June continues to be a strong month for New York middle market investment sales despite fears of a slowdown in transactions due to rising interest rates.
Six transactions involving commercial properties between $10 million and $40 million hit city records last week. Three of the deals were in Brooklyn, two in Manhattan and one in Queens. Below is each transaction, listed by dollar amount.
1. A pair of entities related to Read Property Group sold an apartment building at 487 Keap Street in Williamsburg for $36.3 million to a trio of entities related to Highview Property Group. Built in 1910, the 57,000 square foot property has 51 units over six floors. It was last sold in 2014 for an undisclosed amount.
2. A group of LLCs linked to Danny Fishman’s Gaia Real Estate bought a trio of apartment buildings on the Lower East Side in 99 Allen Street, 177 Ludlow Street and 102 Norfolk Street for $34.8 million from a trio of entities linked to Samy Mahfar’s SMA Equities. The mixed-use properties feature 56 residential units and five commercial spaces. The three buildings are part of a strategy by Gaia to buy multi-family properties it perceives to be undervalued in the wake of the pandemic.
3. An LLC linked to Acuity Capital Partners sold vacant land and a two-story warehouse at 21 and 35 Delavan Street in Carroll Gardens for $32 million at the New York City School Construction Authority. The neighboring properties cover nearly 60,000 square feet.
4. An LLC related to RedSky Capital and Terra Capital Partners sold a mixed-use building at 658 Driggs Avenue in Williamsburg for $25.5 million to an entity called Core Driggs LLC. Robert Li signed for the buyer. The five-story property includes 20 residential units and 4,100 square feet of retail on the ground floor, Yimby from New York reported. RedSky bought the property for $9.3 million in 2013.
5. A Freo Group-related LLC purchased a Lower East Side mixed-use building at 167 Eldridge Street for $19.3 million. The seller was a group of entities related to Schoolyard Enterprises, Bowery Boogie reported. Built in 2002, the 32,700 square foot property has 19 units spread over eight floors. The asking price was $21 million when it hit the market in 2019.
6. The non-profit organization AHRC New York City has sold a building in Long Island City at 32-03 39th Avenue for $19.1 million to an entity related to Yitzchok Katz’s developing New York State. Built in 1965, the one-story building spans 22,500 square feet. It housed the Cyril Weinberg Center, which served people with intellectual and developmental disabilities, weekly real estate reported. The plan is to build a multifamily on that corner lot and another at 31-17 39th Avenue, which has sold for a total of $28.6 million, and qualify for the upcoming 421a tax relief. to expire.