United Construction and Development Group took the plunge at a Flushing property last week.
The Jaishu Xu-led firm bought the North Flushing Pool Club for $16 million, using an $8 million loan from Maspeth Federal Savings and Loan to fund the purchase.
The seller was North Flushing Pool Club, with Jeffrey Taub signing on its behalf. Allen Lackowitz signed for the buyer.
The pool sits on a 20,000-square-foot lot at 141-01 32nd Avenue. But after more than 60 years in operation, its days as a swimming venue are over.
“Our families have enjoyed the pool club since 1960,” said Linda Meltzer, a board member of the club, said in a press release in March. “We are now looking forward to passing the torch to a developer who can bring fresh ideas and continue to make positive contributions to Flushing.”
The pool last traded for $6.3 million in 2006, with the Criterion Group being the seller. Home video posted on YouTube purports to show Taub in the pool handing a lifeguard a whistle in 1986.
The Flushing sale was the highlight of investment sales last week in the middle market, defined as those between $10 million and $40 million. The rest are listed below, ranked by dollar amount.
- The iconic Broome Hotel in SoHo has swapped hands for $14 million. Vincent Boitier sold the establishment to an unknown buyer with an address in Barcelona, Spain. The buyer received $5.6 million in financing from an entity listed as PRP-Broome V LLC.
The Corcoran Group’s Raphael Sitruk represented the buyer and the seller, with David Mayer and another team member assisting. The property was advertised as a potential conversion to a private mansion, but Sitruk says the buyer plans to keep it a hotel.
Built in 1825, the building has five floors over 8,000 square feet. It last traded for $3.8 million in 2009.
- Tim Ziss’s Allied Properties has sold an office building in Bayside, Queens, for $13.6 million. Ziss signed on behalf of Allied Properties using his legal name, Efthimios Zisimopoulos.
The buyer, Yong Ho Lee, who got used $8.7 million in financing from Bank of America, is the new owner of a three-story, seven-unit office building of 39,000 square feet. Located at 213 Northern Boulevard, it was built in 2005 and last traded in 2018 for $5.6 million.
Ziss’s Canada-based firm recently bought a Bay Ridge office building at a bankruptcy auction.
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- Bronstein Properties has unloaded a 66-unit apartment building in Bay Ridge for $13.5 million. The buyer, an entity tied to Albert Stour, secured a $7.2 million mortgage from Esquire Bank to fund the purchase.
Located at 252 74th Street, the property was built in 1931 and contains six floors over 67,000 square feet. The building last traded in 2007, when Bas Madison Apartments sold it to Bronstein for $9 million. Richard Bassuk signed for the seller in that transaction.
Correction: A previous version of this story misstated Allied Properties’ role in the sale of 213 Northern Boulevard. It was the seller, not the buyer.