• Tue. Jun 21st, 2022

Actor in the sale of real estate investments?

From left to right: 3761 and 3769 10th Avenue in Inwood, 16 Dupont Street and 427 West 52nd Street with Mayor Bill de Blasio (Getty, Google Maps)

Why fight against the town hall when you can instead do real estate business with it?

New York City was active in the real estate market last week as a buyer and seller, grabbing land for schools in Inwood while selling development rights to Greenpoint.

Biggest contract of the week was for homeless shelter in Hell’s Kitchen sold by Triumph Hotels co-founder Horn Shimmie for just over $ 25 million. The building is operated by Care for the Homeless, a non-profit homeless services organization, which received $ 11 million in government grants in 2019, according to tax records.

The six investment sales in the $ 10 million to $ 30 million range last week reached $ 113 million. Three were in Brooklyn, two in Manhattan, and one in Queens.

The previous week, sales of investments in this range had totaled just over $ 200 million.
Here are more details on the mid-market sales recorded during the third week of June.

1. A limited liability company affiliated with Horn sold a 35,800 square foot homeless shelter to 427, 52nd Street West for $ 25.2 million. The purchaser was 427 West 52nd Propco LLC. The operator of the Care for the Homeless shelter recently filed plans to renovate the property.

2. Paul Gagliardi sold two plots of 27,700 square feet to 3761 and 3769 10th Avenue to Inwood for $ 23.6 million. The buyer was the New York City School Construction Authority.

3. Park Tower Group acquired 224,500 square feet of development rights at 16 Dupont Street in Greenpoint, Brooklyn, for $ 22.9 million. The seller was New York City. Park Tower will develop an affordable housing project in Greenpoint Landing with 374 units.

4. Self-storage company Insite Property Group acquired a 55,700 square foot warehouse in 131-21 14th Avenue in College Point, Queens, for $ 15.25 million. The vendor was Safeguard Self Storage.

5. A subsidiary of Bridges Development Group has acquired a 21% joint interest in Ceasar’s Bay Bazaar, a 290,000 square foot shopping center in 1608 Shore Drive, also known as 8949 Bay Parkway, in Gravesend, Brooklyn, for $ 14 million. The seller was Diiorio Realty.

6. Netanel Jacobov and Barak Jacobov sold an 8,000 square foot commercial building to 1702 9th Street East in Midwood, Brooklyn, for $ 12.25 million. The seller was Yelena Vaynshteyn.

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