A Midtown East apartment building was the big fish in last week’s small pond of mid-market commercial property sales in New York City.
Three transactions involving commercial properties valued between $10 million and $40 million hit city records last week. Two of the investment sales were in Manhattan and the other was in the Bronx. Below is more information on each deal, ranked by dollar figure.
1. An entity connected to Martin Nussbaum and David Schwartz’s Slate Property Group bought an apartment building at 123 East 54th Street in Midtown East for $37.7 million from an entity tied to Mark Kalimian’s Abington Properties. Built in 1977, the 56,000-square-foot property has 66 units across 15 floors. The building was last sold in 1994 for an undisclosed amount.
The Kalimian family has been in the news a lot recently. In October, Albert Kalimian sued nephew Justin for defamation, and a bunch of property transfers points to a reorganization of the clan’s real estate empire.
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2. An entity tied to Matthew Baron’s Baron Property Group bought a development site at 4560 Broadway in the Fort George section of northern Manhattan for $15 million from an entity connected to Marcello Porcelli’s Largavista Companies.
The firms are partnering up to develop a 92-unit multifamily property on the property. The site, which is now a parking facility, qualifies for the expired 421a tax abatement and is expected to be completed in 2024. It was last sold in 2014 for an undisclosed amount.
3. Walton Street GC Developments LLC bought a development site at 261 Grand Concourse in Mott Haven for $14.5 million from 261 Grand Concourse LLC. The Beitel Group’s Ben Beitel signed for the buyer and seller.
Beitel, through Besyata Investment Group, filed plans last year to build a 12-story, 96-unit residential building on the Bronx site. Beitel acquired the property in 2020 for $9 million.