Jacob Schwimmer converting downtown Brooklyn office; A10 Capital nabs 535 Broadway

JCS Realty plans to demolish office building to build multifamily

Atlantic Ave office and SoHo apartment building top mid-market sales
540 Atlantic Avenue; A10 Capital’s Toby Prehn; 535 Broadway (Getty, A10 Capital, Google Maps)

A Downtown Brooklyn conversion was the highlight of last week’s commercial property sales in the city’s middle market, which The Real Deal defines as between $10 million and $40 million. 

Mid-market i-sales continue to lead the overall commercial market, with only one deal last week reaching above $40 million.

Mid-market sales that hit city records last week, ranked by dollar amount:

  1. An entity connected to JCS Realty paid $38 million for 540 Atlantic Avenue, Brooklyn. JCS filed plans this year for an eight-story, 15-unit building with ground-floor retail space. Jacob Schwimmer’s JCS plans to demolish a mostly empty, five-story office building on the site. Gus Papaditriou signed for seller Daily Mirror Associates LLC.

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  1. Idaho-based lender A10 Capital took control of a property at 535 Broadway in Soho. The transfer was valued at $23 million. This marked the second property in recent weeks that A10 Capital acquired from Continental Equities Group related to loans. 
  1. R.A. Cohen & Associates via an entity paid $19.1 million for a 46-unit property in Brooklyn Heights that was once attached to a loan from Signature Bank that has been turned over to the FDIC. The selling entity paid $13.5 million for 136 Hicks Street in 2007, and signed an agreement with Signature Bank to consolidate $14.3 million in debt in 2021.That note was reassigned this year after Signature closed.
  1. In a donation of sorts, an entity that paid $32 million in 2019 for 287 East 10th Street sold the property to The Joyce Theater Foundation for $16 million. Denham Wolf Real Estate said its seller sold to the non-profit at a reduced price and provided financing. The selling entity, represented by Carey Thorpe’s signature on the deed, provided a $12.8 million mortgage.
  1. An entity managed by Efstanthios Valiotis paid $13.1 million for 1775 East 18th Street. Jonas Equities used the same entity in 2018 to pay $28 million for the 96-unit, nearly 98,000-square-foot building. The selling entity was connected to Jonas Equities in 2018 when it paid $28 million for the nearly 98,000-square-foot building.
  1. JAM Real Estate received $10.5 million for 422 East 81st Street, a 20-unit residential building in Manhattan. JAM Real Estate paid $6.2 million in 2019 for 422 East 81st Street, and just received $10.5 million for the 20-unit residential building in Manhattan. The buyer was an entity connected to Japan-based Shink Co.
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