Multifamily properties, a development site and a retail building were among the commercial assets to trade hands in New York City’s mid-market last week.
Four sales of commercial properties between $10 million and $40 million hit city records. Queens had two while Manhattan and the Bronx had one apiece.
Below is more information on each investment sale, ranked by dollar amount.
- An entity connected to Brian Dennis’ Dennis & Co. Auto Group bought a development site at 38-08 43rd Avenue and 38-15 Queens Boulevard in Sunnyside for $35 million from entities tied to Savas Tsitiridis’ United Taxi Management Group.
The properties consist of a taxi stand, auto body repair shop and car wash — a trio used frequently by medallion cabs. The 38-08 43rd Avenue site was last sold in 2003 for $1.2 million, while 38-15 Queens Boulevard changed hands in 2016 for $3.6 million.
Yellow cabs make about 109,000 trips per day, down from about 440,000 in late 2014, when Uber began carving out market share.
- An entity tied to Wellesley Corporation and Naomi Scheuer sold an apartment building at 2 Adrian Avenue in Marble Hill for $12.2 million to an entity connected to Joseph Grubner. The six-floor, 82-unit property spans 60,000 square feet.
The Bronx building, just north of Spuyten Duyvil Creek, was last sold in 1982 for an undisclosed amount.
- The Witkoff and Birnbaum families sold a retail building and parking lot at 47-07 Broadway in Astoria for $11.1 million to an entity tied to local residential developer Frank Tehrani. Highcap Group’s Josh Goldflam brokered the sale.
The 27,300-square-foot property had been family-owned for more than 50 years and is occupied by a Rite-Aid that will be vacating the premises. The property’s zoning allows it to be redeveloped into a residential and retail building of about 54,500 square feet.
- An entity connected to Pasquale and Amalia Coppolecchia sold two mixed-use buildings at 1725-1727 Second Avenue on the Upper East Side for $10 million to an entity tied to Moshe Khoshkheraman.
The five-floor buildings consist of 39 units across 17,600 square feet. The properties were last sold in 1972 for an undisclosed amount.
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