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Deals & Dealmakers

ON THE SCENE: Bushwick mixed-use building asks $3.5M, Hudson Heights co-op sold for $9.475M

Icon Realty Services Inc. announced the sale of 3360-3372-3382 Atlantic Ave., aka 310 Crescent Street, Brooklyn. Hayel (Sammy) Shaban represented the seller and buyer in this transaction. The property is a 17,406 s/f single story building compromising of five retail space an 24 parking spaces. The sale price was $7,400,000, which equates to $425 psf.

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Rosewood Realty Group announced the following sales:

• Tthe $9.475 million sale of a six-story co-op apartment building – at 121-131 Fort George Avenue in Hudson Heights. The proeprty features 44 apartments over with over 40,000 s/f and was originally built in 1960. One hundred percent of the co-op shares were sold, which amounts to north of $220,000 per unit. Rosewood’s Aaron Jungreis represented the seller, Fort George Property, LLC and Fort George Realty, LLC and NY Tryon. Michael Guttman represented the buyer, Fort George Housing LLC and NYC Partnership Housing Development Fund.

• The $3 million sale of a four-story walk-up apartment building at 41-21 54th Street, Woodside, Queens. the property features 14 residential units and one retail space. It is 9,800 s/f and was built in 1961. The building sold for 11.75 times the current rent roll and has a 4.75 percent cap rate. Michael Guttman represented both the seller, Pd 54TH LLC and the buyer, TL54 Realty LLC.

• The $4.9 million sale of a single story commercial building in West New Brighton, Staten Island. The 7,836 s/f building at 630 Forest Avenue is currently leased to Duane Reade. It was originally built in 1930 and traded near a six percent cap rate. Michael Guttman represented both the buyer, 12 Franklin Realty Corp., and the seller,630 Forest Avenue LLC.

• The $3.6 million sale of a four story walk up apartment building in Jackson Heights, Queens. The 13,179 s/f building at 83-05 34th Avenue, features 16 apartments. It was built in 1928. Michael Guttman represented both the seller, Pd 34th LLC and the buyer, a private investor.

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Eastern Consolidated arranged the sale of a 2,320 S/F retail building located at 426 86th Street in Bay Ridge, Brooklyn. The property, which is triple net leased to Apple Bank, sold for $7,050,000 in an off-market transaction. Ilya Gamer, an Associate Director with Eastern Consolidated, represented the seller, a private investor, and Chad Sinsheimer, a Director with Eastern Consolidated, procured the buyer, also a private investor. Offering 20 feet of frontage on 86th Street, the property shares the retail corridor with Century 21 department store, Bank of America, Victoria’s Secret, Chipotle, and other major local and national retailers.

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MacQuesten Companies announced its purchase of Mount Vernon West Train Station for $3 million. Garry Klein of Houlihan Lawrence was the broker for the seller, Davenis Realty Inc. The station is located on Metro-North’s Harlem Line. MacQuesten Companies is considering plans for “reimagining” Mount Vernon West as part of a comprehensive approach to the revival of the area. The company will be exploring a range of options for the station from renovation to demolition. Environmental and historical reviews will be conducted.

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Rand Commercial announced the sale of 10 County Center, White Plains for the amount of $9,250,000 by Ascot Properties NYC, LLC to Bajraktari Realty Management Corporation. This office building is situated next to the Westchester County Center, featuring 208,000 s/f of affordable office space. Paul Adler, Rand Commercial Associate Broker, Ann K. Silver and Nick Spano, worked on the transaction. The new owners will chart a fresh course of action for the building by bringing experienced management to serve the tenants and visitors. The listing broker for this transaction was CBRE.

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Avison Young‘s Fairfield/Westchester office arranged the sale of 100 Trap Falls Extension, an 82,000 s/f flex/industrial building in Shelton, CT for $9.2 million. Avison Young represented Cambridge Hanover, the seller in the record breaking transaction. The team included representatives from the Fairfield/Westchester and New York City offices, including Principal and Managing Director Sean Cahill, principal, Jon Epstein, Alison Luisi, an associate in the Capital Markets group and Erik Edeen, a financial analyst. The sale represents the highest price per square foot for a flex building in Eastern Fairfield County since 2008. The building was 94 percent leased to tenants that include Red Bull, Microphase, Comet North America and Option Care. The property was acquired with 1031 funds by a family office that invests primarily in properties within the five boroughs and wanted to diversify their portfolio into Connecticut.

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The Hampshire Companies acquired a 529,300 s/f grocery-anchored Crosslands Shopping Center in Kissimmee, Florida, on behalf of a foreign investor. The seller was Tupperware Brands Corporations and O’Connor Capital Partners, which will retain an interest in the center providing exclusive leasing and property management for the asset. Tenants at the property, located at 1000 West Osceola Parkway, include The Fresh Market, Marshall’s Home Goods, Hobby Lobby, Forever 21, and Starbucks.

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HLC Equity, in a joint venture with Hampshire Companies, purchased Sage Brook, a 216-unit, Class-B apartment community in Denver, Colorado. Sage Brook is positioned in the center of the region’s three largest employment centers: Downtown Denver, The Denver Tech Corridor and the Fitzsimons Innovation Campus.

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Hunt Corporate Services, Inc. announced the sale of a 7,000 s/f industrial building at 147 Albany Avenue in Lindenhurst. The building was sold for $675,000, or $96 psf, the highest price per square foot to date in the Lindenhurst sub-market for a property of this size. Andy Dorman, senior broker, represented the seller, Albany Avenue Structure LLC. The building was purchased by Andrew Pagano who intends to house several non-profit organizations under roof. The brick and block L-zoned structure has a 16 ft. foot ceiling, sprinkler, one loading dock, one drive-in door and parking.

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