Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Ariel Property marketing Jamaica assemblage; HPNY closes Hell’s Kitchen JV

AGENTS

Ariel Property Advisors has been retained on an exclusive basis to sell 150-28, 150-30 Liberty Avenue and 299 Tuckerton Street, a commercial/industrial assemblage located in Jamaica, Queens. The asking price for the three contiguous lots is $7.5 million. The assemblage – whose lot size totals 22,928 s/f while offering 354 feet of wraparound street frontage – presents an opportunity for owner-users and developers to capitalize on demand for commercial/industrial space. 150-28 Liberty Avenue is improved by a 2-story, 8,625 s/f commercial building with a garage on Liberty Avenue. 150-30 Liberty Avenue has a 1,380 s/f storefront. The rest of the property is currently an open parking lot. M1-4 zoning (FAR: 2.0) provides 45,856 buildable square feet, as-of-right. Ownership acquired 8,275 s/f of additional air rights from adjacent properties, bringing the total buildable area to approximately 54,131 s/f for commercial or industrial use. Exclusive agents Michael A. Tortorici, Sean R. Kelly, Jesse Greshin, Victor Sozio and Matthew Lev are representing the owner.

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Cushman & Wakefield has been retained to arrange the sale of three Queens properties, including two development sites and one luxury waterfront building. The properties range in price from $4.2 million and $19.5 million. A team led by Stephen R. Preuss, with Denise Prevete, Kevin Louie, Andreas Efthymiou and Kevin Schmitz will represent the sellers in all marketing efforts.
• The individual properties include 14-34 110th Street in College Point, a 69,918 s/f waterfront luxury mixed-use multifamily building on the East River waterfront. The seven-story building features 34 residential units, approximately 24,150 s/f of commercial space and 95 parking spaces. The residential portion offers studio, one-bedroom and two-bedroom units with high-end finishes. Building amenities include laundry rooms on each floor, storage space and a roof deck. The asking price is $19.5 million.
• 181-01 Jamaica Avenue, is a 14,570 s/f lot primed for redevelopment. The property is improved by three single-story retail structures totaling approximately 3,772 s/f. There is an auto repair lot and garage occupied on a month-to-month basis, and two additional buildings which will be delivered vacant. The lot allows for up to 28,192 buildable square feet for residential and commercial development, and up to 29,140 buildable square feet through the community facility bonus. The asking price is 4.2 million.
• 25-79 31st Street in Astoria, is a 6,138 s/f vacant lot offering 29,204 gross buildable square feet that could accommodate one commercial or community facility space, and 23 residential units. The asking price is $5.6 million.

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ACC Real Estate Services, Inc. has been appointed property manager and exclusive leasing agent for 1600 Stewart Avenue in Westbury, NY. The property is comprised of 220,000 s/f of Class A office space located on the South West corner of Stewart Avenue and Merrick Avenue. John Proscia, Chief Executive Officer, ACC Real Estate Services, made the announcement.

SALES

CPEX Development & Conversion Sales Team has sold a site in Prospect Heights slated to be a 10,000 s/f mixed-use residential building. The purchase price was $2,900,000. 170 Park Place is is directly above the B and Q trains at 7th Avenue, two blocks from Grandy Army Plaza. The site is a newly apportioned tax lot subdivided from 347 Flatbush Avenue, which consisted of a three-story mixed-use building and a one-story portion on Flatbush Avenue and Park Place. The single-story portion on Park Place was demolished to create a newly formed tax lot, 170 Park Place, with a 1,240 s/f footprint. The unused development rights from the whole site were transferred to 170 Park Place to create a site with approximately 10,000 buildable square feet. The newly developed site will include a cantilever over a portion of the remaining buildings. Brian T. Leary and Jidan Kim, along with Sean Sears, represented the seller and procured the buyer.
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441 West 37th Street

HPNY has closed on the Joint Venture sale of 441 West 37th Street in Hell’s Kitchen at a valuation of $7,000,000. The property is located between 9th and 10th Avenue. The 2-story garage building is being delivered Vacant. The total buildable square footage is roughly 15,000 s/f, which equates to $466 a buildable foot. The seller of property was a long-term local family. The purchasing entity was Living Development LLC. Josh Pomerantz of HPNY brokered the transaction.
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Marcus & Millichap announced the following sales:

MATT STEINBERG

• 561 Manhattan Avenue, a 5,651 s/f mixed-use property in Brooklyn, sold for $4,450,000. Shaun Riney, Michael Salvatico and Matthew Steinberg represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.
• 284 Prospect Park West, a 6,318 s/f mixed-use property located in Brooklyn, sold for $2,950,000. Shaun Riney, Michael Salvatico, and Jonathan Cypers of Marcus & Millichap’s Brooklyn office, Preet Sabharwal, Daniel Corcoran of Marcus & Millichap’s Manhattan office, represented the seller, a private investor. The buyer, a private investor, was secured and represented by Riney, Salvatico and Cypers.• Plaza 35, a 62,000 s/f multi-tenanted medical office complex located at 1030 Saint Georges Avenue, Avenel, NJ, sold for $8,500,000. Kim Kretowicz, Fahri Ozturk, Perry Davis and Richard Gatto, investment specialists in Marcus & Millichap’s New Jersey office, represented the seller and the buyer.
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Colliers International NJ arranged the sale of Cooke Mills, 19 Market Street in Paterson, NJ. The 14-unit Great Falls Historic District rental property was purchased by a private regional investor purchased $1.9 million – or $135,750 per unit. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale marketed the property in conjunction with Ten-X. Cooke Mills is a three story, elevatored building with surface and below-grade parking. Its two- and three-bedroom units are part of a larger, 20-unit project constructed in 2007. Cooke Mills has been at or near 100 percent occupancy since the seller acquired it in 2012. The brick and decorative brownstone-faced building incorporates the façade and a lower-level portion of a historic, 1880 mill building.
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NAI James E. Hanson brokered the sale of a 2,000 s/f gas and service station on 0.65 acres at 2650 Route 22 in Scotch Plains, NJ. Gary Sauerborn and Dominic Fittizzi represented the seller, Scotch 22 LLC, in the exclusive transaction. The buyer was Saurav & Cagan Mgt. LLC, which will upgrade the pre-existing gas station. Currently branded as a Citgo station, 2650 Route 22 has two access points from either Route 22 or Mountain Avenue and features 20 parking spaces and three double-wall fiberglass storage tanks installed in 2008.
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Hunt Corporate Services announced the sale of a 9,500 s/f suburban office building at 354 Veterans Memorial Highway in Commack, NY for $1,125,000. An investor bought the building, where tenants include attorneys, accountants, physicians and non-profits. The three-story building is part of an office park at the entrance to the Northern State Parkway that was originally built in the 1980s by Herman Udasin. Andy Dorman handled the transaction. The new owner, HJTM Inc. will upgrade tcommon areas, and install a new outdoor seating plaza.

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