Apartment buildings, and development sites with plans for future ones, continue to drive most activity in the middle range of the city’s slow investment sales market.
Last week, they accounted for two of three transactions involving mid-sized commercial properties — those valued at between $10 million and $40 million — that hit city records.
Brooklyn was home to the two larger deals, while Queens saw one smaller sale of an office and retail property on Northern Boulevard.
Below is more information on each transaction, ranked by dollar amount:
1. Kushner Companies sold a 46-unit, rent-stabilized apartment building at 50 North First Street in Williamsburg for $34.9 million, about $1 million more than the $33.8 million it paid for the 54,700-square-foot building in 2013. The buyer was Reda Holdings, which a year ago picked up a 24-unit apartment building at 23 Peck Slip in the South Street Seaport for $14.5 million.
TerraCRG’s Daniel Lebor and Matt Cosentino along with Rosewood Realty’s Aaron Jungreis and Ben Khakshoor brokered the sale for Kushner, Commercial Observer reported.
2. Boston-based Davis Companies sold a development site at 570 Fulton Street in Fort Greene for $24.1 million to an entity connected to developer Yitzchok Katz. Davis filed plans in 2021 for a 45-story, 200,000-square-foot mixed-use tower with 123 residential units, ground-floor retail and 87,000 square feet of offices.
The lot was controversially upzoned in 2019 to allow for the tower, which was originally pitched by former owners Slate Property Group and Meadow Partners. The partners decided to put the land up for sale instead, but said any buyer would honor their pledge to set aside some of the units affordable. Davis bought the property’s $15 million mortgage in 2020.
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3. An entity connected to Liberty Fruit Corporation bought a pair of office and retail properties at 193-02 and 193-20 Northern Boulevard in Flushing for $11.3 million. The seller was Auburndale Properties, Inc., which lists the same address as Auburndale Tire and Auto Repairs, one of the businesses in the strip mall. The properties combine for 19,600 square feet and are home to restaurants, health care providers and a Pearle Vision eye care center in addition to the auto repair shop.