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ON THE SCENE: BRG tapped for corner Park Slope property; Cushman & Wakefield retained for White Plains condos

AGENTS

BRG is exclusively marketing 401 5th Avenue in Park Slope, a corner mixed use building priced at $3,750,000. The 4,960 s/f property contains 4 apartments and 2 stores. Justin Zeitchik is handling the assignment. 

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Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 22 condominium units within Gateway Condominiums at 257 Central Avenue in White Plains. The asking price for the bulk package of condominium units is $7,950,000. A team led by Vice Chairman Thomas A. Donovan, with Directors Tommy Lin, Eugene Kim and Robert Rappa, will represent the seller. Gateway Condominiums is a 4-story, 30-unit, elevator serviced luxury apartment building with on-site parking, a gym, picnic area and children’s playground. The bulk package for sale includes 22 free market 2-bedroom, 2-bath units with a terrace totaling 27,751 s/f, of which two of the units are duplex apartments and all but one are currently occupied. Each unit features a gas fireplace and washer/dryer. The property is located on the south side of Central Avenue right off the Bronx River Parkway and Cross Westchester Expressway and a half-mile walk to the White Plains train station.

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EMH Commercial Realty has been retained as the exclusive agent to sell 735-737 Liberty Avenue in East New York, Brooklyn. Heshie Goldfein and Sadya Liberow will represent the seller. 735-737 Liberty Avenue is a development opportunity with approved plans for 20 apartments on 2 lots. 735 Liberty Ave has approved plans to demolish and build 10 apartments. 737 Liberty Ave has plans to do an extension to the existing structure and convert the building to 10 apartments. Properties can be purchased together or separately.

SALES

Angel Commercial announced the following sales:

Brett A. Sherman, CCIM, Senior Vice President of Angel Commercial, announced the sale of an 18,500 s/f office/flex building at 507 Westport Avenue in Norwalk, CT. The buyer will be putting substantial capital improvements into the bui The property is located on the Westport/Norwalk line and is easily accessible from I-95, Route 7 and the Merritt Parkway.
A freestanding flex building located at 111 Research Drive in Stratford, CT, sold for $1,045,000. Jon Angel, President of Angel Commercial, represented the seller. The property consists of a 10,216 s/f building with one loading dock on 0.67 acres. The current tenant, Kubtec Digital X-Ray, purchased the property from 111 Research Drive Associates, LLC.

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Colliers International NJ arranged the partial sale-leaseback of 1 Corporate Place South in Piscataway, a multi-tenant office asset located just west of the New Jersey Turnpike. A private NJ based investor purchased the 88,780 s/f office asset, situated on a 5.5-acre site from Princeton Equities, LLC for $10 million. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale headed the assignment. Built in 1981, 1 Corporate Place South was upgraded in 1997. The property — situated within the Corporate Park 287 office park that includes large corporate users such as Siemens AG, Nomura Securities, Barclays, and Verizon — is 100 percent occupied by four tenants including Marlabs, an owner/user technology firm that is the anchor tenant in the property.

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Cushman & Wakefield announced the following sales:

• 132-10-132-16 Jamaica Avenue, a fully-leased single-unit commercial building located in Richmond Hill, Queens, sold for $5 million, equating to approximately $406 per square foot. Senior Managing Director Stephen R. Preuss led the marketing efforts on behalf of the seller, 132-10 Jamaica Ave Realty Corp. The property was purchased by Solomon Isakov. The recently renovated 12,360 s/f property is currently fully-leased to The New York City School Construction Authority. Since November 2014, the tenant has occupied the space as a New York City Public School, District 28 Pre-K Center and has put approximately $5 million into building renovations. The property features 112 ft. of frontage and exterior land of approximately 1,000 s/f. 

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Marcus & Millichap announced the following sales:

• 40 Herb Hill Road, a 10,000 s/f apartment building located in Glen Cove, Nassau County. The fully occupied building rests on 0.5 acres of land, and is walking distance to Glen Cove’s Downtown. Michael Tuccillo, of Marcus & Millichap’s Manhattan office, represented both the buyer and seller. The property consists of nine two bedroom apartments.

• 621 West 55th Street, a two-story warehouse with a curb cut on the north side of 55th Street between eleventh and twelfth avenue, John J. Stewart, James O’Leary and Nicholas Biedron of Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and procured the buyer, also a private investor. As-of-right, the site has over 15,000 developable square feet. The building was delivered vacant and had been vacant for over a year. The property sold for an above market price because of its favorable M1-5 zoning, curb-cut and its ability to be developed right away. The property measures 30 feet by 100 feet with approximately 5,996 s/f.

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Besen & Associates announced the sale of two adjacent retail properties on Queens Boulevard in the Briarwood neighborhood of Queens for a combined value of $8,800,000. The properties were sold in two separate transactions to two different purchasers.
• 138-11 Queens Boulevard is a 2,200 s/f single-story retail building with three fully occupied stores. It sits on a 40 by 100 ft. lot and offers an additional 10,000 s/f of air rights. The sale price equates to $1,136 per square foot, and a 3.6% capitalization rate. The property was sold for $2,500,000 by Niko Berdzeni.

