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Deals & Dealmakers

ON THE SCENE: GFI Realty marketing Kent Street site; Simone buys industrial property

THIS WEEK’S SALES AND EXCLUSIVE ASSIGNMENTS IN THE MIDDLE MARKET SECTOR

AGENTS

GFI Realty Services has been named the exclusive sales agent for 237, 245 & 247 Kent Street, a development site situated in the Greenpoint section of Brooklyn. The site is comprised of three contiguous parcels, two of which are vacant lots and one that is occupied by a vacant warehouse. The site is zoned M1-1, with a maximum floor area ratio of 1.0, making it ideally suited for commercial/industrial development. GFI Realty Associate Sasha Berg will oversee the marketing of the site, with pricing targeted at $5.5 million.

SALES

A two-story retail and office property located at 1950 East Main Street, in the Village of Mohegan Lake, New York was sold for $1,700,000 by EK Trust to D.B. Realty of Westchester. 1950 East Main Street, also known as Mohegan Village Square,

JOHN BARRETT
JOHN BARRETT

was developed by the seller in 1986-1987. This represents the first sale of the property. The building contains 13,500 s/f with 110 feet of retail frontage on Route 6. There are four ground floor retail tenants and six second floor office tenants, with three office units currently vacant. John Barrett, Head of Investment Sales at Admiral Real Estate, exclusively represented the seller and identified the buyer, a multi-family investor who was looking for asset diversification.
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Eastern Consolidated has arranged the sale of three Queens properties totaling $12 million in Sunnyside, Astoria, and Long Island City.
• A six-story, 16,470-square-foot multifamily property at 45-50 48th Street in Sunnyside sold for $6.79 million. The elevator building consists of 35 units, of which 23 are studios and 12 are one bedroom apartments. Jacob Tzfanya and Ted Volynets represented the seller, a private investor, and procured the buyer, a real estate investment group, in this off-market deal.
• A development site consisting of two residential properties at 2577-2579 31st Street in Astoria sold for $3.9 million. Together the properties offer 50 feet of frontage and 21,538 buildable square feet. Christos Savvinidis represented the seller, a private investor, and procured the buyer, a real estate investment firm, in this off-market transaction.
• A vacant, two-story, 1,728-square-foot building at 12-07 40th Avenue in Long Island City sold for $1,125,000. The property offers approximately 6,075 buildable square feet. Chad Sinsheimer and Ali Rossland represented seller and procured the buyer, both private investors.
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GFI Realty Services announced the $6.55 million sale of 2105 Foster Avenue, a four-story, pre-war, walk-up apartment building on the northeast corner of Foster Avenue and East 21st Street, the property is comprised of 21 units and totals 26,640 s/f. Erik Yankelovich represented both the buyer and the seller in this transaction. The sale price equates to approximately $311,900 per unit. The buyer intends to make further upgrades to the property, with the goal of holding onto it for the long term.
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EPIC Commercial Realty announced the sale of 552 Central Avenue, a mixed-use building in Bushwick, Brooklyn. The property is a three-story walk-up mixed-use building comprised of four free market apartments and one ground floor retail unit. Built to 3,600 s/f, the building has two parking spaces in the rear. EPIC sold 552 Central Avenue for $1,400,000.  Yona Edelkopf, Baruch Edelkopf and Vlora Sejdi represented both the seller and the buyer.

