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Deals & Dealmakers

On The Scene: Cush & Wake announce exclusives, EPIC closes sales

AGENTS

Cushman & Wakefield announced the following exclusive assignments:
• The sale of 90 Crossways Park Drive West, a two-story office building that contains approximately 19,600 s/f and sits on a 1.49 acre lot within Crossways Park, one of Long Island’s premier business centers. The property features 24/7 access, 70 parking spaces and a direct meter for gas and electric. The building is fully occupied by two tenants with leases that feature annual rent increases. The asking price is $3,950,000. Thomas A. Donovan and Benjamin Efraimov are exclusively marketing the property
• 175 Crossways Park Drive West is a single-story office building that contains approximately 40,515 s/f and sits on a 2.93 acre lot within Crossways Park. The property features a tenant controlled HVAC, a direct meter for gas and electric and 183 parking spaces. Additionally, the building is equipped with Cablevision Lightpath. The property also has stable tenancy with annual rent increases. The asking price is $9,500,000. Thomas A. Donovan and Benjamin Efraimov are exclusively marketing the property.
• The sale of an office/residential building at 232 East 35th Street, between 2nd and 3rd Avenues, in Murray Hill. The asking price is $8,200,000. The elevator-serviced building is comprised of four-stories and a lower level that combine for 6,132 s/f. The property sits within an R8B zoning district and offers approximately 2,163 s/f of unused air rights. The property will be delivered vacant. Current features include a renovated lower-level, a two-car garage, five kitchens, six bathrooms, two washer/dryers, wood burning fire-places and a sound-resistant board room. The building also has three terraces totaling approximately 1,900 s/f and a total of 25 sound resistant windows. Current ownership has upgraded the building with a 600 AMP electric service, façade and air conditioning. Additionally, the building is equipped with a complete fiber optic installation throughout. John Ciraulo is exclusively marketing this property with Doug Blankrot.
• A mixed-use building at 59-30 Myrtle Avenue, between Stephen and Norman Streets in the Ridgewood neighborhood of Queens. The asking price is $1,650,000. The three-story building contains approximately 3,300 s/f. The unit mix is comprised of a retail unit on the ground floor and two three-bedroom units on the second and third floors. The commercial unit has stable tenancy with a lease featuring three percent increases every two years until 2022.
One of the residential units may be delivered vacant. Thomas A. Donovan is exclusively marketing this property with Tommy Lin, Eugene Kim and Robert Rappa.
• 135-35 Northern Boulevard, also known as the RKO Keith’s Theatre. It is situated at
the nexus of Northern Boulevard and Main Street in Flushing, Queens. For 30 years, the once celebrated cinema palace has sat idle. Fully approved and permitted plans call for an approximately 389,746 s/f mixed-use project featuring residential, retail and community facility components. The project is shovel ready and is fully qualified for the
421a real estate tax abatement. In total, the approved plans allow for a 16-story, 269 residential unit, mixed-use development featuring 308,251 s/f of residential space, 24,493 square feet of multi-level retail and an approximately 15,727 s/f community facility. Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield along with Stephen Preuss and Jonathan Hageman are exclusively marketing this property on behalf of JK Equities.

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Mission Capital Advisors announced that its Asset Sales Group has been named by UBS as the exclusive sales agent for a 119,600 s/f, big-box retail property located at 300 Bellwood Drive in Greece, New York. Michael Britvan and Adam Grant of Mission Capital Advisors will procure a buyer for the triple-net-leased property, which is situated in close proximity to Rochester’s central business district, and is 100 percent occupied with a long-term lease by BJ’s Wholesale Club. The property, known as BJs Wholesale Club Greece, encompasses more than 11 acres, and is located within the Canal Ponds Business Park, a 300-acre site on the western side of New York State Route 390. The Canal Ponds Business Park is home to more than 2 million square feet of industrial and office facilities, as well as 500,000 s/f of retail, hotel and restaurant facilities. In addition to BJs Wholesale Club, the property includes a BJs gas station and a small auxiliary building constructed in 2006.

