Kahen buys trio of Lenox Hill buildings for $34M in another busy week of i-sales

Eight transactions involving mid-market commercial properties hit city records last week

1020-1026 Third Ave, 1031-1049 Westchester Avenue and Vanbarton Group's Gary Tischler (JLL, Google Maps, Vanbarton Group)
1020-1026 Third Ave, 1031-1049 Westchester Avenue and Vanbarton Group's Gary Tischler (JLL, Google Maps, Vanbarton Group)

New York City’s multifamily market led the way in another busy week for mid-market investment sales.

Eight transactions involving commercial properties valued between $10 million and $40 million hit city records last week. Four were in Brooklyn, two were in Queens and one each occurred in Manhattan and the Bronx. Below are each of the transactions, ranked by dollar amount.

1. Kahen Properties purchased a trio of Lenox Hill mixed-use buildings at 1020-1026 3rd Avenue for $34 million from an entity connected to Jans Investment Company and Tri-Star Equities. JLL represented Kahen in its purchase of 1026 3rd Avenue and Jans Investment Company in its sale of 1020-1024 3rd Avenue. The latter is a two-building portfolio consisting of 28 units across 19,400 square feet; 1026 3rd Avenue is a four-floor building consisting of two units across 5,500 square feet. The property last sold for $6.2 million in September.

2. The Vanbarton Group sold a trio of commercial buildings at 1031-1049 Westchester Avenue and 1057 Southern Boulevard in Foxhurst, the Bronx, for $22.8 million. Albert Rabizadeh signed for the buyer, 1031 Westchester Avenue LLC. The properties consist of 11 units across 23,300 square feet. Both were last sold in 2014 for $21.2 million.

3. Freo Management purchased a pair of buildings at 68 Richardson Street and 60A Lorimer Street in Williamsburg for $21.5 million from The Kalikow Group. The two-building apartment complex on Richardson Street has 25 units across 32,500 square feet. It last sold in 2014 for $17.5 million.

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4. Kartsonis Realty sold a pair of mixed-use buildings at 11-55 45th Avenue in Long Island City for $14.8 million to Peak Capital Advisors. Built in 1917, the two buildings consist of 48 units across 45,700 square feet. They last sold in 2012 for $9.5 million.

5. Norse Realty sold a commercial building at 5102 13th Avenue in Borough Park for $13.2 million to an entity connected to Metropolitan Commercial Bank. Built in 1992, the single-floor property has three units across 15,800 square feet. It last sold in 1986 for an undisclosed amount.

6. An entity called Al-Abassi Building LLC bought a mixed-use building at 310 94th Street in Fort Hamilton, Brooklyn, for $12.5 million from an entity called Do-Mor Realty LLC. Azzam Obeid signed for the buyer and Eric Markel signed for the seller. Built in 1928, the six-floor property has 74 units across 48,000 square feet.

7. Andrew Chung’s Innovo Property Group bought a warehouse at 21-32 Borden Avenue in Long Island City for $11 million from Southpaw Ventures. Built in 1962, the two-floor warehouse spans 25,800 square feet. It last sold in 2003 for $2.7 million.

8. An entity called 202 Van Dyke Street Realty LLC bought a warehouse at 202-204 Van Dyke Street in Red Hook for $10.2 million from an entity called M-Kids LP. James Juliano signed for the buyer and Brian Robbins signed for the seller. Built in 1920, the industrial building spans 36,000 square feet. It last sold in 1995 for an undisclosed amount.