I-sales recap: Greystone flips Harlem multifamily development for $28M

Greystone Development has sold a two-building multifamily development in Harlem for $28.2 million.

The firm flipped the 12-story, 76-unit project to GO-RE Partners after buying three parcels out of bankruptcy for $6.3 million in 2014. JPMorgan Chase extended a $16.9 million mortgage to GO-RE to fund the purchase.

Located at 69 East 125th Street, the project was completed in 2016. Dubbed Harlem 125, the amenity-rich rental building has private parking, a fitness center and a rooftop deck. According to the Commercial Observer, the building will receive the 421a tax break, and Ariel Property Advisors brokered the deal. 

The new development sale was the highlight of last week’s middle market deals, defined as those between $10 million and $40 million. The rest are listed below, ranked by dollar amount:

1. Terreno Realty, a San Francisco based REIT, paid $27 million to Lande Alexander Properties for an industrial waterfront building in Red Hook. Located at 185 Van Dyke Street, the property is two stories and has 111,000 square feet. The building is a two-unit warehouse.

2. Ramirez Asset Management paid $19.5 million to Inmoprisa for an office building in Midtown. Inmoprisa initially planned to sell it to Macklowe Properties for $45 million in 2019 before the developer failed to come up with the needed money. Macklowe had planned to build a supertall at the 14 East 52 Street address.

3. The New York City School Construction Authority has paid $18 million for four industrial lots in the Queens neighborhood of Richmond Hill. Located at four addresses on 121st Street — 120-8, 120-20, 120-30 and 87-14 — two of the lots are currently industrial buildings, while the other two are parking lots.
   
   The seller is Beige Family Realty Company, which purchased three of the properties in 1979, and one of the parking lots in 1985. Last year the buyer signed a huge 350,000-square-foot lease at Savanna’s One Court Square.

4. Timothy Sheahan’s Lions Group bought a 22-unit walkup building in the West Village for $16 million. Located at 107-109 Christopher Street, the building was constructed in 1904 and features 17,000 square feet over six floors. The seller is Elliot Sohayegh, who bought the building in 2011 for $12.9 million.

5. T30 Capital, New York-based investment, operations and development group, has added to its portfolio in the city with a $10 million purchase of a Greenwich Village retail building at 44 West 8th Street. The seller is the Grundwerg Irrevocable Trust Agreement, with trustee Steven Grundwerg signing.
   
   According to Google, a cannabis dispensary and Goodwill outlet were tenants at one time, but are listed as permanently closed. The building also has a gift shop tenant. T30 received a $1.8 million mortgage from SME Capital Ventures to fund the purchase.
   
   The building was constructed in 1956 and is 11,000 square feet and includes more than three units.

6. Morris Meisels has paid $10 million for a 24-unit apartment building in Greenpoint. Located at 182 Eagle Street, the property was built in 2004 and has 22,000 square feet over seven stories and 24 units. Modern Bank issued Meisels a $7.4 million mortgage for the deal.
   
   Timer Fruchter is the seller, and he bought the property as vacant land in 2003 for $300,000.

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