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On the Scene: C&W marketing Harlem property, Marcus & Millichap sells Queens site

AGENTS

Cushman & Wakefield has been exclusively hired to market a nine-unit mixed-use property at 18 West 125th Street in Harlem. The asking price is listed at $7.5 million. The five-story, 7,490 s/f property features eight residential units totaling approximately 5,890 s/f. Three residential units are convertible from two to three bedrooms. The ground floor features an additional unit offering approximately 1,600 s/f of retail space, which is currently leased by CAP USA. Executive Managing Director Robert Shapiro and Associate Eric Roth of Cushman & Wakefield are leading the efforts.

Eastern Consolidated has been retained to sell a classic five-story, 9,720 s/f, Beaux Arts-style multifamily townhouse at 310 West 92nd Street. The asking price is $10.95 million. Chad Ian Sinsheimer, Senior Director, and Joseph Richter, Associate Director, are marketing the 20-foot wide property as a co-exclusive with Compass. Gary Meese, Senior Director of Financial Services for Eastern Consolidated, is the analyst for the deal. The vacant landmarked townhouse is a candidate to be re-developed as a single family home, or multifamily configuration. The property consists of a basement with access to a rear garden and five above grade levels. The parlor level and basement is configured as a two-bedroom, 2-bath duplex apartment, and there are three studio units, two one-bedroom units, and one two-bedroom apartment on the upper floors. The proeprty has a new elevator and new roof.

SALES

Lester Fradkoff, Senior Vice President Angel Commercial, LLC, announced the sale of the former Mudrick’s TV & Appliances Store located at 1480 Barnum Avenue in Stratford, CT, to O’Reilly Auto Parts for $1,05 million. Fradkoff represented the seller of the 21,169 s/f store located on 0.72 acres. A Fortune 500 company, O’Reilly Automotive, Inc. headquartered in Springfield, Missouri, is the second largest auto parts retailer in the United States.  Mudrick’s TV and Appliances closed its doors last year after 66 years of operating as a successful appliance store in Stratford, Connecticut.

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Bussel Realty Corp (BRC), announced the following sales:

  • Jordan Metz, senior vice president, and Eduard Skutelsky, vice president, represented an undisclosed seller in the sale of Fairfield Industrial Park LLC, a nine-building industrial park totaling 165,000 s/f and located at 912 Route 33 in Freehold, New Jersey. The buyer, Fairfield Industrial Park LLC, purchased the property for $7.5 million and was represented by Imperial Real Estate.
  • Jordan Metz arranged the sale of 400 South Second Street in Elizabeth, New Jersey, a 115,078 s/f industrial building. He represented the former owner, RLFI-B SPE, LLC. SNR Holdings LLC purchased the property for $13,233,970.
  • Jordan Metz represented Everflow Supplies in the purchase of a 260,000 s/f industrial property at 2300 East Boardin Road in Dallas, Texas. The company is based in Linden, New Jersey, and expanded its operations with the new location in Dallas.

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CBRE Group Inc Tri-State Investment Properties team has completed the $9 million sale of the facility that previously housed the Bergen County YJCC, located in Washington Township, New Jersey. CBRE’s Charles Berger and Mark Silverman of the firm’s Saddle Brook, office, and Elli Klapper of the firm’s Long Island City office, represented the seller and procured the buyer, Bethany Church. The property is a two-story 88,000 S/F multi-faceted building situated on nearly 10 acres. The site sits just outside of New York City in Bergen County, with approximately 300 parking spaces. Historically operated as a non-profit community center, the complex comes with an extensive roster of amenities, including a 75 ft. indoor swimming pool, a gym with elevated running track, multiple sports and gym facilities, squash courts, saunas, an auditorium, numerous community rooms, classrooms and a daycare facility.

