GTJ sells East New York warehouse; Kartsonis, Wu cut deals

Four mid-market commercial properties change hands

ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)

Four transactions involving commercial properties valued between $10 million and $40 million hit city records last week, led by a warehouse deal in East New York between a real estate investment trust and Affinity Realty.

Two other sales were in Queens, while Manhattan had one. Below is more information on each sale, ranked by dollar value.

1. An entity connected to Long Island-based GTJ REIT sold a warehouse at 625 Wortman Avenue in East New York for $29.4 million to Affinity Realty LLC. Agostino Vona,  a project director at Maggies Paratransit, signed for the buyer. GTJ bought the single-floor, 58,000-square-foot industrial property last year for $13.4 million.

2. An entity tied to Kartsonis Realty bought a retail building at 110 Ascan Avenue in Forest Hills for $12.3 million from Neos Realty. Entrepreneur Properties NYC represented the buyer and RIPCO Real Estate’s Stephen Preuss and Kevin Schmitz represented the seller, Crain’s reported.

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The two-unit property is occupied by a grocery store and Italian restaurant, the Forest Hills Post reported. Built in 1939, the single-floor building spans 10,000 square feet.

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3. Entities connected to Dyckman’s Jewelry sold a mixed-use building at 73 West 47th Street in Midtown for $11.5 million to 73 West 47th Street LLC. The five-floor, 7,000-square-foot property was built in 1920 and last sold in 2020 for an undisclosed amount.

4. An entity tied to developer Jasper Wu’s Great Neck-based ZD Jasper Realty bought a development site at 23-17 41st Avenue in Long Island City for $10.4 million from 40-44 24th Street LLC. Slavko Bernic signed for the seller. Brax Realty’s Michael Ferrara and Cole Kinney Leonhardt represented the seller and procured Wu in the deal.

Wu plans to develop a residential project on the site. The 10,000-square-foot lot has more than 40,000 buildable square feet. The property, which is home to a two-story warehouse, last traded in 1979 for an undisclosed amount.