January 7th, 2016, by REW
LichtensteinRE has been retained on an exclusive basis to sell two Brooklyn 100 percent rented retail condominiums located at 105 Kings Highway in the Gravesend/Bensonhurst Section of Brooklyn. The asking price is $4,199,999. The Retail Units consist of a medical radiology office and a school/child day care containing a total of 8,500 s/f, located on the ground floor of a class A condo built in 2003. These net lease rents rise annually at 3% a year and 421A Tax Abatement is preserved for 5 more years. The Effective Gross Income is $212,913 this year. Andrew Lichtenstein, who is exclusively marketing the property, has negotiated pre-approval of 3.75% fixed rate mortgage financing with one bank lender offering $2,400,000 another offering $2,500,000.
Klosed Properties announced the purchase of 20 St. Marks Place, New York. The 9,200 s/f mixed-use building is located nearby Cooper Square, 51 Astor Place & NYU. The lower level retail is occupied by Grassroots Tavern, a vintage pub which has been at the location for over 40 years. Steven Kachanian, principal of Klosed Properties, and Jacob Namdar, senior director of acquisitions made the announcement. Tito Ghose from Halstead facilited the transaction. Jason Au from Au Consultants Inc. helped secure financing.
Rosewood Realty Group has closed the following sales:
- The $7.075 million sale of 566 and 576 East 187th Street in the Belmont section of the Bronx. These two walk-up apartment buildings feature 39 apartments and six commercial units in the Belmont section of the Bronx. The five-story buildings were built between 1910 and 1912 and the combined square footage is approximately 33,000 sq. ft. They sold for 10.35 times the current rent roll. The cap rate is five percent/combined. Aaron Jungreis represented both the buyer and the seller.
- The $6.09 million sale of 360 East Gun Hill Road in the Norwood Section of the Bronx. This is a two story, retail/office building with eight commercial spaces. It is 17,000 sq. ft. built in 1922. The cap rate was 6.4 percent. Aaron Jungreis represented the seller, 360-368 E. Gun Hill LLC, and Ryan Perkoski represented the buyer, ERMIONI 360 LLC, a local investor.
- The $5.615 million sale of 1805 Williamsbridge Road in the Morris Park section of the Bronx. This is a two-story retail/office building with 18 commercial spaces. It is 15,672 sq. feet and was built in 2006. It has a 6.4% cap rate. Aaron Jungreis represented the seller, 1801-1805 Williamsbridge LLC, and Ryan Perkoski represented the buyer, ERMIONI 1801 LLC.
- The $ 5.25 million sale of 721 11th Avenue in Manhattan, a two-story mixed-use commercial building: one retail, one office space and signage. This 5,000 sq. ft. property was built in 1950. It has a cap rate of three percent. The property also comes with 7,555 feet of air rights. Michael Guttman represented both the seller, 721 Eleventh Avenue Realty LLC and the buyer, Elul 721 LLC.
- The $3.045 million sale of 1215 Stratford Avenue in the Bronx (Park Versailles) neighborhood. This is a two story, retail office building with eight commercial spaces. It is 8,500 sq. ft. and was built in 1991. It has a cap rate of 6.4 percent. Aaron Jungreis represented the seller, 1215-1217 Stratford LLC and Ryan Perkoski represented the buyer, ERMIONI 1215 LLC.
Marcus & Millichap announced the following sales:
- 157-159 Wythe Avenue, a 3,000 s/f parcel of land in Brooklyn, NY, sold for $8,000,000. Peter Von Der Ahe, Joseph Koicim of the Manhattan office, and Shaun Riney, Michael Salvatico and James Saros, from the Brooklyn Office, represented the seller, a private investor. The buyer was secured and represented by Von Der Ahe, Koicim, Riney, Salvatico, and Saros. 157-159 Wythe Avenue offers 50 feet of frontage and an allowable FAR of 2.7, which allows for a developable area of 8,100. Current zoning regulations permit commercial use of 6,000 s/f within the redeveloped space.
- 82 Second Ave., a five-story mixed-use building with four apartments and two ground-floor retail units, sold for $10.9 million, which equates to just under $2,200 psf, one of the highest prices per square foot in the neighborhood. The asset has a Class 2a tax status limiting taxes to up to 8 percent annually, with a five-year maximum of 30 percent. Peter Von Der Ahe, along with Joe Koicim, David Lloyd and Corey Isdaner, represented the seller, Icon Realty Management. Von Der Ahe, Koicim, Isdaner and Sean Lefkovits procured the buyer, a South Carolina-based investor. The property contains three four-bedroom apartments and one five-bedroom unit, all of which are free market and have been renovated with condo-like finishes. There are two 650 s/f retail tenants: Golden Crepes II and 2nd Avenue Convenience.
