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Deals & Dealmakers

ON THE SCENE: Besen & Associates marketing Soho building, Kalikow Group sells Kips Bay property

AGENTS

TerraCRG has been retained to sell 747 Fourth Avenue, a free-standing, NNN-leased retail building with future development potential in the Greenwood Heights section of Brooklyn. Ofer Cohen, Dan Marks and Mike Hernandez, along with their sales team, are marketing the property with an asking price of $8,000,000. Situated at the corner of Fourth Avenue and 25th Street, the 150 ft. by 100 ft. M1-1D zoned lot is improved by a 7,600 s/f building with a 7,400 s/f parking lot/drive-thru. The existing retail building is currently NNN-leased by Dunkin’ Donuts, with two years remaining on the lease and two, five-year options with the first option resetting at fair market value. The rent is currently significantly below market. 747 Fourth Avenue is a few blocks from Industry City and accessible via the R train at the 25th Street station, the Prospect Expressway and the BQE.

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Dan Shapiro of Besen & Associates has been retained exclusively to sell 365-367 Canal Street, a 42 ft. wide, 5-story, mixed-use loft building built circa 1915 and fully renovated in 2009. Located in the SoHo Cast Iron Historic District, the 21,000 s/f elevatored building contains six residential lofts, one retail store and a sub-basement. Situated mid-block on the north side of Canal Street between West Broadway and Wooster Street, the ground floor retail space enjoys tremendous foot-traffic throughout the neighborhood and includes a 3,500 s/f rentable basement. One block from West Broadway and three blocks from Broadway, the property is surrounded by international retailers, boutiques, galleries, restaurants and cafes. Sidewalk vendors displaying and selling artwork, jewelry, and other unique apparel also create an exciting street scene that adds to the neighborhood’s character. 365 Canal Street borders SoHo and TriBeCa. Asking price is $21,000,000

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Eastern Consolidated has been retained as the exclusive agent to market a five-story, eight-unit townhouse at 116 East 37th Street in the Murray Hill Historic District. The asking price is $7.9 million for the 6,059 s/f multifamily building. Exclusive broker Martin Ezratty, Senior Director, is handling the assignment. Scott Ellard, Vice President, Financial Services, is the analyst for the offering. Of the eight fully occupied free market units, six are one-bedroom apartments on floors three through five. A two-bedroom, two-bath floor-through apartment on the ground floor has central air and exclusive use of the rear garden, and a two-bedroom floor-through on the second floor features high ceilings and a private terrace. Ezratty said the building would be ideal for an owner-user such as a doctor, lawyer, therapist, or engineer seeking a professional office and either a personal residence upstairs or additional income from the rental units. Other uses could include converting the property to a one to two-family townhouse, or a mixed-use building serving as the headquarters of a not-for-profit organization or foreign consulate or embassy. Under current regulations, the property’s zoning designation allows for additional zoning floor area of up to approximately 1,800 s/f for potential future expansion of the building. Any redevelopment would be subject to Landmarks Preservation Commission review and approvals as well as the approval of the Building Department and other agencies.

SALES

The Kalikow Group, along with Steelpoint Property Group, has completed the sale of 517 Second Avenue, located between 28th and 29th Streets in the Kips Bay neighborhood of Manhattan, for $7.425 million, after a three-year renovation of the property. Kalikow and Steelpoint originally purchased the property in 2014 for $5.025 million. The four-story, mixed-use building is home to a ground-level restaurant with three floor-through, three-bedroom apartments. The second-floor unit also includes a private 1,000 s/f terrace. The buyer was represented by Sarah Woo. Greg Kalikow, VP for Kalikow Group, made the annoucement.

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NAI Long Island announced the following sales:

• Gary Pezza, Senior Director of NAI Long Island, represented the purchaser and the seller for 187 East Main Street in Huntington, NY. The 4,750 s/f building had been occupied by the law firm of Stiene and Associates for many years. It consists of high-quality office space and a large storage area with parking. The property was purchased for $1,350,000 by Home Energy Solutions, which is a rapidly growing company that specializes in energy efficient solutions in new home construction.
• Gary Pezza completed the sale of 66 Broadway in Greenlawn, NY for Double Six Realty. The 2,100 s/f retail building, formerly a drug store for over 30 years, was sold for the purchase price of $420,000 and will most likely be transformed into a deli and/or convenience store in the near future. Pezza represented both the seller and the purchaser for the above transactions.

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GAIA Real Estate, with its institutional partners Amitim Senior Pension Funds and Psagot Investment House, have acquired in separate transactions two newly-constructed Class A residential properties in Atlanta, GA and Nashville, TN:
• Station R is a Class A, 2017 construction, midrise multifamily property consisting of 285 units located in East Atlanta’s historic and walkable residential neighborhood of Reynoldstown. Station R features a roof-deck, a central courtyard with fire pit, resort-style swimming pool, cabanas and sundeck, fitness center, yoga and spinning studio, bocce ball court, parcel locker service, quartz countertops, stainless steel appliances, modern lighting packages, and nest thermostats.
• Carillon is a Class A, 2016 construction, midrise property consisting of 306 units located in Nashville’s historic and hip residential neighborhood of Germantown. Carillon features a central courtyard with fire pit and swimming pool, expansive community areas, 24-hr fitness center and yoga room, bike storage, granite countertops, stainless steel appliances, modern lighting packages, and undermount kitchen sinks.

