Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Under $10M sales and assignments

AGENTS

CBRE Group Inc. announced that it has been named the exclusive leasing agent for the Midpoint Logistics Center, the 700,000-square-foot Class A industrial property being redeveloped at 152 U.S. Route 206 in Hillsborough, New Jersey.
The CBRE team of Ben Shapiro, Mindy Lissner and William Waxman will spearhead leasing and marketing efforts on behalf of Industrial Realty Group (IRG), a national commercial real estate development and investment firm based in Los Angeles.
IRG’s state-of-the-art distribution facility can be divided to accommodate multiple users, and the first phase of the redevelopment is slated to be ready for occupancy in the fourth quarter of 2017. The site offers an ideal location, midway between New York City and the Lehigh Valley. This project is unique given the availability of local labor, the 20 acres of outside storage space and its rail service, as well as its proximity to the Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport.
Midpoint Logistics Center is located at 152 U.S. Route 206 in Hillsborough. Its location offers direct transportation access to the region’s major highways, including Interstates 287, 78 and 80.
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Greysteel, a national commercial real estate investment services firm, has been named exclusive advisor and agent by a private local investor for the sale of 185 Prospect Park West, an attractive 10-unit multifamily property located in Brooklyn, NY.
Greysteel Senior Investment Associates, Michael Stimler and Ari Azarbarzin are marketing the property.
185 Prospect Park West, built in 1920, consists of 10 units and is located along one of the most desirable blocks in Brooklyn. Tenants enjoy a host of original, turn-of-the-century architectural features, as well as rooftop access which provides unparalleled views of Prospect Park and Greater New York City.
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9 Times Square
9 Times Square

RKF is exclusively marketing 8,991 square feet of divisible retail space occupying two stories at 9 Times Square, on one of New York City’s busiest corners.
RKF Vice Chairman Ariel Schuster, Managing Director Jackie Totolo, Associate Thomas Cholnoky and Associate Jordyn Comras are marketing the opportunity on behalf of the owner, American Realty Capital New York City REIT, Inc..
The retail space includes 5,136 square feet on the ground floor and 3,855 square feet of retail space on the lower level of a 21-story office building featuring brand-new retail storefronts and LED signage, as well as 130 feet of wraparound frontage. There is also 12,818 square feet of additional space that can be made available on the second and third floors of the building.
Located on the southwest corner of West 41st Street and Seventh Avenue, 9 Times Square is ideally situated just steps from the heart of the Times Square “bowtie,” where $1.7 billion are spent annually in retail sales by 170,000 office workers, 66,000 residents and 360,000 visitors who stroll through Times Square every day. In addition, Times Square is home to New York City’s busiest subway station, with 89 million riders annually. Neighboring retailers include Red Lobster, The Counter Burger, Sephora, Foot Locker, Pret A Manger, Wasabi, Wolfgang’s Steakhouse and Muji.

