After a sluggish start to October, mid-market investment sales in New York City rebounded in a shortened week, powering through higher interest rates and economic uncertainty.
Six commercial property transactions between $10 million and $40 million hit city records — two apiece in Manhattan and Queens, and one in Brooklyn and the Bronx. Below is more information on each sale, ranked by dollar figure.
1. A group of investors including Manhattan landlord Samy Mahfar’s SMA Equities and financial backer David Moussazadeh acquired a 92 percent stake in the development site at 280 East Houston Street from members of the Hirsch family for $36.8 million. David Schechtman of Meridian Capital Group brokered the deal. The 421a-eligible, East Village site is slated for a six-story, 67-unit residential building spanning 68,000 square feet.
2. An entity connected to SKW Funding and Dalan Management bought a mixed-use building at 1520 Fulton Street in Bedford-Stuyvesant for $34.5 million from 1520 Fulton LLC. Yisroel Eckstein signed for the seller. Constructed in 2015, the 68,000-square-foot building spans 45 units across nine floors. The property last sold in 2015 for $7.4 million.
3. An entity tied to California-based self-storage firm Insite Property Group bought a development site at 609-615 West 46th Street in Hell’s Kitchen for $25.5 million from 611 West 46 LLC. Shanice Harris signed for the seller. Marcus & Millichap’s Eric Anton and Justin Michael Natalizio brokered the deal, Traded reported. The site is a four-floor, 19,000-square-foot building with 5,000 square feet of parking. The property last sold in 2013 for an undisclosed amount.
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4. An entity connected to the real estate investment firm Blake Partners purchased the Lawrence Nursing Care Center at 350 Beach 54th Street in Far Rockaway for $22 million from Lawrence SNF Realty LLC. Matityahu Tenenbaum signed for the seller. The three-building nursing center was built in 1973 and spans 67,000 square feet. The Queens property last sold in 2019 for $10.3 million.
5. An entity connected to Bogopa Service Corp bought a Farmbria Food Center at 217-20 Linden Boulevard in Jamaica for $15 million from An & Brothers Inc. Spencer An signed for the buyer and Deborah An for the seller. Built in 1952, the one-floor store spans 39,500 square feet. The Queens property last sold in 1987 for an undisclosed amount.
6. An entity tied to Gabrielli Truck Sales bought non-residential vacant land and a lot at 2370 Hollers Avenue in Eastchester for $14.5 million from an entity connected to New York Bus Service. The Bronx site consists of a 2,800-square-foot lot and almost 174,000 square of vacant land. It was last sold in 1998 for an undisclosed amount.