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Here's what the $10M-$20M NYC investment sales market looked like last week

Property Markets / Outlook

United States of America

Jun 27 2017

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Chava Gourarie

In the world of mid-market New York City investment sales last week, City Skyline Realty bought a multifamily building in Sugar Hill, and Ruby Azrak bought two Upper East Side walk-ups.

1.) Douglas Peterson’s City Skyline Realty picked up a 36-unit building in Sugar Hill for $10.8 million from Brooklyn-based E&M Associates. The six-story building at 295 West 150th Street has 33 residential units and ​three​ commercial ​units. The purchase was Skyline’s second in the area this month. Earlier this month, Peterson bought a 44-unit building at 522 West 157th Street for $15 million, and sold another West Harlem building for $10 million.

2.) Ruby Azrak, the co-founder of the apparel line Phat F​ar​m, bought two adjacent walk-ups on the Upper East Side for $19.4 million​. ​The seller of the two five-story buildings, at 162-164 East 82nd Street​, ​between Third and Lexington avenues, was the Norfolk, Virginia-based Harbor Group International.​ The two buildings have 37 residential units between them, all of which are rent-stabilized.​ In April, the Azrak family sold a Williamsburg building for $11.4 million.

3.) A Brookyn Yeshiva bought an educational facility in Midwood for $10 million. Yeshiva Darkei Chaim bought the 44,800-square-foot building at 120 Avenue M from the Hasc Center, a nonprofit for people with special needs. The two-story building extends the length of Avenue M from McDonald Avenue to East 2nd Street.

SOURCE: The Real Deal

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