July 9th, 2015, by REW Staff
Cushman & Wakefield announced the following exclusive assignments:
- The sale of a newly constructed office building at 97-17 64th Road, between Queens Boulevard and 98th Street in the Rego Park neighborhood of Queens. The asking price is $7,950,000. Built in 2014, the seven-level building contains 12,200 s/f and features elevator access to all seven levels and two on-site parking spaces. Thomas A. Donovan is exclusively marketing this property with Eugene Kim, Tommy Lin and Robert Rappa.
- A retail condominium at 325 Lexington Avenue, located between East 38th and East 39th Streets in Manhattan’s Midtown East neighborhood. Ownership is requesting proposals. The condominium contains 2,317 s/f on the ground floor with 800 s/f of lower level space. It is located at the base of 325 LEX, a newly-developed, 31-story luxury condo building. The unit is vented and features 20 ft. ceilings, allowing for a variety of uses including restaurant. James Nelson is exclusively marketing this property with John Ciraulo and Helen Hwang.
Icon Realty Services Inc. announced the following transaction:
- 1248 St. Nicholas Avenue in Washington Heights sold for $965,000. Hayel (Sammy) Shaban represented the buyer and seller in this transaction. The subject property is a three story, walk-up commercial building 3,000 s/f and containing five commercial tenants.
Jon Angel, president Angel Commercial LLC, announced the sale of a 26,635 s/f retail and commercial property located at 1187 E Main Street, Meriden, CT to J&J Meriden LLC for $1.2 million. J.D. Byrider Used Cars dealership will open their second Connecticut location at the former Colony Ford site. The property has undergone extensive renovations and will offer used car sales and 11 service bays. The dealership will create approximately 25 new jobs. Angel represented the seller in this transaction.
Ariel Property Advisors announced the following sales:
- 876 Bergen Street, a vacant lot zoned R7A located between Classon and Franklin Avenues in Prospect Heights, sold for $2.25 million. Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael A. Tortorici represented the seller and procured the buyer, both private investors. The property falls within the 55 block rezoning of western Crown Heights. The site contains 10,847 buildable square feet as-of-right, which translates to $207 per buildable square foot.
- 154 Graham Avenue, a three-story, mixed-use building located on the Graham Avenue retail corridor in East Williamsburg, sold for $1.9 million. Daniel Tropp, Mark Spinelli and Jonathan Berman represented the seller and procured the buyer, both private investors. The property is comprised of two residential units and one commercial unit. Both residential units were delivered vacant. The building’s retail component measures is fully built to the lot. The property is comprised of 4,500 s/f and has an additional 3,000 s/f of air rights. The sale price translates to $422 per square foot.
- 402-422 Snediker Avenue & 485-515 Van Sinderen Avenue, two industrial properties located in East New York, sold for $3.275 million. Jonathan Berman, Shimon Shkury, Mark Spinelli and Daniel Tropp represented the seller and procured the buyer, both private investors. Together the buildings are comprised of 33,500 s/f with a total lot size of approximately 45,000 s/f. The sale price translates to $98 per square foot. The properties sit within the East New York Industrial Business Zone, which promotes business and job growth while maintaining current zoning for industrial use in the neighborhood.
- 203-205 West 144th Street in Hamilton Heights sold for $7.55 million. The multifamily property is a 21,678 square foot, six-story, mixed-use walk-up building comprised of 28 residential units and two commercial spaces. The transaction price roughly translates to $348 per square foot and price per unit translates to roughly $251,667. Victor Sozio, Shimon Shkury, Michael A. Tortorici, Josh Berkowitz and Samuel Atlas represented the owners and procured the buyers.
- 529 West 158th Street & 504-506 West 159th Street were sold in the Washington Heights section of Northern Manhattan. The six-story contiguous properties sold for $9.7 million. The properties are comprised of 54 residential units and 37,122 square feet combined. The sale price translates to $261 per square foot. Victor Sozio, Shimon Shkury, Michael A. Tortorici, Josh Berkowitz and Samuel Atlas represented the owners and procured the buyers.
Darien, Connecticut-based Baywater Properties and an affiliate of True North Management Group of White Plains, New York have acquired the property at 2777 Summer Street in Stamford. The 110,000 s/f commercial office building is comprised of seven floors and includes on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby. The Baywater-True North venture has plans to invest in a significant renovation of many of the building’s common areas, including the front lobby. Baywater Properties founder R. David Genovese said the building is less than 50% leased. Brad Soules, Director, Newmark Grubb Knight Frank is leading leasing.
