4 other NYC multi-family assets trade hands
With rising rents and a slowdown in new apartment construction on the horizon, middle-market investors continue to target multifamily assets in New York. Eight deals involving commercial properties worth between $10 million and $40 million hit city records last week, half of which were for apartment buildings with fewer than 100 units.
Six of the transactions took place in Brooklyn and Queens, while Manhattan and the Bronx each saw one transaction. Below is more information on each, listed by dollar amount:
1. David Marx’s Marx Development Group has sold the Spring Creek Rehabilitation and Nursing Center at 660 Louisiana Avenue in East New York, Brooklyn, to retirement home operator Sentosa Care for $40.4 million. The four-story, 125,000 square foot property was built in 2006.
2. Andrew Chung’s Innovo Property Group nabbed another Outer Borough industrial property, this time at 1100 Leggett Avenue in Hunts Point, Bronx, for $21.5 million from an entity linked to Samuel Sutton from Sutton Management. Built in 1959, the 60,000 square foot warehouse was last sold in 2001.
3. Denali Management purchased a 58-unit building at 17 West 125th Street in Harlem from Joe Sitt’s Thor Equities for $21.2 million. Thor bought the 120-year-old, 46,000-square-foot building in 2015 for $29.6 million, records show.
4. New Empire Corp. of Bentley Zhao bought a Walgreens store and parking lot at 58-01 Queens Boulevard and 44-01 58th Street in Woodside, Queens, for $16.2 million from an LLC. New Empire plans to transform the 19,000 square foot property into a 12-story, 120-unit luxury condominium. Construction will begin next year and is expected to be completed by 2025.
5. An entity called Wynfame West Realty LLC sold a 95-unit apartment building at 6801 19th Avenue in Bensonhurst, Brooklyn, for $15.7 million to an entity called 6801 19 Ave LP. Eric Markel signed for the seller and Uri Koenig signed for the buyer. Built in 1931, the building spans 90,000 square feet over six floors.
6. New York-based X-Treme Home Care purchased an office building at 212-14 Northern Boulevard in Bayside, Queens, for $13 million from an entity called 21214 Northern LLC. Won Kim signed for the seller. The four-story, 30,000 square foot building was constructed in 2016.
7. An entity called AYG Enterprises LLC has sold a 21-unit building at 32-04 38th Avenue in Long Island City for $11.2 million to an entity called JAE Four Real Estate Investment LLC. Rachita Agarwal signed for the seller and Aidi Xu signed for the buyer. The six-story, 22,500 square foot building was completed in 2015.
8. The Carlyle Group continued its quiet shopping spree for Brooklyn’s small apartment buildings, buying the 22-unit property at 104-108 Luquer Street in Carroll Gardens for $10.8 million. Stephen Palmese of JLL signed for Seller, an LLC. Built in 2003, the 24,000 square foot building has 22 units spread over five floors. It last traded in 2019 for $9.3 million.