On The Scene: Cush & Wake exclusives, Rosewood sales

January 21st, 2016, by REW

AGENTS

Cushman & Wakefield announced the following exclusive sale assignments:

45 East Madison Avenue, between Central Avenue and Getty Avenue, in Clifton, NJ. The asking price is $5,200,000. The property contains approximately 80,000 s/f of office and industrial space and sits on a 2.89 acre lot. It currently houses a one, two, and three story building and consists of 13 commercial units of various sizes. The property features recent renovations including an elevator, a well maintained roof, HVAC and an upgraded electrical system. Additionally, the property is equipped with ample parking space. This property is being exclusively marketed by Michael Terranova.

A non-profit, community facility or medical office condominium located at 313 West 83rd Street on Manhattan’s Upper West Side. The asking price is $7,400,000. The three-story condo contains approximately 6,004 s/f square feet on the bottom three floors of a six-story condo-op building. Currently owner-occupied, the unit is fully renovated. This unit is being marketed by Bob Knakal and Hall Oster.

A development site assemblage at 37-12/14 11th Street and 10-16 37th Avenueon the west side of 11th Street in the Long Island City. The assemblage consists of three tax lots that combine for approximately 8,911 s/f. The property offers a total of approximately 44,555 buildable square feet and sits within an M1-3 zoning district which allows for commercial use. Stephen Preuss is exclusively marketing the property with David Chkheidze.

346-350 West 71st Street, located between West End Avenue and Riverside Boulevard, on Manhattan’s Upper West Side. Ownership is requesting proposals. The property currently consists of two seven story pre-war buildings that combine for approximately 65,772 s/f above grade and approximately 10,000 s/f below grade. The property sits within an R8B zoning district with a 4.0 maximum FAR. It is currently overbuilt by approximately 20,000 s/f, providing developers with the opportunity to convert more square footage than could be replicated in a ground-up development. This property is being marketed by Hall Oster and Paul Smadbeck. A neighboring property at 342 West 71st Street is also being marketed.

TerraCRG announced the following exclusive sales assignments:

A five-unit multifamily building at 493 Pacific Street, in Boerum Hill. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin, are marketing the property. The asking price is $2,950,000.

A mixed-use building at 191 Grand Street, in North Williamsburg. Ofer Cohen and Dan Marks, along with their team, are marketing the property. The three-story, block-through building contains approximately 5,718 s/f of which 2,358 s/f is commercial and 3,361 s/f is residential. The residential space consists of three, free-market units. Ownerhsip is requesting offers.

SALES

EVO Real Estate Group announced the sale of a commercial co-op at 450 West 31st Street. the sale price was $8.5 million. The Real Deal (TRD) purchased the 11,500 s/f co-op in a 110-year-old former chocolate factory in Hudson Yards. Renovations designed by Mesh Architectures will be completed in the spring. Todd E. Korren represented TRD along with colleagues Christopher Hagerup and Dana L. Moskowitz. Jeff Berman of Redwood Realty represented the seller in the transaction.

Alpha Realty announced the sale of 148 East 98th Street, a recently constructed six story elevator building, for $6,600,000. Glenn Raff, managing partner, represented both parties in the transaction. The building, located between Lexington and Third Avenue, features 11 apartments with an office on the first floor totaling 9,900 s/f.

Besen & Associates announced the following sales:

1485 Macombs Road in the Mount Eden section of The Bronx for $5,620,000. Amit Doshi represented the seller and Richard Torres procured the buyer. The 6-story elevator apartment building has 49 apartments and approximately 43,000 s/f. It is an Art Deco building, constructed in 1937. The sale price of $5,620,000 equates to a gross rent multiplier (GRM) in excess of 10, $115,000 per unit, $130 per square foot and a 5.5% capitalization rate.

2195 Adam Clayton Powell Boulevard in Central sold for $2,000,000. Hilly Soleiman represented both the buyer and seller. Built in 1910, the property is a vacant 5-story mixed use elevator apartment building with six apartments, a store and is approximately 5,758 s/f. The sale price equates to $285,714 per unit and $347 per square foot.