- 592 Vanderbilt Avenue, a 8-unit apartment property located in Brooklyn, N.Y., sold for $3,600,000. Derek Bestreich, Lucien Sproviero, and Adam Lobel, from Marcus & Millichap’s Brooklyn office, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team
- 242-248 Newkirk Avenue, a 80 foot by 90 foot lot development site offering approximately 30,497 buildable square feet, located in Brooklyn, sold for $4,000,000. Derek Bestreich, Steve Reynolds and Thomas Reynolds, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The site, zoned R7A, has approved plans for a seven-story 45-unit apartment building.
Terra CRG announced the following sale:
- Matt Cosentino, along with his team, Eric Satanovsky and John Bataille, sold 684 Central Avenue, a 5,280 s/f mixed-use property in Bushwick, for $2,063,000 or approx. $390 psf. The seller originally purchased the property in August of 2013 for almost $1,000,000 less than the most recent sale price.
- 241 Bainbridge Street in Bedford-Stuyvesant, Brooklyn, was sold for $1,650,000. Matt Cosentino led his team, Eric Satanovsky and John Bataille, in the sale of the brick building which had been left vacant for several years after suffering major fire damage. The buyer, Weissmann Equities, has plans to completely renovate the property. Currently, the building is configured as four, 1,600 s/f floor through units, although the asset presents the potential for a six-unit conversion. The property has windows on three sides and 10 ft. ceilings.
Colliers International has arranged the sale of 134 Franklin Corner Road in Lawrence, NJ, with privately-held securities broker/dealer firm David Lerner Associates acquiring the 25,000 s/f office building, and former headquarters for Trenton Savings Bank. Associate director Vinny Di Meglio represented David Lerner Associates while executive managing director Thomas Romano and senior managing director Tim Norris represented the seller. David Lerner Associates will relocate its current office in Princeton to the brick and will occupy 8,600 s/f on the second floor of the two-story property. Colliers International is actively marketing the remaining 12,000 s/f of available space at the building, which can accommodate tenants in spaces ranging from 1,000 to 10,000 s/f.
Besen & Associates announced the sale of 957 Utica Avenue in the East Flatbush neighborhood of Brooklyn for $5,165,000. Greg Corbin, Miguel Jauregui and former Besen broker Jacob Aronov exclusively represented the seller and also procured the buyer, a private investor. The property is a 3-story mixed use building consisting of 18 apartments, 5 stores and a gated parking lot for 26 cars. It was built in 2007 by the seller and is approximately 24,400 gross square feet. There is a 421-A tax exemption in place, which expires on June 2023. The property has 6,000 square feet of retail, leased to local tenants with rents averaging $27 psf. Average in-place rent per unit per month is $1,300. Layouts for the building include studios, one-bedroom, two-bedrooms and three-bedrooms.
Cushman & Wakefield announced that a conversion opportunity at 136 North 8th Street, in Brooklyn’s Williamsburg neighborhood, was sold for $3,525,000. The property currently consists of a four-story, 4,000 s/f building. The sale price equates to approximately $881 per square foot. The semi-detached building was delivered vacant. Brendan Maddigan exclusively handled the transaction.
John G. Udell, president of Weichert Commercial Brokerage, announced that David Fisher, senior vice president, has completed the following sales:
- A 90,000 s/f building, the former Picasso Lighting and Furniture building located at 1405 North Broad Street, Hillside, NJ. Fisher represented the seller, Crown Real Estate Holdings, LLC and the buyer, WRG Union which was represented by Mordy Rozenfeld and Effriem Rosenberg.
- David Fisher and executive vie president Anthony Baseeil, negotiated the sale of 40-50 Montgomery Street, Hillside, NJ.
- In the sale of a 57,000 s/f industrial building located at 480 Mundet Place, David Fisher represented the seller, Quest Properties LLC, and the buyer, Flamingo Properties. The property will serve as a new corporate headquarters for the furniture manufacturer.
Ariel Property Advisors announced the $6.562 million sale of 161 East 96th Street, a 5-story multifamily building situated in the Upper East Side. Michael A. Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis represented the seller, a private investor and procured the buyer, Encore Manhattan, LLC. The 25 ft. wide, 9,160 s/f building contains 19 studio apartments. The sales price translates to a gross rent multiple of 19.4 and a 2.57% capitalization rate. The property also has future development potential as R10A zoning provides approximately 25,230 buildable square feet (as-of-right), or 16,070 s/f of air rights over the existing structure.