An expected slowdown in dealmaking amid steadily rising interest rates has yet to materialize in New York City, as June continues to be a busy month for mid-market investment sales.
Seven transactions involving commercial assets for between $10 million and $40 million hit city records last week. Four of the deals were in Manhattan, three in Brooklyn and one in Queens. See below for more details on each:
1. Fortress Investment Group bought a 67-unit apartment building at 340 East 52nd Street in Midtown for $28.9 million from BlackRock. The 80-year-old building was part of a larger $78 million purchase by Fortress and Slate Property Group of two BlackRock-owned properties, the other being an 87-unit building at 231 East 76th Street on the Upper East Side. Fortress and Slate, who will manage the property, plan to renovate the nine-floor, 51,300 square-foot building, which was previously managed by Rose Associates.
2. Trans World Equities bought a mixed-use retail building at 689 Eighth Avenue in Midtown for $20 million from Adcort Realty, an entity tied to Dori Nagar. Built in 1920, the four-story building, home to the strip club Satin Dolls, was last sold in 1989 for an unknown amount.
3. An entity tied to Joseph Rubin bought a development site at 478 St. Johns Place and 419 Lincoln Place in Crown Heights for $17 million. Mendel Kaff signed for the seller. Plans were filed earlier this year for two buildings on the site totaling 64 residential units, PincusCo reported.
4. Entities tied to developer Mehran Cohen and Compass commercial broker Azita Aghravi sold a six-story office building at 221 West 37th Street in the Garment District to an LLC tied to investor Joseph Nazar for $15.5 million.
5. An entity tied to investment firm 60 Guilders and the Carlyle Group sold an office condo at 20 West 33rd Street in Koreatown for $14.4 million to home furnishings company JLA Home. The duplex condo on the building’s 12th and 13th floors is currently occupied by the apparel company Q4 Designs, Commercial Observer reported.
JLA bought four full-floor condos in the building for $35 million two years ago, opening showrooms across 55,000 square feet. 60 Guilders and the Carlyle Group bought the office building, as well neighboring 18 West 33rd Street, for $111 million in 2015 before converting it to commercial condos.
6. Eric Markel sold an apartment building at 450 Ocean Parkway in Kensington, Brooklyn, for $10.4 million to an LLC. Built in 1931, the 69-unit property spans six stories and 70,000 square feet. It last sold in 1998 for an unknown amount.
7. The Chetrit Group bought a development site at 147-27 Archer Avenue in Jamaica, Queens, for $10.3 million from KJL Realty. Chetrit filed plans for a $100 million, 300,000-square-foot mixed-use development on the property, Crain’s reported in February. The project will include 360 residential units, of which about a third will be set aside as affordable, plus retail space and a parking garage.
8. An entity tied to Mehdi Dayan bought an apartment building at 572-576 Fifth Avenue in Park Slope for $10.3 million from an entity tied to Stephen and David Mashaal’s Skyway Development Group. Built in 2009, the buildings have 18 units across 18,900 square feet and last sold for $10.7 million in 2016.
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