June 29th, 2016, by REW
Ariel Property Advisors announced the following exclusive assignments:
- The sale of 1031-1049 Westchester Avenue & 1057 Southern Boulevard, a 24,000 s/f retail/medical property spanning the entire northern block front of Westchester Avenue between Simpson Street and Southern Boulevard in Morrisania, in the south Bronx. Anchored by JP Morgan Chase and Walgreens, the assemblage has seven retail tenants and one office tenant. Future potential air rights provide 50,861 square feet of additional development. Exclusive agents Victor Sozio, Shimon Shkury, Jason M. Gold, Scot Hirschfield, and Marko Agbaba are representing the seller, a private investor.
- 154-156 Graham Avenue, a 50 ft. wide conversion site on the Graham Avenue retail corridor of East Williamsburg. The site holds two vacant buildings that are in need of gut renovation. Combined, the buildings’ retail component measures 50 by 100 ft. and is fully built to the lot. The second and third floors of the buildings measures 50 by 40 ft. The site’s FAR is 3.00 (as-of-right), which offers 6,000 s/f of air rights, bringing the potential buildable square footage of this site to 15,000 s/f. The seller currently has plans pending approval with intent to file J-51 and ICAP tax abatements. Exclusive agents Daniel Tropp, Michael A. Tortorici, Jonathan Berman, and Mark Spinelli are representing the seller, a private investor, and have set the asking price at $6 million.
Besen & Associates announced the following exclusive assignments:
- Raunaq Singh has been retained to sell 180 East 111th Street, a 3-story residential walkup building in East Harlem. The building has 3,130 s/f split between four apartments; two are 1-bedroom units while the other two are 2-bedroom units. There is an additional 4,652 s/f of air rights. Asking price is $1,950,000.
- Greg Corbin, Miguel Jauregui and Saadya Notik have been retained to sell 700 East 134th Street, a 5-story walkup building located in Mott Haven in the South Bronx. The property has 21 apartments, all of which are free-market loft-style corner units, and a billboard facing the Major Deegan and Bruckner Expressways. The property is within walking distance of the Cypress Avenue subway stop and eight minutes from the Harlem-125th Street and Yonkers-153rd Street commuter rail stations.
GFI Realty Services has been named the exclusive sales agent for 1351 Hancock Street, a vacant three-story, walk-up apartment building located in the Bushwick section of Brooklyn. Isaac Moskowitz will oversee the marketing of the property, with pricing targeted at $2.2 million. The property, which totals 5,250 S/F, is currently configured as six two-bedroom apartments. Plans that are currently pending approval would allow for all six apartments to be converted into three-bedroom units.
Angel Commercial is marketing the retail property at 1480 Barnum Avenue in Stratford, Connecticut for sale. For the past 66 years, the property has been home to appliance store Mudrick’s TV and . The retail property on .72 acres is available for sale at a below-market rate, according to Les Fradkoff, the listing broker, and Senior Vice President at Angel Commercial, L.L.C.
GHP Office Realty announced its acquisition of the 81,500 s/f property consisting of 75,000 s/f of 16 ft. high, 40 ft. column spacing warehouse space with four loading docks and two drive-in doors and 6,500 s/f of office space.
The building is situated in the 88-acre Cross Westchester Executive Park. The GHP acquisition team was led by Andrew Greenspan, Principal of GHP and Jamie Schwartz, Executive Vice President. The County of Westchester will lease back approximately 23,000 s/f, leaving 58,500 s/f available for lease to warehouse, flex, medical, laboratory, technology and/or office users. GHP will invest several million dollars into the building to bring it up to date and make it more energy efficient, including installing a new roof.
Adam Rodriguez, Esq., Director of Real Estate, Office of the County Executive, and David L. Vutera, Esq., Senior Assistant County Attorney represented Westchester County in the transaction. Steven C. Hirsch, Esq. of Hirsch & Gibaldi LLP provided legal representation and Gerrard F. Canavan of Stewart Title Company provided title services for GHP.
The CPEX Development & Conversion Investment Sales Team sold a 10,000 s/f development site near the waterfront in Red Hook, Brooklyn. 160-162 Dikeman Street, two adjacent parcels of vacant land with a footprint of 5,000 s/f, was sold for $1,750,000. KSK Developers purchased the site for $175 per buildable square foot. Zoned M2-1, the site offers 10,000 buildable square feet for light to medium manufacturing or commercial use. CPEX’s Development & Conversion Sales Team, consisting Sean R. Kelly, Esq. Sean Sears and James O’Neill, represented the seller and procured the buyer.
EPIC Commercial Realty announced the sale of 980 Avenue & 165-171 Veronica Place, a block through development site in Flatbush, Brooklyn. The property is comprised of two adjacent lots. Facing Rogers Avenue and Veronica Place, between Tilden Avenue and Beverley Road, the property contains a vacant lot and a garage behind it, totaling 16,870 s/f of development rights. The property boasts additional air rights of 15,961 s/f. The properties sold for $1,788,220. CEO Yona Edelkopf and Investment Sales Associates Baruch Edelkopf and Yuriy Ustoyev, represented the seller. Investment Sales Associate Heshie Goldfein, represented the buyer.
