The volume of New York City investment sales recorded in city property records is trending downward, with only $1.25 billion in commercial sales recorded in New York City in March so far. With five more days to go in the month, the total dollar volume is only about a quarter of the full-month total of $4.8 billion in more than 200 sales in March 2022….
Grapetree Lending LLC in care of Altisource Asset Management bought a note with an original principal of $5.5 million from SSA NE Assets, LLC secured by the industrial building (G1) at 18-20 Steinway Street in Ditmars Steinway, Queens. The Okon family which operates the multi-state black car and limousine service, The BLS Company, owns the building, which is the local New York City office. The…
Ken Huang through the entity 90-10 Ditmars Holding LLC as borrower signed a refi loan with lender Popular Bank valued at $54.3 million for the hotel building (H3) at 90-10 Ditmars Boulevard in Jackson Heights, Queens. The deal closed on March 22, 2023 and was recorded on March 24, 2023. The prior lender was Maxim Capital Group which held debt that had an original loan…
A buyer through the entity NY Seddon 1741 LLC paid $2.8 million for the development site (V0) at 1741 Seddon Street in Westchester Square, Bronx. The deal closed on March 15, 2023 and was recorded on March 24, 2023. The property has zero square feet of built space and 26,644 square feet of additional air rights for a total buildable of 26,644 square feet according…
George Kapanadze of Dimensional Stone Fabricators through the entity Chelsea Industrial Buildings LLC paid $3.1 million to Rakip Vrlaku through the entity Rocky’s Construction Inc. for the industrial building at 317 Chelsea Road in Bloomfield, Staten Island. Dimensional Stone Fabricators, an architectural stone supplier, owns the parcel just to the south, at 333 Chelsea Road. The deal closed on March 7, 2023 and was recorded…
BWH Group through the entity 48 Somers LLC paid $3.8 million to Haim Levy through the entity 48 Somers Holding LLC for the 24-unit development site (V1) at 48 Somers Street in Bedford Stuyvesant, Brooklyn. On the lot, there is one active new building construction project for a 24-unit, 33,760 square-foot residential (R-2) building. The project was developed by Haim Levy with plans filed January…
Rubin Equities of 89 Ave Realty LLC as borrower signed a construction loan with lender Popular Bank valued at $20.9 million for the 69-unit project at 148-15 89th Avenue in Jamaica, Queens. On the lot, there is one active new building construction project for a 69-unit, 46,876 square-foot R-2 building. The project was submitted by Rubin Equities and filed by Sam Rubin with plans filed…
CBSK Developers through the entity Bathhouse Lodge LLC as borrower signed a construction loan with lender Procida Funding’s 100 Mile Riss LLC valued at $32.5 million for the Jacob Riis Bathhouse building (Q1) at 157 Rockaway Beach Boulevard in the Rockaways, Queens. The deal closed on March 10, 2023 and was recorded on March 23, 2023. The property has 50,000 square feet of built space…
Triangle Equities through the entity South Conduit Warehouse Owner, LLC as borrower signed a loan with lender H.I.G. Capital through its H.I.G. Realty Credit Holdings, LLC valued at $60 million for the 296,210-square-foot, five-story property at 130-02 South Conduit Avenue in South Ozone Park, Queens. The deal closed on March 15, 2023 and was recorded on March 23, 2023. The block On this tax block,…
Slope Asset Management through the entity 350 Seventh, LLC paid $3.8 million to Georgina M. Tufano’s Gna LLC for the four-unit mixed-use building (S4) at 350 7th Avenue in South Slope, Brooklyn. The deal closed on March 21, 2023 and was recorded on March 23, 2023. The property has 4,011 square feet of built space and 840 square feet of additional air rights for a…
RFR Holding and Waterfall Asset Management through the entity Astor Retail Condominium LLC acquired the retail condominium unit at the Astor at 235 West 75th Street on the Upper West Side, Manhattan at a transfer price of $38.7 million from Vanbarton Group’s Astor Retail Strategic Venture LLC in a deed-in-lieu transaction. The deal closed on March 15, 2023 and was recorded on March 23, 2023….
Concord Hospitality through the entity Concord Panorama Chelsea Hotel LLC paid $48.4 million to Robert Chun’s We-Care Trading Co., Ltd., for the Cambria Hotel New York – Chelsea (H3) at 123 West 28th Street in Chelsea, Manhattan. The deal closed on March 13, 2023 and was recorded on March 23, 2023. The property has 55,411 square feet of built space according to a PincusCo analysis…
Hung Pin Hung through the entity 881 Lexington Avenue LLC as borrower signed a refi loan with lender TD Bank valued at $7.2 million for the 24-unit residential elevator building (D6) at 881 Lexington Avenue in Bedford Stuyvesant, Brooklyn. The deal closed on March 14, 2023 and was recorded on March 22, 2023. The prior lender was Investors Bank which held debt that had an…
Joseph Alexander through the entity 1240 Edward Grant LLC as borrower signed a refi loan with lender H&O Capital Funding through the entity 1240 El Grant Highway LLC valued at $23.6 million for the retail building (K1) at 1240-1250 Edward L Grant Highway in Mt Eden, Bronx. The deal closed on February 10, 2023 and was recorded on March 22, 2023. The property has 26,000…
Jeff Sutton’s Wharton Properties through the entity 506 Utica Ave LLC paid $6.7 million to Samuel Frankel through the entity Utica Management Corporation for the retail building (K1) at 506 Utica Avenue in East Flatbush, Brooklyn. The deal closed on March 16, 2023 and was recorded on March 22, 2023. The property has 9,000 square feet of built space and 38,880 square feet of additional…
Allied Realty & Development through the entity Allied XXXIII LLC paid $10.2 million to Carol Mae Matzel through the entity 20 East 22nd Street, LLC for 23-unit residential elevator building (D3) at 20 East 22nd Street in Flatiron District, Manhattan. The deal closed on March 21, 2023 and was recorded on March 22, 2023. The property has 10,512 square feet of built space and 2,436…
Optimum Properties through the entity 603 Fifth Property Owner, LLC paid $16.2 million to Andrew H. Rosenthal through the entity 603 Fifth Avenue LLC for retail building (K4) at 603 Fifth Avenue in Midtown East, Manhattan. Optimum Properties already owns 605 Fifth Avenue, which it acquired in 1985. The deal closed on March 17, 2023 and was recorded on March 22, 2023. The property has…
In the first, Victor Peng through the entity 134-07 Northern Blvd LLC paid $23.9 million to Robert Mannheimer through the entity Northern-Collins Corporation for industrial building (E9) at 134-01 Northern Boulevard in Flushing, Queens. The deal closed on March 17, 2023 and was recorded on March 22, 2023. The property has 21,925 square feet of built space and 13,490 square feet of additional air rights…
Eight investors are seeking to recover $2 million they claim they invested in a stalled Flushing project at 136-25 41st Avenue led by developers Wing Fung Chau and Hang Zhao. but since 2020 the project has been “experiencing financial difficulties.” The complaint alleges that in February 2023, the managers of the project informed the plaintiffs that they were to surrender their stake for no consideration….
GDSNY through the entity 1241 Broadway LLC as borrower signed a construction loan with lender Deutsche Pfandbriefbank valued at $90 million for the office building (O4) at 1245 Broadway in NoMad, Manhattan. On the lot, there is one active new building construction project for a 140,834 square-foot office (B) building. The project was developed by GDSNY with plans filed August 7, 2018 and permitted June…