• 183-13 to 138-21 Queens Boulevard is a 7,545 s/f single-story retail building with five occupied stores on a 94.67 by 100 ft. lot. The property offers total development rights of approximately 35,400 total buildable s/f for a potential mixed-use building. Fully tenanted with five “Mom and Pop” stores on leases through 2028, the property has in-place rents averaging to $49 per square foot. The sale price equates to $835 per square foot, and a 4.3% capitalization rate. It was sold by Ronnie Shaban for $6,300,000.

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Highcap Group co-founder and principal Josh Goldflam, along with Senior Director Jeff Weiss, arranged the sale of 963-969 Wyckoff Avenue, Ridgewood, Queens, for $3,000,000. The long-term seller was the Romero Family, and the buyer was ABCNY Development. The property is situated on the northwest corner of Wyckoff Avenue and Center Street, one block from the L subway station at Halsey Street. The location lies directly on the border of Ridgewood and Bushwick in Brooklyn. The seller operated the site as a parking garage facility. It was delivered in its current condition occupied by tenants, and will be redeveloped in the future by the new owner. The 7,780 s/f lot measures 75 by 140 ft. with elongated curb cuts. Zoning allows for residential or commercial development with a base FAR of 1.65, and up to 6.5 for community facility use. This allows a developer to build between 23,538 and 76,499 s/f for community facility use.

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Hirshmark Capital, through an affiliate entity, announced the purchase of a multifamily property in the Bedford Stuyvesant neighborhood of Brooklyn. 498 Putnam Avenue is a 4-story brick building, that is 9,200 s/f. The property is a few blocks from Fulton Street and the A and C trains. Hirshmark purchased the asset, at a going in sub 3% capitalization rate, with 4 vacant units and 4 rent-stabilized units. The transaction was negotiated by Hirshmark’s Michael Fuller.

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The Manhattes Group announced the closing of 65-75 Traffic Avenue, a 52,000 s/f vacant industrial building in Ridgewood, Queens. The property was acquired by YYY Realty Company. Alan Shmaruk and Michael Sherman of The Manhattes Group represented the seller. The Purchaser is a user and acquired the property as a warehouse for its kitchen and restaurant equipment company. The property sold for $9,500,000.

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Houlihan & O’Malley Real Estate Services announced the sale of 6125 Broadway and 2537 Valentine Avenue, Bronx, New York.
• 6125 Broadway is a 6-story walkup apartment building with 30 units. It sold for $4,500,000, which was 16 times the rent roll.
• 2537 Valentine Avenue is also a 6-story walkup with 52 units. It sold for $6,800,000, which was also 16 times the rent roll. The rents were below average in both buildings.
Dan and Gerry Houlihan with Houlihan & O’Malley represented the sellers. James J. P. Manning with Manning and Russo Law, was the attorney for the sellers. Niam Bairaktari was the attorney for the buyers.

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Petrakis Properties LLC has acquired six 7-Eleven convenience and fuel properties for a total of $2.7 million from Rochester-based Saunders Management Co., owned by Mr. E. Philip Saunders. Jesse Tufariello, Associate Broker at Silber Investment Properties represented the seller. Adam Silber, principal of Silber Investment Properties represented the buyer. All six properties, previously part of Wilson Farms, were acquired as part of a larger deal several years ago and were converted by Saunders Management to 7-Eleven convenience and fuel stations. The total square footage of the properties is 15,118 s/f. Saunders sold the properties to convert their investments through 1031 exchange to acquire future properties. The properties that were part of this deal are located at:
• 91 Market Street, Attica, NY
• 64 S Main Street, Warsaw, NY
• 219-221 Oakwood Ave., Elmira, NY
• 40 Dennison Parkway, Corning, NY
• 315 Canisteo Street, Hornell, NY
• 1133 Scottsville Rd, Rochester, NY

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NAI James E. Hanson announced the following sales:

• A 45,000 s/f industrial/flex building at 475 Mola Boulevard in Elmwood Park, Jeff DeMagistris, SIOR, Tom Vetter, SIOR, and Tom Ryan represented the seller, 475 Boulevard, LLC, in the sale to Millstein Acquisitions. The property offers 7,000 s/f of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 s/f of the building as a fitness center. The buyer plans to divide the remaining vacant space in the building into two 5,000 s/f units and one 23,000 s/f unit.
• A 3,112 s/f office condo at 63 Grand Avenue in River Edge, NJ. Darren Lizzack, MSRE, Randy Horning, MSRE, and Michael Guerra represented the buyer, Dr. Dan S. Landmann, and Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave, LLC in the transaction. 63 Grand Avenue is a three-story, 10,000 s/f office building.
• A 3,321 s/f retail building at 491 Grand Avenue in Englewood, NJ. b represented the seller, 491 Grand Ave. LLC, in the sale to NWR Realty Corp. Currently unoccupied, the two-story building features two retail storefronts and a two-bedroom apartment on the second floor. The buyer plans on converting the retail space into offices for his business.

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