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Deals & Dealmakers

On The Scene: Lala reps Yonkers walk-up, Ariel sells in the Bronx

AGENTS

Marco Lala

RM Friedland announced that Marco Lala is marketing a brick, eight family, walk-up apartment building located at 31 Ravine Avenue, Yonkers, NY on the southwest corner of Ravine Avenue and Union Place. All of the apartments consist of five rooms. Extell’s $500 million Riverfront Development will be situated near the subject property. The Glenwood and Yonkers Metro North Stations are both within walking distance.the asking price is $1,745,000.

SALES

Ariel Property Advisors announced the following sale:

  • 1408 Cromwell Avenue sold for $3.4 million. It is one of the first development sites sold since the recent rezoning of the Jerome Avenue District in The Bronx. The block-through vacant lot was rezoned from C8-3 to R8A (FAR: 7.2 with inclusionary housing) providing 62,417 buildable square feet, as-of-right. Exclusive agents Jason M. Gold, Michael A. Tortorici and Daniel Mahfar represented the seller and procured the buyer. The property is within one mile of the newly renovated Highbridge Park, Bronx Lebanon Hospital, Yankee Stadium, as well as the West Bronx Recreation Center.
  • 1049 Kelly Street, a multifamily building in the Bronx neighborhood of Longwood. The 4-story property sold for $1.625 million, equating to $180,000 per unit and $185 psf. The 9-unit building, dominated by spacious 3-bedroom apartments, is located between East 165th Street and East 167th Street. The property, which spans 8,932 s/f, has recently undergone substantial building improvements. Jason M. Gold, Marko Agbaba, and Michael A. Tortorici represented the owner and procured the buyer.

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Athena Real Estate, LLC (through an affiliate) has acquired Saratoga RV Park, a 154-site RV park located in Saratoga Springs, NY. The property joins a growing collection of RV parks and resorts operating under the umbrella of Applebrook RV Parks. Saratoga RV Park offers full amenities and full service sites for seasonal and transient guests. The property shall be repositioned through capital improvements and the introduction of greater activities. There is also the possibility to expand. Richard J. O’Brien, CEO and founder of Athena Real Estate, LLC, , said the company is expanding its RV park and resort portfolio as well as its footprint.

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DIMITRI VENEKAS

Avison Young sold 179,000 s/f of Class A office building at 535 Connecticut Avenue in Norwalk. Hanover Norwalk Investors LLC purchased five floors from Matrix Norwalk LLC. The building is 74 percent leased. The terms of the deal were not disclosed The sale is the largest acquisition of Class A office space in Norwalk in 2018 and one of the largest in Fairfield County. Matrix has been seeking to sell portions of its real estate portfolio. Hanover Norwalk Investors LLC is an affiliate of Hanover Real Estate Partners based in Greenwich, Conn. Matrix Norwalk LLC is affiliated with Matrix Property Group of Long Island. Sean Cahill, Principal and Managing Director of Avison Young Norwalk, served as the listing broker along with Gary W. Lyons and Blake Thomas from the Avison Young Capital Markets team in Raleigh, N.C.

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The Retail Sales Team at CPEX Real Estate has arranged the sale of 2356 Nostrand Avenue in the Midwood section of Brooklyn. This single-story retail building is located on the east side of Nostrand Avenue, two blocks south of Brooklyn College. The 4,200 s/f building sold for $2,300,000 to a local investor. The property also featured 8,400 s/f of additional air rights. Dimitri Venekas and Timothy D. King represented the seller and procured the purchaser. The sale price equates to $548 psf.

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GFI Realty Services announced the $2.15 million sale of 508 Waverly Avenue, a 1,875 s/f development site in Clinton Hill, Brooklyn. Yisroel Pershin and Sasha Berg represented the seller. Ohad Babo represented the buyer. Currently occupied by a two-story commercial building, the property has approved plans for a six-story apartment building with six full-floor units.

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