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Deals & Dealmakers

ON THE SCENE: Alpha Realty sells trio of Crown Heights buildings; Bronx building sells for $8.5M in Highbridge

Alpha Realty announced the sale of 1193, 1199, and 1205 Eastern Parkway for $11,300,000. The three contiguous buildings are located in Crown Heights section of Brooklyn. The properties, all four-story walk-ups, consist of 50-units in total and approximately 55,000 s/f. The sale achieved a 15x rent multiple and equated to $205 psf. The buyer is NY-based multi-family operator, while the seller is a local private investor. Alpha Realty’s managing partner Lev Mavashev negotiated the off market deal.

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Ariel Property Advisors facilitated the sale of 4510 White Plains Road, a commercial building located in The Bronx neighborhood of Wakefield. The 2-story property sold for $3.725 million. The block-through property benefits from frontage along White Plains Road and Furman Avenue. Spanning 29,029 s/f, the building has four curb cuts and entrances. Agents Marko Agbaba, Jason M. Gold, Victor Sozio, and David Khukhashvilli represented the owner and secured the buyer. The property has undergone an array of renovations, including a roof replacement, a gas boiler conversion, and a sprinkler system installation. Zoned M1-1, which allows for manufacturing, the building’s new owner inherited an in-place ICAP tax abatement that are set to expire June 30, 2039.

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Jonathan Shainberg, Shallini Mehra and Amit Doshi of Besen & Associates announced the sale of 1110 Anderson Avenue in the Highbridge section of the Bronx. The 51,500 s/f six-story elevator building consists of 44 apartments with a mix of one and two bedroom units, approximately 1,000 s/f each. The sellers were long-term holders, having acquired the building back in 1982. The property is close to the 167th Street Subway Stop and a 10-minute train ride into Manhattan. The 110 foot-wide property sold for $8,500,000, which equates to $193,181 per unit, $165 psf and a 4.1 percent capitalization rate.

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Roni Soleimani of Capital Property Partners announced the sale of a two-building retail package in the Canarsie neighborhood of Brooklyn. The sale price was $6,500,000. The package has a total of 11,680 s/f consisting of four retail units. All units are occupied anchored by Family Dollar. These properties receive excellent exposure as it is only steps away from restaurants, shops, markets, Canarsie Park, and the L train. Soleimani represent the buyer. Lukas Rociunas-Englert, also of Capital Property Partners, represented the seller.

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Cushman & Wakefield arranged the sale of an 8,285 s/f mixed-use building located at 944 Columbus Avenue in the Upper West Side’s Manhattan Valley neighborhood. The final closing price was $4.2 million. Guthrie Garvin and Hall Oster represented the seller in the transaction. The site was purchased by Comprehensive Practice Management LLC. 944 Columbus Avenue features five-stories, nine residential apartments and two commercial units. Of the nine residential units, one is vacant, one is rent controlled and seven are rent stabilized. The ground floor of the property contains a garden studio apartment. Floors two through five are designed as a pair of front and back two-bedroom apartments but have the potential to be converted into three-bedrooms as they become vacant. The retail component consists of a beauty salon and a small restaurant both with leases scheduled to expire during the summer of 2018.

• 210 East 95th Street, a residential, five-story walk-up in Carnegie Hill, sold for $12,150,000. Hall Oster, Tom Gammino, Teddy Galligan, Brett Weisblum and Tim O’Brien represented the seller in the transaction. The 9,892 s/f 25-foot wide building has been extensively renovated and contains 15 units, all of which are free market. The units consist of two, two-bedroom, 12 three-bedroom and one four-bedroom apartment. The three ground floor units have been duplexed with the basement. Property features include a landscaped roof deck open to all tenants, high-end finishes, in-unit washer dryers and a gas-fired boiler.

• A 20,930 s/f mixed-use apartment building at 1618 Benson Street in the Westchester Square neighborhood of the Bronx. The final closing price was $4,550,000. Guthrie Garvin and Karl Brumback represented the seller. The site was purchased by SKYC Management. The five-story mixed-use apartment building features 23 residential units and three commercial units, all of which are currently occupied. The building also features billboard space and cellular antennas, which are operated by Sprint Corp. 1618 Benson Street offers more than 50 feet of frontage on East Tremont and 50 feet of frontage on Benson Street. The property is a short walk from the Westchester Square-East Tremont Avenue subway station.

