NYC Mid-September I-Sales Range from Section 8 to Luxury Condos

1018 East 163rd Street, 118 West 13th Street, 133-38 Sanford Avenue, and 2700 Atlantic Avenue (Google Maps)

No two properties traded in mid-market investment sales were alike last week, from a Section-8 multifamily building in the Bronx to college dorms that will convert to luxury condos in Greenwich Village.

A ground lease deal is under way at a residential development in Red Hook, and funds from a 1031 exchange helped an industrial property sell quickly in East New York.

Five properties changed hands last week in the $10 million to $30 million range for a total of $95 million, more than the previous week’s total of $68 million. Two properties sold in Brooklyn. Manhattan, Queens and the Bronx each saw one sale.

Below are more details for i-sales in the third week of September:

1. Wavecrest Equities, a subsidiary of Wavecrest Management, bought a 97-unit low-income apartment building at 1018 East 163rd Street in Woodstock, Bronx, for $24 million. The seller was Lewis Henkind.

2. Slate Property Group picked up a 34,000-square-foot college dormitory building at 118 West 13th Street in Greenwich Village for $23 million. The seller was the New School. Slate is partnering with Avenue Realty Capital to convert the building into luxury condominiums.

3. Madison Capital Realty sold a 23,400-square-foot commercial condo unit at 133-38 Sanford Avenue  in Flushing, Queens, for $17.6 million. The buyer was limited liability company Capital Rising. The property, once owned by Jeffrey Wu, was placed into bankruptcy in 2020.

4. Joel Schwartz sold a development parcel at 2700 Atlantic Avenue in East New York, Brooklyn, for $17 million. Plans were filed last year at the site for a 238,506-square-foot building with 227 residential units. The buyer was Montgomery Street Partners through 2700 Atlantic Ground Lessor LLC.

5. Limited liability company 162 Van Dyke bought a 32,250-square-foot industrial property at 162 and 168 Van Dyke Street in Red Hook for $13.4 million in a 1031 exchange. The buyer was represented by Venture Capital Properties. The sellers, two limited liability companies, were represented by Marcus & Millichap

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