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Deals & Dealmakers

ON THE SCENE: Cushman marketing commercial building in Queens; Mixed-use portfolio up for grabs in Brooklyn


Cushman & Wakefield has been retained on an exclusive basis to market a fully-leased single-unit commercial building for sale, located at 132-10-132-16 Jamaica Avenue in Richmond Hill, Queens. The asking price is $6,250,000. Senior Managing Director Stephen R. Preuss will be leading the marketing efforts on behalf of the seller, 132-10 Jamaica Ave Realty Corp. Net-leased to New York City, the tenant is responsible for all utilities, plus the increase in tax over base year. The 12,360 s/f property is currently fully-leased to the School Construction Authority. Since November 2014, the tenant has occupied the space as a New York City Public School, District 28 Pre-K Center and has put approximately $5 million into building renovations. The property features 112 ft. of frontage and exterior land of approximately 1,000 s/f.


EMH Commercial Realty has been retained to sell a portfolio of four mixed-use buildings in the Prospect Heights and Ocean Hill neighborhoods. The buildings will be marketed as “The Low Expense High Income Portfolio,” with an asking price of $8.2 million. The walk-up properties total 10,891 s/f and contain 11 units. Buildings vary between 2 and 3 units and incorporate a total of 18 bedrooms and four retail units. The locations are: 589 Washington Ave; 994 Atlantic Ave; 992 Atlantic Ave; and 2017 Fulton St. EMH’s VP of Sales, Baruch Edelkopf will spearhead the marketing initiative with Mendy Wiesner and Yona Edelkopf. According to the brokers, the portfolio has the potential to gross over $470,000 in yearly income, representing a projected in-place yield of 4.9%. All units are market rent with new separate heating systems. The commercial rents are below average market rents. Combining the retail space would offer the chance to create 40ft of retail.


Friedman-Roth Realty Services announced the following exclusive assignments:

• 112 West 138th Street is a 6-story elevator apartment building with 54 residential units. Located between Lenox Avenue and Adam Clayton Powell Boulevard in the Central Harlem, the 38,904 s/f building is on the market for $24,500,000. Jim Mann is handling the sale of this property.

• 5 Eldridge Street is a 6-story walk-up mixed use building with commercial space on the first two floors and 8 residential units on the top three floors. Located in the Chinatown section of Manhattan, this is the first sale of this building in over 40 years. The asking price is $7,300,000. Eric Lupo is handling the assignment.

• 554 Meeker Avenue (aka 55-59 North Henry Street) is a mixed-use building with 7 apartments and 4 commercial spaces. The 3-story walk-up is located in the Greenpoint section of Brooklyn and has an asking price of $3,700,000. Mark Singer is handling the assignment.


GFI Realty Services has been named the exclusive sales agent for a development site on Brighton 4th Street in the Brighton Beach neighborhood. Senior Director of Investment Sales Erik Yankelovich and Associate Director Yisroel Pershin have priced the property at $4.425 million. The asset is an assemblage of four properties, plus additional air rights, that would allow for the construction of 25,572 s/f of space. The property is located within walking distance of the B and Q trains, and offers access to numerous national and local retailers


Alpha Realty announced the sale of 133 West 3rd Street in tGreenwich Village. The building consists of seven apartments and one store, with the retail occupied by a restaurant, totaling approx 6,200 s/f. The property sold for $8,850,000, which equates to $1,437 per foot. The apartments above the restaurant are open market and were delivered vacant. Scott Schwartz of Alpha Realty represented the buyers. Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented seller in the transaction.


Ariel Property Advisors announced the following sales:

• A development site package in Flatbush, located at 94 and 100 Lenox Road, sold for a collective $9.95 million, or $218 per buildable square foot, a record high for the area. The sale of the 45,500 buildable square foot property was brokered by Alexander McGee, Shimon Shkury, Sean R. Kelly Esq., and Daniel Tropp. Zoned R7A, 100 Lenox Road allows for residential development and was delivered with building plans for a seven-story, 31-unit apartment building.

• 465 West 163rd Street, a development site in Washington Heights, sold for $1.49 million. The vacant lot is located between Edgecombe Avenue and Amsterdam Avenue. Zoned R7-2, the site permits approximately 18,253 buildable square feet (w/community facility bonus), or 9,675 buildable square feet (as-of-right). Victor Sozio, Michael A. Tortorici and Matthew L. Gillis represented the owner.

• 514 West 169th Street sold for $2.5 million. The 10-unit multifamily building is situated on the south side of West 169th Street, between Audubon and Amsterdam Avenues. The five-story walk-up building spans 8,125 s/f. Current rents of the stabilized units are nearly 35 percent below market. A J-51 abatement tis in place until the year 2027. Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis and David Khukhashvilli represented the owner.


Bestreich Realty Group has closed the following sales:

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

• $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 s/f property features seven residential units and one commercial unit. Erik Rodriguez, Luke Sproviero and Derek Bestreich represented both the buyer and seller.

