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

AGENTS

Cushman & Wakefield has been retained to market 101-147 West Main Street, a 2.5 acre development site in Patchogue, Long Island. The firm is currently taking offers for the property. Executive Director Frank Frizalone, SIOR, Director Nicholas Gallipoli, and Associate Thomas Deluca will lead the marketing efforts to identify a buyer. The existing building is 30,000 s/f and sits on a 300 by 373 ft. lot. Currently, the site is zoned Downtown Redevelopment (DRD) within The Village of Patchogue, which may permit a six-story hotel/mixed-use property. 101-147 West Main Street is located across the street from the future Anheuser-Busch Brewery and accessible by the LIRR Patchogue Train Station.

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Eastern Consolidated’s Retail Leasing Division has been retained as the exclusive broker to lease a 5,000 s/f ground floor space at 7-9 West Eighth Street, one block from Washington Square Park in Greenwich Village. Brad Cohen, Senior Director, and Jon Kamali, Associate Director, are marketing the space, which also includes 3,000 s/f on the lower level, new utilities, and sprinkler and fireproofing throughout. The location is suitable for a multilevel restaurant or flagship retailer. Reasonable divisions also would be considered.

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GFI Realty Services has been named the exclusive sales agent for a newly constructed 9,100 s/f retail property located at 113-24 Rockaway Beach Boulevard in the Rockaway Park section of Queens. The property is fully occupied by Family Dollar, an investment-grade tenant, which is in the initial year of 10-year net lease. The tenant also holds several extension options with rent escalations beyond the initial 10-year agreement. Yisroel Pershin of GFI Realty will lead the property’s marketing efforts, with pricing targeted at approximately $3.6 million. Located steps away from a heavily trafficked commercial area on Beach 116th Street, the property also includes a parking lot. Following its merger with Dollar Tree in July of 2015, Family Dollar is currently the largest discount retailer in North America, with over 13,800 stores and annual revenues in excess of $18.4 billion.

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One Commercial Realty Services has been retained on an exclusive basis to sell 3038 Atlantic Avenue in East New York. The asking price is $6,200,000. The building, which can be delivered vacant, is a 79 by 97 ft. brick, three-story commercial building composed of five units. It is equipped with a freight elevator that can access each of the floors, including the cellar. The property is prime for an end-user to either purchase 27,400 s/f, of which 6,400 s/f is below grade. Alternatively, a developer can utilize the 49,683 buildable s/f (BSF) as of right or 53,645 bsf with community facility, to erect a mixed-use asset in an emerging neighborhood. Current ownership has proposed plans to develop a 56,500 s/f mixed-use building and can provide prospective buyers with a clean Phase I upon request. ONE Commercial’s David Chase is marketing this property with Josh Lipton, Andrew Levine, Zack Konovitch, Stephen Ramkelawan and Adam Yakubov.

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Lori Shabtai of TOWN Commercial has been retained by Centaur Properties to lease 17 East 27th Street, at the crossroads of Madison Square Park, the Flatiron District, and NoMad. Alongside her partner Rachel Rainaldi, Shabtai is marketing the 4,300 s/f ground floor space which offers 50 ft. of frontage, a retro grandfathered sign and awning potential, 19 ft. ceilings and original exposed brick walls inside. The space can be divided into a series of private offices or remain anopen layout. Shabtai plans to host pop-up galleries and Fashion Week events inside the space prior to signing a full lease.

SALES

Amit Doshi & Shallini Mehra of Besen & Associates announced the sale of 151 Bruckner Boulevard, in the Port Morris section of the South Bronx. The five story corner building consists of 12 apartments and 4 stores.  The property was purchased by a group led by Steven Satz (151 Realty LLC) who beat out four other competing bids. The property is a few blocks from the retail and shopping district on East 138th Street, and offers quick access to New York City via [6] subway station at Cypress Avenue.

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City Connections Realty, Inc. announced that Cheryl Greenberg has sold an office co-op located at 7 Park Avenue in Murray Hill for $390,000. Unit #25 is located on the second floor of the pre-war building. Currently used as a psychotherapist’s office, it is half a block from the 6 Train, cross town buses, walking distance to Grand Central and Penn Station.

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Rami Polinsky of HPNY has closed on the off market sale of 549 51st Street, Brooklyn for $2,288,000. Located in Sunset Park neighborhood of Brooklyn, the four-story walkup consists of eight apartments and is built roughly 7,000 s/f. Located between 5th and 6th Avenue, the selling entity was Feng Enterprise LLC, which has owned the property since 2003. The purchasing entity was a group of local investors. Polinsky represented both parties in the transaction.

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Gebroe-Hammer Associates announced the sale of Olympic Gardens, a mixed-use complex in Brick, NJ, for $10.1 million. The asset is comprised of an 80-unit multi-family complex with an adjacent 14,336 s/f single-story office center along Route 88. Gebroe-Hammer managing director Joseph Brecher lead the brokerage team, which included vice president Adam Zweibel, in exclusively representing the seller, Longwood Ave LLC, and securing the buyer, Brick APTS LLC. The apartment units were 100 percent occupied at the time of sale. The office complex has a professional tenant roster of physicians, chiropractors and counseling services. The apartment-rental complex, which has undergone recent upgrades that include new roofs and windows, was originally built in 1965 and features all one-bedroom/one-bath residential units of 650 s/f. The complex also offers on-site laundry facilities and assigned parking.

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Sitar Realty Company announced the following real estate transactions:

• The sale of a 40,658 s/f retail center at 76 W. Landis Avenue, Vineland from Vineland Construction Co. to First National Realty Partners, LLC. The sales price was $4,300,000. Brian Murphy was the salesperson in this transaction.
• A 15,500 s/f retail building at 1837 Old Mill Road, Wall Township, was sold by Wall Properties Dev, LLC to 1837 Old Mill Road, LLC. The sales price was $1,950,000. Helena Loelius and Brian Schrader were the salespeople.
• The sale of two acres of land at 2720 Park Avenue, South Plainfield from Desmond D. and Nancy C. MacMahon to Hawkeye Development Company. The sales price was $900,000. Doug Sitar and Robert Bogash were the salespeople.
• The sale of 10,500 s/f office building at 3321 Doris Avenue, Ocean Township from Quanso Marketing Group, Inc. to RHW Plaza, LLC. The sales price was $1,030,000. Brian Murphy was the salesperson.

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