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Cushman & Wakefield orchestrated the sale and partial lease-back of 55 South Park Place on the Green, a 22,000 s/f office building also known as the New Jersey Monthly Building, to Park View Partners, LLC (a subsidiary of Paragano Real Estate Management, LLC). The building was originally home to the Daily Record newspaper and has been New Jersey Monthly Magazine’s base of operations for the past 25 years. Cushman & Wakefield Managing Director Frank Truesdell represented the owners, trading as DBR One LLC, in the sale. The buyer is planning to redevelop the building to create first-class space for New Jersey Monthly Magazine, which is leasing back 9,300 s/f on a long-term basis. The new owners are exploring concepts to redevelop 55 South Park Place to take advantage of the on-going renaissance and revitalization of Morristown. The remaining 14,000 s/f available for lease could accommodate either first-floor retail with frontage on the Morristown Green or an office tenant on the second floor with potential to develop the loft space on the third floor. 55 South Park Place is the only freestanding office building on the Morristown Green.

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Gebroe-Hammer Associates announced that Senior Vice President Nicholas Nicolaou represented the seller and procured the buyer in the two-property $6.3 million sale of 38 units spanning 10-12 48th St., and 4614-16 Park Ave., in Weehawken, NJ. The properties had been owned by a single seller under the entity names of 10-12 48th ST LLC  and 4614-4616 Park Avenue LLC. The buyer was a local private investor.  The four-story 48th Street building features 17 units that include 13 two- and 4 three-bedroom layouts as well as on-premises laundry facilities. Offering a mix of studio and one-, two- and three-bedroom layouts, the five-story, 21-unit Park Avenue building has similar features as well as hardwood and tile floors, controlled access and dishwashers in the kitchens.

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Marcus & Millichap announced the following sales:

  • 38-21 11th Street, a 9,750 s/f commercial development site in Queens, N.Y. sold for $4,250,000. Jakub H. Nowak and Jonathan Eshaghian from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured and represented by the team.
  • 473 Tompkins Avenue, a 4,624 s/f mixed-use property located in Brooklyn, N.Y. sold for $1,925,000. Shaun Riney and Daniel Greenblatt represented the seller, a private investor. The buyer was also secured and represented by the team.
  • 2512 University Avenue in the Bronx sold for $4,650,000. The price equates to $193,750 per unit and · $217 psf. Peter Von Der Ahe, Seth Glasser and Michael Fusco represented both the buyer, a private investor, and the seller, Kenco Realty Management. The 21,385 s/f property has a total of 24 apartments. The new owner is currently renovating and adding one bedroom to a unit that was delivered vacant, renovating the super’s unit, and converting the building to gas.
  • 158 Hancock Street, a 4-unit apartment property located in Brooklyn, N.Y., sold for $1,725,000. Shaun Riney, Daniel Greenblatt and William Grover represented the seller, a private investor. The buyer, a developer, was also secured and represented by the team.

158 Hancock Street has several month-to-month tenants and is suited for a townhome conversion, condo conversion, or to remain as rental apartments.

  • 99 Atlantic Avenue, a 3,710 s/f mixed-use property, and 103 Atlantic Avenue, a 3,180 s/f mixed-use property located in Brooklyn, sold for $7,400,00. Shaun Riney, Michael Salvatico, Jonathan Cypers, and Preet Sabharwal represented the sellers, private investors. The buyers, developers, were secured and represented by Riney, Salvatico, and Cypers.
  • 376 Graham Avenue, a 4,875 s/f mixed-use property located in Brooklyn, N.Y. sold for $3,200,000. Shaun Riney, Michael Salvatico and Matthew Steinberg represented the seller a private investor. The buyer, a developer, was also secured and represented by the team.
  • 141 Court Street, a 2,800 s/f mixed-use property located in Brooklyn, N.Y., sold for $3,825,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay represented the seller, a private investor. The buyer, was also secured and represented by the team.

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Wafra Residential Value Invest, a Wafra Investment Advisory Group, Inc. (Wafra) real estate platform designed specifically for German institutional investors, managed by Wafra’s Real Estate division, completed the acquisition of the 237-unit Class-A multifamily asset known as Milagro Coral Gables, in Miami. Built in 2013, Milagro occupies a strategic location in one of Miami’s most established neighborhoods.

 

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