CPEX Real Estate Services announced the sale of 351 Franklin Avenue in Clinton Hill, Brooklyn. The property is a newly constructed residential building which includes an elevator and ten apartments delivered fully occupied. The sale price was $7,000,000, or $524 ps/f, representing a 5.25% capitalization rate and a gross rent multiplier of 15.11. CPEX’s Multi-Family Sales Team, Brian T. Leary, Stephen Safina and Michael Pallas, represented the seller. Ryan Condren, of CPEX’s Retail Leasing Team, also assisted with the transaction.
Silvershore Properties purchased 331 Hicks Street in Brooklyn Heights for $3 million. The mixed-use building has two stores and four apartments and is located directly across the street from Long Island College Hospital. Silvershore plans keep the 7,888 s/f building as a rental. The seller was a long term owner.
Itzhaki Properties announced the sale of 247 East 52nd Street. Amir Aframian represented both the seller and buyer. The property is a five story, 8,130 s/f apartment building with 14 studios, two one-bedroom apartments, and two two-bedroom duplexes. The property sold for $5,850,000.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• 108 Calyer Street, a 8-unit apartment property in Brooklyn, sold for $2,200,000, or $272 psf. Shaun Riney, Michael Salvatico and Jim Saros, represented the seller and the buyer.
• 450-452 S. 5th Street, a 2,900 s/f mixed-use property in sold for $1,100,000, or $379 psf. Michael Salvatico, Shaun Riney and Jim Saros, represented the buyer and the seller.
• 204 Park Place, a 5-unit apartment property in Brooklyn, sold for $3,608,000, or $649 psf. Robert Hunter, Lucien Sproviero and Derek Bestreich represented both buyer and seller. The sale marks a new record price per square foot for a Prospect Heights commercial property.
• 580-582 5th Avenue, a 3,380 s/f retail property in Brooklyn sold for $1,653,000, or $489 psf. Jakub Nowak and Matthew Rosenzweig represented both buyer and seller. The transaction required negotiating the waiver of a tenant’s right of first refusal.
• 115 Atlantic Avenue, a 5,370 s/f mixed-use property in Brooklyn, sold for $3,400,000, or $843 psf. Shaun Riney, Joe Koicim and Peter Von Der Ahe represented the seller. The buyer, a private investor, was secured and represented by Shaun Riney and Patxi Colbern.
• Crab Shack Restaurant, a 7,784 s/f net-leased property located in Rochester, N.Y., sold for $1,352,000.
Preet Sabharwal and Steven Stoehrer represented both buyer and seller.”
• 597 Park Place, a 8-unit apartment property in Brooklyn, sold for $1,480,000, or $247 psf. Matthew Fotis, Shaun Riney and Steve Grassl represented the seller. The buyer was secured and represented by Riney and Fotis.
• 1661 Topping Avenue, a 17-unit apartment property in Bronx, sold for $1,417,500. Marco Lala represented the seller and buyer. It was the first sale of the cour-story walkup in 47 years and sold at approximately 95 percent of the asking price.
• 251 Bushwick Avenue, a 6,350 s/f mixed-use property in sold for $1,700,000. Said Boukhalfa, secured and represented the buyer, an out-of-state developer, of the seven-unit property. The current owners plan to find a new tenant for the almost 2,000 s/f retail unit.