With rents rising and a slowdown in new apartment construction on the horizon, mid-market investors continue to target multifamily assets in New York City. Eight transactions involving commercial properties valued between $10 million and $40 million hit city records last week, half of which were apartment buildings with fewer than 100 units.
Six of the deals were in Brooklyn and Queens, while Manhattan and the Bronx each saw one transaction. Below is more information on each, ranked by dollar amount:
1. David Marx’s Marx Development Group sold the Spring Creek Rehabilitation and Nursing Center at 660 Louisiana Avenue in East New York, Brooklyn, to nursing home operator Sentosa Care for $40.4 million. The four-story, 125,000-square-foot property was built in 2006.
2. Andrew Chung’s Innovo Property Group nabbed another outer-borough industrial property, this time at 1100 Leggett Avenue in Hunts Point, the Bronx, for $21.5 million from an entity tied to Samuel Sutton of Sutton Management. Built in 1959, the 60,000-square-foot warehouse was last sold in 2001.
3. Denali Management bought a 58-unit apartment building at 17 West 125th Street in Harlem from Joe Sitt’s Thor Equities for $21.2 million. Thor bought the 120-year-old, 46,000-square-foot building in 2015 for $29.6 million, records show.
4. Bentley Zhao’s New Empire Corp. purchased a Walgreens store and parking lot at 58-01 Queens Boulevard and 44-01 58th Street in Woodside, Queens, for $16.2 million from an LLC. New Empire plans to turn the 19,000-square-foot property into a 12-story, 120-unit luxury condominium. Construction will begin next year and is expected to be finished by 2025.
5. An entity called Wynfame West Realty LLC sold a 95-unit apartment building at 6801 19th Avenue in Bensonhurst, Brooklyn, for $15.7 million to an entity called 6801 19 Ave LP. Eric Markel signed for the seller and Uri Koenig signed for the buyer. Built in 1931, the building spans 90,000 square feet across six floors.
6. New York City-based X-Treme Home Care bought an office building at 212-14 Northern Boulevard in Bayside, Queens, for $13 million from an entity called 21214 Northern LLC. Won Kim signed for the seller. The four-story, 30,000-square-foot building was constructed in 2016.
7. An entity called AYG Enterprises LLC sold a 21-unit apartment building at 32-04 38th Avenue in Long Island City for $11.2 million to an entity called JAE Four Real Estate Investment LLC. Rachita Agarwal signed for the seller and Aidi Xu signed for the buyer. The six-story, 22,500-square-foot building was completed in 2015.
8. The Carlyle Group continued its quiet shopping spree for small Brooklyn apartment buildings, picking up the 22-unit property at 104-108 Luquer Street in Carroll Gardens for $10.8 million. JLL’s Stephen Palmese signed for the seller, an LLC. Constructed in 2003, the 24,000-square-foot building has 22 units across five floors. It last traded in 2019 for $9.3 million.
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