ON THE SCENE: This week’s sales and exclusives under $10 million

June 8th, 2017, by REW


Besen & Associates announced that Leah Chen and Greg Corbin have been exclusively retained to sell 43-24 Robinson Street, a 6-story elevator building plus basement with 12 apartments and 3 parking spaces, totaling approximately 10,158 s/f. Full basement is used for storage. Built in 2006, the property is situated between Cherry and 45th Avenues, near the Main Street subway station on the 7 train. Asking price is $5,500,000.

A 19,700 s/f TD Bank branch building in Ramsey, NJ, is available for sale via Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The property is located at 1100 Lake Street, just off Route 17 North, which boasts a daily traffic count of 100,000 vehicles. Andrew Merin is heading the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin.

Ariel Property Advisors is marketing 163-30 Cross Bay Boulevard in the Howard Beach neighborhood of Queens, a triple-net investment property leased to Walgreens until 2029. The asking price for the property is $17 million. The property, which spans 9,767 square feet, has a corporate lease guarantee with Walgreens that expires in 12 years. Walgreens has sublet the premises and it is currently occupied by Key Food. Exclusive agents Jonathan Berman, Daniel Wechsler, and Jesse Greshin are representing the seller of the property, which has recently undergone significant improvements to the interior as well as the facade and contains a drive-through, with 35 parking spaces.


Besen & Associates announced the sales of both 1427 & 1475 Taylor Avenue in the Parkchester, neighborhood of the Bronx. Amit Doshi represented both parties in this transaction. Parkchester was originally built to house the WWII veterans and their family. Later on, part of the complex was converted into condominiums that represent 50 groups of buildings. Built in 1930, the properties are two 5-story apartment buildings, with 61 units, five stores and 58,125 s/f. Both properties were acquired for $10,750,000 which equates to 11.3 GRM, $176,240 PPU and a 5.1% cap rate.

Weiss Realty arranged the sale of the 11,726 s/f former La Furniture Warehouse store in Newark, NJ. An investment entity affiliated with Weiss Realty in partnership with CHT Group of Englewood Cliffs acquired the property, which is located at 262-270 Broad Street. Broker Matthew Weiss is representing the ownership in marketing the property. The one-story retail building has 128 s/f of frontage on Broad Street and a parking lot for 20 cars.

David Zimmel, CEO, Zimmel Associates, reported two sales transactions totaling $12.6 million:

  • 18 Engelhard Ave., an 85,000 s/f warehouse in Avenel, NJ, sold for $9.6 million. David Zimmel represented the seller, Fleet Street, a privately held distribution company based in New York, and the buyer, 18 Engelhard Ave., LLC in the transaction. The property offers access to Exit 12 of the New Jersey Turnpike, 7,500 s/f of office space, eight loading docks and 22 ft. ceilings. The buyer will use the warehouse for the distribution of items such as tea, coffee, non-perishable grocery, and other goods.
  • 3421 Rt. 22 East, a 64,000 s/f two-story office building located in Branchburg, NJ, sold for $3 million. The seller is Somerset Thor Building Realty Holdings. The buyer is Cyzner Properties of Green Brook, NJ, a private commercial real estate development company that has diversified holdings throughout the state. The property had been vacant for about two years and was in receivership. The brick elevator building is situated on 25 acres that front Rt. 22.

Marcus & Millichap announced the sale of 926 Plaza, a 14,123 s/f shopping strip in Cherry Hill, New Jersey. The $4.215 million sales price equates to $298 per square foot. Shannon Bona, associate, teamed with Mark Taylor, senior managing director investments and Derrick Dougherty, first vice president investments, all in the firm’s Philadelphia office, to market the property. The seller was represented by Hastings Law, LLC based in Wyncotte, Pa. Michael Lombardi, first vice president investments in the firm’s New Jersey office, procured the buyer. Eric Seidel, a director in the firm’s New Jersey capital markets group (MMCC), arranged permanent financing of 75% loan-to-value (LTV) for the center. 926 Plaza is located at 926 Haddonfield Road in Cherry Hill, NJ. The site was developed in 2004 as an out parcel to Town Place at Garden State Park, an upscale community lifestyle center. Tenants of the site include The UPS Store, Sherwin Williams, Primo Hoagies, as well as a mix of local businesses.

NAI James E. Hanson arranged the following sale transactions:

  • A 13,560 s/f industrial building located at 65 Euclid Avenue in Newark. Scott Perkins, SIOR, Chris Todd, Eric Demmers, and Russell Verducci represented the seller, 65 Euclid Avenue, LLC, in the sale to Montique International, Inc. represented by Isaac Newman of Gramercy. The two-story building features 11,888 s/f of 14 to 22 ft. clear warehouse space and 1,672 s/f office space on the second floor. The building is equipped with a locker room, cafeteria style breakroom, state-of-the-art security monitoring and access systems, one loading platform with a heavy weight leveler and ten parking spaces. Located less than one mile from the New Jersey Turnpike with direct access to New York City via the George Washington Bridge and minutes from Routes 280 and 9. Brooklyn-based Montique International is a designer and manufacturer of high-end menswear relocating its operations.
  • The sale of a 9,963 s/f industrial/flex building located at 10 Bushes Lane in Elmwood Park, N.J. Joshua Levering, SIOR, and Nicholas DePaolera represented the seller, RN Foster Associates LLC, a real estate entity for Trolex Corporation , in the transaction. 10 Bushes was originally purchased by RN Foster Associates in 1995, in a deal brokered by Levering. Levering has continued to work with RN Foster Associates and oversee this property along with others in the immediate area. NAI Hanson is the exclusive listing agent for the sale of the remainder of RN Foster Associates’ Bushes Lane portfolio, which includes two other buildings totaling over 30,000 s/f. Trolex Corporation is a manufacturer of zone damper systems for HVAC, headquartered in Elmwood Park, NJ. The company sought to sell the space since their business has grown and requires a larger building to house their operations.

Gebroe-Hammer Associates arranged two separate sales involving a total of three buildings and 53 units located throughout the borough of Cliffside Park and City of Paterson. Senior Vice President Debbie Pomerantz exclusively represented the sellers in both transactions while Senior Vice President Nicholas Nicolaou procured the buyer in the Cliffside Park deal. Pomerantz also arranged the buyer of the Paterson buildings.

  • Along the Hudson Palisades in Cliffside Park, 19 units sold for $5.45 million or $286,842 per unit at 319 Palisade Ave., one of two main north/south thoroughfares in the borough. Built in 1995, Gebroe-Hammer initially sold the building to the current seller in 2011. The three-story property features condominium-style designs, finishes and amenities as well as Hudson River and New York City skyline views. Senior Vice President Debbie Pomerantz exclusively represented the seller. Senior Vice President Nicholas Nicolaou procured the buyer.
  • The $3.2 million sale of 34 separately metered units at 764 – 768 21st St., and 549 – 553 E. 38th St., Paterson, NJ, both of which are at the corner of Vreeland Avenue near access ramps to Routes 21 and I-80. Senior Vice President Debbie Pomerantz exclusively represented the seller and procured the buyer.
  • David Jarvis, executive vice president and the firm’s Newark/urban market specialist, represented the seller and procured the buyer of involved 385-391 and 467-479 Roseville Ave.,
  • David Jarvis represented the seller of 66 N. 9th Street. Managing Director David Oropeza identified the buyer. The three-story properties on Rosewill Avenue and 9th Street sold for a combined $6.53 million.


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