Bayside shopping center goes for $32M to lead mid-market sales

Five mid-market, commercial transactions in Manhattan, Brooklyn and Queens hit records

61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)

A summer of strong mid-market investment sales in New York City, particularly in multifamily assets, paused during the first week of August.

Only five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn, while Manhattan and Queens each had one. Below is more information on each, listed by dollar value:

1. Alfredo Li, through the entity Mandarin Realty NY LLC, sold a shopping center at 61-01 Springfield Avenue in Bayside, Queens, for $32 million to Main 15-Lee Springfield LLC, which is connected to Flushing-based multifamily and office building investor Hye Chun Lee. Skyline Properties’ Robert Khodadadian and Daniel Shirazi represented the buyer. Li owned the 40,000-square-foot shopping center for 40 years. Built in 1949, the single-floor shopping center’s tenants include Subway, UPS, Walgreens, and Chase. The property also has a 100-space parking lot.

2. Largo Investments sold an office and retail building at 71 North Seventh Street in Williamsburg for $24.1 million to Frank Shahidi through Shawnick Williamsburg LLC. Largo’s co-founder Nicholas Werner signed for the seller and Esmail Shahidi signed for the buyer. A JLL team of Stephen Palmese and Brendan Maddigan represented the seller, Commercial Observer reported. The newly-completed building spans three floors across 21,000 square feet. Its tenants include fragrance company Le Labo, Spear Physical Therapy and self-storage site Local Locker. Largo bought the property, then an empty warehouse, for $10.5 million in 2015.

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From left: A collage of 413 East 78th Street and 431 East 87th Street (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
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3. Five and Fifth Realty Corp. sold an apartment building at 5 East 63rd Street in Lenox Hill for $15.5 million to 5E63 LLC. Michael Mackay signed for the seller and Edward Weiss signed for the buyer. Built in 1900, the 11,900-square-foot building has 10 units across six floors. It was last sold in 1995 for an undisclosed amount.

4. Ss. Peter and Paul Epiphany Parishes sold a trio of religious buildings and vacant land at 96-100 South Ninth Street in Williamsburg for $14.1 million to Brooklyn-based developer Double U Realty. Father Jason Espinal, the parish’s pastor, signed for the seller. Double U’s principal Jay Weitzman signed for the buyer. The three buildings span almost 14,700 square feet.

5. Yeshivah of Flatbush bought a property at 1296 Coney Island Avenue in Midwood for $13.5 million from real estate investment firm SMRC Management. Treasurer Abraham Hanan signed for the buyer and Michael Katz did so for the seller. Built in 1929, the single-floor building spans 15,400 square feet. It was last sold in 1995 for an undisclosed amount.