Davean Holdings snaps up East Village mixed-use buildings

By Pat Ralph

The multifamily market was once again the predominant asset class that traded hands in New York City’s mid-market last week. Five of the seven transactions involving commercial properties valued between $10 million and $40 million that hit city records last week consisted of apartment buildings. Four deals were in Manhattan, two were in the Bronx and one was in Brooklyn.

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Here’s the rundown on each transaction, ranked by dollar amount.

1. An entity connected to Davean Holdings bought a mixed-use portfolio at 163-167 1st Ave. in the East Village for $25.5 million from a seller tied to Long Island-based Citi-Urban Management. The mixed-use portfolio consists of four buildings, totaling 25 units across 28,000 square feet. The property last sold for $10.2 million in 2005.
2. An entity tied to New Start Development sold an apartment building at 796 Sterling Place in Crown Heights for $24 million to 792 Sterling Holdings Inc. Shiya Labin signed for the buyer. The 61,600-square-foot condo was built in 2007 and consists of 82 units across five floors. The property last sold for $4.7 million in 2007.
3. An entity connected to Tishman Speyer bought a pair of buildings that were formerly home to the Visitation School at 171 West 239th Street in Kingsbridge, the Bronx for $20.6 million from St. John-Visitation Roman Catholic Church. Built in 1958, the current buildings span 14,200 square feet. But Tishman Speyer has filed plans for an 8-story, 260,700-square-foot affordable housing project that will have 336 units, New York Yimby reported.
4. Another entity tied to Davean Holdings acquired four mixed-use buildings at 81 St. Marks Place in the East Village for $18.5 million from a seller connected to Fairstead. The mixed-use portfolio spans 18,600 square feet and has 31 units. The property last sold for the same price in 2015.
5. An entity connected to Danny Fishman’s Gaia Real Estate bought a mixed-use building at 106 Norfolk Street in the Lower East Side for $14 million from Norfolk Development LLC. Alistair Economakis signed for the seller. The 15,400-square-foot building has 30 units across six floors. It last sold in 2002 for an undisclosed amount. Earlier this summer, Gaia bought a trio of Lower East Side mixed-use buildings for $34.8 million from Samy Mahfar’s SMA Equities.
6. SBM Associates Inc. sold a commercial condo unit at 325 East 101st Street in East Harlem for $12.5 million to 327 East 101 Apts LLC. Michael Silvermintz signed for the seller and John Reid signed for the buyer. The unit is one of 35 in the mixed-use building that spans eight floors across 49,800 square feet.
7. An entity connected to Woods Management Companysold an apartment building at 245 East Gun Hill Road in Norwood, the Bronx for $10.2 million to 245 East Gun Hill LLC. Victor Gionaj signed for the buyer. Built in 1937, the 87,600-square-foot property has 68 units across six floors.