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Cignature Realty Associates closed the $5 million sale of a five-story corner multi-family walk-up building with 12 apartments and one store in East Harlem. The 11,355 s/f building at 1675 Lexington Avenue, was built in 1930. Cignature Realty’s Peter Vanderpool represented the buyer, a local private investor, and Christopher Skitch represented the seller, 153 Realty Corp.

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Jeffrey L. Heller, Avison Young, Principal and Managing Director of the company’s New Jersey offices, announced that the firm arranged the sale of a 46,000 s/f industrial building, located at 460 Milltown Road in Bridgewater, NJ. An Avison Young team comprised of Matthew C. Turse, Senior Vice President, Timothy J. Cadigan, Senior Vice President, and John Recchia, represented the seller, FCI Properties. The column-free facility was originally built for and used as an indoor tennis club. The buyer intends to repurpose the space into a new and strategic high-level training center that will include indoor soccer fields and other training facilities for its existing base and new young athletes. Avison Young New Jersey notes there is continued demand for recreational centers in Northern New Jersey. With a limited available inventory of these types of properties, buyers are looking at former industrial facilities and converting them into recreational spaces.

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Stark Office Suites has purchased The Hartford Trust Building at 750 Main Street in Hartford, Connecticut, marking the company’s 10th location. The property was purchased from Houston-based 750 Main St. LLC. The purchased price was $4.3 million. Goldschmidt and Associates is Stark Office Suite’s broker. Adam J. Stark, President of Stark Office Suites, said the company plans to renovate the building, celebrating its architectural features while refreshing the suites and introducing cutting-edge modern amenities, such as a managed fiber-optic technology solution for the entire building. The 17-story, brick-and-limestone building at 750 Main Street was constructed by the Hartford-Connecticut Trust Co. in 1921. The building is listed on the National Register of Historic Places and is the oldest high rise commercial building in downtown Hartford. Situated on a prominent corner location across from the Old State House, the building features two- and three-story windowed arches and is capped with a superstructure designed to resemble a pedimented Roman temple. Architects for the Hartford Trust Building were Morris & O’Connor.

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Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of two office buildings located at 80 and 100 West Century Road in Paramus to 80 W. Century LLC and The Frisch School, respectively. The buildings were acquired by M&T Bank in its 2015 acquisition of Hudson City Savings Bank. Two different local users were selected. Cushman & Wakefield served as exclusive sales agent for M&T Bank. In New Jersey, the team of David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Frank DiTommaso II orchestrated the sale with assistance from the leasing team of David Sherman, David DeMatteis and Mark Zaziski. The deal also involved collaboration with William Hartman and Lou D’Avanzo based in the New York City office of Cushman & Wakefield. The Cushman & Wakefield team worked with Patricia Dore, Administrative Vice President for M&T Bank, and the Bank’s Senior Corporate Real Estate Manager. A private entity plans to relocate to 80 W. Century Road and occupy a portion of the space. The remaining space will be marketed for lease. M&T Bank will continue to operate its branch at the property, located immediately off of the entrance lobby. The single-story, 25,000 s/f building at 100 W. Century Road was purchased by The Frisch School, a co-educational high school, whose main campus is located adjacent to the property.

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Weiss Realty announced the sale of 1800-1836 West Lake Avenue, Neptune, NJ for $8,600.000. The three story, 48,492 s/f office building is located at the intersection of Route 35 and West Lake Avenue. CBRE Capital Markets Debt and Structured Finance team of James Gunning, Donna Falzarano and Kyle Saviano arranged a $6 million permanent loan from Natixis of behalf of West Lake Neptune LLC and West Lake Neptune 11 LLC for the transaction. Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty were the exclusive brokers and the Meyner and Landis Law Firm of Newark, NJ represented the seller. Saverio Cereste of Fort Lee and William Schmidt of West Orange represented the buyer. Jaime Weiss, President of Weiss Realty, said tenants in the building, which was built in 2010, include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy.

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CBRE announced that Jeffrey Dunne, Jeremy Neuer and Travis Langer of CBRE Institutional Properties in collaboration with Robert L’Abbate of CBRE Capital Markets and Brian Godau of CBRE’s Advisory & Transaction Services represented Grove Associates in the sale Oak Hill Park in Wayne, New Jersey for $10.8 million. The team was also responsible for procuring the buyer, Chopp Holdings. Oak Hill Park consists of two glass façade office buildings totaling 122,426 s/f that are 82 percent leased to a diverse tenant base of medical and professional services companies. Anchored by Merrill Lynch and North Jersey Spine, the property has 30 tenants. Oak Hill Park is the Class A office property on Route 23 in the Route 23/Paterson/Wayne submarket – demonstrated in part by a high historical occupancy of nearly 10 years for in place tenants.

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