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Deals & Dealmakers

On The Scene: EPIC announces exclusives, ModernSpaces in Jamaica

AGENTS

EPIC Commercial Realty announced the following exclusive assignments:
• The sale of 243 Suydam Street and 871 Hart Street in Bushwick, Brooklyn. The
property is a vacant two-story residential building with two units and 5,500 s/f of total
development rights. The property has approved plans and is within walking distance of the Dekalb Ave L train station. 243 Suydam Street is listed at $1,500,000 by Yagnesh Vangala and Ryan Winchester.
• 871 Hart Street is a three-story residential building with six units. Four of the residential units were recently renovated and are at fair-market value. 871 Hart Street is listed at $3,100,000 with Yagnesh Vangala and Ryan Winchester.
• 81 Vanderveer Street in Bushwick, Brooklyn. The property is a two-story residential building with three residential units. The front unit is a one bedroom duplex while the two rear units are ground floor units with skylights in each room. There are separate hot water tanks and electric meters for each unit. 81 Vanderveer Street is listed at $899,000 by Marcus Jecklin and Madeline Jecklin.

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Modern Spaces is marketing a 70,035 BSF development site in Jamaica, Queens. Zoned for mixed or residential use, the site is the first new opportunity for a transformative residential property to be developed in the area since March 2014 (when The Crossing was announced). The sale of this site provides an attractive incentive for a developer to get involved with the Jamaica Now Action Plan. Modern Spaces has listed the property for $6.75 million. The assemblage includes three parcels of land, one of which is a vacant lot, and totals 7,685 s/f. Located on 90th Ave. and 149th St., the site is blocks away from the Hilton Garden Inn, which just broke ground.

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TerraCRG has been retained exclusively to sell a commercial property at 9419-9423 Fifth Avenue, located between 94th and 95th Streets in Bay Ridge, Brooklyn. Ofer Cohen, Dan Marks and Peter Matheos, along with their teams, are marketing the property. The asking price is $2,950,000. Situated on the southern edge of Bay Ridge, the two-story, mixed-use building contains approximately 2,860 s/f and consists of ground floor retail with a loft-style apartment above. Additionally, the property benefits from a 3,850 s/f parking lot with a curb cut. It is zoned C2-3/R6A/BR, allowing for 15,817 buildable SF for residential and commercial use.

 

SALES

Westbridge Realty Group has brokered the sale of a four-building Brooklyn portfolio for $3.525 million to Brooklyn-based landlord J.Wasser & Co. This acquisition marks the seventh property purchased by J. Wasser & Co. in the last five months. The properties are all located along the same block: 2832, 2836, 2844, and 2850 West 36th Street in Coney Island between Neptune and Mermaid Avenues). Together the four walk-up buildings total 18,960 s/f and represent 24 residential units, with each building containing six units. The portfolio sold for 9.62 times the current roll, or $146,000 per unit and $185 per square foot. Steven Westreich, President of Westbridge Realty Group, represented both the buyer and the seller, West 36 RS LLC, a local investor, in the off-market transaction. The buyer plans to hold the assets for the long term.

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TerraCRG announced the sale of 283 Greene Avenue, a residentially-zoned commercial building with air rights allowing for 16,085 buildable square feet in Clinton Hill. Ofer Cohen, Melissa Warren and Dan Marks, along with their team, were the sole brokers in this transaction. The 13,300 s/f building sold for $6,010,000, which equates to approximately $375 per buildable square foot and $450 per existing square foot. Previously home to Kilroy Architectural Windows, the existing commercial building is configured as storage and light manufacturing on the ground floor with renovated offices on the second floor. Additionally, there are three drive-in garage openings with existing curb cuts.

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Redwood Realty Advisors completed the sale of a mixed-use property in Passaic, N.J. for $2.3 million. The property at 102 Main Ave. included 25 apartments and 5 commercial spaces. The property was sold by a long-time owner. The buyer paid a 6% cap rate for the asset, which is located on a busy main corridor with good access to major transportation. The new owners are planning on making substantial updates to the existing property with a goal of achieving more upside in rent growth. The Redwood Realty Advisors’ team who worked on this transaction included Thomas McConnell, CCIM, Managing Partner, Kevin McCrann, Managing Partner, Jeremy Wernick, Investment Associate and Marco Capozzoli, Investment Associate.

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Northeast Private Client Group announced the sale of the 16,400 s/f mixed-use property located at 890-908 South Lake Boulevard in Mahopac, NY. Anthony Watkins, a senior associate, represented the seller and procured the buyer in the $1,800,000 transaction. 890-908 South Lake Boulevard is located on Route 6N directly across the street from Lake Mahopac. The property comprises two adjacent buildings offering high-visibility street retail, and second floor office space and apartments with off-street parking. Also included in the sale are two separate lakefront parcels currently being used for boat slips. The seller is a private Manhattan-based investor. The buyer, a Westchester-based investor, purchased the property for a price that equates to approximately $109-per-square-foot, and a capitalization rate of 9.0%.