Marcus & Millichap announced the following sales:
- 247 Himrod Street a 6-unit apartment property in Brooklyn sold for $1,350,000. Shaun Riney, Thomas Shihadeh and Daniel Greenblatt represented the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the team.
- 1096 Broadway, a 3,033 s/f development site in Brooklyn sold for $2,370,000. Eric Eckhardt, Luca Cobucci, and Matthew Peters represented the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by the team.
Ariel Property Advisors closed the sale of 1943-1955 Westchester Avenue, a fully occupied 9,000 s/f retail strip in the Parkchester section of The Bronx. The property sold for $7.75 million, which translates to $861 psf. R6 / C1-2 zoning provides an additional 21,009 s/f of air rights. Victor Sozio, Shimon Shkury, Jason Gold, Scot Hirschfield and Marko Agbaba represented the seller, the Vanbarton Group, and procured the buyer, a private investor.
Angel Commercial, LLC, announced the sale of a 24,866 s/f commercial office building located on 1.05 acres at 418 Meadow Street in Fairfield, CT, for $2,900,000.00. Senior ice Presidents at Angel Commercial Brett A. Sherman, CCIM, represented the seller, and Lester Fradkoff represented the buyer in this transaction. Owned by BAO Partners, LLC, the building was purchased by Julian Enterprises, headquartered in Milford, CT.
Ariel Property Advisors has closed the sale of 1943-1955 Westchester Avenue, a fully occupied 9,000 s/f retail strip located in the Parkchester section of The Bronx. The property sold for $7.75 million, which translates to $861 per square foot, a value well above the area’s average price per square foot for commercial buildings of $461. 1943-1955 Westchester Avenue commercial tenants have strong credit ratings and include: H&R Block, GNC, Petland, and a furniture store.
R6 / C1-2 zoning also provides an additional 21,009 square feet of air rights, adding extra potential for future development. Exclusive agents Victor Sozio, Shimon Shkury, Jason Gold, Scot Hirschfield, and Marko Agbaba represented the seller, the Vanbarton Group, and procured the buyer, a private investor.
Bussel Realty Corp. (BRC) announced the sale of 111 Somogyi Court in South Plainfield, New Jersey, a 64,990 s/f industrial asset. BRC Senior Vice Presidents Stephen Nozza and John Cascio represented the owner, Vision Industries, which sold the property for $7.5 million.
The buyer, Tyler Wayne LLC, was represented by Howard Weinberg of JLL. Tyler Wayne LLC is expanding their operations from Alabama and will utilize the facility to service its clients in the metro area, in particular those in New York City.” 111 Somogyi Court is situated on 6.02 acres.
The property features 3,000 s/f of offices, 20-foot clear ceiling heights, 10 tailboards, seven drive-ins and two rail doors for loading, and 1,200 amps of electric power. Its located in close proximity to Route 287 with connections to the New Jersey Turnpike, Route 1 and 440, as well as the Garden State Parkway.
Cushman & Wakefield announced the sale of 121 Chanlon Road in New Providence, NJ from Bergman Real Estate Group to a private entity. Situated on 6.5 acres within the Murray Hill section of New Providence, the 112,260 s/f, four-story building initially was constructed for a single user.
Bergman Real Estate Group acquired the property in October 2014 and repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diversified group of companies in industries including publishing, technology and healthcare, among others. David Bernhaut led the assignment with Metropolitan Area Capital Markets group team members Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso. The sale price was not disclosed.
NAI Mertz announced the sale of a 43,750 s/f industrial building located at 301 North 4th Street in Vineland, New Jersey, to Plastic Express, Inc. NAI Mertz’s Roy Kardon, SIOR, Vice President, and John Brown, Broker Associate, were the sole brokers in this transaction representing both the buyer, and the seller, The Welfont Group. Plastic Express,Inc. provides custom-tailored and logistical solutions for its customers who service the bulk trucking, terminal, packaging and warehousing needs of the plastic industry. The new owner willutilize this building for extra storage space for its expanding business.
Kathy Zamechansky of KZA Realty Group, Inc. represented the buyer, Post Graduate Center for Mental Health, in the $3.4 million purchase of a 17,002-square-foot lot with 79,000-square-feet of buildable space at 972 Washington Avenue with Air Rights from 962 Washington Ave. in the Bronx. Ross Schneiderman of Friedland Realty Advisors represented the owner, Tammuz LLC.
Kathy Zamechansky and Dan McVeigh of KZA Realty Group Inc. represented the buyer, 857-59 Hotel LLC, in the $1.975 million purchase of a 32,000-square-foot lot that can be built on 857-859 Concourse Village West in the Bronx. Zamechansky and McVeigh also represented the owners, Howard Jaffe of 857 Concourse Village and Nydia Valentin of 859 Concourse Village, in the sale of the property, where a hotel will be built.