Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: This week’s sales & exclusives under $10M

AGENTS

EPIC Commercial Realty announced the following exclusive assignments:
• The sale of 264 Linden Street in Bushwick, Brooklyn. Located between Knickerbocker Avenue and Irving Avenue, the building a three-story

YONA EDELKOPF
YONA EDELKOPF

walk-up which will be delivered vacant with approved plans for a new five-story, five-family residential building. CEO Yona Edelkopf and Sales Associate Baruch Edelkopf have listed the property at $2,100,000.
• The sale of 1073 Tiffany Street in Foxhurst, Bronx. Located between East 165th Street and East 167th Street, the property a vacant lot consisting of 8,600 s/f as-of-right buildable area in total, making it an ideal residential development site. Yona Edelkopf, Baruch Edelkopf and Vlora Sejdi have listed the property at $450,000.
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Westbridge Realty Group has been retained to broker the sale of 2908-2914 Clarendon Road, three contiguous walk-up apartment buildings in Flatbush. The three-story buildings total about 15,436 s/f and feature six units per building (for a total of 18 residential apartments). President Steven Westreich has listed the properties at $3.6 million, which equates to $200,000 per unit. The owner is Clarendon Properties NY LLC.
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Highcap Group investment sales associate Guy Vardi has been retained to sell one of the last remaining undeveloped parcels in Uptown Manhattan. Located in the Ft. George section of Washington Heights, Also known as Wadsworth Terrace, the land is adjacent to Gorman Park and with a total lot size of 13,000 s/f with fullunobstructed views to the west. Under the current zoning (R7-2) the FAR is 3.44 as of right or 6.50 with a community facility bonus, bringing the allowable square footage for this site from 44,720 – 84,500 s/f.

SALES

Icon Realty Services Inc. announced the sale of 1942-1944 Jerome Avenue, Brons. Hayel (Sammy) Shaban represented the seller and buyer in this transaction. The property is a single story building compromising of two stores, approximately 50 by 100 ft. plot and 5,000 s/f. The proeprty sold for $678,500, which equates to $234 psf.
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ANDREW GREENSPAN
ANDREW GREENSPAN

GHP Office Realty, LLC, announced its acquisition of 140 Huguenot Street, New Rochelle. The 64,000 s/f, three-story Class A office building has a 34-car onsite parking garage and an additional 26-car parking lot. The building is approximately 80 percent occupied. The GHP acquisition team was led by Andrew Greenspan, principal. the new owner is planning capital upgrades to building systems, security and cosmetic upgrades to the facade and the lobby. 12,500 s/f of office, retail and/or medical space is available for lease. Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein LLP provided legal representation in the purchase and Ray Cohen of Chicago Title Company provided title services for GHP.
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Hirshmark Capital announced the purchase of a non-performing loan secured by a 6-story mixed-use building, in the Kips Bay neighborhood of Manhattan. The property has a community facility and four apartments above, and consists of roughly 9,500 s/f. The seller, a local lending institution, demanded a quick closing.
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NAI James E. Hanson announced the team of Anthony J. Cassano and Pablo Castro have brokered two industrial sales in Hackensack, N.J.
• A 4,200 s/f freestanding industrial asset located in Hackensack at 146 Porter Street, has 250 s/f of office space, a drive-in bay and four parking spots. The private buyer, who was represented by Coldwell Banker Commercial NRT’s Douglas Feigel, plans to use the property to store vehicles and car parts. The property is located just off I-80 and minutes from Route 17.
• 252 Hudson Street in Hackensack, a recently renovated flex-industrial building with an overhead door and the option to sub-divide for two tenants, has four parking spaces as well as three lavatories. The property is located near the Hudson River and minutes from I-80 and Routes 17 and 46. NAI Hanson represented the seller and the buyer in the transaction.
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Margules Properties, Inc. announced it has purchased a retail building in the Journal Square neighborhood of Jersey City for $1.5 million. 2800 John F. Kennedy Blvd. is a triangle-shaped building surrounded by three major streets offering significant retail exposure. The 9,500 s/f two-story building was sold by The Empire Education Group, EEG Inc., one of the leading cosmetology schools in the US. Gardner Rivera, an independent real estate broker, represented both the buyer and seller in the transaction. Margules Plans to lease the property to another retail business.
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Cushman & Wakefield announced the following transactions:
• 175-25 Horace Harding Expressway North was sold for $2,000,000. The property is a one-story retail building containing 4,500 s/f and offering 2,339 s/f feet of additional air rights. The sale price equates to approximately $444 per square foot. Stephen Preuss exclusively handled the transaction.
• Franciscan Oaks, an entrance fee continuing care retirement community in Denville, NJ as sold to Springpoint Senior Living, New Jersey’s largest non-profit provider of housing and services for seniors. Based in Cushman & Wakefield’s Tampa office, Executive Managing Director Allen McMurtry, Senior Managing Director Megan Fetter and Senior Managing Director David Kliewer represented seller Catholic Health Initiatives in the disposition. Franciscan Oaks is situated on 14 acres at 19 Pocono Road in Denville. The facility features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility.
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Matthew Cosentino
Matthew Cosentino

