Development sites, multifamily buildings, hotels snag mid-market deals

Seven commercial sales of $10M to $40M hit city records last week

New York / November 09, 2022 07:00 AM By Pat Ralph



Six of the seven commercial property transactions of $10 million to $40 million that hit city records last week were in Brooklyn and Queens. The other was in Manhattan.

Three deals were for development sites and two were for multifamily properties, The other two were for an office building and a pair of hotels. Below is more information on each deal, ranked by dollar figure.


1. Entities tied to Yehoshua Leib Fruchthandler’s FBE Limited bought a 235,000-square-foot development site at 2124 Mill Avenue in Mill Basin for $40.5 million from an entity connected to Manny Shurka’s Signature Investment Group. The property was last sold in 2002 for an undisclosed amount.


2. Entities connected to Arden Management bought five apartment buildings at 22-88 Mott Avenue, 18-15 Everdell Avenue, 11-27 Nameoke Street, 11-36 McBride Street and 11-38 McBride Street in Far Rockaway for $26 million from an entity tied to investor Howard Hershkovich. The 113-unit, 102,000-square-foot portfolio was sold only last year for $25 million.


3. An entity tied to Bentley Zhao’s New Empire Development bought a 37,800-square-foot development site at 757-765 Flatbush Avenue and 21 Lenox Road in Flatbush for $18 million from entities connected to Steven Neuman’s Coltown Properties. JLL’s Steve Rutman and Stephen Palmese represented both sides in the deal.

New Empire is planning to demolish the buildings on the site and put up a luxury condo with up to 150 units and ground-floor retail. No timeline has been given. The Flatbush Avenue buildings were last sold in 2018 for $9.7 million, and 21 Lenox Road was sold in 2019 for $4.9 million.

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4. The non-profit AIDS Healthcare Foundation bought the Hotel Caribe at 515 West 145th Street and the Hamilton Heights Casablanca Hotel at 511 West 145th Street for $17 million from an entity connected to Apple Core Hotels and Hamilton Heights Enterprises.

Oxford Properties represented the AIDS Healthcare Foundation. Brown Harris Stevens’ John Goldman and Paul Holm represented the sellers. Both properties were on the market for about six months.

The hotels are expected to be converted into low-income housing, Patch reported. The Hotel Caribe last traded hands in 1974 for an undisclosed amount, while the Casablanca Hotel was last sold in 1998 for an undisclosed amount. Built in 1926, the Hotel Caribe spans five floors across 12,800 square feet. The Casablanca Hotel, which dates to 1930, spans five floors across nearly 12,900 square feet.

5. An entity connected to Brian Pun’s FSA Capital bought a development site at 133-17 37th Avenue and 36-27/51 College Point Boulevard in Flushing for $14.2 million from 99 College Point LLC. Wilson Ko signed for the seller. FSA filed plans in September for a 17-story, 173,000-square-foot mixed-use development on the site.

The project would have 102 residential units across 72,000 square feet, plus 101,000 square feet of retail and a 313-space parking garage. It’s unclear if the site qualified for the 421a tax abatement. The property, which allows for about 205,000 buildable square feet, was last sold in 1999 for an undisclosed amount.

6. Entities tied to Hub Properties bought an apartment building at 1685 East Fifth Street in Midwood for $12.5 million from a quartet of entities. David Akselrad signed for the seller. The six-floor, 55,000-square-foot building has 60 units. It was last sold in 1997 for an undisclosed amount.

7. An entity connected to Gabriel Cherebar’s Jackson Group bought 435 Ninth Street in Park Slope for $11 million from an entity tied to Berman Realty. The four-floor, 20,000-square-foot building has 14 units. It was last sold in 2004 for an undisclosed amount.


https://therealdeal.com/2022/11/09/development-sites-multifamily-buildings-hotels-snag-mid-market-deals/