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ON THE SCENE: This week’s sales and exclusives under $10 million

AGENTS

Friedman-Roth Realty Services announced that it has been exclusively retained to sell 111 & 113 East 12th Street, located just off Union Square. The asking price for the buildings is $29,500,000. The offering consists of two contiguous buildings, one walk-up and one elevator. Both buildings feature ground floor retail spaces with apartments on the upper floors. All apartments are Free Market. George Niblock is handling the assignment.

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Cushman & Wakefield is the exclusive agent for the sale of a 4,800 s/f loft space on the third floor of 227 West 17 Street. Senior Managing Director Brock Emmetsberger, Director Billy Simons and Associate Hannah Rodriguez are the agents for the property.

The third-floor loft, with an asking price of $5,650,000 million, is a part of an eight-story building. The space is 120-feet wide with 11 ft. ceilings and large windows. Currently configured as a jewelry showroom with office space, the unit can be tailored to a variety of uses. The property is one block from the Seventh Avenue 1 train stop, six blocks from the 23rd Street F & M stations and several blocks from the 14th Street A,C,E,L 1,2,3 F,M subway stops.

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TerraCRG has been retained to sell a live/work building at 87 Luquer Street in Carroll Gardens, Brooklyn. Dan Marks and Mike Hernandez are marketing the property with an asking price of $3 million. The three-story, approximately 6,875 s/f building contains a unique façade, making it one of the most recognizable buildings in Carroll Gardens. It benefits from a certificate of occupancy that allows for a combination of uses including semi-industrial on the ground floor, offices on the second and residential on the top.

Zoned R6B, the property can also be completely rehabilitated for residential use. 87 Luquer Street is a few blocks from Smith and Union Streets. Commonly known as “restaurant row”, Smith Street is filled with restaurants bars and eateries, while Court Street contains a number of popular local boutiques. The building is in close proximity to the F & G subway lines at both Smith/9th Street and Carroll Street.

SALES

Orbach Affordable Housing Solutions, a subsidiary of the Orbach Group, has contracted to acquire the Arlington House at 55-57 South Munn Ave. in East Orange, New Jersey, comprising 178 apartment units. The deal includes a Housing Assistance Contract, which provides Section 8 vouchers to low-income families though the U.S. Department of Housing Urban Development. Orbach Affordable Housing Solutions will extend the HUD contract for another 20 years so that low-income families will be able to live comfortably for decades to come. Marcus & Millichap was the broker.

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Besen & Associates announced the sale of a retail co-op in Chelsea, at 170-178 9th Avenue. The sale was completed for $5.5 million by exclusive broker Ronnie Shaban. The property is a leasehold on a 4,250 s/f ground floor retail co-op, with 2,681 s/f of storage basement. It contains seven retail spaces spanning 110 ft. of frontage on 9th Avenue, between West 20th and 21st Streets. There are 19.5 years remaining on the leasehold.

The retail unit occupies a portion of the ground floor of a 5-story, 38,000 s/f co-op building known as Chelsea Court which has 43 residential units on floors two through five. The tenant mix includes fashion, food and salon-type shops, including Blossom (Vegan) Bakery, Minako Hasegawa Hair, Nest Interiors, Parke & Ronen menswear, Barking Zoo pet supplies, and a deli. At a price of $5.5 million, the cap rate for the property is projected at 9.1 percent, and the price per s/f (above grrade) is $1,294. Ashkenazy Acquisitions was the buyer.

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Cushman & Wakefield has sold a 10,500 s/f mixed-use asset at 106 Franklin Street. The building, located between West Broadway and Church Street in TriBeCa East Historic District, traded for $11,500,000 or $1,095 per square foot. Senior Director Will Suarez exclusively represented the seller with Maurice Suede, Associate Director. The buyers were represented by Rachel Glazer of Brown Harris Stevens. The five-story building measures approximately 25 feet by 101 feet and offers a 2,400 s/f floor plate with approximately 11,000 gross square feet above. The property benefits from approximately 4,200 square feet of additional air rights and was delivered partially vacant.

