Prospect Park ‘sweet spot’ up for sale
One of the last remaining, sizable development opportunities in Brooklyn’s Prospect Park is being offered for sale through Terra CRG.
Ofer Cohen and Melissa Warren are representing the sellers of the site valued at $40 million. The property will be delivered with DOB-approved plans for the development of a 168,000 gross square feet residential building.
111 Montgomery is surrounded by cultural landmarks and world famous attractions. Directly across from the Brooklyn Botanic Garden and Prospect Park, it is also walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library, as well as a plethora of trains.
According to the brokers, buyers have been “devouringˮ condos in the area at prices reaching $1.5 million while condo sellouts on the other side of Grand Army Plaza are projected at $1,850 psf .
“Condos on this site [111 Montgomery] could be offered at $1,100 psf, which will enable family-sized units of tow-to-three bedrooms to be priced close to that $1,500,000 mark, a sweet spot for the means of the current Brownstone Brooklyn demographic,ˮ said the brokers in a press release.
“The demand for condos in this area, at this price point is high,” added Cohen, founder and president
of TerraCRG. “There are really no parcels of this size available on the market.”
● CUSHMAN & WAKEFIELD
5 Pointz neighbor for sale in LIC
Cushman & Wakefield is marketing a development site 45-57 Davis Street in Long Island City with an asking price of $34 million.
Located across the street from the famous 5 Pointz grafitti building that has been demolished to make way for a new condo, this site holds 108,000 buildable square feet on a 216 x 100 ft. lot that currently holds a two-story building.
“This site is situated directly across the street from 5 Pointz and many of the major new developments in the neighborhood,” said Cushman & Wakefield’s Stephen R. Preuss, who is exclusively marketing the property with David Chkheidze.
“This pocket of Long Island City gives a developer the opportunity to be situated near many of the developments that will drastically change the landscape of the area,” added Chkheidze.
●MARCUS & MILLICHAP
Greenpoint site fetches $18M
Marcus & Millichap arranged the sale of 57,000 buildable square feet in the Greenpoint section of Brooklyn, N.Y.
The seven contiguous tax lots, located at 1050-1066 Manhattan Ave. and 154 Eagle St., brought $18 million, which equates to $317 per square foot.
Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, represented the seller and procured the buyer.
“Greenpoint is an increasingly dynamic neighborhood with a real cultural element that renters find attractive,” said Riney.
“Mixed-use developers are keen to capitalize on the impending population growth, especially on the commercial corridors of Franklin Street and Manhattan Avenue where the retail component should appreciate significantly over a five-to-10- year hold.”
The 1050-1066 Manhattan Ave. properties and 154 Eagle Street are all on 25×100 ft. lots. A family-owned and operated hardware store and furniture shop currently occupy the site.
Solid deal on Rivington walk-up
New York landlord Marolda Properties has sold a Lower East Side walk-up for $13.1 million.
7 Rivington Street if a five-story walk-up located between between the Bowery and Chrystie Street.
Built in 1900, the 9,800 s/f property offers a ground floor retail store which is currenlty home to Loreley Restaurant & Biergarden. The upstairs 16 two bedroom apartments with an average rent of $2,525 per month. The residential units are mostly free market status.
With a C6-1 zoning, the property can accommodate an additional 6,900 s/f of development rights.
Josh Goldflam, managing principal of investment sales firm Highcap Group, arranged the sale of 7 Rivington Street to a local private investor who wished to remain anonymous.
“The buyer picked up a solid building in an excellent location where he will be able to renovate the apartments to a higher luxury standard and really be in a position to increase the rent roll and return on his investment,” said Goldflam.
“The seller got a great CAP rate on his current cash flow and was able to transact with a fast moving buyer who closed the transaction in under 60 days with no contingencies.”
● CLEAROCK / GOTTESMAN / MOUNTAIN
Partners take long-term view of Stamford portfolio
ClearRock Properties, Gottesman Real Estate Partners and Mountain Development Corp. have purchased 700, 850 and 860 Canal Street in Stamford, Conn.
Global financial services firm Guggenheim Partners provided an 11-year fixed rate loan.
Under the new ownership, ClearRock will serve as asset manager while Mountain Development Corp. will take over as property manager.
The CBRE team of Brian Carcaterra, Michael McCall and Morgan Collins will remain as leasing agents.
According to ClearRock managing principal Doug Winshall, the acquisition puts the 250,000 s/f portfolio in the hands of long-term owners who will add stability and enhance the quality of services and operations.
“The portfolio will be managed to the highest level with both tenants and partners in mind. This will ensure that we continue to actively identify, address and manage improvement opportunities that will add value to the asset while also improving conditions for current and future tenants,” said Winshall.
ClearRock and Contrarian Capital Management in 2012 purchased a non-performing loan on the site, then a four-building commercial portfolio including 880 Canal Street, which was sold in 2013 to Cornell University Veterinary Specialists.
A major redevelopment and leasing program at 700 Canal Street modernized the historic loft building and increased occupancy to 80 percent. 850 Canal Street is 85 percent leased with 7,000 s/f of retail frontage available along Canal Street. 860 Canal Street is vacant and in the early stages of redevelopment.
●CUSHMAN & WAKEFIELD
Two-building Manhattan package nets $24M
A multifamily portfolio, consisting of two buildings located at 413 East 78th Street and 328 West 19th Street, was sold for $24 million.
The portfolio was owned by D&B Kearney, LLC, since the buildings were constructed in 1970.
They consist of 36 apartments totaling 21,190 s/f . 31 are free market, five are rent stabilized and one is owner occupied. The sale price equates to $1,132 per square foot.
413 East 78th Street is a four-story plus basement walk-up. Zoned R8B, the property benefits from approximately 4,936 square feet of additional development rights.
It was sold for $5,750,000 in a deal brokered by Cushman & Wakefield’s Brock Emmetsberger and Thomas D. Gammino, Jr.
328 West 19th Street, in Chelsea neighborhood, is a sixstory elevator-serviced building sold for $18,250,000.
The transaction was handled exclusively by Emmetsberger.
“With the high metrics we have seen achieved in recent sales including 441 West 22nd Street and 328 West 19th Street, we expect a hot fourth quarter in the Chelsea multifamily sales market,” said Emmetsberger.