NYC Investment Sales Recap: Flushing Parcel Trades for $25M

Residential properties, retail buildings and a century-old off-Broadway theater were among the commercial assets that traded hands in mid-market deals last week.

Five transactions involving commercial properties valued between $10 million and $40 million hit city records last week. Brooklyn was home to three of them, while Manhattan and Queens each had one.

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

A two-story, 33,000-square-foot retail building and a pair of parking lots at 32-02 Linden Place in Flushing traded hands for $24.6 million. The buyer, Vernon 298 LLC, is registered to the parcel’s address. The seller, Rainier Group of New York LLC, lists a Fort Lee, New Jersey, address. The properties, which span the block between Linden Place and Farrington Street and south of 32nd Avenue, were last sold in 1995 for an unknown amount.

An entity tied to Solomon Schwimmer’s Twin Group Associates bought a four-story office and retail building at 150-154 Lawrence Street in Downtown Brooklyn for $22.5 million from Ching-Tien Realty Inc. Marcus & Millichap’s Shaun Riney and Michael Salvatico brokered the deal, according to Traded. The 19,400-square-foot property contains a Goodwill store, a Hibachi restaurant, a nail salon and office space on its upper floors.

Wavecrest Management and the Settlement Housing Fund bought an apartment building and vacant lot at 1350 Bedford Avenue in Crown Heights for $18 million from an entity tied to developer Lewis Henkind. The older, 79-unit building on the property rises six stories and spans 86,000 square feet. The previous owner also filed plans in 2017 for a separate nine-story, 94-unit affordable rental building on the vacant portion of the property, New York Yimby reported. The property was last traded hands in 1978.

Partners George Malin and William Weidman of Great Neck-based Essex Management Co. sold a retail building at 2577 Nostrand Avenue in Midwood for $11 million to Naomi and George Lebovits of Monsey, New York. The one-story, 16,000-square-foot building most recently contained a Rite Aid which is now permanently closed. There’s also a parking lot. Built in 1931, the property was last sold in 1979 for an unknown amount.

An entity tied to independent film studio A24 bought a trio of properties in the West Village, including the 100-year-old Cherry Lane Theatre for $10 million from actress and director Angelina Fiordellisi, who bought the theater for $1.7 million in 1996. Included in the sale to A24 were the 179-seat main theater, a 60-seat smaller theater and eight apartments. Along with the neighboring properties, the theater — the city’s oldest continuously running off-Broadway venue — was listed with Brown Harris Stevens for $13 million.