ON THE SCENE: Commercial sales and exclusives under $10 million

AGENTS

Leah Chen of Besen & Associates has been retained exclusively to sell 99-14 41st Avenue, Corona, a 3-story, 8-unit walkup building with a basement. This 4,800 s/f residential property is is located on 41st Avenue between 99th and 102nd Streets. Built in 1931, it is near Corona Plaza Station on the [7] train. Asking Price is $1,850,000.

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Newmark Knight Frank (NKF) has been appointed exclusive broker for the sale of 39 Wall Street, an 18,000 S/F retail and office property in downtown Norwalk, CT. Senior managing directors Jennifer Schwartzman and Tim Rorick are marketing the property for sale, while senior managing director Paul Talbot of NKF’s capital markets structured finance team may be contacted regarding financing. 39 Wall Street, is located on the corner of Wall and Commerce Streets. It is a three-story, brick building with ground-floor retail, which features 148 ft. of street frontage and is fully leased. The upper floors are substantially leased with three vacant office suites.

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NAI James E. Hanson has been named the exclusive leasing agent for the 271,195 s/f industrial building being developed at 1 Sharp Plaza in Mahwah, N.J. by The Sitex Group. NAI Hanson’s Kenneth Lundberg, SIOR, and Patrick Lennon are the exclusive brokers for the assignment.

SALES

Bussel Realty arranged the sale of 930 Lincoln Boulevard in Middlesex, New Jersey, a 14,000 s/f industrial building. Tony Mircovich, vice president of BRC, represented the buyer, A & W Properties/Layla Transportation Bus Company, and CBRE represented the seller, Hexicon Inc. (Borden Inc.). The property was purchased for $850,000. The property sits on 3.31 acres and the new owner will utilize the site’s parking for school buses. 930 Lincoln Boulevard features 1,500- s/f offices, three loading docks, two drive-in doors, 16 to 18-foot ceiling heights, 400 amps of power, and 25 parking spaces.

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HPNY announced the following sales:

• Sean Lefkovits and John Florek closed on the $9,200,000 off-market sale of 197 Madison Street in the Chinatown section of Manhattan. The 6-story corner mixed use walkup features 20 apartments and 4 stores. Located on the northwest corner of Rutgers Street, the building is built approximately 11,300 s/f and traded for roughly $800 psf. The apartments are all two bedroom units. Seller of property was 197 Madison LLC. The purchasing entity was Madison Holdings LLC. Lefkovits and Florek represented both sides in the transaction.

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GTJ REIT acquired an industrial building in Cherry Hill, NJ. The facility is currently leased and occupied by Avalon Flooring for a fifteen-year term. Terms of the transaction were not disclosed. The property is a 109,700 s/f building that provides installation training and distribution for Avalon’s 14 retail stores throughout New Jersey, Pennsylvania and Delaware. Avalon has invested in various improvements to the building including LED lighting, new racking, a new HVAC system, an upgraded façade and a new office build-out. The building is located within the Cherry Hill Business Park, which consists of 31 buildings and 1.9 million square feet.

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Westbridge Realty Group announced the following recent sales:

• $3.5 million sale of 417 Grand Avenue in Clinton Hill, Brooklyn. The building is located between Gates and Putnam Avenues, four blocks from the Clinton – Washington Avenue A, C, & G subway station. The vacant property spans approximately 8,000 s/f and the transaction equated to $500 psf. The property is a legal 2-family. Westbridge’s Hen Vaknin represented both parties in the off-market transaction. The seller, 411 Grand Ave LLC, is a local investor and the buyer, Grand Ave Suite LLC, is a local developer.

• A $3 million package of 30 unsold co-operative units at the Acropolis Complex in Astoria, Queens. The portfolio consisted of 30 rent-stabilized apartments, with break-even cash flow. The purchase price equates to $100,000 per unit. Westbridge founder Steven Westreich was the sole broker in the off-market transaction.

• $1.88 million sale of 268 Fountain Avenue, a three-story, 9,450 s/f 13-unit multi-family apartment building in East New York, walking distance to the Euclid Avenue A & C subway train stops. The purchase price equated to $198 psf, or $144,000 per unit. Steven Westreich and Joseph Friedman of Blackshore Realty Group represented the buyer, while Scott Jacobs of NY Standard Realty represented the seller.

