SYU Properties Sells Bed-Stuy Retail Buildings to Residential Landlord for $36M

Yosef Elishayev’s SYU Properties, a New York-based development and management company, has sold three new developments in Bedford-Stuyvesant, Brooklyn.

Residential landlord and developer Secured Management bought the series of single-story retail buildings at 1101, 1103 and 1123 Myrtle Avenue for $35.5 million, according to city records made public Tuesday. SYU had purchased the parcels for $11.4 million in 2009, property records show.

SYU had been trying to offload the properties near Bed-Stuy’s border with Bushwick since at least 2017 when a sale fell through, resulting in a lawsuit seeking a $7.5 million deposit from the buyer.

SYU and Secured Management did not immediately respond to  requests for comment.

The trio of addresses seem to have been most recently leased by Shop Fair Supermarket, which no longer lists any Myrtle Avenue locations on its website.

Secured Management describes itself as a development firm that has built and managed “dozens” of properties, but it is unclear what buildings are currently in its portfolio.

SYU owns several properties, including the International Gem Tower at 50 West 47th Street in Manhattan’s Diamond District, as well as 247 West 30th Street about a block south of Madison Square Garden in Midtown.

The Bed-Stuy properties are near the Myrtle Avenue J, M, Z train station and directly across the street from Shorewood Real Estate Group’s new 11-story luxury condominium development at 1100 Myrtle Avenue known as the MC.

Mark Hallum can be reached at mhallum@commercialobserver.com.