In the world of mid-market investment sales last week, two church-owned properties sell in Lenox Hill for almost $18 million and an office building in
Midtown East went for a bit over $15 million. Here are the details:
Two entities — at least one of which is linked to the Chehebar family — sold a one-story industrial property at 966-988 Alabama Avenue near Starrett City in Brooklyn for $10.7 million, property records show. They
had owned the property since 2015, when it was acquired for $5.65 million. Pinnacle Realty’s David Junik and
Nechama Liberow represented the seller and brought the buyer into the deal. . . .
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A joint venture of Goldman Sachs Asset Management and Blumenfeld Development Group is buying an industrial property in the Bronx for $38.5 million.
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Himmel + Meringoff Properties, which made early bets on Long Island City in the 1980s, has turned its attention to the Bronx and acquired a mixed-use Bronx
warehouse for $89 million. A Pinnacle Realty team led by Fred Stein, Decio Baio and George Margaronis represented both sides of the deal. . . .
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Owner and developer Himmel + Meringoff (H+M) and financier Square Mile Capital Management together have acquired a mixed-use industrial site in the Bronx
for $89 million from Sackman Enterprises, according to information from the buyers.
Pinnacle Realty represented the seller in the transaction. Sackman had owned the asset for around 30 years, sources said.
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The New York City Department of Transportation is nearing a deal to lease a vacant 92,000-square-foot building at 101 Varick Avenue in East Williamsburg,
Brooklyn, Commercial Observer has learned.
David Junik and Abraham Lowy of Pinnacle Realty are handling the transaction for the landlord and declined to comment. . . .
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Steel Equities – the Long Island-based investor that focuses on industrial and warehouse projects – picked up a Bushwick property for $53 million.
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A new charter school is coming to the South Bronx under a 45-year lease deal that will let it avoid paying both conversion costs and property taxes.
Neighborhood Charter School, based in Harlem, will open its new Bronx location at 411 Wales Avenue in Mott Haven, according to Crain’s. Pinnacle Realty
of New York’s Decio Baio, Fred Stein and Ariel Castellanos brokered the deal. . . .
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Storage company Madison Development has purchased two sites in East New York for $25.3 million, according to property records filed with the city Friday.
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Turnover among New York City’s commercial real estate brokerages is rarely labeled a “game changer.”
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The $78 million sale of Jamaica’s Ideal Business Center topped the list. It was followed by Home Depot’s $63 million purchase of a Coca-Cola bottling plant
in Maspeth. And a pair of industrial sites near JFK Airport that Deutsche Bank’s real estate arm bought for $43.1 million and $33.6 million occupied
numbers three and four on the list.
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