 

SALES

EPIC Commercial Realty announced the following sales:
• 647 Sheffield Avenue, a vacant residential building in East New York consisting of 12,336 s/f of development rights, sold for $750,000. Sales Associates Marcus Jecklin, Mike Rybinskov and Baruch Edelkopf sold 647 Sheffield Avenue.
• 366 Bradford Street and 363 Wyona Street, East New York, sold for $450,000. The two adjacent vacant lots consist of 9,720 s/f of development rights, 200 feet of frontage along Sutter Avenue and are located four blocks from the Van Scilen Avenue A & C train station. Associate Marcus Jecklin sold 363 Wyona Street and 366 Bradford Street.
• 9815 Foster Avenue in Canarsie, Brooklyn, was sold by CEO Yona Edelkopf, Senior Broker Shay Zach and Investment Sales Associate Marcus Jecklin. The property is a vacant 4,000 s/f warehouse located two blocks from the Canarsie – Rockaway Turnpike L train station.

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Ahmadu Ahmed and Josh Goldflam of Highcap Group, arranged the sale of 240 East 178th Street in the Mount Hope section of the Bronx, for $1,215,000. The purchaser, represented by Goldflam, is a local developer and the seller, represented by Ahmed, was a group of private investors. The property is mid-block on East 178th Street, between Anthony Avenue and the Grand Concourse and one of the last houses on a block of larger apartment buildings. Currently there is a two-family home on the lot that was delivered vacant. The lot is 50 by 100 ft. with a R8 zoning which allows for a FAR of 6.02, brining the total developable square feet to 30,100 as of right.

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Ariel Property Advisors has announced the sale of three properties for a combined $10,000,000 located in Harlem, Canarsie and East Flatbush.
•267 West 139th Street is located in Harlem’s historic St. Nicholas Historic District and has sold for $5,100,000. The mixed use building comprises three commercial units and six rental apartments. The property encompasses a total of 14,715 square feet with the transaction price translating to roughly $347 per square foot. Exclusive agents Victor Sozio, Michael A. Tortorici, Josh Berkowitz and Matthew Gillis represented the seller and procured the buyer.
• 10801 Seaview Avenue, a waterfront property located in Carnarsie, features 38 unsold condominium units within a five building low-rise complex of 223 units. Its sale price of $3,800,000 translates to approximately $151 per square foot. Exclusive agents Victor Sozio, Mark Spinelli and Jonathan Berman represented the seller and procured the buyer.
• 388 East 34th Street in East Flatbush sold for $1,100,000. This multifamily building has six rental units and is located in R4 / C2 zoning, with the transaction price translating to $183,000 per unit. Exclusive agents Jonathan Berman and Mark Spinelli represented the seller and procured the buyer.

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Alpha Realty announced the sale of 957 Utica Avenue in the East Flatbush section of Brooklyn for $5,165,000. Jacob Aronov, managing director of Alpha Realty, along with a team of brokers from Besen & Associates, represented the buyer and the seller in this transaction. 957 Utica Avenue is a three-story building built in 2007, consisting of 18 apartments, five stores and 26 parking spaces. This property is located one block away from the Church Avenue retail corridor.

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Cushman & Wakefield announced the sale of an office building at 63-44 Austin Street, located between 63rd Avenue and 63rd Drive in the Rego Park neighborhood of Queens. The sale price was $7,350,000. The property was acquired by Ronco Realty LLC from K & F Associates. The single-story building contains 16,900 s/f and sits on a 120 by 156 ft. lot. The building has recently undergone a multi-million dollar gut renovation and is occupied by GSA/Social Security Administration on a ten-year lease. The sale price equates to approximately $434 psf. Thomas A. Donovan exclusively handled this transaction.