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Eastern Consolidated has arranged the sale of two vacant retail condominiums totaling 2,713 s/f at the base of The Sutton, Toll Brothers City Living’s recently completed luxury condominium building at 959 First Avenue. The condos traded for $4.5 million. Ron Solarz, Executive Managing Director and Principal at Eastern Consolidated, exclusively represented Toll Brothers, and Jonathan Schwartz, Director, procured the buyer, a private investor. Chris Matousek, Director, Financial Services, is the Financial Analyst for the offering. The two non-contiguous retail condominiums are located on opposite sides of the entrance to the luxury building on First Avenue. The properties benefit from a 20-year, 421-A tax exemption which reduces real estate taxes. Combined, the two retail condos offer 58 feet of frontage on First Avenue between 52nd and 53rd Streets, with the southern condo consisting of 1,932 s/f and the northern condo consisting of 781 s/f Ceiling heights in both exceed 15 feet.

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EPIC Commercial Realty announced the sale of 1259 Lincoln Place, an apartment building in Crown Heights, Brooklyn,for $2,435,000. The property is a three-story residential building comprised of six apartments, fully vacant. Sitting on a 3,793 s/f lot, the property is built to 7,308 s/f, with 1,909 s/f of additional air rights. Situated two blocks from the Crown Heights train station. Investment Sales Associate Alexis Kaplan represented the seller. CEO Yona Edelkpof and Investment Sales Associate Baruch Edelkopf, represented the buyer.

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Hamilton Point Investments LLC announced the sale of Wilcox Apartments, an 81-unit apartment property located in Middletown, Connecticut. The property was acquired by HPI Wilcox DST in a Delaware Statutory Trust 1031-syndicated acquisition with a total capitalization of $5,960,000. The sale price was $7,000,000. The investment provided the 1031-exchange investors with a 1.62x multiple on equity, including distributions, and a 14.01% net IRR over an approximately four-year hold period. Todd Williams, senior vice president of sales and marketing., made the announcement.

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Rosewood Realty Group announced the sale of 21 West 106th Street, a five-story walk-up on the Upper West Side of Manhattan for $9.4 million. The 11,390 s/f building has 20 residential apartments and comes with an additional 6,846 s/f of air rights. It sold for 17.44 times the current rent roll and has a 4.2 percent cap rate. Rosewood Realty’s Aaron Jungreis represented the seller, CCoso 21 West 106 LLC and Rosewood’s Ilya Tolmasov represented the buyer, a private investor.

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Bussel Realty Corp. (BRC) announced ACMY has purchased 4100 New Brunswick Avenue in Piscataway, New Jersey, a 95,483 s/f industrial property. David Blitt, senior vice president, and Robert Sager, senior vice president, of BRC, represented ACMY, which purchased the property for $7,850,000. The property was sold by AK Piscataway Associates LP. ACMY will be relocating their New York City manufacturing operations. Piscataway, New Jersey is located near Exit 5 of I-287, which is in close proximity to the New Jersey Turnpike at Exit 10. The industrial property features ceiling heights ranging from 17.6 ft. to 24 ft., has 4,890 s/f of office space, 100 covered parking spaces, six tailboards and one drive-in loading, and 3,000 amps of electric power.

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NAI James E. Hanson negotiated the sale of a 108,237 s/f building located at 211 Island Road in Mahwah, N.J. Kenneth Lundberg, SIOR, and Patrick Lennon represented the owner, 211 Island Road Associates, L.P., in the sale to Mahwah 2016 LLC. Located in Mahwah’s GI-80 General Industry Zone, 211 Island Road is a 108,237 s/f flex building on seven acres of land. The building features heavy power distribution grid and ten loading docks. 211 Island Road which is in the Mahwah Business Park is located at the full interchange of Route 17 & MacArthur Boulevard with frontage along Island Road. The buyer will relocate and expand its current Rockland County based business by occupying 32,547 s/f of space at the property. With a number of tenants already leasing the remaining space, Mahwah 2016 will take over management of the current leases, including a 55,000 s/flease to Ramsey Subaru.

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The Goldstein Group arranged the sale of 164 Route 35 in Eatontown, NJ. The property consists of a 11,200 s/f building on approximately 1.5 acres and was previously the home of a medical user. Prior to that, Ethan Allen Furniture occupied the property. Located near the intersection of Route 35 and Route 36, it has excellent highway visibility and is located near Monmouth Mall.

Goldstein vice president Mark Handwerker and Hugh J. Magee, of Magee Realty Consultants, brokered the transaction on behalf of the owner, Eatontown Investments, LLC. The new owner has hired The Goldstein Group to handle the leasing of the property. The site, which is just south of the Route 35/Route 36 intersection, has access to the Garden State Parkway, Route 18 and Route 36.

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