Boom week for investment real estate sales in New York


Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)

The middle of the city’s investment sales market rebounded with a string of Manhattan deals totaling $307 million after a quiet week to start 2022.

Notable sales include an Upper East Side condo conversion already on its third owner, the liquidation of a girls’ residence in Hell’s Kitchen and a money-making family bakery in the Bronx. Also, Joe Sitt’s Thor Equities has been sold in Soho and a former fine arts mansion has changed hands on the Upper East Side.

Manhattan led the submarket with seven deals, while the Bronx had three and Brooklyn and Queens two each. Here are the details of all sales between $10 million and $40 million recorded during the third week of January.

1. Zaro’s Family Bakery made some serious bread last week, selling the ground lease at 138 Bruckner Boulevard and 107 St Ann’s Avenue in Mott Haven, Bronx, for $35 million. Montgomery Street Properties purchased the 39,300 square foot manufacturing building and an adjacent 15,600 square foot service station, respectively.

2. A subsidiary of Coral Realty has purchased a 65,000 square foot, 14 unit condo project at 305 East 61st Street in Lenox Hill for $35 million. Jason Carter of Carter Management Corp. was the seller, who bought the property out of bankruptcy for $51 million in March 2020. Mitchell Marks originally led the condo conversion.

3. A Pinnacle Group subsidiary has sold 237 condo units at the MeadowWood at Gateway, a 19-building housing complex and former Mitchell-Lama Fairfield Towers development, in East New York, Brooklyn, for $30.5 million . The buyers were MeadowWood Towers and MeadowWood Towers II LLCs. Pinnacle Group bought 318 units in 2015 for $53 million.

4. Slate Property Group has purchased a 52,000 square foot, 117 room hotel building at 161 Lexington Avenue in Kips Bay for $29.9 million. The seller was Apple Core Hotels. The building, which has been closed for two years, is to become transitional housing for the homeless.

5. The Kimmel family has sold a 50% interest in a 95,600 square foot condominium building at 520 West 23rd Street in West Chelsea for $26.75 million. Two limited liability companies were the acquirers.

6. Excel Development Group has purchased a 12,500 square foot residential building at 539 West 54th Street in Hell’s Kitchen for $25 million. Catholic Charities of New York sold the property, a girls’ residence known as Centro Maria Residence, to pay legal claims for sexual abuse victims, the city reported.

7. FG Residential has purchased a 20,000 square foot rental property at 9 East 68th Street, formerly the Bliss Beaux Arts Mansion, in Lenox Hill for $24.5 million. The seller was Ursula Kloibal.

8. Joel Leifer and Cheskel Berkowitz bought a 16,500 square foot event venue at 727 Throgs Neck Expressway in Throgs Neck, Bronx for $19.75 million. The Benjamin Companies sold the property.

9. Xiang Yang Xia of Golden Sparkling Supermarket bought the store location, a 24,300 square foot grocery store at 86-18 Broadway in Elmhurst, Queens, for $19 million. The seller was Kam Lun Food Products.

10. Knickpoint Ventures has sold two self-storage buildings covering a combined 45,900 square feet at 1112 Brook Avenue in Morrisania and 1045 Webster Avenue in Concourse, Bronx, for $15.35 million. Extra Space Storage, which operates both buildings, was the buyer.

11. Joe Sitt’s Thor Equities has sold a 9,700 square foot mixed-use building at 496 Broadway in Soho for $12.9 million. A representative of Hirshmark Capital, which owns the debt on the building, signed for the buyer, a front company.

12. Ramiel Ben-Yehuda and Isaac Abraham’s Witnick Real Estate Partners have purchased a 16,200 square foot rental property with 25 units at 443 East 88th Street in Yorkville for $12 million. The Lemle family was the seller.

13. YDE Hebrew Day School purchased a 27,200 square foot parcel at 2316 Coney Island Avenue in Homecrest, Brooklyn, for $11.35 million. Hotelier Mahesh Ratanji was the seller.

14. Sunlight Development has purchased a 34,600 square foot mixed-use building with 25 units at 144-69 Barclay Avenue in Murray Hill, Queens, for $10.2 million. Lisa Lam of RLCH, Inc., which filed for Chapter 11 bankruptcy in August 2020, signed on as seller.

Previous It's time to tackle widespread insecurity
Next Mortgage searches for first-time buyers increase dramatically