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The Hampshire Companies announced the sale of a 255,000 s/f industrial building located at One Buckingham Avenue in Perth Amboy, N.J. to a private buyer. The single-tenant property is currently leased to VIRA Insight, LLC. The building, which sits on 10-acres and is backed by the Hudson River, has 31 dock-high overhead doors and ceiling heights varying from 16 to 18 feet. The building has a 58,000 s/f array of 3,328 T-10 solar roof tiles that have the capacity to produce 758,000-kilowatts-per-hour. The solar power system, which was installed by Hampshire to keep costs low enough for VIRA to continue operating in Perth Amboy, was one of the driving factors for Hampshire to win the United States Green Building Council New Jersey Developer of The Year award in 2013. Igor Derbaremdiker, Director of Dispositions at The Hampshire Companies, announced the sale.

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Houlihan-Parnes Realtors, LLC, has arranged the acquisition of 1, 3, 5 Old Mamaroneck Road in White Plains, NY. Rich Hendey from Houlihan-Parnes Realtors, LLC represented the purchasers in the transaction. This leasehold purchase consists of a pre-war, six-story building with 16 retail / professional units, 78 apartments, and onsite parking for 60 cars. Located at the corner of Mamaroneck Avenue and Old Mamaroneck Road, 1,3,5 Old Mamaroneck Road presented an opportunity to use local expertise and a gradual reinvestment program to improve the performance of this asset. Doran Golubtchik, Esq. of Goldberg Weprin Finkel Goldstein LLP handled the transaction on behalf of the investment group which included principals of Houlihan Parnes Realtors, LLC.

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Dan and Gerry Houlihan, of Houlihan & O’Malley Real Estate Services, announced the sale of 9-10 Alden Place, Mt. Vernon, and 5 Alden Place, Bronxville:
• 9-10 Alden Place is a residential four-story Colonial style building with 18 apartments. Built by the Lawrence Family circa 1930, Penrose Stout was the architect. 5 Alden Place consists of two garage buildings with a total of 24 parking spaces. The combined total sale price for the apartment building and the two garage buildings was $7,050,000. The Houlihans, represented the sellers, 9-10 Alden Place, LLC, 5 Alden Place, LLC. Edward Freidman, Esq. with Novick Edelstein in Yonkers was the attorney for the sellers. Tom Tassone was the broker for the buyer, 100 Alden Place LLC.

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Westbridge Realty Group announced the recent sale of six properties totaling $10.5 million. The sales include:
• The $3.9 million sale of 633 E 186th Street in the Belmont section of the Bronx. This corner property is comprised of 27 apartments with a ground floor retail unit. The off-market deal sold for 9.82 times the current rent roll or $198 psf and $139,000 per unit. Steven Westreich, of Westbridge Realty Group, represented both the buyer, Baycrest Management, and the seller, Emritas Realty LLC.
• The $2 million sale of 2 Stanwix Street in Bushwick, Brooklyn. This is a vacant mixed-use building with six apartments and two stores, totaling 3,510 s/f. It sold for $570 psf. Adam Traub, of Westbridge Realty Group, represented the buyer, 2 Stanwix LLC, a Brooklyn-based investor. Hen Vaknim, of Westbridge, represented the seller, 2S.
• The $1.45 million sale of 280 Powers Street in Williamsburg, Brooklyn. The fully-occupied rental property consists of six apartments, totaling 3,750 s/f, and is located one block from the Grand Avenue L train. It sold off-market for 18.2 times the current rent roll. Steven Westreich represented the buyer, East Williamsburg Powers LLC, and Adam Traub represented the seller.
• The $1.225 million sale of 345 Montgomery Street in Prospect Lefferts Gardens, Brooklyn. This is a bulk package of eight unsold co-op rent-stabilized units. The off-market deal sold for about $158 per square foot and has a zero percent cap rate. Steven Westreich represented the buyer and the seller.
• The $1.1 million sale of a six-family house in Ridgefield, Queens that sold off-market for 21.5 times the current rent roll, or $242 per square foot. Steven Westreich represented both the buyer and the seller.
• The $815,000 sale of 3830 White Plains Road in the Bronx. This is a mixed-use building with four, five-bedroom apartments and two ground floor stores, with a total of 7,605 square feet. The property was delivered 75% vacant, allowing the buyer to immediately capture much of the upside potential. Steven Westreich represented the buyer, a local investor.

 

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