Here’s what the $10M-$20M NYC investment sales market looked like last week

February 26, 2018

Maddd Equities and Joy Construction Group partner for Inwood buy, Four Corners leads investors in Flatbush acquisition



In the world of mid-market New York City investment sales last week, a joint venture between Maddd Equities and Joy Construction Group bought an Inwood development site and Four Corners Development led a group of investors for a Flatbush acquisition.


1.) Jorge Madruga’s Maddd Equities and Eli Weiss’ Joy Construction Group acquired the development site at 4778 Broadway in Inwood for $12.3 million at a bankruptcy auction, sources told The Real Deal. The 12,000-square-foot parcel sits between Academy Street and Dyckman Street. The transaction may be the first phase of Maddd and Joy’s assemblage play in the neighborhood. The partners have also submitted a bid for the adjacent property at 4790 Broadway, an 18,000-square-foot site that is currently occupied by the Inwood branch of the New York Public Library. The city had issued an RFP for an affordable housing development with a public library and a preschool. If they were to win the bid, the developers could include 4778 Broadway in the project.


2.) A group of 1031 investors led by Four Corners Development Group bought a four-story residential property in Flatbush for $12 million. The property, at 2501 Newkirk Avenue between East 25th and 26th streets, contains 54 apartments. The seller is a group of families operating under the entity name Newkirk Realty Holdings 250 LLC. The previous owners bought the building for $4.3 million in 2012, according to property records. ZP Realty Capital served as the adviser for both sides of the transaction.


3.) Queens landlord June & Youn Realty Corporation sold a one-story industrial property in Woodside for $15 million. The building, at 51-02 Roosevelt Avenue, is a 20,960-square-foot property that is home to J & Sons Plumbing and Heating Supply. The buyer is HW LIC One LLC, which is controlled by Fanggang Wang.




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