TerraCRG announced the following sales:
• 7319 Fifth Avenue, a commercial property located in Brooklyn’s Bay Ridge neighborhood. Peter Matheos, Vice President, and Adan Elias Kornfeld were the sole brokers in this transaction. The property sold for $1,640,000, which equates to approximately $426 psf.
• 431 Wilson Avenue, a vacant mixed-use building located between Madison Street and Putnam Avenue in the Bushwick neighborhood of Brooklyn, sold for $1,800,000, which equates to approximately $400 psf. Matt Cosentino, VP of Investment Sales along with Eric Satanovsky, Senior Associate were the sole brokers in this transaction.
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David Zimmel, president of Zimmel Associates, announced the following transactions:
• Zimmel handled Methfessel and Werbel’s purchase of 14 Cliffwood Ave, Matawan, NJ, in a 1031 exchange. The 48,000 s/f three-story, fully net-leased Class-A office building is located just off of exit 120 of the Garden State Parkway and sold for $9 million. The seller was Denholtz Associates.
• Zimmel brokered the law firm’s sale of Three Ethel Road, a 32,000 s/f office building in Edison, NJ, to buyer, Suvisri, LCC for $4.5 million. Methfessel and Werbel had retained ownership of Three Ethel Road after relocating. Zimmel served as the exclusive leasing agent and presented the offer to buy from a new tenant.
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John Barrett, head of investment sales at Admiral Real Estate Services Corp., sold 1919 Palmer Avenue, a retail building in Larchmont Village Shopping District. 1919 Palmer is an 8,750 s/f single-story retail property with 55 feet of retail frontage on Larchmont’s main shopping street. The building, previously occupied by Ann Taylor but currently vacant, was sold for $2,100,000 by Palmer North Development LLC to Lordae Properties. Barrett exclusively represented the seller and identified the buyer, an investor who specializes in retail and office properties in the New York metropolitan area. The sale was negotiated while Ann Taylor was still a tenant and occurred at a cap rate of 7.25 percent on in-place income, roughly $250 psf.
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CBRE Investment Properties team arranged the $2.59 million sale of a 32,000 s/f industrial property in Chestnut Ridge, N.Y. Located at 70 Red Schoolhouse Road, the facility features four units that are fully occupied by three separate tenants, including Clemente’s Baseball & Softball Academy. Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, along with CBRE’s Robert L’abbate, represented the seller and procured the buyer in the transaction. 70 Red Schoolhouse Road is situated on 1.98 acres, in immediate proximity to the Garden State Parkway, Interstates 287 and 87, Routes 17, 202 and 59 and the Palisades Parkway.

