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ON THE SCENE: Ariel tapped for Bronx dev site, Rosewood sells Soundview walk-up for $5M

AGENTS

JASON GOLD

Ariel Property Advisors has been retained to sell 1408 and 1414-1424 Cromwell Avenue, a new development site and commercial building near the recently rezoned Jerome Avenue district in The Bronx. The asking price for the two adjacent assets is $8.25 million.

  • 1408 Cromwell Avenue – The vacant lot is located between Cromwell and Inwood Avenue, in the Mount Eden section of The Bronx. The site is rezoned from C8-3 to R8-A (Floor-Area-Ratio: 7.2 with inclusionary housing), providing 62,417 buildable square feet, as-of-right.
  • 1414-1424 Cromwell Avenue – The commercial building, which spans 26,787 s/f, is located on the east side of Cromwell Avenue. The C8-3 zoned property is currently leased to a parking lot operator until the year 2025, but favorable terms allow ownership to terminate the agreement. The property has ceiling heights ranging from 12-14 ft. and frontage of 150 ft. along Cromwell Avenue.

Exclusive agents Jason M. Gold, Michael A. Tortorici and Daniel Mahfar are representing the owner of both assets.

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EMH Commercial Realty has been retained as the exclusive agent to sell 177 Sheffield Avenue in East New York, Brooklyn. Heshie Goldfein and Sadya Liberow will represent the seller. 177 Sheffield is a renovated mixed-use building that is fully occupied with an assumable mortgage of $1,050,000 at 4.5%. Located 2 blocks from the A & C Liberty Ave. train stop and the B20 & B83 Pennsylvania / Liberty Ave. bus stop. The building has five residential and two commercial units. The commercial units are occupied by an auto shop, which is separately metered, and a day care center with MTM leases. Four of the five residential units have leases. The fifth one is on a MTM lease.

SALES

Rosewood Realty Group announced the following sales:

  • The $5 million sale of a three-story walk-up in the Soundview section of the Bronx with 48 apartments that was significantly damaged in a fire and is in need of a gut renovation. The 52,800 s/f building at 1484-1494 Watson Avenue, is located between Wheeler and Evergreen Avenues, and was built in 1950. The buyer is planning a gut renovation to improve the vacant property. Aaron Jungreis represented both the seller, NYsandy12CBP9LLC and the buyer, a private investor.
  • Four contiguous walk-up apartment buildings with 24 residential units and eight “mom and pop” stores that include a local grocery, restaurant and a beauty salon. The four-story buildings at 2542-2548 White Plains Road in the Allerton section of the Bronx, sold for $7.375 million. The attached buildings were built in 2008 and total 29,140 s/f combined. Aaron Jungreis represented the seller, Madison Realty Capital, and Michael Guttman represented the buyer, a group of private investors. The property sold for 11 times the current rent roll and at a 5.5 percent cap rate.

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Proteus Capital Management, LLC, a Manhattan-based real estate private equity firm, announced the acquisition of 448 Wilson Avenue in Bushwick, Brooklyn, NY, in an all-cash transaction. 448 Wilson Avenue is a corner mixed-use property featuring 3 apartments, a commercial space and garages. Rémy Raisner made the announcement.

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Dennis McCoy, Senior Director of NAI Long Island, represented Brightview Senior Living in the purchase of 7.5 acres of land located at Broadway and Route 27 in Sayville, New York. Brightview purchased the land from Anthony James Fusco, LLC for $5,450,000, and will begin development of their first-ever Long Island senior living facility in June, 2018. The seller was Anthony James Fusco, LLC, which was unrepresented.

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ANDREW LICHTENSTEIN

Andrew Lichtenstein, president of LichtensteinRE, sold a package of two multifamily properties in the Bronx for $4,448,000. The portfolio consists of two newly built walk-up apartment buildings located at 2072 Crotona Avenue and 598 East 167th Street in the Tremont and Morrisania sections of the Bronx. The two properties were constructed in 2014 and 2016. The buildings are Net Leased to two different entities and have five year initial lease terms with lease renewal options. Both buildings are 100 percent rented. The 4-story buildings contain a total of 16 apartments. The sales price represents $278,000 Per Unit, $363 psf and a cap pate of 6.88%. The two buildings have combined 12,264 usable square feet total plus an additional 2,021 s/f of air rights available. Lichtenstein represented both seller and buyer.

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CHARLES CHANG

Highcap Group announced that Charles Chang, a senior investment director, brokered the sale of 56-16 thru 56-36 56th Drive in Maspeth, Queens. The block-through industrial site is bounded by 56thStreet, 56th Terrace and 58th Street and has 479 ft. of frontage. Zoned M1-1, there is approximately 67,000 of buildable square feet. Chang was able to procure the buyer at a sales price of $10,250,000.

