Friday, August 12 2022

Ben Ashkenazy of Ashkenazy Acquisition Corporation; David Bitricer of Clipper Equity; Hal Fetner of Fetner; Ron Moelis of L+M Development Partners (Google Maps, Ashkenazy Acquisition Corporation, Fetner, Clipper Equity, L+M Development Partners)

From the acquisition of Ashkenazy to ZG Capital, real estate investors have been racing to beat the clock and strike investment deals before the calendar shifts to 2022.

The slew of sales helped breathe life into the Manhattan investment sales market, which accounted for the highest number of deals for the third week in a row in the $10-40 million range. The borough recorded 10 sales last week. Brooklyn saw six transactions, Queens two and the Bronx.

Nineteen mid-market sales totaled $357 million, surpassing even the larger-than-usual $320 million the previous week.

Below are more details on the blockbuster deals recorded at the end of December, which hit the city’s ownership records last week:

1. Ashkenazy Acquisition Corp. of Ben Ashkenazy has bought a 200,000 square foot mall at 92-59 59th Avenue in Elmhurst, Queens, for $40.5 million. The purchase takes the property out of bankruptcy by tenant JC Penney, in which trustee Glas Trust bought the building in April 2021 for $18.1 million.

2. Fetner Properties bought a 2,850 square foot lot at 270 West 96th Street on the Upper West Side from the NAACP for $16.8 million, and PGIM Real Estate bought the 2,500 square foot parcel next door Salvation Army for $16.1 million. . Fetner plans to develop a 150,000 square foot mixed-use building on West 96th Street, for which it received a $108 million loan from Wells Fargo.

The developer was also recently revealed as the seller of 625 residential units to Empire State Realty Trust as part of that company’s pivot into the multi-family sector.

3. David Bitricer’s Clipper Equity has purchased a 23,000 square foot development parcel at 1050 Pacific Street in Crown Heights, Brooklyn for $26 million. The promoter has not yet submitted the construction plans for the site. Harry Daskal was the seller.

4. L+M Development Partners has purchased a 48,500 square foot parcel at 888 Fountain Avenue in East New York, Brooklyn, for $25 million. The affordable housing developer plans to build a 15-story mixed-use building on the site spanning 386,000 square feet. Empire State Development sold the land.

5. California-based IRA Capital has purchased a 12,600 square foot medical building at 3417 Kings Highway in Flatlands, Brooklyn, for $22.7 million. The seller was the Fieber Group. The NewYork-Presbyterian Medical Group Brooklyn leases the building.

6. Steve Croman has sold a 17-unit, 19,700-square-foot building at 182-184 Stanton Street on the Lower East Side for $21.3 million. The buyer was Targo Capital Partners. A notorious landlord and ex-con, Croman is seeking around $120 million for 14 of his apartment buildings in and around the East Village.

7. GLAS Architects of Manuel Glas purchased a 9,350 square foot mixed-use building and a 10,500 square foot warehouse at 88 and 90 White Street, respectively, in Chinatown for $20.5 million. The O’Kane family of Hugh O’Kane Electric Company sold the buildings.

8. Chicago-based private equity firm L3 Capital has purchased mixed-use buildings spanning a combined 8,700 square feet at 200 and 202 Bedford Avenue in Williamsburg, Brooklyn, for $20.5 million. Robert Li was the seller.

9. Houston-based Crest Investment bought a 14,855 square foot commercial condo at 100 East 53rd Street in Midtown for $20.1 million. Vanke US, a subsidiary of China’s largest residential development company, was the seller. Aby Rosen and Michael Fuchs’ RFR battled Vanke US for funding for the building.

10. Craig Policastro has sold a 15,000 square foot warehouse at 444 West 36th Street in Hudson Yards for $15 million. EX ZDJ 36 Limited Liability Company was the purchaser.

11. Morris Weinberg bought an 86,000 square foot building with 84 units at 100 East 21st Street in Flatbush, Brooklyn, for $14.8 million. Jacob Hager was the seller.

12. Alma Realty Corp has purchased a 60,000 square foot apartment building with 79 units at 165 Bennett Avenue in Washington Heights for $14.6 million. Lee Krantzow was the seller.

13. Jason Fishkind bought a 10,500 square foot retail building at 2535 Webster Avenue
in Fordham, Bronx, for $13.8 million. Transworld Equities was the buyer.

14. Daniel Kroll purchased a 19,250 square foot condominium at 1027-1035 Cortelyou Road in Ditmas Park, Brooklyn, for $12.8 million through MKFIT1 LLC. The seller was Daniel Cohen through two limited liability companies.

15. Kaled Management has purchased a 3,500 square foot mixed-use building at 54 Third Avenue in the East Village for $12 million. The Hyun family sold the building.

16. Norse Realty has purchased a 10,200 square foot commercial building at 37-60 82nd Street in Jackson Heights, Queens for $11.8 million. Ponce Bank was the seller.

17. Noho Hospitality has purchased an 8,850 square foot mixed-use building at 325 Bowery in the East Village for $11.5 million. Atlas Capital Group was the seller.

18. Carter Management purchased a 17,800 square foot parking structure at 148 East 33rd Street in Kips Bay for $11 million. Coral Realty was the seller.

19. Benjamin Shaul’s Magnum Real Estate Group has sold a 4,000 square foot apartment building at 81 Charles Street in the West Village for $10.2 million. Houston-based Northern Trust was the buyer.


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