From left to right: 3761 and 3769 10th Avenue in Inwood, 16 Dupont Street and 427 West 52nd Street with Mayor Bill de Blasio (Getty, Google Maps)

Why fight against the town hall when you can do real estate business with it instead?

New York City was active in the real estate market last week as a buyer and seller, grabbing land for schools in Inwood while selling development rights to Greenpoint.

The biggest deal of the week was for a homeless shelter in Hell’s Kitchen, sold by Triumph Hotels co-founder Shimmie Horn for just over $ 25 million. The building is operated by Care for the Homeless, a nonprofit homelessness services organization, which received $ 11 million in government grants in 2019, according to tax records.

The six investment sales in the $ 10 million to $ 30 million range last week reached $ 113 million. Three were in Brooklyn, two in Manhattan, and one in Queens.

The previous week, sales of investments in this range had totaled just over $ 200 million.
Here are more details on the mid-market sales recorded during the third week of June.

1. A limited liability company affiliated with Horn sold a 35,800 square foot homeless shelter at 427 West 52nd Street for $ 25.2 million. The purchaser was 427 West 52nd Propco LLC. The operator of the Care for the Homeless shelter recently filed plans to renovate the property.

2. Paul Gagliardi sold two 27,700 square foot plots at 3761 and 3769 10th Avenue to Inwood for $ 23.6 million. The buyer was the New York City School Construction Authority.

3. Park Tower Group acquired 224,500 square feet of development rights at 16 Dupont Street in Greenpoint, Brooklyn, for $ 22.9 million. The seller was New York City. Park Tower will develop an affordable housing project in Greenpoint Landing with 374 units.

4. Self-storage company Insite Property Group has acquired a 55,700 square foot warehouse at 131-21 14th Avenue in College Point, Queens, for $ 15.25 million. The vendor was Safeguard Self Storage.

5. A subsidiary of Bridges Development Group acquired a 21% joint interest in Ceasar’s Bay Bazaar, a 290,000 square foot shopping center at 1608 Shore Parkway, also known as 8949 Bay Parkway, in Gravesend, Brooklyn, for $ 14 million. The seller was Diiorio Realty.

6. Netanel Jacobov and Barak Jacobov sold an 8,000 square foot commercial building at 1702 East 9th Street in Midwood, Brooklyn, for $ 12.25 million. The seller was Yelena Vaynshteyn.



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