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Deals & Dealmakers

ON THE SCENE: TerraCRG tapped for Greenwood Heights ground lease

AGENTS

TerraCRG has been retained to represent ownership in the ground lease or sale of 225 25th Street, a 52,250 s/f block-through property in Greenwood Heights, Brooklyn. Ofer Cohen, Dan Marks and Mike Hernandez, along with their sales team, are marketing the property. Situated between Fourth and Fifth Avenues, the M1-1D zoned, block-through property has frontage on both 25th and 24th Streets and is situated outside the Industrial Business Zone (IBZ). The 145 ft. by 200 ft. lot is improved by a three-story industrial building, with an additional 6,200 s/f useable basement.

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Ariel Property Advisors has been retained to sell the leasehold of 840 Westchester Avenue, a retail/office building in The Bronx. Ownership is requesting proposals for the property. The newly-constructed building (aka 845 Longwood Avenue), which spans 53,705 s/f, is located on the south side of Westchester Avenue, between Longwood Avenue and East 161st Street. The building contains two retail units, two office units, and a below-grade, 74-car parking garage that extends 24,300 s/f. The asset has 174 ft. of frontage along Westchester Avenue and benefits from 83,321 s/f of air rights. Exclusive agents Jason M. Gold, Victor Sozio and Orry Michael are representing the owner. The property is anchored by a Rite Aid and Dollar Tree on the ground floor, while the second floor is occupied by community-based organizations with long-term leases. The building’s tenants are responsible for paying their pro-rata share of operating expenses.

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The New York Capital Markets Group for Avison Young announced the following exclusive assignments:

• The sale of a retail condominium at 262 Mott Street in lower Manhattan. The ground-floor property consists of five fully-leased, individual condo units with a total of 5,831 s/f situated in the NoLiTa area. A team led by Principal and Head of Tri-State Investment Sales James Nelson, along with Director, Brent Glodowski and Associate, Henry Post, will market the retail condominiums on behalf of the owner. The property has 120 ft. of frontage on Mott Street and strong long-term cash flow as the average remaining lease term is over three years, and existing tenants are secured through 2020 and beyond. The current tenant roster include retailers Fjällräven USA, Tai Jewelry, TAGS, the Rebecca Hossack Gallery, and Flannel. Current ownership is investing significant capital into replacing the mechanical systems for all of the retail units and is performing select façade repair.

• The sale of 177 Franklin Street, a six-story with penthouse elevator building in Tribeca, currently serving as the flagship New York City location for Shinola, an American lifestyle brand specializing in watches, leather goods, bicycles and accessories. James Nelson and Charles Kingsley, alongside associate director Eric Karmitz, will market the 12,100 s/f asset on behalf of Bedrock, which owns Shinola, who currently occupies the entire building. Situated on one of the remaining cobble-stone streets in Tribeca, the building is currently used in its entirety as retail and office space but can be converted into condominiums or a single-family house. The owner will also consider other options, including a lease-back transaction. The property rests on a stretch of Franklin Street that was declared part of the Tribeca West Historic District in 1991. The building was previously acquired as an unfinished shell GDSNY who repositioned 177 Frankli before selling to Shinola.

SALES

Northeast Private Client Group has announced the sale of three buildings in Hartford, Conn. Edward Jordan, JD, CCIM, the firm’s managing director, Taylor Perun, a senior associate, and Brian McAvey, a licensed assistant, represented the sellers and sourced the buyers:

• 10-12 Congress Street and 54-58 Maple Ave, a 42-unit multifamily portfolio was sold JR Mullins Co. to Premier Capital Partners for $1,680,000, a price that equates to $40,000 per unit and a capitalization rate of 7.9 percente. • 30 Congress Street in Hartford, a 4-unit multifamily property, traded for $175,000 to Premier Capital Partners. This equates to a price of $43,750 per unit. The seller was Redbrick Partners.

• 19 Morris Street in Hartford, a 6-unit multifamily property, traded for $265,000 to a private Connecticut-based investor. This equates to $44,166 per unit and a cap rate of 11.4 percent The seller Redbrick Partners, is a Washington DC-based multifamily investor and developer.

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Concord Capital New York, a Rockland County investment firm, has purchased Playtogs Shopping Plaza, an 800,000 s/f mixed-use site with over 200,000 rentable square feet. Concord Capital’s founder and CEO Eric Jacobov plans to renovate the existing structure and lease the 18 acre site at 130-138, 144-146 and 156 Dolson Avenue. The property was purchased from CIII Asset Management, a loan servicer that foreclosed on the previous owner. According to records, the lender was awarded a $17.25 million judgment against the previous borrower. The bank then sold the property to Concord Capital for just over $4 million. The site known as Playtogs Plaza is 40 percent leased. Completed in 1986, it has parking for nearly 1,000 cars. Concord Capital New York will rename the site Middletown Plaza and Playtogs Corporate Center

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