A player in real estate investment sales?

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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)

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 the mayor’s office when real estate deals can be made instead?

Last week, New York City was active in the real estate market as a buyer and seller, buying up land for schools in Inwood and selling development rights at Greenpoint.

The biggest deal of the week was the acquisition of a Homeless Shelter in Hell’s Kitchen, sold by co-founder of Triumph Hotels. Shimmy Horn for only $ 25 million. According to tax records, the building is operated by Care for the Homeless, a nonprofit that provides services to the homeless, which received $ 11 million in government grants in 2019.

Six investment sales ranging from $ 10 million to $ 30 million last week brought in $ 113 million. Three were in Brooklyn, two in Manhattan and one in Queens.

A week earlier investment sales in this range amounted to just over $ 200 million
Here is more detailed information on sales in the middle market for the third week of June.

1. Limited Liability Company affiliated with Horn sold a 35,800 square foot homeless shelter in 427 West 52nd Street for $ 25.2 million. The buyer was 427 West 52nd Propco LLC. A shelter operator, Care for the Homeless, recently applied for home renovations.

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

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

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

5. A subsidiary of the Bridges Development Group has acquired 21% of the total ownership in Ceasar’s Bay Bazaar, a 290,000 square foot mall located at: 1608 Shore Parkway, also known as 8949 Bay Parkway, in Gravesend, Brooklyn, for $ 14 million. The seller was Diiorio Realty.

6. Netanel Yakobov and Barak Yakobov sold an 8,000 square foot commercial building at 1702 East 9th Street in Midwood, Brooklyn for $ 12.25 million. The seller was Elena Weinstein.

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