New York City dealmakers closed out September with a strong week of mid-market investment sales, driven by the multifamily market.
Three of the five commercial property transactions between $10 million and $40 million that hit city records last week included apartments. Two deals were in the Bronx abd Manhattan, Brooklyn and Queens each had one. Below is more information on each deal, ranked by dollar amount.
1. An entity connected to Regal Ventures purchased the retail condo unit and parking garage at 301 West 53rd Street in Midtown for a combined $35.3 million from an entity tied to PGIM Real Estate. The 257,600-square-foot mixed-use condominium, known as Fifty Third and Eighth, has 249 units across 25 floors. The condo conversion project was formerly operated by HFZ Capital Group, which lost control of it through foreclosure last year to CIM Group.
2. An entity connected to GDC Properties bought a mixed-use building at 625 Driggs Avenue in Williamsburg for $21.4 million from an entity tied to Mavik Capital Management. Cushman & Wakefield brokered the transaction, Bldup reported. Built in 2019, the 18,000-square-foot building has 20 units across six floors. The property last sold in 2013 for $4.4 million.
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3. An entity tied to developer David Levitan’s Liberty One Group bought an apartment building at 1838 Vyse Avenue in Crotona Park, the Bronx, for $12.2 million from an entity connected to Jeffrey Zwick. Built in 1931, the 44,500-square-foot property has 64 units across five floors. It last sold in 1974 for an undisclosed amount.
4. An entity connected to David Einstein Real Estate bought a portfolio of 10 apartment buildings at 818-862 Beck Street in Woodstock, the Bronx, for $12.1 million from an entity tied to Lemle & Wolff Companies. Built in 1907, the properties consist of 93 units across more than 79,000 square feet. The buildings were last sold in 1984 for an undisclosed amount.
5. An entity tied to the Vorea Group sold a pair of two-story office buildings at 5-36 50th Avenue in Long Island City for $11.4 million to itself and entities connected to Andru Coren’s Eaglestone and Pace Companies.
It wasn’t immediately clear why Vorea is listed as the buyer and seller. The firm had yet to respond when contacted for comment. The purchase could be part of the Borden Ave Op Zone, a joint venture between Vorea and Coren to develop the firm’s “LIC Triangle” campus. Built in 1931, the buildings span 12,500 square feet. Vorea bought the property in August for $4.7 million.