I-sales recap: Canvas Property Group sells four-property Chelsea portfolio

Robert Morgenstern’s Canvas Property Group sold four properties in Chelsea for $23 million. PincusCo reported the buyer is a collection of wealthy individuals. Meadow Partners, which held a stake in the buildings prior to this transaction, will retain an ownership stake.

The four buildings combine for 21,000 square feet, 17 residential units, three commercial units and 16 floors. Two of the buildings are apartments at 203 and 205 10th Avenue in Chelsea. A neighboring unit at 207 10th Avenue is a retail building currently leased to Japanese restaurant Juban. The other property — 505 West Houston Street — is also an apartment building.

Canvas purchased the properties on 10th Avenue in 2018 for $22.3 million. It bought the building on 22nd Street in 2018 for $5.3 million.

The portfolio swap was the highlight of last week’s mid-market transactions, defined as those between $10 million and $40 million. The rest are below, ranked by dollar amount.

1. VillageCare, a not-for-profit serving people with chronic care needs, sold a rehabilitation and nursing center for $29.8 million. Cassena Care, also a rehabilitation provider, is the buyer, and it took out a $25.3 million loan from Bank of America to fund the purchase.
   
   The building is 64,000 square feet over six floors. VillageCare bought the property in 2007 for $8.3 million.

2. Maimonides Health added another location to its network with a $14.5 million purchase of a Borough Park property currently being used as a school and daycare facility. Located at 4706 10th Avenue, the property was built in 1923 and has 23,000 square feet over five floors. The seller is Yeshivath Toldos Yakov, which bought the building in 1992.
   
3. Alma Realty purchased a multifamily rental building in Hudson Heights for $11.1. Located at 92 Pinehurst Avenue, the property consists of 72 residential units, seven commercial units and 84,000 square feet over six floors. Sentinel Real Estate is the seller.
   
   Built in 1928, the property was part of an illegal kickback scheme that allowed the owners to deregulate rent-stabilized apartments. In a settlement, New York Attorney General Letitia secured $4 million from 29 landlords that will be used to preserve and expand affordable housing.

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