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Cushman & Wakefield announced the following sales:

  • 238-240 East 3rd Street, a 50 ft. wide development opportunity in the East Village. The final closing price was $12 million. Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley represented the seller, Third Street Theater LLC, in the transaction. The property was purchased by Craftwood Partners. 238-240 East 3rd Street currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio.

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Angel Commercial announced the following sale:

Two adjacent office buildings at 328 & 338 Commerce Drive in Fairfield, CT, sold in a single transaction for $8.2 Million. Jon Angel brokered the off market transaction. The total building area is 48,958 SF on 1.91 acres of land. The sellers were 328 Commerce Drive, LLC, and 338 Commerce Drive, LLC. The buyer was CDR-328, LLC.

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Alexander Anderson Capital Group, a real estate syndication arm and division of Alexander Anderson Real Estate Group, in conjunction with Minotaur Management, has purchased 241 Main Street in downtown Hackensack in a $3.7 million transaction. The two companies brought together small, domestic and international investors to invest in the 34,000 s/f historic property located between Salem and West Camden Streets, which is being named “Empire West.” Alexander Anderson Real Estate Group negotiated the transaction. The partnership will restore the property’s art déco-style architecture, renovate elevators, an carry out other upgrades. Alexander Anderson Property Management will serve as property manager and leasing agent.

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

  • 1323 Route 27 in Somerset, New Jersey, a 10,800 s/f office medical building, for $1,163,000. Gregory Irving, executive vice president of BRC, represented the seller, Kothari Family Trust, and the buyer, Somerhill Ventures. The property is partially leased to several medical practitioners and has two units available.
  • 1076 Route 1 in Avenel, New Jersey, a 10,125 s/f showroom and industrial property. David Blitt, senior vice president of BRC, and Jeffrey Goldfinger, vice president of BRC, represented the seller, Hillbat Holding Company. Daunno Realty represented the buyer, Preferred Party Rentals. The property sold for $800,000. The property features 16 ft. ceilings, four grade-level loading doors, and 156-feet of frontage on Route 1.

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Black Bear Realty, LLC has sold the 27,058 s/f former home of Norwalk Vault Company at 425 Harral Avenue to Paals Property, LLC, a title-holding entity controlled by the owner of Fordham Marble Company. The purchase price was $607,000. Alan M. Fischer, CCIM, SIOR, of Fischer Commercial Real Estate, represented both the seller and the buyer. Founded in 1905, Fordham Marble, which has a showroom in Stamford, will relocate a production facility from the Bronx to Bridgeport.

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Joel J. Gorjian, president & CEO of Gorjian Acquisitions, has completed the purchase of the Oglethorpe Plaza shopping center located at 1604 East Oglethorpe Boulevard in Albany, Georgia. The seller was a private investor. The value of the transaction was in excess of $1.5 million. The 109,000 s/f Oglethorpe Plaza is anchored by the Roses discount department store and City Trends, a value-priced retailer. The shopping center is located on a 12-acre lot.

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Pliskin Realty & Development purchased a four-story, multi-family building locate 5 MacDonough Street in the Bedford-Stuyvesant section of Brooklyn, NY. The purchase price was $5,150,000. The low-rise, walk-up was built in 1900 includes nine three-bedroom units, all free market. The property sale was brokered by Michael Kook of Marcus and Millichap. Financing was arranged by New York Community Bank.

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Sitar Realty Company announced the following real estate sale transactions:

WILLIAM SITAR JR.

  • The purchase of a 63,000 s/f, 451-unit self-storage facility at 130 Franklin Street, Warren, Rhode Island by Storage Acquisition Group from Warren Self Storage. The purchase price was $7,477,025. William Sitar Jr. and John Cranley were the salespeople in this transaction.
  • Two 5,000 s/f retail buildings at 95-97 Broad Street and 137-139 Broad Street in Red Bank, New Jersey from Van Johnell Realty Corp to Redwood Manager, LLC. The purchase price totaled $3,572,500. Joseph AmecAngelo was the broker.
  • A 3,400 s/f retail/office building at 1989 Route 88, Brick, New Jersey from Sportelli Family Trust to Nikran Properties, LLC. The sales price was $540,000. Helena Loelius and Brian Schrader were the salespeople in this transaction.
  • The sale of a 3,500 s/f office building at 5211 Highway 33 & 34, Wall, New Jersey from Saclieb LLC to Herman Road Properties, LLC. The sales price was $475,000. Helena Loelius was the salesperson in this transaction.
  • The sale of a 4,000 s/f . office building at 5 Allison Drive, Cherry Hill, New Jersey from Local Union 825, International Union of Operating Engineers to Sunp Biotech, LLC. The sales price was $400,000. Joseph Allegro and William Sitar Jr. were the brokers.

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