Three-Building Multi-Borough Package Sells for $48.7M

Bayrock Capital has sold a three-building package of properties in Manhattan and Staten Island to Apex Investments for $48.7 million.

The buildings at 419 East 91st Street on Manhattan’s Upper East Side, 160 West 74th Street on Manhattan’s Upper West Side, and 1055 Hylan Boulevard in Staten Island will all be operated as homeless shelters, according to Yosef Katz of Atlas Realty Group, who brokered the deal along with Erik Yankelovich and Shlomo Antebi from Atlas. 

The sale of 160 West 74th Street was first to appear in public records, as Commercial Observer reported. Traded was first to note the three-building package sale. 

Katz told CO that the properties will serve as homeless shelters, and that they were purchased as a “cash-flowing investment.” 

The buyers are looking to run the properties as is and provide a wonderful service to their communities,” Katz told CO.

CO reported last week that 160 West 74th Street, the former home of a private school known as the Calhoun School, had sold for $26.4 million and was slated to be turned into a 146-bed women’s homeless shelter operated by Volunteers of America.

This portion of the sale alone was quite profitable for Bayrock, which purchased the property in 2023 for $14 million, according to public records. 

According to Katz, 419 East 91st Street sold for $14.9 million, and 1055 Hylan Boulevard sold for $7.41 million.

Bayrock Capital did not immediately respond to a request for comment, and Apex Investments could not be reached for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.