Mid-market investors score parking garages, Queens apartments at discounts

$21M Ozone Park homeless shelter among 8 sales recorded between $10M and $30M last week

Parking spaces, resi building trade at discounts
85-15 101st Avenue in Queens; 165 Bowery; 191 7th Avenue (Google Maps)

While the competition for street parking is tight again across the city, garages have been slow to recover from the pandemic as office workers continue to stay home. This week, some of the spaces they left behind sold at a discount: Three garage units at West Village co-op buildings sold for $6 million less than their 2006 price.

Meanwhile, a Jackson Heights residential investment similarly traded for $6 million less than its 2017 price.

Overall, eight investment sales last week for amounts between $10 million and $30 million fetched a total of $127 million, compared to the prior week’s $38 million. Five were in Manhattan, two were in Queens and one was in Brooklyn.

Below are more details of middle-market transactions recorded in the last week of October:

1. Asher Shafran sold a 12,000 square-foot homeless shelter at 85-15 101st Avenue in Ozone Park, Queens, for $20.5 million to limited liability company 85-15 101st Avenue Propco. Danny Turkel of Liberty One Group filed a permit application to renovate the Queens building in September. Denver-based Bear Creek Asset Management financed the purchase.

2. Wade Guyton through limited liability company Meduza Lorenz bought a 22,000 square-foot office building at 165 Bowery on the Lower East Side for $18.8 million. Malka Realty sold the property and financed the transaction.

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3. William Yagoda’s Twin Oaks Equity Partners bought a 61,000 square-foot, mixed-use building at 191-197 Seventh Avenue in Chelsea for $17.5 million. The building has 29 units, of which 22 are residential. Metro Management Development was the seller. Signature Bank provided financing.

4. An affiliate of Everest Buildings Management bought a 58-unit residential building, Hays Court, at 33-53 82nd Street and 33-54 83rd Street in Jackson Heights, Queens, for $17 million. An affiliate of private equity investor Henley Investments sold the properties, having acquired them for $23 million in 2017.

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5. Select Garages bought the parking spaces of three Greenwich Village co-op buildings at 30 East 9th Street, 40 East Ninth Street and 60 East Ninth Street, for $16.2 million. An affiliate of Manhattan Skyline Management was the seller, having bought the spaces in 2006 for $22.6 million.

6. Select Garages bought the parking space at 2373 Broadway on the Upper West Side for $13.5 million. Albert Berkowitz signed for the seller, an affiliate of Manhattan Skyline Management.

7. Prana Investments bought 96 rent-regulated residential units at 192 and 200 Nagle Avenue in Inwood for $13 million. The buildings span a combined 87,000 square feet. Morris Lieberman of Park Avenue South Management was the seller.

8. Yehuda Cohen bought 30 residential units at 1071 Fulton Street in Clinton Hill, Brooklyn, for $10.3 million. Alfred Thompson signed for the seller, Fulton Classon Condo LLC. Goldman Sachs Bank USA provided financing.