Multifamily properties continue to drive strong returns for New York City investors, with eight more transactions involving commercial properties priced between $10 million and $40 million hitting city records last week.
Three of the deals were in Queens, two each were in Manhattan and Brooklyn and one involving a pair of nonprofits occurred in the Bronx. Five of the eight properties that traded were apartment buildings. Below are more details on each:
1. The Neighborhood Restore Housing Development Fund Corporation, a nonprofit that partners with the city on affordable housing projects, sold a pair of apartment buildings totaling 122 units at 710 and 740 East 243rd Street in Mount Vernon, the Bronx, for $32.3 million to an entity tied to Samaritan Daytop Village, a nonprofit that provides counseling and temporary housing for homeless New Yorkers.
The properties are part of a portfolio of former cluster apartment buildings that the city plans to convert to permanent affordable housing, Curbed reported in 2019. Combined, the two buildings span just under 100,000 square feet.
2. Shibber Khan’s Criterion Group bought an industrial property at 1051 Irving Avenue in Ridgewood, Queens, for $26 million from Bernd and Stephanie Messing.
3. Axel Stawski’s Stawski Partners bought two apartment buildings totaling 32 units at 413 East 78th Street and 431 East 87th Street on the Upper East Side for $21.3 million from Townhouse Property Group. The building at 413 East 78th Street last sold in 2015 for $5.8 million, while the East 87th Street property last traded in 2016 for $5 million.
4. Sergey Rybak’s Rybak Development bought a development site at Austin Street and 78th Avenue in Forest Hills, Queens, from the Kew-Forest School, a K-12 prep school, for $21 million.
5. Sabet Management bought a 40-unit apartment building at 312 East 35th Street in Murray Hill for $13.3 million from Mark Perlbinder. Built in 1910, the five-story building spans 19,000 square feet and last sold in 2007 for $8.3 million.
6. An entity connected to Anant Enterprises bought a hotel at 153-95 Rockaway Boulevard in Jamaica, Queens, for $12.5 million from a pair of limited liability companies. Built in 2000, the two-story, 22,000-square-foot hotel near John F. Kennedy International Airport last sold in 2015 for $10.8 million.
7. Meridian Properties bought a 65-unit apartment building and adjacent vacant land at 1270 East 18th Street in Midwood, Brooklyn, for $11.6 million from Alas Realty Corp. Built in 1937, the six-story property spans 65,000 square feet.
8. Entities tied to First Pioneer Properties and Peak Capital Advisors bought a 20-unit apartment building at 250 North 6th Street in Williamsburg for $10.5 million from San G. Realty. Lazzaro Sangiovanni signed for the seller. Built in 1910, the five-story building spans 16,000 square feet.
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