Multifamily assets power another strong week for investment sales
Development parcels also traded hands, while industrial sales took the week off
Investment sales priced between $10 million and $40 million combined for a whopping $377 million last week as multifamily properties remained a hot commodity, a pair of development parcels sold in Long Island City and a late photographer’s longtime home traded in a seller-financed deal in Soho.
An alleged illegal hotel once run by Hank Freid on the Upper West Side will be converted to affordable housing following a sale and court settlement with the city, the Naftali Group sold 45 apartments in East Williamsburg and Empire State Realty Trust bought a commercial condo near its new multifamily building in Hell’s Kitchen — a little something for everyone.
Manhattan was the most popular borough for investors last week, with eight sales, followed closely by Queens, which had six. The Bronx landed three sales and Brooklyn saw two.
Below are more details of investment properties that sold for between $10 million and $40 million during the second week of February:
Developer Jiashu Xu bought a 76,000-square-foot development site at 24-01 43 Avenue, along with an adjacent parking lot, in Long Island City, Queens, for $40.1 million. The seller was a family trust.
Empire State Realty Trust bought a 90 percent interest in a 6,110-square-foot commercial condo unit at 500 West 42nd Street in Hell’s Kitchen for $34.6 million. Fetner Properties sold the retail space as part of a $307 million transaction, mainly for multifamily property, including the adjacent 561 10th Avenue.
Alchemy Ventures bought a 24-unit apartment building at 140-144 4th Street in Greenwich Village for $32 million. Willowick Properties sold the 16,700-square-foot buildings.
Joe Simone’s Simone Development Companies bought most of an 81,300-square-foot commercial condo building at 459 East 149th Street in Woodstock, the Bronx, for $32 million. The purchase included 49,750 square feet of retail and office space, and 47,000 square feet of parking. Triangle Equities was the seller.
The Naftali Group sold a 24-unit apartment building at 64-68 Maspeth Avenue in East Williamsburg for $15.7 million. Across the street, it sold a 21-unit building at 65 Maspeth Avenue for $15.4 million. An affiliate of Goldman Sachs Ayco Personal Financial Management bought the properties, which span 22,500 and 28,400 square feet, respectively.
Bentley Zhao’s New Empire Corp. bought a 8,970-square-foot parcel at 24-01 Queens Plaza North and 41-43 24th Street in Long Island City for $25.7 million. The developer filed demolition plans in December and plans to construct a 19-story residential building spanning 115,000 square feet. The Ciampa Organization was the seller.
The Lemle family sold a 32,200-square-foot, 44-unit apartment building at 333-337 East 13th Street in the East Village for $24.3 million. Jonathan Leifer signed for the buyer, limited liability company JLRE 13th Street.
The estate of the late photographer Aaron Rose sold a 16,900-square-foot, mixed-use building at 392 West Broadway in Soho for $17.5 million. Rose purchased the building in 1969 with proceeds from an antique hand tools collection, which he had sold to the Eli Lilly Company, the New York Times reported. The estate provided financing for the buyer, an anonymous limited partnership.
Affiliates of Midwood Management bought a 8,500-square-foot, mixed-use building at 829 Madison Avenue in Lenox Hill for $17 million. A limited liability company sold the property, with Stanley Myer as signatory.
Elyas Bokhour sold a 71-unit apartment building at 36-05 29th Street in Long Island City for $15.5 million. Giuseppe Rocco bought the 70,000-square-foot property.
An affiliate of the Feil Organization sold a 60-unit apartment building at 92-40 Queens Boulevard in Rego Park, Queens, for $15 million. A limited liability company bought the 68,700-square-foot property with Darryl Smith as signatory.
Sioni Group bought a 35,600-square-foot development parcel at 4720 and 4734 3rd Avenue and 448 East 189th Street in Belmont, the Bronx, for $14 million. Affiliates of Vertical Community Development and Agus Holdings were the sellers.
The Sabet Group bought a 33-unit apartment building at 280 East 10th Street in the East Village for $12.25 million. Ramer & Saperstein sold the 19,500-square-foot property.
American Realty bought a 59-unit apartment building at 23-06 21st Street in Ditmars-Steinway, Queens, for $11.6 million. A limited liability company with Mattthew Quinn as signatory sold the 50,100-square-foot property.
Denali Management bought a 73-unit apartment building at 1738 University Avenue in Morris Heights, the Bronx, for $11.5 million. JLP Metro Management sold the 67,000-square-foot property.
Hotelier Hank Fried sold a 26,300-square-foot residential building at 258 West 97th Street on the Upper West Side for $11 million. The Fortune Society bought the building, previously known as the Royal Park Hotel, and will convert it to affordable housing. Fried agreed to pay $1.1 million to settle a lawsuit brought by the city alleging that he had been renting out the building’s units in violation of the state’s Multiple Dwelling Law.
The New York City School Construction Authority bought a 44,250-square-foot parcel next to 23-50 Waters Edge Drive near the Long Island Expressway in Bay Terrace, Queens, for $11 million. Samar Hospitality and the Bork family were the sellers.
Ebk Management bought a 10-unit apartment building at 583 Lorimer Street in Williamsburg for $10.8 million. A limited liability company sold the 8,600-square-foot property, with Daniel Cohen as signatory.
Kinsmen Property Group bought a 6,300-square-foot, mixed-use building at 58 Third Avenue in the East Village for $10 million. George Nanas of Soix Realty Corp. was the seller.