Some say that cycles in real estate are inevitable, that the idea shouldn’t be to prevent them, but rather to enter the wave early enough to surf, so to speak. But whatever your thoughts on the market’s boom and bust, recent changes in the commercial mortgage market might give you pause. It may be time to stand up—or bail out.
Many statistics point to a drastic rise in land values in New York City, pushed at least partly by a flood of equity. That, in combination with more leverage and more building trades, indicates what brokers like to call “frothiness.”
Three contiguous apartment buildings in Sunset Park, Brooklyn, have sold for $12 million, in a deal that closed May 6 and was recorded with the city today.
Black Spruce Properties sold the buildings, at 199-205 30th Street, to a private investor, according to Aaron Jungreis of Rosewood Realty Group, who represented the seller in the transaction. Samuel Kooris of Rosewood represented the buyer.
Real Estate and Politics
Six Upper East Side walk-up buildings, comprised of 150 free-market and rent-stabilized apartments, have sold for $47.8 million.
The five-story apartment buildings, with a total of 69,740 square feet at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street, sold for 15 times the rent roll, according to Rosewood Realty Group. The transaction closed on April 9 and was reported with the city on Wednesday.
A report that appeared in Crain’s yesterday outlines the real estate and tech “heavyweights” who recently contributed to Bill de Blasio’s campaign, based on newly-released records.
Last week, Mr. de Blasio reported almost $50,000 in donations in a single day and on October 26 got more than $33,000, according to the report.
But, Read More
Aaron Jungreis is not a stockbroker on the floor of the New York Stock Exchange. But he looks a lot like one standing behind his desk at his East 29th Street offices.
Two desk phones sit side by side. He talks into the handset of one. The other one rings. An iPhone at arm’s length Read More
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.
Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.
The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller.
Ofer Yardeni and Joel Seiden of New York City-based real estate owner and building manager Stonehenge have purchased a 90,000-square-foot, 13-story apartment building at 103 East 86th Street, off Park Avenue in Carnegie Hill, for $76 million.
The sale was an off-market deal brokered by Aaron Jungreis of Rosewood Realty, who told The Commercial Observer that he thought long and hard before pinpointing a buyer.
Rosewood Realty recently represented both the seller and the buyer of a multifamily building that traded in Astoria Queens.
The property, 30-60 29th Street—a 55,373-square-foot, six story elevator building—sold for $15.95 million, or approximately $209,868 per unit. The buyer was Grouper LLC, a local family owner of similar properties.
Rosewood Realty Group, a commercial brokerage firm founded in 2007, has closed on the sale of a portfolio of six elevator buildings in the Ditmas Park section of Brooklyn. The sales price achieved for all six was $43 million.