1792 Amsterdam Avenue in Hamilton Heights sold for $3,262,500. Greg Corbin, Miguel Jauregui, and Saadya Notik of The Corbin Group represented the seller and procured the buyer. The property is a 5-story mixed use building consisting of 13 apartments and a store. It has 1,050 s/f of retail, leased to a local tenant with rents approximately $40 psf. The sale price equates to $233,000 per unit, $350 per SF, 14.5 GRM, and a 3.7 % cap rate.

Cushman & Wakefield announced the following sales:

A mixed-use building at 687 Manhattan Avenue, in Greenpoint, sold for $1,725,000. The two-story building contains approximately 1,200 s/f. The unit mix consists of two newly renovated, free market studio apartments and one commercial unit. One of the residential units was delivered vacant. The commercial ground space is currently occupied by a coffee shop leased through September 2021. The sale price equates to $1,438 psf. Brendan Maddigan exclusively represented the seller. The buyer was represented by Robert Millis of The Corcoran Group.

A residential development site at 785 Hart Street in North Bushwick sold for $1,500,000.
The property, improved by a vacant warehouse with a large mezzanine space, contains approximately 2,500 s/f. It holds potential for 5,500 buildable square feet. The sale price equates to approximately $617 psf and $273 per buildable square foot. Michael Amirkhanian exclusively handled this transaction.

A mixed-use building at 199 Malcolm X Boulevard in Bedford-Stuyvesant sold for $2,580,000. The three-story building contains 4,836 s/f. The 7-unit mix consists of five three-bedroom apartments and two retail units. The sale price equates to approximately $534 per square foot. Michael Amirkhanian exclusively represented the seller in this transaction.

Rosewood Realty Group has closed the following transactions:

The sale of 362-364 Lincoln Place in Prospect Heights, Brooklyn for $23.5 million. The five-story elevator building features 55 apartments. It is 51,288 s/f and it was built in 1927. It sold for 22 times the current rent roll and the cap rate was three percent. Aaron Jungreis represented the seller, Lincoln 362 LLC, and the buyer.

136 East 39th Street in Murray Hill sold for $17.5 million. The five-story, 15,761 s/f building was owned by a B’nai Zion Foundation Inc, a not-for-profit organization that does humanitarian work in America and Israel. The building was built in 1915. Aaron Jungreis represented the seller and the buyer, the Government of Thailand. Eastern Consolidated’s David Schechtman also represented the seller.

The sale of 2325 Morris Avenue (Fordham Heights) & 1630 Grand Avenue (Morris Heights) in the Bronx for $15.8 million. These two six-story elevator buildings feature 117 apartments. It is 112,800 s/f combined. They sold for 12 times the current rent roll and the cap rate was 4.91 percent. Aaron Jungreis represented the seller, Rivka Realty Corp, and the buyer.

The sale of 620 East 6th Street for $11.25 million. The six-story walk-up building features 22 apartments and two commercial units. It sold for 17.6 times the current rent roll and the cap rate was 3.56 percent. Aaron Jungreis and David Scheer represented the seller, East 89th LLC; 151 East 26th Street Associates L.P. and David Moshe Bakhshi represented the buyer.

The sale of 3346-3348 Hull Avenue in the Norwood Section of the Bronx for $8.6 million. The five-story walk-up building features 49 apartments. The 49,000 s/f building was built in 1927. It sold for 11 times the current rent roll and the cap rate was 6.4 percent. Aaron Jungreis represented the seller, Emerald 3346 LLC, and Michael Guttman represented the buyer.

The sale of 354-356 Parkside Avenue in Prospect-Lefferts Gardens Brooklyn for $1.875 million. The four-story walk-up building features eight apartments and an income producing parking space. It sold for 14.2 times the current rent roll and the cap rate was 5.2 percent. Aaron Jungreis represented the seller, 354 Parkside LLC and the buyer.

Redwood Realty Advisors announce the sale of a 48-unit property in Bogota, N.J. The garden style apartment project sold for a 4.8% cap rate and total price of $6,725,000. Originally built in 1962, the property was sold by the original developer and owner, Landmark Development Company, and purchased by Real Estate Growth Advisors (REGA). REGA plans to execute a significant repositioning strategy. The Redwood team who worked on this transaction included Michael Scrima, Matthew Sandelands, Kevin McCrann,Thomas McConnell, CCIM.