• $2.25 million sale of 163 Hope Street (aka 383 Union Avenue), in Williamsburg. This irregular 25-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 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 home features two bedroom railroad units. Greg Rhodes, Steve Reynolds, Tom Reynolds and Derek Bestreich represented both the buyer and seller.


Cushman & Wakefield arranged the sale of 25 Cuttermill Road, a retail strip in Great Neck Plaza, New York. The price was $4.8 million, equating to approximately $427 per square foot. Benjamin Efraimov and Kevin Schmitz represented the seller, 25 Cuttermill Road Realty Corp, in the transaction. The site was purchased by Nassimi Realty LLC. The commercial property consists of 11,250 s/fof retail space and is split into ten retail spaces, but divisible into 13-14 spaces. Currently, seven of the spaces are occupied. The property offers a 4,160 s/f basement, a 2,470 s/f mezzanine and 180 ft. of frontage on Cuttermill Road.


Marcus & Millichap announced the sale of 75 Mamaroneck Avenue, a single tenant retail building located on the corner of Mamaroneck Avenue and Mitchell Place in White Plains. The asset sold for $2,100,000. Joseph C. French, Jr. and Roger Reddy, Jr. of Marcus & Millichap’s Westchester office represented the seller, a private investor. The building constructed circa 1923 contains a total of 5,300 s/f above grade with 800 s/f on the second floor.


RKF announced that its investment sales and advisory services group has arranged the sale of a fully-leased retail property at 500 Mamaroneck Avenue in White Plains for $5,150,000, approximately $569 per square foot. The 9,050 s/f property has 180 ft. of wraparound frontage and is leased to Bank of America, Hilda Demirjian Laser and Skin Care Center, and Irish-themed bar Dunne’s Pub. The sale was arranged by Brian Segall and George Martinecz on behalf of the seller, Tahl Propp Equities. The RKF team also brought the buyer, Trion Holdings, to the transaction. 500 Mamaroneck book-ends the lower half of a high-density retail strip. In addition to The Westchester and Whole Foods Market, the property is near a variety of local and national retailers.


TerraCRG announced the closing of 96 Ingraham Street, an industrial building in East Williamsburg, Brooklyn. Dan Marks, Daniel Lebor and Mike Hernandez, along with their sales team represented the seller, closing the deal at $3M – $150,000 above asking price. The single-story, M1-2 zoned building has approximately 5,238 s/f with an additional 5,238 s/f in air rights. It features an open layout, one drive-in with an interior loading dock, and 19 ft. ceilings. 96 Ingraham Street, is i located between Knickerbocker Avenue and Porter Avenue, nearthe L train stop at the Morgan Avenue Station.


An industrial property located at 146 Davis Avenue in Bridgeport, CT, sold for $1,237,500 announced Jon Angel, president of Angel Commercial, LLC. The 17,088 s/f building on 1.72 acres was owned by Black Rock, LLC, and sold to J.E.T. Corporation, a Bridgeport manufacturer of non-ferrous sand castings. The property is near I-95 and the Fairfield Metro Train Station. Situated along Ash Creek bordering Fairfield, CT, the industrial property features four drive-in doors and a 17 ft. ceiling height. It was previously occupied by the Black Rock Fireproof Column Company, which relocated to East Hartford when it was acquired by United Steel.


Carmel Partners has acquired Hunters Glen, an 896-unit garden apartment complex in Plainsboro, New Jersey. The acquisition represents Carmel’s first investment in New Jersey and a continuation of its East Coast expansion. Terms of the transaction were not disclosed. Hunters Glen, built in 1978, is a multifamily residential apartment property located at 1109 Hunters Glen Drive. The complex, situated in a park-like setting, consists of 61 two-story wood frame buildings covering a 52.7-acre sit. Carmel plans to reposition the property, updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, recently installed grills, and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course. Trey Hilberg, Senior Vice President and Head of Investments for Carmel Partners, made the announcement. The property was marketed by and HFF investment advisory team that included Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli.


NAI James E. Hanson brokered the sale of 431 Midland Avenue, a 10,200 s/f industrial/flex building and 435 Midland Avenue, a 24,000 s/f industrial/flex building in Saddle Brook, N.J. Anthony Cassano represented the seller and Kenneth Lundberg and Patrick Lennon represented the buyer. 431 North Midland Avenue has 3,300 s/f of office space, 4,700 s/f of high-tech space and 2,200 s/f of warehouse space. It features 12 ft. ceilings and two overhead doors. 435 North Midland Avenue features 4,000 s/f of office space, two tailgate loading docks and 14 ft. ceilings. The adjacent buildings are located in the Bergen County industrial market with easy access to the Garden State Parkway, Interstate 80 and Routes 4, 17, 46 and 208. The buyer leveraged a 1031 exchange to purchase the two fully-leased buildings as a long-term investment opportunity.

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