Gaia Pays $ 35M For LES Apartment Buildings

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

June continues to be a strong month for mid-market investment sales in New York City despite worries of a slowdown in dealmaking because of rising interest rates.

Six transactions involving commercial properties between $ 10 million and $ 40 million hit city records last week. Three of the deals were in Brooklyn, two were in Manhattan and one was in Queens. Below is each transaction, ranked by dollar amount.

1. A pair of entities connected to Read Property Group sold an apartment building at 487 Keap Street in Williamsburg for $ 36.3 million to a trio of entities tied to Highview Property Group. Built in 1910, the 57,000-square-foot property has 51 units on six floors. It was last sold in 2014 for an undisclosed amount.

2. A group of LLCs tied to Danny Fishman’s Gaia Real Estate bought a trio of Lower East Side apartment buildings at 99 Allen Street, 177 Ludlow Street and 102 Norfolk Street for $ 34.8 million from a trio of entities connected to Samy Mahfar’s SMA Equities. The mixed-use properties sport 56 residential units and five retail spaces. The three buildings are part of a strategy by Gaia to buy multifamily properties it perceives as undervalued in the wake of the pandemic.

3. An LLC connected to Acuity Capital Partners sold vacant land and a two-floor warehouse at 21 and 35 Delavan Street in Carroll Gardens for $ 32 million to the New York City School Construction Authority. The neighboring properties encompass almost 60,000 square feet.

4. An LLC tied to RedSky Capital and Terra Capital Partners sold a mixed-use building at 658 Driggs Avenue in Williamsburg for $ 25.5 million to an entity called Core Driggs LLC. Robert Li signed for the buyer. The five-story property features 20 residential units and 4,100 square feet of ground-floor retail, New York Yimby reported. RedSky purchased the property for $ 9.3 million in 2013.

5. An LLC connected to the Freo Group purchased a Lower East Side mixed-use building at 167 Eldridge Street for $ 19.3 million. The seller was a group of entities tied to Schoolyard Enterprises, Bowery Boogie reported. Built in 2002, the 32,700-square-foot property has 19 units across eight floors. The asking price was $ 21 million when it went on the market in 2019.

6. The nonprofit organization AHRC New York City sold a Long Island City building at 32-03 39th Avenue for $ 19.1 million to an entity connected to Yitzchok Katz’s Developing NY State. Built in 1965, the one-floor building spans 22,500 square feet. It was home to the Cyril Weinberg Center, which served people with intellectual and developmental disabilities, Real Estate Weekly reported. The plan is to build multifamily on this corner lot and another at 31-17 39th Avenue, which sold for a combined $ 28.6 million, and qualify for the just-expired 421a tax break.

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