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Deals & Dealmakers

Selling Points: C&W selling LES site, UES townhouses going for $24M

Cushman & Wakefield

LES site a vital link

Cushman & Wakefield has been retained to sell 206-210 Delancey Street on the Lower East Side. The site’s asking price is $33.9 million.

The site is approved for development of a 78,660 s/f, 12-story, mixed-use building with residential space on the second through 12th floors, as well as community facility space in the cellar and on the ground floor.

Stephen Preuss, senior managing director with Cushman & Wakefield, said, “The Lower East Side is in the midst of a significant renaissance. This property’s new owner will be tapping into this community’s vitality.”

206-10 Delancey offers almost an 11,000 s/f footprint and 75 feet of frontage on Delancey Street, directly across the street from Essex Crossing one of the most anticipated development projects in Manhattan, said Michael DeCheser, senior managing director of the LES, teaming with Preuss on the assignment.

The site consists of an assemblage of five lots combined to form an L-shape with 75 feet of frontage on Delancey Street and 53 feet along Pitt Street. The lot size is 10,925 s/f.

The site has been dormant since October 2015, when the city’s Buildings Department had placed a “stop work” order on construction underway at the property, where a partially constructed, four-floor steel structure now stands.

Environmental and structural remediation documents are in hand to facilitate use of the existing steel and concrete work.

Epic Commercial Realty

Epic Upper East Side opportunity

An Upper East Side development site with the potential for a 34-unit apartment building is being marketed by Epic Commercial Realty.

Senior Associate broker Shay Zach said the asking price for the four adjacent vacant townhouses at 331-337 East 82nd Street is $24 million.

Located between 1st Avenue and 2nd Avenue, the property consists of four residential buildings that have been recently vacated and are in habitable condition.

The property comes with proposed plans by the architect Ariel Aufgang, AIA, for a 7-story, 34-unit residential building (see picture).

Located one block from the 86th Street train station entrance on 83rd Street, the property is suited to both a new development or conversion to condos/single-family residences or could be a long-term portfolio play as a rental property, according to Zach.

“This is amazing one of a kind opportunity for a large scale development in the most coveted Upper East Side; coupled with the new 2nd Avenue subway this is a gem for a seasoned or new developer,ˮsaid the broker.

Besen & Associates

Besen delivers hot property

Besen & Associates announced the sales of 24-10 – 24-20 29th Street in the Ditmars/Steinway section of Queens.

The property is comprised of three four-story residential buildings with 27 renovated luxury units, eight of which are two-bedrooms, three of which have private gardens, and 19 three-bedroom apartments.

The buildings total 25,000 s/f  and sit on a 15,000 square foot lot with 150 feet of frontage.

Built in 1935, the buildings were acquired for $11,375,000 which equates to $421,296 per unit, $455 psf and a 3.8 percent cap rate.

Besen’s Greg Corbin and Aaron Kline represented the buyer in the transaction. “This was a rare opportunity to acquire a trophy apartment building with an attractive unit mix and low market rents in prime Astoria,” said Kline.

“The area is on fire, and price per foot has risen 50 to 60 percent in five years,” added Corbin. “These metrics are nothing short of stunning. It’s remarkable that an area of Queens has become more expensive than Upper Manhattan.”

Rosewood Realty Group

Emerald Equity offloads Bronx buildings

Rosewood Realty Group announced the $39 million sale of a six building multi-family portfolio in the north Bronx.

The package features 209 rent-stabilized apartments and spans 186,520 s/f in the Mount Hope, Fordham Heights and University Heights neighborhoods.

The addresses are 2442 Morris Avenue; 2226, 2322 and 2333 Loring Place North; and 1715-1717 & 1727-1729 Walton Avenue.

Rosewood’s Aaron Jungreis represented the seller, Isaac Kassirer’s Emerald Equity Group which has owned the properties since October 2015 when they bought them as part of a larger portfolio purchase.

Marcus & Millichap’s Seth Glasser, Michael Fusco, Peter Von der Ahe and Joe Koicim represented the buyer, Pistilli Realty Group, an Astoria based investment firm led by the Pistilli Family.

The buildings sold for $206 per square feet or 12.4 times the rent roll and at a cap rate of 5.2 percent.

Cushman & Wakefield

Cushman team putts golf course in drive

The sale of The Woodmere Club from its membership to a joint-venture real estate investment entity this week has paved the way for a much-needed capital infusion to secure the property’s upgrade and continued operation as a golf and country club for five years.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., orchestrated the recapitalization play.

Weiss Properties and 2020 Acquisitions purchased the 110-acre Woodmere Club, which sits on the south shore of Long Island in the Nassau County hamlet of Woodmere.

Located at 99 Meadow Drive, the club features an original, 1908 colonial clubhouse, 18 award-winning holes of golf, six hard-tru tennis courts, an elevated swimming pool complex complete with sweeping golf course and bay views, a newly renovated fitness center, and a variety of dining options.

“The Woodmere Club for several years, like many golf clubs across the country, has experienced a shrinking membership,” noted John Wiener, club president. “This sale is our solution to sustain the club in its current form without sacrificing service and amenities through 2022.ˮ

The purchasers are investing millions of dollars to upgrade the facility and the golf course, and they have brought in Troon, the country’s leading golf management organizations, to operate the Club.”

ushman & Wakefield’s Andrew Merin headed the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd.

The new ownership’s long-term vision for the property centers on positioning it for high-end residential development.

“In the meantime, we are very much looking forward to the next five years,” noted Efrem Gerszberg, a principal with 2020 Acquisitions. “With the involvement of one of the best golf course managers in the business and expanded catering options, The Woodmere Club will remain a terrific asset to the community.”

Marcus & Millichap

Synagogue planned for Brooklyn site

Marcus & Millichap announced the $12 million sale of two vacant lots and a warehouse totaling 12,725 s/f at 814-826 Bedford Ave. in Brooklyn,.

“This corner development site is strategically located in a part of Bedford Stuyvesant that is in high demand from traditional developers and the nearby Hasidic community,” said Jakub Nowak of Marcus & Millichap’s Brooklyn office.

“After several rounds of competitive bidding, we were able to negotiate a completely non-contingent contract and a sale of $314-per-buildable-square-foot, which is $1 million above the original asking price.”

814-826 Bedford Avenue was one of the largest sites remaining in an area that saw significant development over the past few years.

Nowak and Jason Grunberg represented the seller, Prezant Auto Glass, and procured the buyer, a locally active private developer.

The buyer plans to build a synagogue with a hotel or apartments above.

The site is close to the Myrtle Avenue retail corridor, the Flushing Avenue and Myrtle-Willoughby Avenues G train subway stops and the Pratt Institute.

The three lots have a total 132.25 feet of frontage on Bedford Avenue and 100 feet of on Park Avenue.

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