• The $1.735 million sale of 66 Steuben Street, a three-story, 4,125 s/f six-family building in Clinton Hill. The purchase price equated to $420 psf. Steven Westreich and Hen Vaknin represented both the seller, and buyer, Brooklyn-based landlord Duke Properties.

• $1.45 million sale of 119 Ralph Avenue, a four-story, 4,400 s/f seven-family vacant building in Ocean Hill. The purchase price equated to $323 psf. Hen Vaknin and Ariel Benyacov represented both the buyer, Ralph 26 Holding LLC and seller, Ralph Avenue Estates LLC, a local Brooklyn landlord. The complicated transaction involved AEP/7a issues and went straight to closing with no formal contract period. The buyer plans to renovate the property into luxury rental apartments.
• The $925,000 sale of 1249 Dekalb Avenue, a development site in Bushwick, Brooklyn. The irregular lot is built 25 ft. x 91.67 ft. and contains 4,950 buildable square feet. The purchase price equated to $186 per buildable square foot. Hen Vaknin represented the buyer and Isaac Shrem represented the seller, 1249 Dekalb Avenue LLC.

• The $ 630,000 sale of 363 East 197th Street, a 6,102 s/f lot which equates to 18,306 buildable square feet (FAR: 3.00). The existing building on the lot spans 5,220 s/f and contains three full-floor apartment units. The purchase price equated to $35 per buildable square feet. The property is located a short walk from Fordham University, the Bronx Botanical Gardens, as well as the 4, B, & D subway trains. Steven Westreich represented both the buyer, Yaakov Lefkowitz of Lefko Capital Group, a developer active in the Bronx and Brooklyn, and the seller, Arlington Terrace Corp, a local Bronx investor.

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Matthew Weiss of Weiss Realty announced the sale of 34 Maple Avenue in Pine Brook, NJ. Located in the Parsippany office submarket, the 130,180 s/f fully air conditioned two story Office/Flex building is situated on 10.42 acres and prominently visible on the service road of Interstate Route 80. Weiss Realty represented the sellers, a partnership including the principals of CHT Group and Jaime M. Weiss, the managing member of 34 Maple Avenue LLC in the sale to iStar Realty LLC. CHT Group is a family-owned company that has developed and managed residential and commercial properties since its founding in 1972 by Joseph G. Berardo. Prior to the sale Weiss Realty acted as the exclusive property manager and leasing agent for ownership. Greg Sabato and Scott Peck of Resource Realty represented the buyer. Meyner & Landis of Newark acted as legal advisor to the seller and Mandelbaum Salsburg of Roseland acted as counsel to the buyer.

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Northeast Private Client Group announced the sale of Ashford Hills Apartments, a 52-unit apartment property located at 95 Varga Road in Ashford, Conn. Bradley Balletto, the firm’s regional manager, and Taylor Perun, senior associate, represented the seller and sourced the buyer in the $3,050,000 transaction. The Ashford Hills Apartments comprises 28-one bedroom, 20-two bedroom and 4-three bedroom apartments with parking. Recent improvements include updated unit interiors. The seller, Affordable Realty One LLC, sold the property to Brookline, Mass. based Naviah Investment LLC at a price that equates to more nearly $59,000 per unit, and a capitalization rate of 7.96 percent.

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Margules Properties purchased a 34-unit, four-story walk-up apartment building in Sunnyside, Queens for $9 million. Eric Margules, president and CEO, said this is Margules Properties’ third acquisition in Queens bringing their total number of units in Queens to 150. The 25,600 s/f contiguous buildings at 43-35 and 43-39 42nd Street, are located 80 feet off Queens Boulevard and two blocks from the subway and #7 train. In-place rents are 60 percent of market. The property sold for 16 times the current rent roll and for a cap rate of under four percent. The building has 28 rent stabilized, five rent controlled and one free market apartment. Michael Tortorici and Vic Sozio at Ariel Properties, Inc. represented both Margules Properties and the undisclosed seller.

