Deals & Dealmakers

ON THE SCENE: Eastern Consolidated, HPNY, KDA and CPEX


Eastern Consolidated announced the sale of 36 Riverside Drive, a 7,380 s/f, 5 ½ story residential building, to a Long Island-based developer. The sale price was $8.6 million. Senior director Adelaide Polsinelli represented the seller, a family partnership, in the sale of the property, which features eight residential units. Polsinelli also procured the purchaser through a bidding war which ensued prior to the official marketing of the property. The buyer is exploring a variety of redevelopment possibilities for the property, including townhouse and institutional uses. Gary C. Hisiger, Esq. of Moritt Hock & Hamroff LLP represented the buyer, while Kevin R. McConnell of Himmelstein, McConnell, Gribben, Donoghue & Joseph, Jeffrey E. Glen and Nicholas R. Maxwell of Anderson Kill & Olick, P.C., David R. Brody of Borah Goldstein Altschuler Nahins & Hoidel, P.C. and Milo Silberstein of Dealy Silberstein & Bravernan, LLP represented the sellers.
HPNY announced the company closed on $35 million worth of transactions in the month of June. The sales included:
• 106 Greenwich St in the Financial District, a 5-story walk-up with 16 apartments and two retail units. The property occupied approximately 11,000 s/f;
• 747 9th Avenue, a 5-story walk-up with 12 apartments and one store. The property occupied approx. 10,000 s/f;
• 118 Duane Street, a 50 ft. elevator building with 9 apartment units and one store;
• A package of two buildings on the Upper East Side on East 75th Street and a building on 2nd Avenue, between 89th and 90th Street. The package consisted of a total of 42 apoartments and two stores.
The CPEX Multi-Family Investment Sales Team announced the sale of 1728 Lurting Avenue in the Bronx. The four-unit, 3,480 s/f multi-family building offers an additional 5,467 s/f of air rights. The building was delivered vacant and in need of a gut renovation.The sale price was $520,000, $150 psf or $58 per buildable square foot. Stephen Safina and Michael Pallas worked in collaboration with Sean Farley and Devin Sullivan of Novus Prime Properties in representing the seller, Portofino Capital Management, and procuring the buyer, a private investor. The purchaser plans to renovate the existing residence and also build on the rear of the lot.
Kalmon Dolgin Affiliates announced the following sales:


• A 2,151 s/f vacant parcel of land at 36-49 33nd Street in the Astoria section of Queens, NY for $650,000. Jacques Wadler and Vincent Lopez, brokers at Kalmon Dolgin Affiliates, represented the buyer, Demirhan Enterprises, and the seller, 3649 Realty Corp, LLC, in the transaction. The existing structure at 36-49 33nd Street, a two-story residential property, was demolished by the seller, leaving a vacant site ideal for residential or commercial development. Included in the sale price are approved plans to build a four-story, 5,189 s/f development with ground floor commercial space, four residential units, and a 15-year tax abatement.
• The $6 million sale of a 37,500 s/f property at 594 Dean Street, located in the Prospect Heights section of Brooklyn, NY. Neil Dolgin and Grant Dolgin represented the seller, Ulano Corporation, while Robert Klein, also of KDA, represented the buyer, Singh, in the transaction. Klein has also been named the exclusive leasing and marketing agent for the property. A complete renovation is planned for the existing two-story structure, which will offer 16,500 s/f of ground floor retail and 11,000 s/f of second floor office space. A 10,000 s/f parking lot is situated behind the property.


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