On The Scene: TerraCRG retained in Brooklyn, CPEX active

AGENTS:

EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of 81-83 Vanderveer Street in Bushwick, Brooklyn.

Located on Vanderveer Street, just off of Bushwick Avenue, the properties are within a short walking distance of the Bushwick Avenue/Aberdeen Street L train station. Each building contains three legal residential units for a total of six free market units combined.

The properties are two-stories in the front which then drop to a single story in the rear. The front units are one bedroom duplexes and the rear units are ground floor units with skylights in each room. According to EPIC Commercial Realty Investment Sales Associate, Marcus Jecklin, “These properties offer a unique opportunity for a user or investor to own a cash-flowing asset in the Bushwick neighborhood with significant future redevelopment value.”

With Williamsburg becoming one of the most expensive neighborhoods in New York City, Bushwick has undergone a massive investment and development process over the past few years. With new retail shops, restaurants and nightlife areas continuously opening up around the neighborhood, Bushwick has become one of the most desirable areas of Brooklyn.

81-83 Vanderveer Street are being listed at $850,000 each or $1,700,000 combined by EPIC Commercial Realty Investment Sales Associates, Marcus and Madeline Jecklin.

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GFI Realty Services, LLC announced that it has been named the exclusive sales agent for 1424 Avenue J, a mixed-use property in the Midwood section of Brooklyn, New York. GFI Realty Director of Investment Sales Shulem Paneth and Eli Matyas, also of GFI, will oversee the marketing of this asset, with pricing targeted at $3.975 million.

The four-story building is comprised of six apartments and four stores, all of which are currently occupied. The retail tenants include the iconic Di Fara Pizza, which has been located at the property since 1965.

The property is ideally situated near Walgreen’s, several banks, and a variety of retail and dining establishments. Just steps away from the Q train, the building is easily accessible to many Manhattan and Brooklyn neighborhoods, and is within walking distance of Brooklyn College.

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TerraCRG has been retained exclusively to sell a multifamily building at 340 14th Street, located between Sixth and Seventh Avenues in Brooklyn’s Park Slope neighborhood. Adam Hess, along with his team, Eddie Setton and Kirill Galperin, are marketing the property.

The asking price is $5,250,000. The four-story multifamily building contains eight units, of which seven will be delivered vacant. The seven vacant units are currently being gut renovated and will consist of one approximately 1,300 SF ground floor duplex with outdoor space and six approximately 790 SF apartments with open floor plans, exposed brick and condo level finishes. Additionally, there will be access to an outdoor roof deck for the fourth floor apartments. Originally slated for development as condos, there are approved plans for an occupied condo conversion
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EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 195 Sullivan Place in Crown Heights, Brooklyn.

Located on Sullivan Place, between Ludlam Place and Rogers Avenue, the site is within a short walking distance of the Sterling Street [2,5] train station, Brooklyn Botanic Garden and Prospect Park Zoo. The site is a vacant lot with approved plans and permits for a 19-unit residential building with 13,100 square feet of gross area. It is subject to 421A tax abatement.

According to EPIC Commercial Realty CEO Yona Edelkopf, “This development site offers a tremendous opportunity for an investor to develop a large residential building with ample rental income and 421A tax abatement in one of Brooklyn’s up and coming neighborhoods.”

Crown Heights is one of Brooklyn’s fasting growing neighborhoods with its retail, commercial and hospitality corridors constantly expanding. The neighborhood is home to many of Brooklyn’s museums and borders the eastern half of Prospect Park. Known for its variety of row houses and pre-war apartment buildings, Crown Heights offers easy train and car access through Eastern Parkway and the [2,3,4,5] train lines. Because of this, many real estate experts expect residential and commercial development in the neighborhood to rapidly increase over the next coming years eventually making Crown Heights one of Brooklyn’s predominant neighborhoods.

195 Sullivan Place is being listed at $3,900,000 by EPIC Commercial Realty CEO Yona Edelkopf and Investment Sales Associate Baruch Edelkopf.

 

SALES:

 

TerraCRG announced the sale of 82 16th Street, a 16-unit multifamily building located in the Park Slope/Gowanus neighborhood of Brooklyn. Adam Hess, along with his team, Eddie Setton and Kirill Galperin were the sole brokers in this transaction. The property sold for $3.575M, which equates to a 4.7% cap rate and $572 per SF.

“The rental market in the South Slope/Gowanus area offers tremendous potential for growth as residents from surrounding neighborhoods like Park Slope and Carroll Gardens seek more affordable rents with access to the same high-end amenities,” said Adam Hess, Partner at TerraCRG.

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Alpha Realty is pleased to announce the sale of 82 Christopher Street in the West Village for $9,900,000. Managing Partner Glenn Raff represented the purchaser while Alpha Realty’s Scott Schwartz represented the overseas seller. The deal achieved a selling price over $1,500 a foot, well above average for this area.

When asked to comment on the deal, Scott Schwartz replied “This is a beautiful building in an incredible location, a great addition to any buyer’s portfolio. As you can imagine, there was a lot of interest in a building with so much potential.

Representing the purchaser’s interest, Glenn Raff noted “The building has been on and off the market but in this environment we knew right away the building would generate enormous interest, in such a prime location.

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CPEX Real Estate’s Brooklyn Multi-Family Investment Sales Team recently sold a multi-family property located at 292 Howard Avenue in Bedford-Stuyvesant, Brooklyn. The property is comprised of five residential buildings located on a 75’ x 50’ lot. The building was sold to an end-user who plans to convert the property into a live/work educational facility.

