Apartments in the Bronx, Washington Heights top slow week for investment sales
Avi Dishi grabbed an uptown multifamily portfolio, and a Hell’s Kitchen dev site sold to ZHL Group
Much like a lamb, mid-market investment activity slowed to a gentle crawl as the city entered the latter half of March.
The three largest portions of a $92 million multifamily portfolio deal in Washington Heights topped the list of investment sales between $10 million and $40 million recorded last week. In Hell’s Kitchen, Yevgeniy Lvovskiy’s ZHL Group picked up a development site, and in the Bronx, a landlord cashed out on an apartment building that hadn’t traded hands since the Nixon administration.
The deals fetched $88 million altogether, less than in recent weeks, and Brooklyn and Queens recorded no deals in the middle of the market. Below are more details:
In Washington Heights, Avi Dishi spent $20.5 million for a 94,400-square-foot building with 87 units at 90 Laurel Hill Terrace, $18.2 million for a 61,200-square-foot building with 61 units at 475 West 186th Street and $15.3 million for a 59,500-square-foot building with 66 units at 480 West 187th Street.
Gabriel Prime Realty bought a 116,000-square-foot apartment building with 126 residential units at 2200 Powell Avenue in Westchester Village, the Bronx, for $20 million. The seller was Melanie Hofer of Good Day Apartments, which purchased the building in 1974.
Yevgeniy Lvovskiy’s ZHL Group bought two adjacent properties at 346 West 44th Street and 348-350 West 44th Street in Hell’s Kitchen for $14 million. The parcels have a combined development potential of 64,500 square feet, or 77,500 square feet if affordable housing is included. Shalimar Management sold the properties.