Investors continue to snatch up city’s multifamily, industrial assets
Rental recovery and an ongoing warehouse boom powered last week’s mid-market deals
Multifamily assets remained hot commodities last week as the city’s investment sales market continued to stage its pandemic comeback.
The Orbach Group has sold four buildings to an affordable housing provider for a combined $55 million since the start of the month. Meanwhile, industrial buyers with multi-state portfolios scooped up warehouses in Queens and Brooklyn.
Nine properties changed hands last week for between $10 million and $40 million, with four sales in Manhattan, three in Brooklyn and one each in Queens and the Bronx. The sales fetched a total of $138 million, beating last week’s total of nearly $89 million across five deals.
Below are more details of middle-market investment sales for the second week of November.
1. Maryland-based Realterm Logistics bought a 20,800-square-foot warehouse at 34-52 Laurel Hill Boulevard in Sunnyside, Queens, for $25 million. The seller was American Compressed Gases, Inc.
2. Meyer Orbach’s Orbach Group sold a 62-unit apartment building at 120 West 105th Street on the Upper West Side for $21.4 million. The buyer was the non-profit NYC Housing Partnership, which creates and preserves affordable housing. Orbach acquired the 55,000-square-foot building in 2013 for $16 million.
The deal came a week after Orbach sold two nearby multifamily buildings totaling 48 units to the NYC Housing Partnership for $21 million.
3. A family trust sold a 9,200-square-foot, mixed-use building at 95 Bedford Street in the West Village for $17.6 million. The buyer was an anonymous LLC registered in Delaware.
4. Industrial real estate investment trust GTJ bought a 58,000-square-foot warehouse at 625 Wortman Avenue in East New York for $13.4 million. The seller was used clothing recycler Noamex, Inc., which acquired the building in 2014 for $5.3 million.
5. Denali Management bought a mixed-use building with 84 residential units at 4755 White Plains Road and a 5,000-square-foot parking lot at 4740 Richardson Avenue in Wakefield, Bronx, for $14.8 million. The seller was Rettner Realty.
6. The Orbach Group sold a 30-unit, mixed-use building at 933 Amsterdam Avenue on the Upper West Side for $13.2 million. As with Orbach’s other two sales this month, the buyer was the NYC Housing Partnership. The building spans 24,300-square-feet and contains 27 residential units.
7. Ernest Saasto bought a 43-unit, 37,000-square-foot apartment building at 140 Bay Ridge Parkway in Bay Ridge, Brooklyn, for $11.9 million. The seller was William W. Koeppel, a longtime city landlord who was indicted in the 1990s for allegedly exchanging apartments for political contributions to Republican causes, including Rudy Giuliani’s mayoral campaigns.
8. Scott and Seth Leist sold a 136-unit apartment building at 1710 Cortelyou Road in Ditmas Park, Brooklyn, for $10.5 million. Limited liability company Fred & Ivan Leist Special K was the buyer, signed for by Susan Leist.
9. David Podolsky bought a two-story, 10,000-square-foot retail building at 285 Grand Street on the Lower East Side for $10.4 million. The seller was Ralph Sherman.