Elli Klapper
Elli Klapper

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CPEX announced the following sales:
• 3482-3492 Nostrand Avenue sold for over $1,100 per square foot. Home to Perry’s Seafood Restaurant, the building sold for a total of $3,800,000. CPEX Managing Partner Timothy King previously sold the building in 1988 to the current seller. CPEX’s Retail Sales Team, consisting of Andre Sigourney, Harrison Balisky and Dimitri Venekas, represented the seller in the most recent transaction. The final sale price represented $1,112 psf.
• A multi-family building located at 19-08 21st Road in Astoria, Queens sold for $1,050,000, or $687 per square foot. he two-family walk-up building totals 1,528 s/f on a 50 by 60 ft. lot with a detached two-car garage. The building was delivered vacant. Stephen Safina, Alyona Chystyakova and Thomas Ryan represented the seller and procured the purchaser. “A local end-user purchased the property and plans to renovate the building and utilize it as their primary residence.
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Friedman-Roth Realty Services announced the following sales:
• Two Bronx apartment buildings located at 663-665 Dawson Street (aka 718 Prospect Place) with a combined 14 apartments and three retail stores. Both buildings are four-story walk-ups and contain a combined 12,721 s/f. The properties sold for $2,125,000. George Niblock, a managing partner, represented both the buyer and seller in this transaction.
• Three Bronx apartment buildings located at 254 East 202nd Street, 253 East 202nd Street and 254 East 203rd Street. The three elevator buildings, located in the Bedford Park section, contained a combined total of 155 apartments and have 55 indoor garage spaces. There is a combined total of 101,050s/f in the buildings, which were all constructed in the 1960’s. This is the first sale of the properties in over 20 years. The off market deal closed at $27,300,000. Wells Newell represented the seller and the purchaser was procured by Giuseppe Inglese.
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JOEL GORJIAN
JOEL GORJIAN

Commercial real estate investor Joel J. Gorjian’s Namdar Realty Group has sold the 934-936 North Broadway retail property in Massapequa. Located within a popular commercial corridor, the 5,600 s/f two-tenant shopping center features a 50 ft. frontage and a full basement. The one-story property, which was listed for $800,000, sits on a 0.12-acre lot. The property is fully leased to a dry cleaner and a children’s fashion and rental store.
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Highcap Group announced the following sales:
Josh Goldflam arranged the sale of 86 Havemeyer Street in Brooklyn, for $2,650,000. The seller was the estate of Frank Vasquez, and the buyer was a group of private investors going under the entity 86 Havemeyer LLC. The property is situated in Williamsburg and is a 4-story walkup built in 1910 with approximately 3,825 s/f and 21 feet of frontage on Havemeyer Street. It is currently configured as four floor-through residential units and was delivered vacant at the closing. The purchasers plan on renovating the property and converting it into an 8-unit luxury rental building.
Daniel Hakimian closed the record breaking sale of 98 Greenpoint Avenue in Brooklyn for $4,350,000. Hakimian represented both the buyer and seller in the off market transaction. This is the 2nd time the asset has traded hands this year. Ink Property Group’s Eden Ashourzadeh and Alex Kahen were the sellers. The sale price equates to $870 psf. The 4-story walk-up was originally built in 1930 and consists of 5,000 s/f with six apartments and one retail store. The buyer plans on holding on to the asset for the long haul.
Daniel Hakimian closed on the sale of 53 Montrose Avenue in Williamsburg for $2,272,000. Hakimian represented both the buyer,Ink Property Group, and the seller in an off-market transaction. The 4-story walk-up was originally built in 1920 and consists of 5,500 gross square feet with six apartments and one retail store. The sale marks the first time the property has traded in over 30 years. The e price represents $325,000 per unit, a rent roll multiple of 23 and a Capitalization rate of 2.5 percent.
Josh Goldflam sold 100-30 Atlantic Avenue in Queens for $2,350,000. The seller was a family located in Brazil, and the buyer was a private investor. The property is situated in the Richmond Hill neighborhood of Queens and also has an address at 101-09 94th Avenue. The block-through property features 125 ft. of frontage on Atlantic Avenue, 50 ft. on 94th Avenue and 80 ft. of frontage on 102nd Street. The building is a former coffee bean manufacturing and processing plant consisting of nearly 1s/f square feet. The new buyer plans to reposition the property to a full retail use and lease it up as soon as possible.

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