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Marcus & Millichap announced the following sales:

• 1158 Gates Avenue, a 6-unit apartment property located in Brooklyn, N.Y., sold for $1,500,000. Shaun Riney, Thomas Shihadeh and Andrew Reiter from Marcus & Millichap’s Brooklyn office, represented the seller, a private investor. The buyer was also secured and represented by the team.

• 210 Green Street a 6-unit apartment property located in Brooklyn, N.Y., sold for $1,600,000. Shaun Riney, Michael Salvatico and Matthew Steinberg represented the seller, a private investor. The buyer was also secured and represented by the team. The asset sold at 18 times the rent roll.

• 1079 Lafayette Avenue, a 15,000 buildable-square foot development site located in Brooklyn, N.Y., sold for $3,250,000. Shaun Riney and Daniel Greenblatt represented the seller, a private investor. The buyer, a developer, was also secured and represented by the team.

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RiverOak NYC, along with its JV partner, The Mann Group, has closed on the acquisition of a four-story multifamily building at 215 33rd Street, in Greenwood Heights, Brooklyn. The 13,400 s/f building was acquired in an off-market transaction for $5.8 million or $433 psf. Derek Eakin, RiverOak’s Chief Investment Officer, noted that the building is near Industry City and the 36th Street Station express subway stop served by the D, N, R and W subway lines. The property at 215 33rd Street was acquired from Stanley Kauffman, whose family had owned the asset since 1985.

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Lee & Associates NYC announced that Alfonso Holloman, senior managing director, arranged the sale of a 7,500 s/f one-story building at 38-29 24th Street for $3.75 million to the Chocolate Factory Theater. The open space will serve as a venue for the Long Island City-based troupe’s theatrical and dance performances, as well as such cultural events as the Annual Taste of Long Island City. The building, at the corner of 24th Street and 39th Avenue, is located near the N, 7, W, F, E, M and R trains. Holloman represented both the buyer and the seller, Robert Salerni. The Chocolate Factory Theater plans to relocate from 5-49 49th Avenue, Long Island City to the new space.

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EXP Realty Advisors has arranged the sale of a 6,100 s/f net-leased Wawa property located at 7408 Hillsborough Avenue, Tampa, FL, for $6,000,000, which represents a cap rate of 4.6%. Andrew Greenberg of EXP Realty Advisors, handled the sale of the property on behalf of the preferred developer. The buyer, a New York City-based real estate investor who needed to complete a 1031 exchange, was also secured and represented by Greenberg. The WAWA is located across the street from the sixth largest casino in the world, the 190,000 s/f Seminole Hard Rock Casino.

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Hunt Corporate Services, Inc. announced that CT International Aluminum Corp. has purchased the 47,050 s/f building at 71 East Industry Court, Deer Park, NY. David G. Hunt and Gary Brody, of Brody Realty Corp., represented the seller, Great American Electronics in the transaction. The buyer was represented by David Rotter of Metro Realty Services, LLC and Linda Wong of Kalmon Dolgin Affiliates, Inc. The 47,050 s/f industrial building sits on an oversized lot of 2.5 acres and is located two blocks from Tanger Outlets and minutes from major roadways. The building has been renovated, inside and out, and consists of two loading docks, one drive-in door, and 150 parking spaces in an enclosed yard.

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Robert V. Tiburzi and James K. Coleman of Houlihan-Parnes Realtors, LLC have arranged for the sale of Laura’s Glen Apartments, a 197-unit Garden Apartment complex located in Pennsville, NJ. In addition, the sale included an adjacent 26 acre parcel of land. This sale represented the conclusion of a three-year turnaround by the property management team of Houlihan Parnes. A program of upgrades to the apartments and grounds along with services to tenants enhanced the attractiveness of the property. The apartment complex sits on 17 acres of land and consists of 10 two-story buildings with one, two and three bedroom apartments along with parking, a swimming pool and playground. The site is a short distance from the NJ Turnpike and within 15 minutes of Wilmington, Delaware. The seller was an investment group represented by Stewart Wolf, Esq. of Goldberg, Weprin, Finkel, Goldstein LLP.

 

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