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  • Writer's pictureAndre Watson

String of multifamily deals rounds out June mid-market investment sales

Buyers closed on nine properties for between $10 million and $40 million last week, including five apartment buildings

By: TRD Staff

DIB’s Roland Dib with 5714 1st Avenue (NYREJ, Loopnet)

Dealmakers closed out June with a string of multifamily deals, highlighting an otherwise slow period for mid-market investment sales in New York City.

Nine transactions involving commercial properties between $10 million and $40 million hit city records last week. Three of the deals were in Manhattan, while two transactions each were in Brooklyn, Queens and the Bronx. Below are more details on each of them.

1. An LLC tied to Adam Mermelstein’s Treetop Development bought a 127-unit apartment complex at 94-03 and 93-45 222nd Street in Jamaica, Queens, for $20 million. Jillian Lloyd signed for seller 222 Realty, an LLC with a Boulder, Colorado mailing address. The nearly 156,000-square-foot property dates to the 1930s and was last sold in 1997 for an undisclosed amount.

2. Entities connected to Sunset Park-based DIB Management bought a warehouse at 5714 First Avenue in the Brooklyn neighborhood for $19.9 million from Deitsch Realty. Built in 1917, the two-story, 90,000-square-foot property was last sold in 2011 for an undisclosed amount.

3. Robert Lumaj’s Atlantis Development sold a 61-unit apartment building at 1988 Anthony Avenue in Tremont, the Bronx, to entities tied to Zach Hering and Tucker Shane’s 33 Equities for $19.8 million. Lumaj developed the eight-story, 42,000-square-foot structure after buying the land beneath it in 2016 for $850,000.

4. Entities connected to Bronx-based Arbeni Management bought a 93,000-square-foot, 92-unit apartment building at 75 West Mosholu Parkway North in Norwood, the Bronx, for $16 million from Arthur Leeds Associates.

5. The nonprofit Center for Urban Community Services bought a vacant apartment building at 105 Washington Street in the Financial District for $12.9 million from an entity tied to Richard Ohebshalom’s Pink Stone Capital. Built in 1926, the 23,000-square-foot building, known as the Downtown Community House, previously sold in April of last year for $9.5 million.

6. An LLC tied to clothing wholesaler Adjmi Apparel bought a 50 percent stake in a development site at 171 Calyer Street in Greenpoint for $12.4 million from Salomon Cojab, who reportedly filed plans for a 33-unit apartment building on the property. The site currently holds a 16,600-square-foot, single-story retail building.

7. Entities tied to Long Island-based Namdar Realty Group and Bluesky Group bought a 59-unit apartment building at 312 Manhattan Avenue in Harlem for $11.3 million from an entity connected to Milchman Properties. Built in 1920, the 44,600-square foot building spans six stories and was last sold in 1978.

8. A 9,500-square-foot office building at 41-17 Queens Boulevard in Sunnyside sold for $10.4 million. Both buyer and seller were LLC’s. Built in 1930, the single-floor property was last sold in 2013 for $6.9 million.

9. A five-story office building with ground-floor retail at 8 East 36th Street in Midtown sold for $10 million to an LLC tied to a Con Edison workers’ union. The 11,000-square-foot structure was built in 1925 and was last sold in 2016 for an undisclosed amount.

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