Chetrit buys multi-family on Park Avenue; Sowa Kousan turns to Park Slope
This week’s biggest deals: rentals, offices, and a developer with a non-profit.
Mid-market sales returned to a slow pace last week after a virtual shutdown during the holiday week.
In this slower environment, the deals involving commercial properties valued at $10 million to $40 million continue to be the high-end of the overall market. The eight deals in this range were a variety of rentals, offices and a developer partnering with a nonprofit.
Below is more information on each sale that hit city records last week, ranked by dollar amount.
- The Chetrit Organization paid $32 million to Parkton Associates for 1009 Park Avenue, a 27-unit, 14-story residential investment. The purchase comes one year after Chetrit filed plans for a 20-story condominium project at another Upper East Side property.
- Brooklyn investor Shiya Labin paid Meadow Partners $32 million for the upper floors at 1000 Dean Street, the former Studebaker garage in Crown Heights that recently snagged its first office tenants. The first tenant was expected to move this winter into the 140,000-square-foot building.
- Sowa Kousan Inc. spent $16.5 million to acquire 96 Sterling Place in Park Slope. Previously, Seller Peak Capital Advisors paid $10.4 million in 2019 for the 25-unit residential building.
- An entity connected to Simon Mirzokandov of Port Washington paid $16.1 million to an LLC controlled by Pyotr Yadgarov for a retail building at 273 Brighton Beach Avenue in Brooklyn. Yadgarov’s entity paid $6 million for the property in 2019.
- An entity connected to Alloy Development paid $15 million to the Madison Square Boy & Girls Club for the building at 240 Nassau Street in Brooklyn’s Navy Yard. The purchase was part of a partnership announced by the development company to temporarily restore children’s after-school services at the building, according to Alloy.
- Investors bought a 66-unit rental building at 96-09 66th Avenue in Rego Park for $10.8 million. Victor Gjonaj made the purchase through 96-09 Rego Park LLC, and Robert L. Miller signed for the selling entity. The transaction included a vacant lot on Booth Street in Rego Park.
- Investors traded $13.9 million for a one-story warehouse at 524-526 Baltic Street in Gowanus. Scott Pedowitz received a permit this year to construct a 96-unit building at the location, which he sold through the entity 524 Baltic Holding Co. LLC to an unknown investor.
- Mark Reisman of Parkview Mansion Properties LLC paid $12.6 million to acquire an assisted living building at 3200 Bronx Boulevard in the Bronx. The 118-bed facility is home to Parkview Assisted Living.