South Bronx leads mid-market investment sales with $42M land deal
Beitel Group plans 470-unit apartment building at 120 East 144th Street
The biggest mid-market sale recorded in New York City last week was in the Bronx.
Beitel Group’s Binyamin Beitel, through an LLC, purchased a development site at 120 East 144th Street in Mott Haven, the Bronx, for $41.5 million from Tori Realty Group. Beitel Group has filed permits for a 13-story residential building on the property with 470 units.
While that sale was slightly above the typical $10 million to $40 million range of transactions included in this weekly roundup, seven other mid-market commercial deals recorded in city records last week fetched a total of $118 million. Five of the deals occurred in Brooklyn, one in the Bronx and one in Manhattan.
Elsewhere in the Bronx, a 22,000-square-foot building at 1851 Phelan Place, most recently operated as an adult shelter, sold for $25.5 million. Yoel Zagelbaum signed as the borrower for the buyer, a limited liability company. The property had previously been managed by Childrens Community Services Inc., a nonprofit that obtained over $900 million in city contracts before it was reportedly raided by federal authorities for allegedly defrauding the city with false billings.
Titan Group, a Queens-based demolition contractor, bought a 70,000-square-foot warehouse at 121 Hausman Street in Greenpoint, Brooklyn, for $24 million from Yitzchok Schwartz and Yidel Hirsch.
EMP Capital Group purchased a development parcel spanning 24,000 square feet at 1034-1042 Atlantic Avenue and 1035 Pacific Street in Crown Heights, Brooklyn, for $14 million from Gold Star “A” Realty. EMP has plans to build a 17-story apartment building on the site. The developer reportedly got assurance that a necessary rezoning for the project would be approved after reaching an agreement with local Council member Crystal Hudson to increase the amount of affordable housing in the building.
Mirwais Barakzai, through limited liability company Sachs Holdings, purchased a 40,000-square-foot apartment building at 3364 Guider Avenue in Brighton Beach, Brooklyn, for $13.8 million from Exclusive Properties Development Group. Sheikh Ullah signed for the seller.
Be’Er Miriam, an all-girls Yeshiva school, purchased the 42,000-square foot Mt. Pisgah Baptist Church at 760 DeKalb Avenue in Stuyvesant Heights, Brooklyn, for $13.1 million from Avdoo & Partners, according to a release. DJ Johnston, William Cheng, Michael Murphy and Ben Rechler of B6 Real Estate Advisors brokered the sale.
Simone Development Companies bought a commercial condo at The Charleston, a 21-story residential building at 225 East 34th Street in Murray Hill, for $11.1 million from Neuro Real Estate. NYU Langone occupies the 12,000-square-foot space.