From the acquisition of Ashkenazy to ZG Capital, real estate investors have been racing to beat the clock and strike investment deals before the calendar shifts to 2022.
The slew of sales helped breathe life into the Manhattan investment sales market, which accounted for the highest number of deals for the third week in a row in the $10-40 million range. The borough recorded 11 sales last week. Brooklyn saw six transactions, Queens two and the Bronx.
Twenty mid-market sales brought in a total of $370 million, surpassing even the larger-than-usual $320 million the previous week.
Below are more details on the blockbuster deals recorded at the end of December, which hit the city’s ownership records last week:
1. Ashkenazy Acquisition Corp. of Ben Ashkenazy bought a 200,000 square foot shopping center in 92-59 59th Ave in Elmhurst, Queens, for $40.5 million. The purchase takes the property out of bankruptcy by tenant JC Penney, in which trustee Glas Trust bought the building in April 2021 for $18.1 million.
2. Fetner Properties purchased 2,850 square feet of land from 270 West 96th Street in the Upper West Side from the NAACP for $16.8 million, and PGIM Real Estate purchased the 2,500 square foot parcel the next door Salvation Army for $16.1 million. Fetner plans to develop a 150,000 square foot mixed-use building on West 96th Street, for which it has received a $108 million loan from Wells Fargo.
The developer was also recently revealed as the seller of 625 residential units to Empire State Realty Trust as part of that company’s pivot into the multi-family sector.
3. David Bitricer’s Clipper Equity bought a 23,000 square foot development plot from 1050 Pacific Street in Crown Heights, Brooklyn, for $26 million. The promoter has not yet submitted the construction plans for the site. Harry Daskal was the seller.
4. L+M Development Partners purchased a 48,500 square foot parcel from 888 Fountain Avenue in East New York, Brooklyn, for $25 million. The affordable housing developer plans to build a 15-story mixed-use building on the site spanning 386,000 square feet. Empire State Development sold the land.
5. Based in California Capital IRA purchased a 12,600 square foot medical building from 3417 Kings Highway in Flatlands, Brooklyn, for $22.7 million. The seller was Fieber Group. The NewYork-Presbyterian Medical Group Brooklyn leases the building.
6. Steve Croman sold a 17-unit, 19,700 square foot apartment building to 182-184 Stanton Street in the Lower East Side for $21.3 million. The buyer was Targo Capital Partners. A notorious landlord and ex-con, Croman is seeking around $120 million for 14 of his apartment buildings in and around the East Village.
7. Manuel Glas GLAS Architects purchased a 9,350 square foot mixed-use building and 10,500 square foot warehouse from 88 and 90 rue Blanche, respectively, to Chinatown for $20.5 million. The O’Kane family of Hugh O’Kane Electric Company sold the buildings.
8. Chicago-based private equity firm L3 Capital has purchased mixed-use buildings spanning a combined 8,700 square feet from 200 and 202 Bedford Avenue in Williamsburg, Brooklyn, for $20.5 million. Robert Li was the seller.
9. Houston-based Crest Investment purchased a 14,855 square foot commercial condo at 100 East 53rd Street in Midtown for $20.1 million. Vanke US, a subsidiary of China’s largest residential development company, was the seller. Aby Rosen and Michael Fuchs’ RFR battled Vanke US for funding for the building.
10. Craig Policastro sold a 15,000 square foot warehouse to 444 West 36th Street at Hudson Yards for $15 million. EX ZDJ 36 Limited Liability Company was the purchaser.
11. Morris Weinberg purchased an 86,000 square foot building with 84 units at 100 East 21st Street in Flatbush, Brooklyn, for $14.8 million. Jacob Hager was the seller.
12. Alma Realty Corp purchased a 60,000 square foot apartment building with 79 units at 165 Bennett Avenue in Washington Heights for $14.6 million. Lee Krantzow was the seller.
13. Jason Fishkind purchased a 10,500 square foot retail building from 2535 Webster Avenue in Fordham, Bronx, for $13.8 million. Transworld Equities was the buyer.
14. Rockledge of David Kaye and Joe Listhaus, in partnership with PH Realty Capital and L3C Capital Partners, purchased three 96,060 square foot apartment buildings with a total of 100 units at 617, 623 and 629 West 170th Street in Washington Heights for $13.2 million. The seller was Adrian Longo. Justin Conway of Besen Partners brokered the sale.
15. Daniel Kroll purchased a 19,250 square foot condominium building from 1027-1035 Cortelyou Road in Ditmas Park, Brooklyn, for $12.8 million through the limited liability company MKFIT1. The seller was Daniel Cohen through two limited liability companies.