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Lee & Associates NJ announced the sale of 350 Passaic Avenue, a 30,000 s/f, two-story Class B office building located just south of a full interchange with Route 46 and a half interchange of Route 80. The owner sold the property to local investor, SGP Century, LLC, for just under $3,3000,000. SGP Century, LLC also owns a large portfolio of office and industrial properties in the Fairfield area. The building was originally constructed by V & R Partnership as the headquarters for Electro-Nucleonics, but transitioned into multi-tenant occupancy in 2003. Notable tenants at 350 Passaic Avenue include Poggen Pohl, Stavitsky & Associates, Hulse & Phillips and A.C. Marmo. The property was 66% leased upon sale. Peter Rasmusson, CCIM, Senior Vice President, with Lee & Associates represented the seller.

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Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates, announced that he co-brokered the sale of a 3-property package of industrial properties in northern Westchester County. The Purchaser, AG Duke Realty, LLC was represented by Adam Garber of Princeton Realty Group. The total sales price was close to the $6,000,000 asking price. 99 Castleton Street, Pleasantville, 10 St. Charles Street, and 17 Gramercy Place, Thornwood totaling approx. 101,000 s/f, were built by the late Theodore Furst, owner of Duke Millwork and a pioneer builder in the 1950’s and 60’s in the County. The attorney for the Seller was Ernest H. Gelman, Esq. The Purchaser‘s attorney was Laura G. Alcott. Esq of Dorf & Nelson LLP.

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Bussel Realty Corp. (BRC) arranged the sale of 230 Liberty Street in Metuchen, New Jersey, a 41,500 s/findustrial asset. The sales price was $4.4 million. The buyer was Barry Feldheim and the seller was NYS Collection. BRC Vice President Jordan Metz was the exclusive broker representing the seller. The purchaser is an e-commerce/third-party logistics firm relocating from Brooklyn and will occupy the entire space. 230 Liberty Street features high ceilings, abundant parking and 25 percent office space. The building had undergone an extensive gut renovation.

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Unity Bancorp has purchased its headquarters facility located at 64 Old Highway 22 from the Clinton Unity Group for $4.12 million, moving forward with its long-term strategy to own rather than lease properties. The bank now owns 12 of its 15 business locations with the only leased buildings being part of mall properties. nity President & CEO James A. Hughes made the announcement. The three-story, approximately 20,000 s/f building was built in 1996 by The Clinton Unity Group, which is a group of local businessmen including Unity Bank Chairman David Dallas and his brother, Robert. In the last year, the bank has invested in upgrades to the property, including new workstations, flooring and a remodeled lunchroom with new seating and appliances.

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Rutenberg announced that Judith Figueroa and Aion Grant, sold 42 Hawthorne Street in Prospect Lefferts Gardens, Brooklyn for $3,500,000. The eight-family building is 37.5 ft wide by 95 ft. long and has been preserved to highlight ornate stained glass, mahogany mantels and built-ins. Each floor has two floor-thru units with four bedrooms. Possibility for condo conversion.
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Friedman-Roth Realty Services announced the following sales:
• a mixed-use property located at 230 East 53rd Street sold for $5,850,000. Located between Second Avenue and Third Avenue, the building is a four-story walk-up that features retail on the first two floors and residential on the top two floors. Jim Mann and George Niblock were the Friedman-Roth brokers On this transaction.
• A Bronx commercial building located at 1877 Webster Avenue. The building is a mix of office and retail tenants and has frontage on Webster Avenue, East Tremont Avenue and Carter Avenue. The three-story building has a total of 34,500 s/f and was constructed in 1927. The property sold for $4,500,000. David Jakobowitch represented the buyer and seller in this transaction.
• An unfinished development site in the Mott Haven section of the Bronx, located at 532 East 142nd Street. The property, located between Brook Avenue and St. Ann’s Avenue, will feature 15 residential units with approx. 13,000 net rentable square feet, in a four-story building. The property sold for $1,800,000. David Jakobowitch represented the buyer and seller.
• A Bronx apartment building located at 446 East 179th Street. Located in the Tremont section and sitting between Park Avenue and Washington Avenue, the four-story building has eight residential units and is comprised of 8,712 sq ft. The property sold for $850,000. Giuseppe Inglese represented the seller while the purchaser was procured by Jim Mann.
• A Park Slope residential apartment building located at 337 Second Street. The building, located between Fourth Avenue and Fifth Avenue, features 6 apartments in a three-story building and is comprised of 4,445 sq ft. Constructed in 1920, this is the first sale of the property in nearly 40 years. The property sold for $1,850,000. Richard Guarino represented both the buyer and seller in this transaction.

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