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On The Scene: C&W offering at 180 E. 72nd St., Ten-X brings 30 Thompson St. to market

AGENTS

Cushman & Wakefield announced the following exclusive sale assignments:

  • A retail building at 180 McLean Avenue, in Yonkers, Westchester County. The asking price is $4,000,000. The single story building sits on a 286.53 ft by 104.13 ft lot. It features 112 ft of frontage on McLean Avenue. The building also features a 35 space parking lot and benefits from approximately 26,820 square feet of air rights. The building is currently leased to Duane Reade which pays $363,000 per year and reimburses for the real estate taxes over base year 2007. The original lease for the property expires in September 2020 and has three five-year options at predetermined rents. Duane Reade currently sub-leases the building to Family Dollar. James Nelson is exclusively marketing this property with Caroline Hannigan and Bill Eisenhut.
  • 180 East 72nd Street, between Lexington and Third Avenues on Manhattan’s Upper East Side. The offering includes the property’s fee simple and leased air rights positions. Current ownership, The Provident Loan Society (Provident), is requesting proposals for interest in either the building, air rights lease position, or full position (building and leased air rights). The building currently stands one story with a mezzanine level and totals approximately 2,300 s/f. The air rights are leased to the adjacent building with a rent reset scheduled for 2017. The revenue from the leased air-rights will generate substantially more revenue after the 2017 reset. The purpose of the lease was to allow the developer of a neighboring structure, Tower East, to use the air rights while granting Provident the ability to occupy their building and collect rent from the air rights. Upon the expiration of the ground lease, full ownership will revert back to Provident. Guthrie Garvin is exclusively marketing this offering with John Ciraulo, Craig Waggner, and Michael Gembecki.

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Ten-X announced the upcoming sale of 30 Thompson Street, a boutique development site in SoHo. The offering is being brought to market in a joint effort by James Nelson and Robert Burton of Cushman & Wakefield and Pierre Bonan of Ten-X and will be sold in a Live Bid event with an Aug. 24 bid deadline and an opening bid set at $4 million. The property is currently improved by a single story garage that will be delivered vacant. There are preliminary plans to develop an eight-story, 113-foot condo building featuring an automatic parking system. As the site sits in an M1-5B zone, a future owner must obtain BSA approval for a residential variance in order to build residential condominiums. Alternatively, a future owner can build live-work units under the current zoning. The site was purchased by the seller, a private investor, in June 2015.

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Besen & Associates announced that Jack A. Cohen has been retained to sell 1183-1189 Flatbush Avenue, a single story retail building with one store in the Flatbush neighborhood of Brooklyn. The property is located between Vanderveer Place and Ditmas Avenue with approximately 10,000 s/f. The current tenant is Deals, a national credit brand. The property is near the Newkirk Avenue station on the [2, 5] trains and the Courtelyou Road station on the [B, Q] trains. Asking price is $6,800,000.

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Eastern Consolidated is requesting offers for a development assemblage at 30 East 29th Street. The property will be delivered vacant. Exclusive agent Brian Ezratty, Vice Chairman and Principal, is marketing the property. Scott Ellard, Vice President and Principal, Financial Services, is the analyst for the deal. The site presents the opportunity to construct a new tower with up to 135,000 s/f of zoning floor area midway between Madison Avenue and Park Avenue South. The seller hasassembled development rights from surrounding properties and has agreements with neighboring owners to allow for the development of a new ground-up structure on the site. Flexible zoning will allow for commercial and office uses as well as residential uses.

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Westbridge Realty Group has been exclusively retained to sell 238 Stockholm Street in Bushwick, Brooklyn (between Irving and Knickerbocker Avenue Avenues) for $4.15 million. The property is 7,000 s/f  and contains eight apartment units, two of which are duplex apartments on the ground floor. Six of the eight apartments have recently undergone full gut-renovations, and all of the units have separate boilers. Each apartment is a three-bedroom with high-end finishes. Two of the apartments are rent stabilized and are currently renting for about one third of the market value. The building has a five precent in-place cap rate and is 16.6 times the current gross rent roll. Steven Westreich is handling the deal.

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Avison Young NYC Investment Sales team has been tapped as exclusive sales agent for a three-building commercial warehouse portfolio in Woodside, Queens. The buildings are located at 57-09 37th Avenue, 57-11 37th Avenue and 57-12 37th Avenue. The combined area for the three warehouses totals 25,250 s/f, with an asking price starting at $9 million for all three buildings. The trio of commercial buildings has been family-owned since the late 1960s and has not traded hands in over 45 years. The Avison Young Investment Sales team, comprising Principals Charles Kingsley, Vincent Carrega, Jon Epstein and Neil Helman, along with Associate Richard Sullivan, are jointly managing the sale of the buildings on behalf of ownership. The current tenant, FROST | Productions, a full-service event production company, have occupied the properties since first taking a lease in the early 1990s. The current lease is set to expire in less than three years.

