ON THE SCENE: Bushwick development site snapped up, Crown Heights building sells for $5M

EPIC Commercial Realty announced the sale of 127-129 Troutman Street, a development site in Bushwick, Brooklyn. Located between Central Avenue and Evergreen Avenue, the property is comprised of two adjacent vacant lots with a 50 feet frontage. Covering a total of 5,000 s/f lot area, the property has 11,000 s/f of allowable air rights. The property is situated three blocks from Maria Hernandez Park and the Central Avenue [M] train station. EPIC Commercial Realty sold 127-129 Troutman Street for $2,640,000. CEO Yona Edelkopf and Investment Sales Associate Baruch Edelkopf, represented both the seller and the buyer.

•••

Cushman & Wakefield has orchestrated the sale of 340 Stiles Street in Linden, NJ, which traded from 500 West Edgar LLC to Seagis Property Group. Chuck Fern, based in the firm’s Iselin, N.J., office represented the seller and procured the buyer of the 504,000 s/f industrial asset. Seagis subsequently appointed his team as leasing agent for the port-market property. The new ownership has commenced a multi-million-dollar renovationto create a Class A facility at 340 Stiles Street, scheduled for completion in Spring 2017. The Property has CSX rail service, which can be reactivated for a specific user. Fern is heading the leasing agency with Cushman & Wakefield’s Jason Barton and Gary Casaletto. The Property is divisible to 30,000 s/f, but can also be made available in its entirety for a customer looking to establish a unique campus environment with ready access to the Ports and population centers of Northern New Jersey and Manhattan.

•••

Alpha Realty announced the $5,000,000 sale of 1308 and 1314 Eastern Parkway in the Crown Heights section of Brooklyn. Managing Director Jacob Aronov represented the buyer, Witnick Real Estate Partners. Managing Partner Lev Mavashev represented the selling party, Up Realty. The two contiguous four story walk ups totaling 17 units and 18,000 s/f are located between Ralph Avenue and Portal Street in Crown Heights. With all the upgrades the seller made to the majority of the units, the two buildings impressed the buyer immediately. The asset is steps away from the Lincoln Terrace Park The sale price equates to $274 psf.

•••

Avison Young has arranged the $4.16 million sale of a mixed-use property consisting of three buildings totaling 10,713 square feet at 1835 Post Road East in Westport, CT. Avison Young Principal and Managing Director Sean Cahill made the announcement. This is the third recent acquisition Avison Young has arranged on behalf of the buyer, Blackshaw Hunchar, LLC, helping satisfy a like kind exchange. The new owner has appointed Avison Young Property Manager for the assets, which feature a mix of retail, office and residential space. The seller was Green Farm Associates, LLC, represented in-house by Gary Bellard. Alison Luisi of Avison Young’s Capital Markets Group, represented the buyer along with Cahill and Ted Stratigos from Avison Young’s Long Island office. The .63-acre plot includes 34 parking spaces, is convenient to Exit 19 of I-95 and is perfect for medical offices or other professional use. Built in 2001, the properties were 100 percent occupied at the time of the closing.

•••

Bestreich Realty Group announced the $2 million sale of 315 Jefferson Street in Bushwick, Brooklyn between Irving and Knickerbocker Avenues. The 6,500 s/f, four-story building features eight rent stabilized units. It sold for 23 times the current rent roll and the cap rate was 2.67 percent. The building, which was built in 1931, was fully occupied and included seller financing. Bestreich’s Tom Reynolds, Derek Bestreich and Steve Reynolds represented both the buyer, 315 Jefferson Realty LLC and the seller, P N & Sons LLC.

•••

Cushman & Wakefield announced the following sales:

Stephen Preuss has achieved record pricing for a development site at 136-25 41st Avenue in Flushing, Queens. The all-cash transaction was valued at $8,680,000 or approximately $573 per buildable square foot. This metric represents the highest price per square foot in the entire borough. The sale was brokered on behalf of seller, 41 Realty, LLC. The buyer was 13625 41 Realty, LLC.

• On behalf of Flushing Bank, Cushman & Wakefield sold two adjacent retail properties at 188-08 and 188-10 Hollis Court Boulevard in Flushing, Queens. The transaction was valued at $2.5 million or $453 per square foot. Sitting on a corner lot, the combined 5,520-square-foot property features over 148 feet of total frontage along Hollis Court Boulevard and Utopia Parkway. The property was purchased by The Malachite Group. Cushman & Wakefield’s Stephen Palmese and Stephen Preuss exclusively brokered the transaction.

•••

Eric S. Goldschmidt, Senior Partner of Goldschmidt & Associates announces that he co-brokered the sale of 99 Fieldstone Drive, Hartsdale, New York. The 6,800 s/f single story building just off Central Park Avenue was sold to a doctor who will occupy the 3,900 s/f vacancy. The balance of the building is leased to two dental practices. Representing the Purchaser was John Park of Charles Rutenberg Realty Inc. The sales price was close to the $1,595,000 asking price. Goldschmidt, who represented the seller, marketed the building to professional users who were seeking an opportunity to occupy space in their own building while also receiving rental income.

•••

NAI Long Island announced that Gary Pezza represented the purchaser and the seller of 55 West Hills Road in Huntington Station, NY. The property is a 6,000 s/f, mixed-use building which consists of a combination of legal income-producing apartments, finished office space and large storage area, which will be occupied by the purchaser, Electric Essentials Corporation.

•••

Rosewood Realty Group announced the $4.95 million sale of three contiguous apartment buildings in the Riverdale section of the Bronx. The four-story, contiguous walk-ups are located at 3203, 3205 and 3207 Oxford Avenue. They feature 36 studio apartments and combined total 18,780 square feet. They were built in 1985. Together the buildings sold for 11 times the current rent roll and have a four percent cap rate. Rosewood Realty’s Michael Guttman represented the seller, Pd Oxford LLC and Aaron Jungreis represented the buyer, 3203 Oxford Realty LLC.

•••

RKF arranged the $10 million sale of a 1,400 s/f retail cooperative at 682 Broadway in NoHo. RKF Vice President Brian Segall and Vice Chairman Ariel Schuster represented the seller, Manhattan-based Premier Equities, while Marshall Real Estate’s Matthew Marshall represented the buyer, Ascot Properties LLC, in the sale.

Situated on the southeast corner of Great Jones Street and Broadway in NoHo, the building, in the neo-classical style, is in close proximity to NYU and benefits from a high volume of pedestrian traffic. The corner retail space includes 1,400 square feet on the ground floor, 400 square feet in the basement and 50 feet of frontage. The space is currently leased long term to GNC Holdings Inc. (NYSE: GNC), a leading global specialty retailer of health and wellness products.

RKF is currently marketing the sale of an 8,439-square-foot retail condominium at 347 Bowery and an 8,752-square-foot new-construction retail condominium at 882 Fulton Street in Brooklyn.

Leave a Reply

Your email address will not be published. Required fields are marked *

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.