SALES

A one-story retail/multi-family building located in the historic neighborhood of St. Albans sold after only two days on the market.
The St. Albans property, located at 203-01 Hollis Ave. through 203-09 Hollis Ave., a residential and commercial building, sold for $1.61 million. The property consists of a corner delicatessen, a hair salon, a barbershop, and a N.Y.S. rehabilitation center, as well as four residential units.
The building is in close proximity to Langston Hughes School, Renaissance Middle School, and South Hollis Library, with easy access to the Long Island Rail Road’s Hollis Station.
With over 35,000 residents, the distinct neighborhood of St. Albans has bred notable icons like baseball legends Babe Ruth and Jackie Robinson, civil rights activist W.E.B. Du Bois, and political leader Percy Sutton.
The neighborhood also boasts a music legacy, as the former home of musician Miles Davis, saxophonist Lester Young, singer Lena Horne, rapper LL Cool J, and Harvard musicologist Eileen Southern.
Marc Francis of The Delphine Group marketed the property, representing both seller and purchaser.
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Hirshmark Capital, through an affiliate entity, announced the purchase of a 3-family property in the Park Slope neighborhood of Brooklyn. 585 10th Street is a 3-story brick building, that is 3,300 SF. The property, delivered vacant, will be redeveloped into luxury condominiums for resale. This is yet another example of our aggressive appetite in acquiring value add and unique commercial properties throughout NYC. This deal was negotiated by Hirshmark’s Saul Hedaya.
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Lee & Associates New Jersey announced that Doug Gaffney and Jason Lynch sold a fully leased two building industrial complex on 9.2 acres on behalf of Panther Graphics LLC.
The two building campus is located at 256-270 Sheffield St. in Mountainside, New Jersey. In late 2016, the team had procured a tenant to fill the partially vacant complex.
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RHYS announced a “portfolio” sale of a downtown New Canaan mixed-use building and two residential properties in an area slated for future development and revitalization.
Ivanhoe Collective, LLC., a new business featuring classic and exotic cars, purchased 19 Vitti Street, a 4,700 square foot mixed-use office building for $2.58 million.
The new owner will open, “The Cultivated Collector” a showroom that caters to those who own or want to own collectible classic and specialty autos of investment-grade quality. The second level will be a “clubhouse” for auto enthusiasts seeking camaraderie and connections to services that cater to rare and expensive cars.
The two-story Vitti Street building features an on-site parking garage. It was previously occupied by Young Life, a world-wide Christian missionary/charity that was a longtime tenant and is moving to Stamford, Connecticut.
The buyer of two residential properties adjacent to 19 Vitti Street is the HB Nitken Group. They purchased 60 & 64 East Avenue for $1.475 million or $737,500 each. 60 East Avenue is a single family 1,400 square foot rental home (built in 1900) that is currently vacant and 64 East Avenue is a two family, 2,020 square foot rental house, built in 1876.
RHYS Senior Vice President Ted Grogan was the broker on all three sales. RHYS Senior Vice President Ted Grogan, Executive Vice President Christian Bangert and Vice President Greg Romano represented the buyers.
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Sitar Realty Company announced the following real estate sales transactions:
•The sale of a 66,000 sq. ft. industrial building at South Foul Rift Road, Harmony from Old Castle to Stateline Fabricators. Ron Schrader Jr. was the salesperson in this transaction. The sales price was $2,400,000.
•The sale of a 44,000 sq. ft. warehouse/office building at 1325 Route 34, Wall from 1325 Wall LLC to Chester Lieder. Gregg Nowell and Doug Sitar were the salespeople in this transaction. The sales price was $3,100,000.

DOUG SITAR
DOUG SITAR

•The sale of an 8,000 sq. ft. medical office building at 1902 Highway 35, Wall Township from Surgery & Anesthesia Financial Enterpreneurs, LLC to 1902 Route 35 Wall, LLC. Robert JanTausch and Doug Sitar were the salespeople in this transaction. The sales price was $1,450,000.
•The sale of a 12,000 sq. ft. industrial building at 5031 Industrial Road, Wall Township from Sonetronics International Inc. to Asset Preservation. Inc. Helena Loelius and Brian Schrader were the salespeople in this transaction. The sales price was $1,230,000.
•The sale of the 25,000 sq. ft. church and classroom building at Fort Monmouth, Building 500, Oceanport from F.M.E.R.A. to Triumphant Life. Gregg Nowell and Doug Sitar were the salespeople in this transaction. The sales price was $1,000,000.
•The sale of a 9,000 sq. ft. retail building at 1770 Hooper Avenue, Toms River from Vicar Group LP to Hooper Partners, LLC. Giorgio Vasilis was the salesperson in this transaction. The sales price was $850,000.
•The sale of a 3,000 sq. ft. office condo at 40 Bey Lea, Toms River from Monmouth Middlesex Realty IV, LLC to Allan Ramiall. Joseph Allegro was the salesperson in this transaction. The sales price was $540,000.
•The sale of an industrial building at 68 Brook Avenue, North Plainfield from 1901 Commercial Management Co. Inc. to 68 Brook Associates, LLC. William Sitar and John Cranley were the salespeople in this transaction. The sales price was $800,000.
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Weissman Realty Group announced the closing of 1180 Anderson Ave (pictured top)in the High Bridge section of the Bronx, at a purchase price of $6,600,000. The six story elevator building features 41 apartments.

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