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.
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.