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Stakes in Brooklyn apartments sell for $37M, leading midsize i-sales

Five transactions involving mid-market commercial properties hit city records last week

UPDATED, Jan. 10, 2023, 11:15 a.m.: The calendar flipped to 2023 last week, but one thing remained consistent: Multifamily assets continued to drive the city’s investment sales market.

Five transactions involving commercial properties valued between $10 million and $40 million hit city records last week, four of which involved apartment buildings. Two deals each were in Manhattan and the Bronx, but the largest one was in Brooklyn.

Below is more information on each transaction, ranked by dollar amount:

1. A pair of LLCs registered to the same Brooklyn address paid $36.6 million for a 75 percent stake in a newly constructed apartment building at 494 Manhattan Avenue in Greenpoint and a 49 percent stake in another at 1-7 Withers Street in Williamsburg from entities connected to developer Joel Schwartz. David Kramer signed for the buyer on both deals.

The six-story Greenpoint property was built in 2021 and has 23 units across 20,000 square feet. At the Williamsburg property, permits were filed in 2020 for a seven-floor apartment building with 23 units spanning close to 16,000 square feet, New York Yimby reported.

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2. An entity connected to Meyer Equities bought an office building at 260 West 36th Street in the Garment District for $33 million from an entity tied to Quartz Realty. Built in 1907, the 10-floor property spans more than 81,000 square feet. It was last sold in 2017 for an undisclosed amount.

3. The Settlement Housing Fund and Camber Property Group bought an apartment building at 2105 Daly Avenue in West Farms, the Bronx, for $25.4 million from entities connected to K&R Preservation and Metropolitan Realty Group. The five-floor property, known as the Trinity Apartments, was built in 1930 and consists of 76 units across 73,800 square feet. The building was last sold in 2011 for $9.8 million.

4. An entity connected to Kansas City-based solar energy company Savion bought an industrial building at 450 Timpson Place in Hunts Point, the Bronx, for $17.8 million from an entity tied to Altmark Group. Built in 1925, the single-floor warehouse spans 27,000 square feet and was last sold in April for $9.8 million.

5. A pair of entities tied to Doron Greenberg’s GRO Alternative Investments bought two apartment buildings at 992 and 998 Amsterdam Avenue in Morningside Heights for a combined $16.2 million from an entity connected to Property Resources Corporation. The six-floor buildings contain 46 units across roughly 45,600 square feet and were last sold in 2018 for $25.5 million.

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Correction: An earlier version of this story indicated that Hudson Companies, led by principal David Kramer, acquired the stakes in the Greenpoint and Williamsburg apartment buildings. The stakes were purchased by a different David Kramer. 

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BrooklynInvestment SalesManhattanManhattan SalesThe Bronx