The sale price was $1,700,000, or $285 per square foot. CPEX’s Brooklyn Multi-Family Sales Team, consisting of Associate Director Stephen Safina and associates Alyona Chystyakova and Thomas Ryan, represented the seller and procured the purchaser.

“Our extensive marketing campaign allowed us to secure an end-user to purchase 292 Howard Avenue,” said Safina. “The buyer’s plan to convert the property to an educational facility will benefit the local community and further improve the neighborhood.”

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Cushman & Wakefield (Cushman) handled the $2.55 million, all cash sale of 41-22 49th Street in Sunnyside, Queens.

Thomas A. Donovan, Vice Chairman, along with Tommy Lin, Eugene Kim and Robert Rappa exclusively brokered this transaction. The team set a record sales price for a walk-up of this nature, which equates to a 4.5 percent capitalization rate and about $493 per square foot.

The three-story walk-up measures approximately 5,169 square feet and consists of six residential units and a finished basement.

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NAI James E. Hanson brokered the sale of The Landmark property, which consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building located at 33 Route 17 South in East Rutherford, N.J. to

The Hampshire Companies through one of their funds. NAI Hanson’s Andrew Somple, SIOR and Greg James represented the seller. The Landmark property has been mostly vacant since 2012. It sits on a 3.2-acre lot that is encircled by the ramp from Rt. 17 South to Paterson Plank Road as well as opposite a strip mall with a Starbucks, Five Guys, Payless and Sleepy’s.

The property is zoned regional commercial and features 225’ of frontage along Route 17 South. The Hampshire Companies plans to redevelop the site with a modern 100,000-square-foot self-storage facility as well as a convenience store with gas station.

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Josh Goldflam, managing principal of Manhattan based investment sales firm Highcap Group, arranged the sale of 2302 Morris Avenue and 111 East 183rd Street in the Bronx, which sold for $1,725,000. The seller was Sobo Development, and the buyer was a local private investor / developer who wished to remain anonymous.

The property is situated in the Fordham neighborhood surrounding the northeast corner of East 183rd Street and Morris Avenue. The property consisted of 2 small multifamily buildings as well as a parking lot which created an L shaped property surrounding the corner. The properties were vacated over the past 6 months in preparation for the sale. The site has a C1-4 /R8 zoning which can be utilized for residential and commercial uses with an FAR of 6.02, and up to 6.5 for community facilityuse.

This gives the buyer the ability to develop over 42,000 square feet as of right. Goldflam also commented: “The buyer is investing in a busy neighborhood and a property that is steps away from the B&D subway stop. It’s also in walking distance to Fordham University and will appeal to a wide array of end users once the property is ultimately developed. With multiple street exposures the property is poised to be a future staple of the neighborhood.”

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Winick Realty Group’s Investment Sales Team announced the successful sale of a new TD Bank under construction in Geenlawn, NY. The 2,500 square-foot bank sits on an approximately 1.8 acre corner parcel at the intersection of Pulaski Road and Cuba Hill Road, adjacent to the BAE Systems office complex, in the town of Huntington on Long Island.

Michael Cleeman, Senior Vice President of Investment Sales represented the 1031 exchange buyer in the $4,650,000 transaction. Seller CLC Greenlawn LLC was represented by Stan Johnson Company and GFI Realty Services.

“The buyer was attracted to the strong demographic location with average household incomes above $135,000, traffic counts of over 25,000 VPD and the stability of a new 20 year lease that was recently executed,” said Cleeman.

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Klosed Properties announced the purchase of the retail condo located at 227-229 W. 116th Street, in Harlem. The price was $1.45 million. The property is leased to two tenants with long-term leases.

Lisa Downing of Connections Real Estate represented the seller. Adrian Berger of Corner Commercial Real Estate represented the buyer. Klosed Properties principal Steven Kachanian said the retail condo has 40ft. of frontage on West 116th Street. ​

Jacob Namdar, senior director of acquisitions said Klosed is currently under contract to purchase ​six additional properties and continues to seek retail condominiums, mixed use, and multifamily in the boroughs.

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Friedman Roth Realty Services is proud to announce the sale of a 25-unit apartment building at 3525 Rochambeau Avenue located in the Wakefield section of the Bronx.

The property was marketed for approx. 90 days and finally closed last week for $3,525,000. Approx. 11.6 times the gross rent. $141,000 per unit. Richard T. Guarino partner at Friedman

Roth represented the assets long term owner, Skyline Realty LLC, on an exclusive basis. Michael Stern & Scott Jacobs from Ny Standard Realty represented the purchaser, Parkway Realty Associates LLC.

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GHP Office Realty, LLC, announced its acquisition of 140 Huguenot Street, New Rochelle, New York, a 64,000 square foot , three story Class A office building with a 34 car onsite parking garage and an additional 26 car parking lot. The building is approximately 80 percent occupied.

The GHP acquisition team was led by Andrew Greenspan, Principal of GHP. Greenspan stated “We are bullish on New Rochelle and its future. 140 Huguenot Street represents our second large office building acquisition in New Rochelle. We also own 145 Huguenot Street, a 300,000 square foot, eight story Class A Office building across the Street which is currently 93 percent occupied. The synergy between the buildings and the economies of scale as well as the fact that we are running out of space at 145 Huguenot Street made 140 Huguenot Street an attractive acquisition target.”

140 Huguenot Street boasts such high quality tenants such as Mary Ann Liebert, Inc. and Monroe College. Additionally, the GSA has been a tenant in the building since 1999.

Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein LLP provided legal representation and Ray Cohen of Chicago Title Company provided title services for GHP.

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