Besen & Associates announced the sale of 304 West 151st Street, located in West Harlem between Bradhurst Avenue and Frederick Douglass Boulevard. Greg Corbin, Miguel Jauregui and Saadya Notik exclusively represented the seller and procured the buyer in this transaction. The property sold for $6,110,000 to a New York-based private investor. Built around 1910, the six-story mixed use walkup building is comprised of 25 apartments. 16 of the 25 apartments have been renovated and new security cameras have been installed. The average rent per unit per month is $1,820. The sale price equates to a gross rent multiplier (GRM) of 11.2, a 5.9% capitalization rate, and $378 per s/f.
CPEX announced the following sales:
- The Retail Investment Sales Team of Andre Sigourney and Harrison Balisky sold 407-409 Rockaway Avenue in Brooklyn. The three-story building offers nearly 5,000 s/f on each floor, with retail on the ground floor and office space on the upper floors. The sales price was $1,600,000, in a court-approved bankruptcy sale. CPEX represented the seller and procured the buyer, who plans to upgrade both the retail and office spaces.
- The CPEX Real Estate Industrial Sales Team sold 660 McDonald Avenue in the Borough Park neighborhood of Brooklyn for $4.5 million, or $400 per square foot. The building consists of a one-story warehouse and a retail showroom that measures 11,350 s/f on a 15,000 s/f lot. It also has a 2,500 s/f parking lot. Sean R. Kelly, Esq., and Jacob Tzfanya represented the seller and procured the purchaser, an industrial user.
Cushman & Wakefield announced the following sales:
- A mixed-use building at 309 Amsterdam Avenue, between West 74th and West 75th Streets on the Upper West Side, sold for $6,650,000. The four-story building contains 4,080 s/f and consists of a 1,200 s/f retail space nd three floor-through, one-bedroom apartments. Delivered entirely vacant, the sale price equates to approximately $1,630 psf. The purchaser is an investor who will make improvements and re-rent the store and apartments to hold for income. Paul Smadbeck handled this transaction for the seller along with Robert Stufano.
- A development site at 186 Greenpoint Avenue, located between Leonard and Eckford Streets in Brooklyn’s Greenpoint neighborhood, was sold for $2,500,000. The site holds approximately 7,194 buildable square feet for residential development on a 25 ft. by 112.58 ft. irregular lot. Plans have been approved by the DOB to build a five-story residential building, with six large apartments. The sale price equates to approximately $348 per square foot. Brendan Maddigan exclusively handled this transaction.
EPIC Commercial Realty announced the sale of 243 4th Avenue, between President and Carroll Street in Park Slope, Brooklyn. The lot is currently home to a single-story car wash, on a main road with great traffic. Due to the C2-4/R8A zoning, the site allows for both commercial and residential development, which could be built to 10,926 s/f. Yona Edelkopf, CEO at EPIC Commercial Realty, and sales associates Baruch Edelkopf and Mike Rybinskov sold 243 4th Avenue for $3,300,000.
Friedland Realty Advisors has announced the following sales:
- Joe Pomerantz brokered the sale of 2,700 square feet of space and 12,500 square feet of land at 64 Centre Avenue in New Rochelle. The property was sold to Elliot Kracko from North Union Realty for $1,200,000. Pomerantz represented the former owner, Morchar Realty Corporation, in the transaction.
- Karnit Mosberg represented TD Bank in the sale of the 19,000 s/f property at 2020 Central Park Avenue for $2,550,000. Bobjoy Motors purchased the property.
- Steve Lorenzo and Mia Abdou represented the buyer and seller during the transaction of 151-165 E. Burnside Avenue. The 10,000 s/f property, formerly owned by Marchaz Realty Corporation, was sold to a private investment group.
CPEX announced the following sales:
Friedman-Roth Realty Services announced the sale of a combined nine apartments and two stores located at 157 and 159 East 33rd Street in the Murray Hill section of Manhattan. The properties were sold for $9,100,000, or just over $1,000 per existing square foot, and a rent multiple just north of 18 times the gross rent roll. Eric C. Roth and George Niblock, Managing Partners of Friedman-Roth, exclusively represented the seller. Friedman-Roth’s Lily Ren, procured the purchaser on this transaction.
Josh Goldflam and Jeff Weiss of Highcap Group announceD their advisory role in the sale of a 115,000 S/F grocery-anchored community shopping center in West Mifflin PA. The Village Shopping Center, located at 1800 Homeville Road, sold for $2,850,000. The property consists of 28 retail spaces of which 75 percent is occupied. The property presents an excellent reposition opportunity for the new owner with 21,000 s/f in leasing upside plus an opportunity to build out-parcels on this property.
Silvershore Properties announced it purchased a mixed-use building on the Lower East Side that it plans to develop into a larger building with additional residential and retail units. The four-story walk up at 149 Rivington Street sold for $2.8 million. There were no brokers involved in the deal. David Shorenstein, a co-principal at Silvershore, said the company plans to add two floors on top and create two large duplex apartment. It also plans to build out the two retail floors on the lower level, since one is already vacant.