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GFI Realty Services announced the $5.425 million sale of 70-74 East 116th Street, a five-story mixed-use property located in the East Harlem section of Manhattan. The 21,000 s/f property is comprised of 23 apartments and three retail stores. GFI Realty Associate Director Kobi Zamir represented the buyer and seller in the transaction. Both are local investors. The building’s two regulatory agreements are due to expire in six years. The three commercial units are currently signed to below-market leases with near-term expiration dates.

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HPNY has closed on the sale of 759-63 Manhattan Avenue in the Greenpoint section of Brooklyn for $9,400,000. The property is located between Meserole and Norman Avenue. The five-story mixed-use walkup is built 17,000 s/f and consists of 16 apartments and two stores. The retail is occupied by Mattress Firm and Wine Store. The building traded around $552 psf. Seller of property was an investment fund. The purchasing entity was a 1031 investor. Ivan Hakimian and Lexi Kaplan of HPNY were involved in the transaction.

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Marcus & Millichap announced the following sales:

• 1829 Madison Street, a 6-unit apartment property located in Ridgewood, sold for $1,800,000. Shaun Riney, Thomas Shihadeh and Andrew Reiter in the firm’s Brooklyn office, represented the seller, a private investor, and the buyer, also a private investor.

• 664 6th Avenue, an eight-unit apartment property in Brooklyn, sold for $2,700,000. John Brennan and Richard Sodeke, in the firm’s Brooklyn office, represented the seller and the buyer. The sale price represented 18 times the gross rent roll, and $500 psf . The fully-occupied building had been held by the same family for 52 years. The buyer is a local investor.
• 433-439 Miller Avenue, a 25-unit Brooklyn apartment property sold for $3,800,000. Shaun Riney, Thomas Shihadeh, Daniel Greenblatt, William Grover and Jonathan Cypers represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.

• 1656 Dekalb Ave, a six-unit apartment property in Brooklyn, sold for $1,075,000. Shaun Riney, Thomas Shihadeh, and Andrew Reiter, represented both buyer and seller.

• 220 North 6th Street, a 3-unit Brooklyn apartment property sold for $2,050,000. Shaun Riney, Michael Salvatico and Matthew Steinberg represented the seller and the buyer.

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ONE Commercial Realty announced the sale of 1850 Amsterdam Avenue in Harlem for $4,530,000. A vacant elevator parking garage with redevelopment potential, the site offers 9,600 s/f above grade and 4,800 s/f of usable below grade cellar. Total buildable square feet is 20,000. The sale price equates to $471 psf or $226.50 per bsf. Josh Lipton & Andrew Levine represented both the seller, Wall To Wall Holdings, LLC , and the buyer. 1850 Amsterdam Avenue, LLC . The sale price is record for a conversion/development site north of 145th Street.

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Northeast Private Client Group announced the following sales:

• New Hackensack Plaza located at 1820 New Hackensack Road in Poughkeepsie, NY. Bradley Balletto and Jeffrey Wright represented the seller and procured the buyer in the $3,450,000 transaction. Over the past ten years, New Hackensack Plaza has undergone gut renovations along with the replacement of all mechanical, plumbing and electrical units. The site contains approved plans for a 3,200 s/f pad site and potential to build apartment units above the retail units. The seller was K&J Partners LLC. The buyer, Qualamor Corp, paid $136.93 psf, and a capitalization rate of 7.9-percent on current net operating income.

• Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and sourced the buyer of 127-129 Howe Street, an 8-unit building sold by PK&R LLC for $1,050,000, or $122,500 per unit and a capitalization rate of 4.3 percent.

• Grand Avenue Apartments, New Haves, is a 12-unit multifamily property which traded for $1,025,000. This price equates to a price of $85,526 per unit. The seller was Navarino Capital. Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and sourced the buyer.

• 456 Lombard Street, a 16-unit multifamily property near the corner of Lombard Street and Fillmore Street in New Haven, was sold by NHR Properties for $1,360,000. This price equates to a price of $85,000 per unit and a capitalization rate of 8.2-percent. Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and buyer.

• A 6-unit multifamily property on 36-38 Lyon Street in New Haven was sold to White Plains-based The Kempner Corp for $950,000. This price equates to a price of over $158,000 per unit and a capitalization rate of 9.2-percent. Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and sourced the buyer.

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