NYC Investment Sales Hit Snag to Start in 2023

The city’s sluggish investment sales market all but paused last week, with just four deals for commercial properties valued between $10 million and $40 million.

The largest among them — a $15.5 million deal for Washington Heights apartments — would have ranked sixth in this roundup had it hit city records a week earlier.

Manhattan saw two of the four mid-market sales, while Brooklyn and Queens each had one. Below is more information on each deal, starting with the priciest:

1. Monsey-based landlord Basya Weiss bought a pair of apartment buildings at 82 and 84 Wadsworth Avenue in Washington Heights for $15.5 million. Shimon Kohn signed for the seller, a Great Neck-based LLC. The five-floor properties combine for 46 units across roughly 38,400 square feet and were last sold in 2017 for $11.6 million, records show.

2. An entity tied to Williamsburg-based Loom Capital Group sold a newly built apartment complex at 1502-1504 46th Street in Borough Park for $15.1 million. Malky Feig signed for the buyer, Binyin 1502 LLC. The seven-story property, completed in 2021, includes 17 units across 25,000 square feet. The development site sold in 2020 for $3.8 million.

3. Long Island-based JHS Acquisition LLC sold a warehouse at 1614 Decatur Street in Ridgewood for $11.6 million to an entity affiliated with Brooklyn-based Odis Management. Built in 1965, the 17,000-square-foot property was last sold in 2014 for $2.8 million, according to records.

4. A real estate investment trust managed by Texas-based Montgomery Street Partners bought a commercial condo unit at 353 West 57th Street, also known as 356 West 58th Street, in Hell’s Kitchen for $10.2 million from Hudson 10th Floor LLC. CSC Coliving is redeveloping a shuttered 24-story hotel on the site, which it took over last year on a long-term ground lease from Montgomery Street.