Traders closed out June with a series of multi-family deals, underscoring an otherwise slow period for mid-market investment sales in New York.
Nine deals involving commercial properties between $10 million and $40 million hit city records last week. Three of the transactions took place in Manhattan, while two transactions each took place in Brooklyn, Queens and the Bronx. Below are more details on each of them.
1. An LLC linked to Adam Mermelstein’s Treetop Development purchased a 127-unit apartment complex at 94-03 and 93-45 222nd Street in Jamaica, Queens, for $20 million. Jillian Lloyd has signed up for seller 222 Realty, an LLC with a mailing address in Boulder, Colorado. The nearly 156,000 square foot property dates to the 1930s and was last sold in 1997 for an undisclosed amount.
2. Entities related to Sunset Park-based DIB Management purchased a warehouse at 5714 First Avenue in the Brooklyn borough to $19.9 million of Deitsch Realty. Built in 1917, the two-story, 90,000-square-foot property was last sold in 2011 for an undisclosed amount.
3. Robert Lumaj’s Atlantis Development sold a 61-unit apartment building at 1988 Anthony Avenue in Tremont, Bronx, to entities related to Zach Hering and Tucker Shane’s 33 Stock for $19.8 million. Lumaj developed the eight-story, 42,000-square-foot structure after buying the land below in 2016 for $850,000.
4. Entities related to Bronx-based Arbeni Management purchased a 93,000 square foot building and 92 units at 75 West Mosholu Parkway North in Norwood, Bronx, to $16 million of Arthur Leeds Associates.
5. The nonprofit Center for Urban Community Services purchased a vacant building at 105 Washington Street in the Financial District to $12.9 million of an entity related to Pink Stone Capital of Richard Ohebshalom. Built in 1926, the 23,000 square foot building, known as the Downtown Community House, previously sold in April last year for $9.5 million.
6. An LLC linked to apparel wholesaler Adjmi Apparel bought a 50% stake in a development site at 171 Calyer Street in Greenpoint to $12.4 million by Solomon Cojab, who would have filed plans for a 33-unit building on the property. The site currently houses a single-storey 16,600 square foot commercial building.
7. Entities related to Namdar Realty Group and Bluesky Group, based in Long Island, purchased a 59-unit building at 312 Manhattan Avenue in Harlem to $11.3 million of an entity connected to Milchman Properties. Built in 1920, the 44,600 square foot building spans six stories and was last sold in 1978.
8. A 9,500 square foot office building at 41-17 Queens Boulevard in Sunnyside sold for $10.4 million. Both buyer and seller were LLCs. Built in 1930, the one-story property was last sold in 2013 for $6.9 million.
9. A five-story office building with ground-floor retail at 8 East 36th Street in Midtown sold for $10 million to an LLC tied to a Con Edison workers union. The 11,000 square foot structure was built in 1925 and was last sold in 2016 for an undisclosed amount.