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

first_imgFrom top: 45-31 Davis Street and 61-56 Springfield Boulevard (Credit: Google Maps)Queens sales dominated this week’s mid-market investment sales, according to property records filed with the city’s Department of Finance.1.) In the Oakland Gardens neighborhood of Queens, an office building traded for about $14.7 million. Seller Jacaroga LLC, managed by Benhad Manager, Inc., has held the two-story property at 61-56 Springfield Blvd., which sits at the corner of 64th Avenue, for decades. The buyer in the most recent transaction was Jackson 13-Lee 74 LLC, controlled by Korean investor Ui Kun Lee. JPMorgan Chase provided $8.3 million in financing. Another entity managed by Lee in October picked up two four-story buildings in Times Square for $22.5 million.2.) Ascent Development closed on 45-31 Davis Street in Long Island City, which it bought from 4531 Davis Street LLC for $10.58 million. The developer earlier this month also snapped up nearby 45-26 Pearson Street for about $1.8 million. The lots are the final pieces of Ascent’s assemblage of five tax lots where the firm hopes to build a 20-story apartment building. Marcus & Millichap’s Jonathan Eshaghian and Jakub Novak brokered the sale of 45-31 Davis Street and other parcels at the site, but were not involved in the sale of 45-26 Pearson Street. The price of the total assemblage was about $20.3 million.3.) Also in Long Island City, LargaVista Companies bought 29-00 Queens Plaza East from Mansour Zandieh’s Zand Development LLC. In 2017, Zand filed an application with the city’s Buildings Department to construct a 28-story apartment building on the property. The site is not too far from 30-12 41st Avenue, which Larga Vista bought in 2017 for $27.1 million. Both plots are near Tishman Speyer’s office megadevelopment.Correction: A previous version of this article misspelled Marcus & Millichap’s Jakub Nowak’s first name. The article has since been updated. This content is for subscribers only.Subscribe Nowlast_img read more

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Panalpina opens Ludhiana branch

first_imgPanalpina says it will offer its customers in Ludhiana a full portfolio of services including access to an extensive global air network and international ocean ports. “Our four offices in north India, our strong market position in air and ocean freight, our capability to offer tailored supply chain solutions and our extensive local knowledge make us a leading player in this strategic region,” claims Rupesh Gupta, head of north district, Panalpina India.Panalpina’s offices in north India are in Delhi, Kolkata, Jaipur and now Ludhiana.last_img read more

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