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On The Scene: Massey Knakal, TerraCRG, Besen & Associates and more

THIS WEEK’S SALES & ASSIGNMENTS UNDER $10 MILLION:

Agents

Lynda Blumberg and Amit Doshi of Besen & Associates have been hired as exclusive representation to sell the building located at 2565-2569 Colden Avenue, Bronx. Located off Williamsbridge Road between Mace and Allerton Road in the Bronxwood section, this is a 5-story walkup apartment building that consists of 34 apartments and has approximately 29,475 SF and is built 69 x 86 ft. The building was built in 1929.

Amit Doshi

Massey Knakal Realty Services announced the following exclusive sale assignments:

• A townhouse at 404 West 22nd Street in Chelsea Historic District. The asking price is $5,750,000. The five-story building, plus lower level, contains 4,090 s/f and is configured as five free-market residential units, including two duplexes. Brock Emmetsberger is handling the assignment.

• A mixed-use building at 1581 New York Avenue in the town of Huntington Station in Suffolk County. The asking price is $849,000. The property contains 3,150 s/f. The one-story retail space includes two stores. The two-story residential portion is built behind the retail space, with a two-family house with a fenced in backyard. This property is being marketed exclusively by Massey Knakal’s Benjamin Efraimov.

Sales

GFI Realty Services Inc. announced the $7,050,000 sale of 475 Ocean Avenue, a six story elevator apartment building constructed in 1931 located in the Flatbush section of Brooklyn. The transaction translates to twelve times the rent roll and $150,000 per unit. The property consists of 47 apartments totaling approximately 54,854 s/f. Josh Orlander represented the seller and the buyer, both of whom are local investors.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• A 38,864 s/f office property located in Livingston, NJ, sold for $6,270,000. David A. Kelso, CCIM, represented the seller and the buyer. Located at 301 S. Livingston Avenue, the property has enjoyed a history of stable occupancy with local professionals and a Sovereign Bank branch. The building is 38,864 s/f and accessible to major road arteries.

• A 7,872 s/f retail property located in Woodland Park, NJ, sold for $2,125,000. Julienne Pape represented the seller, a private investor. The buyer, a private investor, was secured and represented by Michael Lombardi. Woodland Park Plaza is a recently built 7,872 s/f retail center that is 100% occupied with two national tenants, U. S. Army and Subway, and two local ones that include an insurance company and a nail salon.

Erik Lundberg

• 232 54th Street, a 6-unit apartment property located in Brooklyn, NY, sold for $710,000. John Brennan and Erik Lundberg represented the seller, a private investor, and the buyer, a private investor.
• 5605 4th Avenue, a 16-unit apartment property located in Brooklyn, NY, sold for $1,450,000 ,which represented approximately $166 per square foot. Erik Lundberg and John Brennan represented the seller, a private investor, and the buyer. The property sold for $150,000 above the asking price.
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Massey Knakal announced the following sales:
• A mixed-use building at 108 South Street, in the South Street Seaport Historic District, sold for $2,775,000. The four-story building contains 4,856 s/f and consists of one commercial and three residential units. The sale price equates to approximately $571 psf. New York City plans to extend the East River Waterfront Esplanade to this area in 2013-2014 and to finish the $1.4 billion Fulton Street Terminal in 2014, which is also close to the property. The buyer intends to renovate the space to occupy three two-bedroom apartments in the units above and use the commercial space for a restaurant. Nick Petkoff represented the seller, Silvershore Properties.
• A mixed-use building at 105 Ralph Avenue, in Brooklyn’s Bedford Stuyvesant neighborhood, sold for $1,310,000. The three-story building contains 3,300 s/f and consists of two residential and two commercial units. The sale price equates to approximately $397 psf and a 6.9% capitalization rate. Michael Amirkhanian represented the seller.

Michael Amirkhanian

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Adam Glassman of Property Buyers Group brokered the $2.675 million sale of 111 Clarkson Avenue in the Flatbush neighborhood of Brooklyn. The new owner plans to demolish the 1902 house and build a 50-unit residential green building.
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TerraCRG closed on the sale of four industrial buildings throughout Brooklyn with a combined total of 45,900 s/f. Dan Marks, vice president of Industrial Sales and Leasing for TerraCRG sold the properties in separate transactions with an aggregate total sale price of $6.6 million:
• 632-644 Parkside Avenue located in the Prospect-Lefferts Gardens neighborhood is an 18,000 s/f, M1-1 zoned building that consists of 12,000s/f of cold storage. The property sold for $2.7 million, equal to $150 psf;
• 148 Hinsdale Street in the East New York section of Brooklyn, is a 15,874 s/f, M1-4 zoned building which sold for $1.35 million, or $85psf.
• 893 Bergen Street in the Crown Heights neighborhood of Brooklyn, is a 7,021 s/f, two story building zoned M1-1. It sold for $1.25 million, equal to $178 psf. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Mike Hernandez of TerraCRG represented both buyer and seller in this transaction.
• 479 Baltic Street is in the Gowanus neighborhood of Brooklyn. The one story 5,000 s/f industrial building M1-2 zoned building sold for $1.3 million, or $260 psf.
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Northeast Private Client Group has announced the sale of the Valley View Apartments, a 29-unit garden-style apartment complex located at 209 Wolcott Street in Waterbury, CT. Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,350,000 transaction. The Connecticut-based buyer, 209 Wolcott Waterbury LLC, purchased the Valley View Apartments property for a price that equates to more than $46,500 per unit, which represents a capitalization rate of 9.3 per cent on the current year’s net operating income. The seller, ROI Valley View LLC of Waterbury, CT, will focus on new projects moving forward.

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