YONA EDELKOPF
YONA EDELKOPF

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Hunt Corporate Services announced the sale of 146 Albany Avenue in Lindenhurst. The 12,500 s/f industrial building on a half-acre lot was owned by NY Fudge Inc., a maker of chocolate powder, the main ingredient in fudge. The purchaser was Brooklyn-based Dolce Amore Inc., a maker of tortillas and ice cream. Hunt senior broker Andy Dorman handled the sale for the seller, along with Tod Buckvar of Buck Realty. The building sold for $900,000. The buyer purchased the property with an SBA loan, and was represented by Pete Hawkins of Greiner-Maltz. Built in the late 1970s, the building is located within an industrial enclave just north of West Hoffman Avenue, and east of Wellwood Avenue near the Lindenhurst train station.
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Simone Development Companies has acquired the fully-occupied, two-story, 65,000 s/f industrial flex property at 21 Grace Church Street in Port Chester, NY for $6.5 million. The property, acquired in an off-market transaction direct for the owner, Grace 21 Associates, LLC, is 100 percent occupied by Empire Coffee Company, Inc., AlbumX Corp. and Port Chester Market Corp. The modern flex building has 22 ft. ceilings, a 32,000 s/f warehouse, two loading docks and modern, air-conditioned office space .
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Jonathan Hakimian and Charles Chang of Highcap Group arranged the sale of 169-05 26th Avenue in Flushing, Queens, for $2,000,000. Hakimian represented the seller and Chang represented the purchaser in the off-market transaction. The property had been family owned since the 1960’s. The one-story retail building consists of 6,310 s/f and six stores. The purchase price equates to approximately $317 psf, a rent roll multiple of 11.5 and a capitalization rate of 4.6%.
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J.G. Petrucci Company, Inc., announced the acquisition of a multifamily property located at 256 Belleville Avenue in Belleville, New Jersey. The three-story garden apartment building features excellent proximity to all major roadways. Greg Rogerson, Principal, made the announcement. The transaction marks the first multifamily acquisition for J.G. Petrucci Company’s residential portfolio. First Choice Bank arranged acquisition financing. Lauren Federgreen of Rose Real Estate represented the seller.
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In a deal that clears the way for the development 40,000 s/f of modern medical office space in Wilton, CT, Avison Young announced that its Fairfield/Westchester office has arranged the acquisition of 241-249 Danbury Road in Wilton, CT, for $8.5 million. Sean M. Cahill and Sean P. McDonnell, represented the buyer, Cambridge Hanover, a New Canaan-based privately held national real estate investment firm. McDonnell, along with Lori Baker, will market the new development, to be known as the Wilton Wellness Center. The project is projected to be complete in August 2017. The six-acre site, which was previously owned under a long-term land lease by Stop & Shop and subleased at various times as corporate headquarters of HomEquity and Bran Blau, has been largely underutilized for the past 15 years.
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Jordan Metz, vice president at Bussel Realty Corp. (BRC), arranged the sale of 2401 East Linden Avenue in Linden, New Jersey, a 82,000 s/f industrial asset. The sales price was $9.1 million. The buyer was Penwood Real Estate Management LLC and the seller was 265 Pennsylvania Realty, LLC. Metz represented the buyer and the seller. The property is a fully stabilized net-leased building, with three tenants in the food and pharmaceutical sectors, one of which, Ultimate Foods, signed a new five-year lease on approximately 20,000 s/f with Penwood as it took ownership. 2401 East Linden Avenue totals 82,000 s/f, including 5,000 s/f offices, 21 ft. clear ceilings heights, ten loading docks, and a new paved parking lot, doors and HVAC system.
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Cushman & Wakefield orchestrated the sale of 401 Cabot Drive in Hamilton Township. The 600,600 S/F building, which serves as the Eastern region distribution hub for Colgate-Palmolive which has occupied the building since its completion by

ANDREW MERIN
ANDREW MERIN

Matrix in 2006 as a build-to-suit. It features 36 ft. height, 120 foot truck courts and car and trailer parking. The consumer products giant currently occupies 431,340 s/f with the remaining 169,260 square feet available for lease. Gary Gabriel orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, and Andrew MacDonald, as well as Stan Danzig and Jules Nissim. Cushman & Wakefield represented the seller and procured the buyer.
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ERG Property Advisors announced the sale of a 3-building portfolio in the Mott Haven and Melrose section of the Bronx. 337 East 146 Street, 341 East 146 and 454 East 160 Street were priced at approximately $135,000 per unit. The properties consist of 86 apartments, a mix of 48 one bedrooms and 37 two bedrooms and 4 retail stores. The properties sold for $11,750,000. Matthew Murphy and Donny Gecaj represented the seller and buyer.
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EVO Real Estate Group, a member of NAI Global, has represented the Zionist Organization of America in the purchase of a 10,105 s/f office condominium at 633 Third Avenue. The price was in excess of $9.3 million. Jonata Dayan, director of coop/condo sales, and  Jonathan Ben Dayan represented the buyer. In-house broker Brandon Medeiros represented Time Equities, the seller. The Zionist Organization of America is leaving its space at 4 East 34th Street, a building it sold earlier this year.
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Joel J. Gorjian, Vice President of Acquisitions & Dispositions at Namdar Realty Group, has completed the acquisition of the Salem Plaza shopping center located at 45-15 Salem Avenue in the Trotwood section of Dayton. New York City-based Garrison Investment Group was the seller and Marcus & Millichap served as the broker. The 141,616 s/f shopping center will

JOEL GORJIAN
JOEL J. GORJIAN

be retained and operated long-term. Burlington Coat Factory occupies 70 percent of Salem Plaza’s gross leasable area.
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Rosewood Realty Group announced the $9.475 million sale of a six-story co-op apartment building at 121-131 Fort George Avenue. It features 44 co-op apartments over with over 40,000 s/f. One hundred percent of the co-op shares were sold which amounts to north of $220,000 per unit. Aaron Jungreis represented the seller, Fort George Property, LLC and Fort George Realty, LLC and NY Tryon. Rosewood’s Michael Guttman represented the buyer, Fort George Housing LLC and NYC Partnership Housing Development Fund.

 

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