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ON THE SCENE: HPNY closes on Washington Heights building for $4.9M; Barcel Group sells four BK buildings for $9.4M

AGENTS

Tzipporah Wexler of Grand Success Realty and Alan P. Miller of Besen & Associates have been retained to sell 339 Grand Street House, a rare surviving example of the Federal style row house in Manhattan. One of five Federal style row houses erected on Grand Street between 1831-33 by John Jacob Astor, 339 Grand Street House was designated a landmark in 2013. Located on the southwest corner of Grand and Ludlow Streets, the house is comprised of a 3.5-story structure with a 17.5 ft. wide corner commercial building. The property has 4,200 s/f above grade, including a retail store on the ground floor. Ideal Hosiery, which has occupied the space since the 1960s, will be relocating to new premises. AKA 57 Ludlow Street, the nearly two-century-old building will be delivered vacant at closing and still retains 4,200 s/f feet of unused development rights with possible transfer potential. This property is one block away from Essex Crossing which will have 1,000 units of housing, a 15,000 s/f open space, an expanded Essex Street Market, senior housing and community facilities, a rooftop urban farm, 400,000 s/f of office space, and a mix of retail.

SALES

HPNY has closed on the off market sale of 503 W 169th Street in the Washington Heights section of Manhattan for $4,900,000. The property is located between Audubon and Amsterdam Avenue. The property is a 6 Story residential walkup with 24 apartments. The total built square footage is 21,102 which equates to $232 a built foot and traded for 15.4x the rent roll. The selling entity was an old time family which owned the property since the late 80’s. Purchasing entity was a local investor. Josh Pomerantz and Rami Polinsky of HPNY represented both sides in the transaction.

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Barcel Group announced the sale of four buildings in Brooklyn totaling $9,425,000. The properties are 872 Lorimer Street, 7 Ridgewood Place , 259 Rogers Avenue and 376 Montgomery Street.

• 872 Lorimer Street is a 4-story walk-up building located in Greenpoint, the property consists of 8 residential units. The property was built in 1931 and is a total of 4100 square feet. The property sold for $2,800,000 or $682 per square foot with a cap rate of 5%. Marcel Fridman represented all the parties in this off-market transaction.

• 7 Ridgewood Place is a 4-story walk-up building located Bushwick. The property consists of 8 residential units and is fully free market. The building was rehabbed in 2014 and is a total of 6000 square feet. The property sold for $3,200,000 or $533 per square foot with a cap rate of 5.75%. Marcel Fridman the all parties in this transaction.

• 259 Rogers Ave a vacant 3story walk-up building located in Crown Heights, the property consists of 4 apartments and 1 retail store. The property sold for a price of $1,625,000 or $500 per square foot. Marcel Fridman Represented all sides in this transaction.

• 376 Montgomery a 4-story walk-up building located in Crown Heights. The property consists of 8 units. The property sold for $1,800,000 or .16 GRM. Marcel Fridman represented all the parties in this transaction.

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Capital Property Partners announced the sale of 528 5th Street, Brooklyn, for $4,350,000. Ramer and Saperstein, led by Dr. Mark Ramer and Dr. Michael Saperstein, purchased the 4-story multifamily brownstone in an all cash off market deal. Nir Mor was the broker on the transaction. 528 Fifth Street is located in prime Park Slope, between 7th and 8th Avenue. The 7,100 s/f property is comprised of eight two-bedroom apartments and was delivered with five vacancies.

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Cushman & Wakefield arranged the sale of 3823-3829 9th Street, a 49,790 s/f development opportunity in Long Island City. The final closing price was $8 million. Stephen R. Preuss, Denise Prevete-Tempone and SAndreas Efthymiou represented both the buyer and the seller. The seller was J&N Development LLC and the property was purchased by Midpiece 9th Street, LLC. 3823-3829 9th Street is an assemblage of two tax lots for redevelopment of up to approximately 49,790 buildable square feet for as of right development.

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Holliday Fenoglio Fowler announced the $5.5 million sale of 440 New Britain Avenue, a 27,685 s/f medical office building in Plainville, CT The HFF team marketed the property on behalf of the seller, Tomasso Brothers, Iand procured the buyer, Atkins Companies. The transaction follows Physician Realty Trust’s $30 million purchase of the adjacent Medical Arts Building, also handled by HFF. 440 New Britain Avenue is fully leased to a synergistic tenant roster. The single-story property is adjacent to the new Hartford HealthCare Medical Arts Building and hospital-owned Cancer Center, which operates in joint venture with Memorial Sloan Kettering. The HFF investment advisory team representing the seller consisted of Ben Appel, Evan Kovac, Andrew Milne, Anthony Frogameni and James Koury.

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