ON THE SCENE: Roundup of the week’s Under $10M sales and exclusives

AGENTS:

Triplemint has been hired to exclusively market the retail space at 72-74 Seventh Avenue, Chelsea, New York. Andrew Feldman is the sole broker on the leasing. The space is 2,500 s/f for retail. Asking rent is $29,500 per month. The space was previously occupied by the Chelsea Gallery Diner and is available for immediate occupancy.

SALES

LEV MAVASHEV

Alpha Realty announced the sales of 5601 Snyder Ave and 545-555 East 82nd Street located in East Flatbush Section of Brooklyn. Both properties sold for combined price of $7,000,000. Up Realty was the seller, while the buyers were two separate private local investors. Lev Mavashev brokered the deal for both the buyers and the seller in this off-market transaction. 5601 Snyder Ave., a 16-unit apartment building consisting of approx 12,800 s/f sold for $3,000,000. 545-555 East 82nd Street, a 26-unit apartment building consisting of approx 21,000 s/f, sold for $4,000,000. Combined, the transaction yielded $207 psf and a 5.6% cap rate.
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Gebroe-Hammer Associates announced that Riverside Gardens in Rahway, NJ, was recently sold for $3.3 million. Gehane Triarsi exclusively represented the seller and procured the buyer along with Senior Vice President Stephen Tragash. Built in 1964, Riverside Gardens is comprised of 30 one-bedroom units with on-site parking and laundry facilities. The seller, who had acquired the property in 2011, replaced the roof, garage doors, windows, hardwood floors in each unit, heating systems and hot water tanks during the past seven years. The buyer plans to expand upon these efforts by implementing kitchen and bath upgrades similar to those at nearby comparable complexes.
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Joel J. Gorjian, president & CEO of Gorjian Acquisitions, has completed the purchase of the Chowan Village shopping center located at 831-839 West Main Street in Murfreesboro, on the US Highway 158. Raleigh, NC-based real estate brokerage The Lundy Group represented the seller, a lender who obtained the property through a foreclosure. The 25,625 s/f property is anchored by Family Dollar and Subway sandwich shop.
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Northeast Private Client Group announced the following sales:
• Georgetown Apartments, a 32-unit apartment property located at 241 Quinnipiac Avenue in New Haven, CT, sold for $3,135,000. Bradley Balletto, the firm’s regional manager, and Mallory Chila, a licensed associate, represented the seller and sourced the buyer. The property comprises 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Recent improvements include updated unit interiors, new sidewalks, landscaping and exterior finishes. The seller, CCP Real Estate Partners LLC of New Haven, sold the property to New York-based Loggerhead Investment Group at a price that equates to more nearly $98,000 per unit, and a capitalization rate of 7.9%.

BRADLEY BALLETTO

• A three-building, 91-unit apartment portfolio located at Ashford and Mansfield, Conn. Bradley Balletto and Edward Jordan, managing director, represented the seller and sourced the buyer in the $5,200,000 transaction. The Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, comprises 24 multifamily units and a single-family dwelling situated on 2.5 acres. The Woodlawn Apartments, located at 80 Bicknell Road in Ashford, comprises 34 multifamily units situated on 11 acres. The Wood’s Edge Apartments, located at 264 Mount Hope Road in Mansfield Center, comprises 32 units situated on 10.7 acres. All three properties offer tenants easy access to the UConn Storrs campus, as well as nearby shopping and healthcare, mass transportation and other amenities. The seller, Harvest Properties a regional multifamily investor, sold the property to Connecticut-based Axela Group at a price that equates to more than $57,000 per unit, and a capitalization rate of 7.7%.

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