Midsize investors stick to apartments (or dev sites with plans for them)
All but one deal for commercial properties between $10M and $40M last week involved multifamily assets
Multifamily assets were the darlings of mid-market investment deals in New York City last week.
Six of seven transactions for commercial properties valued between $10 million and $40 million that hit city records last week involved apartment buildings or development sites where plans for such projects are in the works.
Four of the deals were in Brooklyn, two were in the Bronx and one was in Manhattan. Below is more information on each, ranked by dollar amount:
1. A partnership between Peter Hungerford’s PH Realty Capital, Shlomo Tajerstein’s TG Realty and David Kaye and Joe Listhaus’ Rockledge bought six apartment buildings in and around Concourse Village, the Bronx, for $33.6 million from entities tied to Arthur Leeds Associates. The portfolio — which includes 111 Tudor Place, 112-114 Tudor Place, 117-119 Tudor Place, 1170 Walton Avenue, 1176 Walton Avenue and 309 East 164th Street — spans 297 units across 315,000 square feet. The buildings last traded in 1990 for an undisclosed amount.
2. Entities connected to the Fruchthandler family’s FBE Limited bought an apartment building at 781 Washington Avenue in Crown Heights for $30.5 million from SJ Washington LLC. Isaac Schwartz signed for the seller. Built in 1920, the three properties include 60 residential units across 48,000 square feet. The building was previously sold last year for $22 million, records show.
3. An entity tied to Ben Beitel’s Beitel Group bought a pair of development sites at 315 Grand Concourse and 270 Walton Avenue in Mott Haven, the Bronx, for $23.3 million from investor John Lage. The 315 Grand Concourse site has permits for a 13-story, 240-unit, 192,000-square-foot mixed-use building, Yimby reported earlier this year. The one-story, 10,200-square-foot car wash on the property last sold in 2000 for an undisclosed amount. The 270 Walton Avenue site has a one-story, 15,800-square-foot warehouse, which last sold in 1996.
Earlier this month, Beitel Group bought a development site next door at 261 Grand Concourse for $14.5 million. The firm has plans to build a 12-story, 96-unit residential building on that property.
4. An entity connected to Daniel Hedaya’s Dax Real Estate bought a trio of small mixed-use buildings at 232-236 North 12th Street in Williamsburg for $21.8 million from JV North 12th Street LLC. Lilly Vertuccio signed for the seller. The buildings combine for 12 residential units across 25,000 square feet and were last sold in 2011 for an undisclosed amount.
5. A pair of LLC’s bought two apartment buildings at 108-110 Ninth Avenue in Chelsea for $20.8 million from 110 Ninth Avenue Corp, an entity tied to real estate investor Alistair Economakis. The two buildings combine for 38 units across 22,600 square feet. Both were last sold in 1996 for an undisclosed amount.
6. An entity tied to investment firm ARM Capital Resources Corp bought an apartment building at 1815 East 17th Street in Homecrest, Brooklyn, for $15 million from an LLC tied to Queens-based Metropolitan Properties. Built in 1964, the 74,000-square-foot building consists of 84 units across six floors. The property was last sold in 2002 for an undisclosed amount.
7. Albert and Neil Capone sold two parking lots at 6065 Strickland Avenue and 6075 Strickland Avenue in Mill Basin, Brooklyn, for $14 million. Agostino Vona, a project director at transportation service Maggies Paratransit, signed for the buyer. The two parking lots span 33,800 square feet.