot summer in New York City, a company that supplied it with plenty of ice cream has cashed in on some property.
E&M Ice Cream sold a warehouse in September in the Bronx for 32 percent more than it paid in 2019, thanks in part to a private equity investment.
The ice-cream-filled warehouse was one of three investment properties to change hands last week for between $10 million and $30 million. A second was a Jeff Sutton retail building. The total for all three was $38 million. The previous week’s mid-market fetched $45 million.
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Below are more details for mid-market i-sales in the last week of September.
1. Jeff Sutton’s Wharton Properties sold a 17,000-square-foot retail building at 2917 Nostrand Avenue, also known as 2925 Kings Highway, and an adjacent 11,000 square-foot parking facility in Sheepshead Bay, Brooklyn, for $18 million. The buyer was a limited liability company not-so-cleverly named 2917 Nostrand.
2. Ice cream distributor E&M Ice Cream sold a 32,471-square-foot warehouse at 701 Zerega Avenue in Castle Hill, the Bronx, for $14.5 million. The buyer was MTK Zerega 701 LLC. Martin T. Kelly, founder of E&M, announced in September that the distributor had entered an investment partnership with private equity firm Mill Point Capital. E&M Ice Cream bought the warehouse in late 2019 for $9.8 million from Nestle Dreyer’s Ice Cream.
3. Abraham Brach sold a pair of commercial condo units spanning a combined 13,000 square feet at 58 Gerry Street and 25 Bartlett Street in Williamsburg for $10.5 million. The buyer was Cheskel Brach.