Sales Beat

Alphabet City Building, Home to Cafecito, Sells for $18.35M

183-187 Avenue C

 Darwin Management LLC has sold its property at 183-187 Avenue C to private investor Nader Shalom for $18.35 million, Commercial Observer has learned. The deal includes over 1,000 square feet of air rights.

The 24,534-square-foot, six-story, mixed-use building was built in 1910 and includes 43 apartments and three commercial units. Neighborhood Cuban cafe Cafecito is a tenant, as well as a dry cleaner and a bodega. The building also enjoys 1,090 square feet of air rights.  Read More

Sales Beat

Sunset Park Three-Building Package Sells for $12M [Updated]

199-205 30th Street.

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. Read More

Sales Beat

Six-Building UES Portfolio Trades for $47.8M

427-431 East 83rd Street.

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. Read More

Sales Beat

West 111th Street Multifamily Portfolio Sells for $24.25M

The West 111th Street property

Madison Realty Capital has sold a four-building multifamily portfolio on West 111th Street to Acuity Capital Partners for $24.25 million.

The institutionally-backed real estate private equity firm bought distressed loans on the four adjacent buildings, totaling 55,000 square feet, for $11.75 million in May 2011 and ended up acquiring the property title at auction in July 2011. Madison Realty Capital then spruced up the properties. Read More

Sales Beat

Dermot Property Associates Sells 14 Building Portfolio for $190.5M

201 W 11th St - Front

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. Read More

Sales Beat

More Urban American Buildings Trade

Aaron Jungreis.

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. Read More