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Bestreich Realty Group has been exclusively retained to sell 43 Columbia Place, located between State and Joralemon Street, in the Willowtown section of Brooklyn Heights. The property has been entirely gut renovated with luxury condo quality finishes. The building has a number of amenities including laundry in every unit, storage, and a rooftop deck available to the tenants. Being near the Brooklyn waterfront and Brooklyn Bridge Park makes this property an attractive turnkey asset, which has day one cash flow. Luke Sproviero is handling the assignment. The property is being offered at a 4.7 percent Cap rate. Asking price is $9,850,000

SALES

Highcap Group announced the following sales:

  • Larry Ross and Larry Stryker realized $3,550,000 in the sale of 1247-1253 Atlantic Avenue in Bedford-Stuyvesant. The 50 by 167 ft. lot is within steps to the A and C subway lines and LIRR. The development site, zoned C4-5D, has been approved for a 32,500 s/f, 40-unit free market rental building with retail. Amenities will include a gym and roof top lounge. The property had been in the family for close to 30 years. Highcap represented both the buyer and seller in this transaction.
  • Michelle Abramov, a sales associate at Highcap Group, arranged the sale of 1417-1421 Webster Avenue, located between East 170th and 171st Streets in the Bronx. The mixed-use development site offers roughly 36,000 s/f as of right. The buyer is a Queens based development group, whom Michelle Abramov represents exclusively, and is expanding its footprint on Webster Avenue. The property sold for $2,050,000 which is roughly $57 PSF.

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Eastern Consolidated arranged the sale of a development site with 13,438 buildable square feet at 21 Powers Street in Williamsburg. The property traded for $5.75 million, or $428 per square foot, in an off market transaction. Directors Scott Burk and Jacob Tzfanya represented the seller, 21 Powers LLC, and Eastern Consolidated Director Chad Sinsheimer represented the buyer, Powers 21 LLC.

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EPIC Commercial Realty announced the following sales:

  • 174 Knickerbocker Avenue, a re-development site in Bushwick, Brooklyn. Located between Melrose Street and Jefferson Street, the property is a vacant three-story residential building comprised of 3,750 s/f providing 5,500 s/f of development rights. It currently contains three apartments and can be converted into a six-family building. The site is four blocks from the Jefferson Street [L] train station. 174 Knickerbocker Avenue sold for $1,800,000. CEO Yona Edelkopf, represented the seller; Investment Sales Associate Yuriy Ustoyev, and Associate Broker Mark Akilov represented the buyer.
  • 404-408 Utica Avenue, three mixed-use buildings in Crown Heights sold for $2,300,000. The properties consist of three contiguous two-story walk-up buildings with three retail units and five apartments. They were delivered vacant. Yona Edelkopf represented the seller and Baruch Edelkopf and Mike Rybinskov represented the buyer.

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Barcel Group announced the sale of five buildings in Brooklyn, NY, totaling $19,700,000:

  • 1247 Avenue V is a 4-story walk-up building located in Sheepshead bay, the property consists of 12 units. The building was built in 1927 and consists of 12,000 square feet. The property sold for $2,000,000 or 15x GRM. Marcel Fridman represented all parties in this off market transaction
  • 526 Lafayette Avenue is 4 story walk-up building located in Bedford-Stuyvesant, the property consists of 20 units. The building was built in 1931 and consists of 18,000 square feet. The property sold for $5,600,000 or 18x GRM, Marcel Fridman & Andrea Lugo represented all parties in this off market transaction
  • 426 & 434 49th Street are two 4-story walk-up buildings consisting of 8 units each. The buildings were built in 1931 and consist of a total of 14,000 square feet. The properties sold for $3,450,000 or 18X the GRM. Marcel Fridman and Bart Zimmermann represented all parties in this off market transaction.
  • A six-story elevator building in Prospect Park South consisting of 32 units. The property was built in 1915 and consists of 33,000 s/f . The property sold for $8,650,000 or 19X the GRM. Marcel Fridman represented all parties in this off market transaction.

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M Properties Group announced the sale of 18 Wyckoff Avenue in Bushwick. The property, a mixed-use building with retail and two apartment units has just sold for $4,300,000 which equates to $1,082 psf. The property is currently overbuilt and does not have further development rights. M Properties Group represented the seller, Four Sons Future LLC. The buyer was Manhattan-based Clerestory Properties.

 

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