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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield marketing three sites in Jamaica; Greenwich Village building sells for $14.5M

AGENTS

Cushman & Wakefield has been appointed the exclusive agent of three adjacent tax lots located at 22106-22126 Merrick Boulevard and 134-11 221st Street in Jamaica, Queens. The asking price is $10,250,000. A Cushman & Wakefield team consisting of Senior Managing Director Stephen R. Preuss, Associate Director Denise Prevete, Senior Associate Kevin Louie and Senior Associate Andreas Efthymiou will be leading the marketing efforts on behalf of the seller, BP Real Estate Fund, LLC. The lot’s existing buildings currently total 22,000 s/f and offer approximately 300 feet of frontage on Merrick Boulevard. The lots sit in a mixed C2-3/ R5D / R3A zoning, allowing for a combined total of 92,233 buildable square feet with a maximum 96,770 buildable square feet with community bonus. Upcoming approved plans for the site include a 22,000 s/f retail shopping center with on-site parking. Located in the Laurelton section of Jamaica, Queens, the property is surrounded by numerous retail options including Walgreens, The Home Depot and Key Food. The property is easily accessible by the Belt Parkway and situated less than 3 miles from JFK Airport.

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Besen & Associates announced the following exclusive assignments:

• Hilly Soleiman is marketing the properties at 573 West 183rd Street and 576 West 183rd Street. Built circa 1900, the two 3-story walkup buildings contain 17 apartments and two commercial spaces for a total of 5,274 s/f. The Properties are located across the street from one another and are both within walking distance to the 181st Street Station on the [1] subway train.

• Dan Shapiro is marketing 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 building contains six residential lofts, one retail store and a sub-basement. The asking price is $21 million.

• Amit Doshi and Shallini Mehra are marketing 245 Eldridge Street. The 37-foot wide, six-story building has ten free market units and two retail spaces. 245 Eldridge Street was built in the early 1900’s and the previous ownership gut-renovated the property in 1982. Current ownership purchased the Property in 1999 and has updated and renovated all of the apartments. This 14,161 s/f property is located between East Houston Street and Stanton Street in Manhattan’s Lower East Side. The asking price is $18.4 million.

SALES

Besen & Associates announced the $14.5 million sale of 133 & 135 West 13th Street in Greenwich Village. The Property consists of two 20.5 ft. wide adjacent residential buildings situated in the heart of all the action. An opportunity exists to combine the two buildings into one 41-foot wide single-family townhouse with roughly 9,600 s/f. Greg Corbin, Miguel Jauregui of The Corbin Group at Besen & Associates brokered the sale.

• 90-34 171st Streetin Jamaica, Queens, was sold for $6,780,000. Greg Corbin, Aaron Kline, and Robert Koda brokered the sale of the newly constructed 7-story luxury condo building at 90-34 171st Street.

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HPNY has closed on the purchase of 468-470 9th Avenue in Midtown West section of Manhattan for $8,000,000. The property is located on the corner of W 36th Street right outside the new Hudson Yard district. The 4-story walkup building consisted of 11 apartments and 4 stores. The building has approximately 4,000 s/fof retail with 50 Feet of frontage. Seller of property was long term family owned in a trust. The purchasing entity was 36th Street LLC. Ivan Hakimian and Josh Pomerantz of HPNY were involved in the transaction.

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TerraCRG has sold 52-56 Ainslie Street – a development site in Williamsburg, Brooklyn. The $5,100,000 deal was brokered by Ofer Cohen, Dan Marks, Matt Trotter, Peter Matheos and David Algarin along with their sales teams. The property is located between Rodney Street and Keap Street, with 48 feet of frontage on Ainslie Street. It is surrounded by new developments and sits in proximity to several major retail corridors. The 4,950 SF lot is zoned M1-2/R6A/MX-8, allowing for 2.0 FAR of commercial use, 2.7 FAR as-of-right residential use, or 3.6 FAR with inclusionary.  In addition, the zoning permits up to 4.8 FAR for community facility, giving the project a range of 13,365 to 17,820 buildable square feet. The mixed zoning allows for several types of developments on the site including residential condo/rental, retail, office, community facility, and mixed-use. The property is two blocks from the L train at the Lorimer Street Station, only one block from the G train at the Metropolitan Avenue stop, and in proximity to the Williamsburg Bridge and East River Ferry.

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Bestreich Realty Group announced four recent sales totaling close to $10 million.

• The $3.95 million sale of a 10,000 buildable square foot development site at 31-33 Frost Street in the Williamsburg section of Brooklyn, NY. The 50 feet by 100 feet site that is zoned R6B and the sale represents $395 per buildable square foot. Bestreich Realty’s Adam Lobel, Luke Sproviero and Derek Bestreich represented both the seller, a private family, and the buyer, Mortat Architecture + Development.

• The $2.6 million sale of 1082 Nostrand Avenue, a corner mixed use property in the Prospect Lefferts Gardens section of Brooklyn, NY. The 6,876 square foot property features seven residential units and one commercial unit. The property is located four blocks from Prospect Park and is near the 2, 5, B, and Q subway lines. The sale represents $291 per square foot. Bestreich Realty’s Erik Rodriguez, Luke Sproviero and Derek Bestreich represented both the buyer and seller.
• The $2.25 million sale of 163 Hope Street (aka 383 Union Avenue), in Williamsburg. This irregular 25 feet by 100 feet site contains a vacant three family home on Union Avenue and a retail restaurant/bar in the rear of the lot with 33 feet of frontage on Hope Street. This property also has redevelopment opportunity with approximately 8,326 total buildable square feet. Adam Lobel, Luke Sproviero and Derek Bestreich represented both the buyer and seller.

• The $1.175 million sale of 2025 Menahan Street in Ridgewood, Queens. This four-unit family apartment house features two bedroom railroad units. The property is conveniently located nearby the M and L Subway lines offering easy access to Manhattan. Greg Rhodes, Steve Reynolds, Tom Reynolds and Derek Bestreich represented both the buyer and seller.

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AMS Acquisitions has bought 86 Main Street, a six story 70,072 s/f Class A office building in downtown Yonkers with retail on the ground floor anchored by Citibank for $9.5 million. The property is the most recent Class A office building constructed in Yonkers. Avi Abadie, principal at AMS, said the company plans to make a significant capital investment in the building and has hired the Cushman & Wakefield team of Matthew Lisk and Kevin McCarthy to assist with leasing. 86 Main Street was built and occupied by Homes For America but the majority of the office building was never occupied following its construction in 2005. In 2008 the company was forced to give the keys back to the lender. The top three floors, 12,000 s/f each, are vacant. The second floor is 11,000 s/ft and is in ‘move in ready’ condition.

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