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Bayside Shopping Center Sells for $32M

61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)

A summer of strong mid-market investment sales in New York City, particularly in multifamily assets, paused during the first week of August.

Only five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn, while Manhattan and Queens each had one. Below is more information on each, listed by dollar value:

1. Alfredo Li, through the entity Mandarin Realty NY LLC, sold a shopping center at 61-01 Springfield Avenue in Bayside, Queens, for $32 million to Main 15-Lee Springfield LLC, which is connected to Flushing-based multifamily and office building investor Hye Chun Lee. Skyline Properties’ Robert Khodadadian and Daniel Shirazi represented the buyer. Li owned the 40,000-square-foot shopping center for 40 years. Built in 1949, the single-floor shopping center’s tenants include Subway, UPS, Walgreens, and Chase. The property also has a 100-space parking lot.

2. Largo Investments sold an office and retail building at 71 North Seventh Street in Williamsburg for $24.1 million to Frank Shahidi through Shawnick Williamsburg LLC. Largo’s co-founder Nicholas Werner signed for the seller and Esmail Shahidi signed for the buyer. A JLL team of Stephen Palmese and Brendan Maddigan represented the seller, Commercial Observer reported. The newly-completed building spans three floors across 21,000 square feet. Its tenants include fragrance company Le Labo, Spear Physical Therapy and self-storage site Local Locker. Largo bought the property, then an empty warehouse, for $10.5 million in 2015.

3. Five and Fifth Realty Corp. sold an apartment building at 5 East 63rd Street in Lenox Hill for $15.5 million to 5E63 LLC. Michael Mackay signed for the seller and Edward Weiss signed for the buyer. Built in 1900, the 11,900-square-foot building has 10 units across six floors. It was last sold in 1995 for an undisclosed amount.

4. Ss. Peter and Paul Epiphany Parishes sold a trio of religious buildings and vacant land at 96-100 South Ninth Street in Williamsburg for $14.1 million to Brooklyn-based developer Double U Realty. Father Jason Espinal, the parish’s pastor, signed for the seller. Double U’s principal Jay Weitzman signed for the buyer. The three buildings span almost 14,700 square feet.
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5. Yeshivah of Flatbush bought a property at 1296 Coney Island Avenue in Midwood for $13.5 million from real estate investment firm SMRC Management. Treasurer Abraham Hanan signed for the buyer and Michael Katz did so for the seller. Built in 1929, the single-floor building spans 15,400 square feet. It was last sold in 1995 for an undisclosed amount.

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