17 investment sales make for a year-end smorgasbord
Family-owned real estate companies sold properties before tax calendar turned
UPDATED Jan. 7, 2021, 11:30 a.m.: The end of the year is a time for family. And for some families, that meant doing business.
A bevy of independent, family-owned companies accounted for last week’s investment sales in the $10 million to $40 million range, with Manhattan properties being most popular among middle-market buyers.
The central borough captured most of the 17 deals last week — a strong showing as the tax calendar turned over — while Brooklyn had seven and Queens and the Bronx each had one.
The purchases totaled a whopping $320 million, exceeding prior weeks’ totals by about a quarter. Here are the details.
1. Bobby Zar’s ZG Capital closed on an 81,000-square-foot, landmarked office building at 836 Broadway in Greenwich Village for $39.25 million. The seller, Hyde Park Antiques, had been in contract with ZG since October. The building last traded hands in 1986.The site was originally home to James Roosevelt, great-uncle to President Theodore Roosevelt. The Roosevelts sold the property in 1921.
2. Shai Shamir’s 6R Capital Realty bought a portfolio of mixed-use buildings and a parking lot at 72-79 Warren Street and 82-89 West Broadway in Tribeca for $36.1 million. Mark Jaffe of Jaffe Real Estate was the seller. His mother, Martha Jaffee, purchased the properties in 1969.
3. Self-storage owner StorageMart bought a 65,000-square-foot building at 1124 First Avenue in Lenox Hill for $34.1 million and a 34,570-square-foot building at 290 Dyckman Street in Inwood for $20.6 million. The sales were part of a $3 billion deal to acquire Manhattan Mini Storage from Edison Properties.
4. Home appliance seller Elie Fouerti bought a 71,000-square-foot development site at 2957 Shell Road in Coney Island for $26.2 million. The seller was Robert Hoffman. Fouerti filed plans in December to build a 223,300-square-foot, mixed-use building on the site.
5. Triumph Hotels Group sold a 28,500-square-foot homeless shelter at 141 West 144th Street in Harlem for $23 million. The buyer was an anonymous LLC.
6. RXR Realty and LBA Logistics bought adjacent development parcels spanning 181,000 square feet at 726 and 730 Court Street and 139 Bryant Street in Red Hook for $19.5 million. The sale is part of a $123 million deal with Houston-based logistics company Buckeye Partners for approximately 760,000 square feet of real estate.
7. An Omnia Group affiliate bought a 9,600-square-foot adult care center at 183 Chrystie Street on the Lower East Side for $19.5 million. The seller was Joel Fishkind through the limited liability company Fishkind & Company. Omnia’s offices are located next door at 187 Chrystie Street.
8. Gazit Horizons, a subsidiary of Israeli firm Gazit Globe, bought a 20,000-square-foot retail and office building at 555 5th Avenue in Park Slope, Brooklyn, for $17.25 million. Botsaris Morris Realty Group was the seller.
9. Benchmark Real Estate Group bought a 7,670-square-foot retail building at 818 Madison Avenue in Lenox Hill for $17 million.The seller was a family trust.
10. Arctrust Properties bought a 29,800-square-foot office building at 2244 Westchester Avenue in Westchester Village, the Bronx, for $16.1 million. The sale included two adjacent parking lots. Ponce Bank was the seller.
11. Nonprofit housing provider Westhab bought a 32,000-square-foot building at 138-50 Queens Boulevard in Briarwood, Queens, for $15.9 million. The United Service Workers Union sold the property, which was established as a homeless shelter site in 2020 by the Department of Homeless Services.
12. Stuart Berg of Tremada Holdings bought 30 co-op units at 790 Riverside Drive in Washington Heights for $12.9 million. Goldmont Realty was the seller.
13. Dax Real Estate bought a 12,500-square-foot, mixed-use building at 235 and 237 Kent Avenue in Williamsburg for $12.25 million. The sellers were limited liability companies Hancock Realty, 467 C Group and 750 Nostrand Group.
14. Penn South Capital bought a 12,300-square-foot apartment building at 164 and 166 East 7th Street in the East Village for $11.5 million. The Herrick family was the seller.
15. An affiliate of Bridges Development Group bought a 290,000-square-foot shopping center at 1608 Shore Parkway in Gravesend, Brooklyn, for $11 million. Maria Cirillo sold the property.
16. Jonathan Wiener’s Chestnut Holdings bought a 38,500-square-foot apartment building at 390 Hooper Street in Williamsburg for $10.5 million. Luisa Realty was the seller.
17. The Haimof Group sold a 30,700-square-foot apartment building at 409 and 413 Broadway in Williamsburg for $10.5M. Yocheved Perlstein was the buyer.
This article has been updated to reflect a more recent appraisal of 836 Broadway Avenue, per ZG Capital. City records estimate the square footage at 56,827.