SKW, Dalan buy Bed-Stuy building as NYC i-sales rebound
Six mid-market commercial transactions hit city records last week
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.
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.