Apartment deals continue to drive mid-market investment in New York City, as mixed-use multifamily complexes accounted for the majority of commercial transactions last week. One of those deals came from a company that’s been particularly active this spring: Queens-based Alma Realty.
Alma, which bought two mixed-use buildings and sold three others in April, picked up another 50 apartments in Inwood — one of eight commercial deals that hit city records last week between $10 million and $40 million.
One deal was also recorded that fell just outside that mid-market range: An affiliate of the Carlyle Group paid $42 million for an 82 percent stake for a development site at 26-32 Jackson Avenue in Long Island City. Zoned for commercial or residential use, the 10,000-square-foot lot sits at the corner of Jackson Avenue and Dutch Kills Street. Plans for the site include two apartment buildings totaling 363 units.
In all, seven investment sales recorded last week fell into the $10 million to $40 million range. In addition to the four apartment buildings, a development site, a retail building and an industrial property also changed hands.
Below are details on each of the seven deals, ranked by dollar amount:
- An entity tied to German investment firm Tatar Holding purchased three apartment complexes at 163, 165, and 167 Ludlow Street on the Lower East Side for $30 million. The trio of buildings total 25,000 square feet and combine for 51 residential units. Each building also contains one commercial unit. Seller Magnum Real Estate Group, run by controversial landlord Ben Shaoul, bought the properties for $16.5 million in 2012.
- Shibber Khan’s Criterion Group added to its position in the industrial sector last week with a $16 million purchase of four buildings at 1066 Zerega Avenue in Unionport, the Bronx. The 27,780-square-foot facility is zoned for light manufacturing. Flagstar Bank financed the purchase to the tune of $10.5 million. The seller, Zerega Six Star LLC, purchased the property in 2007 for $2 million.
- Cadence Property Group bought a parcel at 354 West 52nd Street in Hell’s Kitchen for $15.5 million. The site is currently a parking lot, but given the price tag and location, it’s likely to be redeveloped. The lot is 9,500 square feet and is zoned R8 for residential, allowing up to 57,000 buildable square feet as-of-right. Three LLCs tied to Bright Management sold the property, which it has owned since 2012.
- A one-story retail building in Briarwood, Queens, sold for $13.25 million to Bloomingdale Hillside Avenue, LLC. The 12,500-square-foot building, located at 139-29 Hillside Avenue, is presently a Pep Boys store. The seller is listed as 139-28 Hillside, LLC.
- A 28-unit apartment building at 240 East 28th Street in Kips Bay sold for $12 million. The seller is listed as JGJ Realty Holdings and the buyer is an LLC with a Larchmont address.
- Alma Realty continued its busy spring with a $10.6 million purchase of an apartment building in Inwood. The six-floor property contains five commercial units and 50 residential units, most of which are rent stabilized. The 48,500 square-foot property sits at 5008 Broadway, at the corner of Broadway and West 213th Street. The seller, Rose Associates, manages 24,500 multifamily units, mostly in the luxury segment.
- The smallest deal in the mid-market range was the $10.4 million purchase of an apartment building in Washington Heights that was slated for foreclosure after Sugar Hill Capital Partners stopped making payments in August, according to a lawsuit filed by lender Signature Bank in November. The property, at 4300 Broadway, went to buyer TYH Broadway LLC, and includes 54 residential units and two commercial units across six floors and 52,500 square feet.