Real Estate Weekly
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Deals & Dealmakers

On the scene: GFI gets exclusive at 962 Myrtle, 110 Madison Avenue sold

AGENTS

GFI Realty Services announced that it has been named the exclusive sales agent for 962 Myrtle Avenue, a four-story mixed-use building in the Bedford-Stuyvesant section of Brooklyn. GFI Realty associates Shawn Sadaghati and Naftoli Sternbuch will oversee the marketing of the property, with pricing targeted at $4.15 million. The property is comprised of seven apartments and a vacant ground-floor retail unit, all of which have recently received comprehensive interior upgrades. The apartments include six two-bedroom units and one studio, each of which has its own heating system. The asset is proximate to the J, Z and M subway lines and is just a short commute from Pratt Institute, St. Joseph’s College and the Brooklyn Navy Yard.

SALES

Klosed Properties announced the purchase of 110 Madison Avenue. The property is an 1,850 s/f retail condominium unit located in the NoMad neighborhood of Manhattan. Located within a recently developed condominium building, the condo benefits from high visibility and constant foot traffic. Clint Olsen of Cushman & Wakefield represented both the buyer and seller in this transaction. This closing marks the firm’s 10th acquisition of 2016, while they are currently under contract to purchase five additional properties in NYC and the boroughs.

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RHYS announced the following sales:

  • The $3.4 million sale of a downtown Stamford office building to Community Health Center, Inc., CHC, a private, non-profit agency that provides primary health care and social services. The new location, at 22 5th Street, is an expansion of the Community Health Center’s current downtown Stamford location currently at 141 Franklin Street. RHYS Executive Vice President and Principal Christian Bangert represented the purchaser. Cushman & Wakefield’s Executive Managing Director Al Mirin represented the seller, Hattco Stamford LLC. The 19,024 square-foot building at 22 Fifth Street in Stamford traded for $179 per square foot. For the last few years, the building was used as multi-tenanted office and medical building.
  • The $18.5 million sale of a downtown office building at 115 East Putnam Avenue in Greenwich, Connecticut. The 1.31 acre property, which is subject to a long-term ground lease, traded for over $14 million per acre. RHYS CEO/Founder Cory Gubner and Executive Vice President and Principal Christian Bangert represented the seller, the Helen M. deKay Trust and Newmark Grubb Knight Frank Senior Managing Director Stephen Westerberg represented the buyer, 115 East Putnam Avenue LLC. This Class A, three-story office-building, located near the top of Greenwich Avenue, totals 37,678 square feet with 115 parking spaces.
  • The $11 million sale of 65 Locust Avenue in New Canaan, Connecticut. The three-story, 27,843 square-foot professional office building is fully leased and traded for $395 per square foot. It was built in 1977, but fully renovated in 2012. Cory Gubner and Christian Bangert represented the seller, 65 Locust Avenue LLC and Bashkim Osmani of B&A Brokers Corp represented the buyer, Morina Associates LLC, a long-term investor.
  • The $5 million sale of 950 Post Road in Westport, Connecticut. The 6,616 square foot retail building is triple net-leased to the parent company of Men’s Warehouse that occupies the entire single-story building that was built in 1988. Christian Bangert and Cory Gubner were the sole brokers involved in the transaction that traded for $756 per square foot. The buyer, Ewkai 950 Post Road East LLC, plans to hold the property as a long term investment. The seller is Forstone 950 Post LLC.

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Angel Commercial announced the sale of a 6,344 s/f retail and office building located on 0.32 acres at 575-585 Villa Avenue, for $825,000.00. Jon Angel, president, represented both the seller and buyer in this transaction. Villa 575, LLC, purchased the investment property from Fleet National Holdings, Trustee.

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Avison Young Fairfield/Westchester office arranged the sale of Temple Court Medical Building at 2590 Main Street in Stratford, CT, a three-story, 16,000 s/f medical office building. Terms of the deal were not disclosed Located just steps from the Stratford MetroNorth Station and a half-mile from Exit 32 of I-95, the property offers ample parking and a highly visible location in downtown Stratford. Eva Kornreich, an Associate in Avison Young’s Fairfield/Westchester office, represented the seller, Catherine J. Gong, in the transaction. The buyer was TimberRidge Associates, LLC, who represented themselves in the deal. Neurological Specialists, P.C. occupies the entire second floor of the property in a long-term lease.

 

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