Gaia Pays $35M For LES Apartment Buildings

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From left: SMA’s Samy Mahfar and Gaia’s Danny Fishman in front of 99 Allen Street, 177 Ludlow Avenue, and 102 Norfolk Avenue in Manhattan (Google Maps, LinkedIn/Sammy Mahfar, GAIA Real Estate)

June proceeds to be a strong month for mid-current market expense income in New York Metropolis regardless of worries of a slowdown in dealmaking mainly because of rising interest premiums.

6 transactions involving commercial homes involving $10 million and $40 million strike city records previous 7 days. A few of the discounts were in Brooklyn, two were in Manhattan and 1 was in Queens. Under is every transaction, rated by dollar amount of money.

1. A pair of entities related to Study Property Group bought an condominium creating at 487 Keap Road in Williamsburg for $36.3 million to a trio of entities tied to Highview Assets Group. Developed in 1910, the 57,000-sq.-foot house has 51 units on 6 flooring. It was last sold in 2014 for an undisclosed quantity.

2. A team of LLCs tied to Danny Fishman’s Gaia Real Estate bought a trio of Decreased East Facet apartment properties at 99 Allen Street, 177 Ludlow Road and 102 Norfolk Street for $34.8 million from a trio of entities connected to Samy Mahfar’s SMA Equities. The combined-use properties sport 56 residential units and five retail areas. The three structures are element of a tactic by Gaia to purchase multifamily attributes it perceives as undervalued in the wake of the pandemic.

3. An LLC linked to Acuity Funds Companions marketed vacant land and a two-flooring warehouse at 21 and 35 Delavan Street in Carroll Gardens for $32 million to the New York City University Building Authority. The neighboring homes encompass pretty much 60,000 sq. toes.

4. An LLC tied to RedSky Funds and Terra Funds Associates sold a mixed-use constructing at 658 Driggs Avenue in Williamsburg for $25.5 million to an entity named Main Driggs LLC. Robert Li signed for the buyer. The five-story home attributes 20 household models and 4,100 square toes of floor-flooring retail, New York Yimby claimed. RedSky acquired the property for $9.3 million in 2013.

5. An LLC connected to the Freo Group acquired a Lower East Facet mixed-use making at 167 Eldridge Avenue for $19.3 million. The vendor was a team of entities tied to Schoolyard Enterprises, Bowery Boogie claimed. Constructed in 2002, the 32,700-square-foot assets has 19 models across eight flooring. The inquiring price tag was $21 million when it went on the industry in 2019.

6. The nonprofit organization AHRC New York Town offered a Prolonged Island Town developing at 32-03 39th Avenue for $19.1 million to an entity linked to Yitzchok Katz’s Producing NY Point out. Constructed in 1965, the one particular-floor setting up spans 22,500 square ft. It was home to the Cyril Weinberg Center, which served people with mental and developmental disabilities, Real Estate Weekly noted. The program is to build multifamily on this corner good deal and another at 31-17 39th Avenue, which offered for a blended $28.6 million, and qualify for the just-expired 421a tax crack.

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