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Deals & Dealmakers

ON THE SCENE: C&W tapped for $6.8M Flushing condo, Cignature closes $6M Manhattan building

AGENTS

A team from CBRE and Pantheon Properties, on behalf of AEW & MRP Realty, is marketing the vacant, recently renovated 120,000 s/f single-story industrial building at 1300 Viele Avenue & 1301 Ryawa Avenue in the Hunts Point section of the Bronx. John Reinertsen of CBRE has teamed up with Gary Capetta and Matt Corpuel of Pantheon Properties to lease the property, which at 120,775 s/f, represents the largest block of single-story warehouse, distribution and manufacturing space available for immediate occupancy in the borough. The building, divisible to 35,000 s/f features eight tailgates and seven drive-in doors, which can be expanded, and 100ft. column spans.

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Cushman & Wakefield has been retained to sell condo unit #3G within 38-25 Main Street in Downtown Flushing. The asking price is $6,800,000. A team led by Thomas A. Donovan, with Stephen R. Preuss, Tommy Lin and Kevin Louie, will represent the seller in all marketing efforts. The sale is for a 6,817 s/f commercial condominium unit leased to a shared workspace company until 2020. The unit can be accessed directly through the retail elevators on the 39th Avenue side of Queens Crossing. Existing tenants in the building include Paris Baguette, New Mulan Seafood Restaurant and TD Bank.

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NLC Realty, LLC Assoc. and Capital Property Partners are co-listing a six-property Manhattan retail portfolio. The package includes three retail buildings, one retail co-op and three retail condominiums. The units can be sold separately or as a package. The properties are located at 74-76 Seventh Avenue S, 60 & 62 Greenwich Avenue, 211, East 46th Street, 300 Spring Street and 788 Ninth Avenue. Nicole Carra represents NLC Realty, LLC Assoc. and Daniel Rahmani represents Capital Property Partners

SALES

Bussel Realty Corp. arranged the sale of 150 Ethel Road West in Piscataway, NJ, for $4,125,000. Steve Bussel, president of BRC, SIOR, and Anthony Mircovich, vice president of BRC, represented the seller, Preferred Management. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group. East Coast Tire is expanding its operation into New Jersey from Long Island at this new location in Piscataway, in order to better service its Metro New York customers. The 33,000 s/f industrial building offers easy access to major highways and has 25,000 s/f of expansion capabilities. The property has 20-foot ceilings, 3,000 s/f of offices, four tailboards and one oversized drive-in door for loading, and heavy power.

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Charterhouse Development Corporation acquired a Kinney Drugs retail store in Elizabethtown, New York. Located at 7550 Court Street, the 11,598 s/f store was acquired by an entity operated by Charterhouse Development from STORE Master Funding X, LLC for $2,800,000. Kinney Drugs is a nationally recognized chain of over 110 drugstores and pharmacies primarily in Central and Northern New York, with additional locations in Vermont. Meredith Roy, President of Charterhouse Development Corporation made the announcement noting that his company is growing its presence in New York and the Northeast as a whole.

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Cignature Realty Associates LLC closed the $6.225 million sale of a multifamily building in Hamilton Heights in northern Manhattan. The 15,072 s/f building at 3694 Broadway, between West 152nd and West 153rd Streets in Manhattan, is a six-story multifamily property with 25 apartments. It was built in 1910. Cignature Realty Associates’ Peter Vanderpool represented both the seller, Sugar Hill Capital Partners and the buyer, City Skyline Realty, a local private investment company.

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Cushman & Wakefield announced the following sales:
• 309 East 92nd Street, a five-story, 8,600 s/f apartment building located in the Yorkville neighborhood, sold for $9.3 million. A team consisting of Robert M. Shapiro, Brendan Maddigan, Thomas Gammino, Ethan Stanton, Brett Weisblum and Ian Brooks represented the seller, 309 East 92, LLC. The property was purchased by the Legion Investment Group. The 10 unit, free-market apartment building is comprised of nine four-bedroom apartments and one two-bedroom apartment. The building was completely renovated in 2015 and all units are finished to condo quality. The property also offers a newly constructed roof deck and individual basement storage.
• 43-10/24 Queens Boulevard, an 8,521 s/f single-story retail building in the Sunnyside neighborhood of Queens sold for $9.9 million. A team consisting of Tom Donovan, Will Suarez, Eugene Kim, Maurice Suede and Sean Rucker represented the seller. The property features 95 feet of retail frontage and is comprised of eight retail tenants, the majority of whom have short-term leases and/or demolition clauses. The property offers approximately 43,700 s/f for mixed-use development.
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Dreamlife Realty announced the sale of Bagel World Plaza, a 16,000 s/f, 13-store strip center located at 356 Route 9, Manalapan, New Jersey. The seller, Rudder Realty Corp, has owned the center for 23 years. The buyer, RM Holdings Group, is a local investor. Alex Sirota of Dreamlife Realty, a tenant in the center, brokered the sale.

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Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates, announced that the company co-brokered the sale of 134 Mamaroneck Avenue, White Plains, NY, to J.P. Morgan Chase. The 5,000 s/f plus basement building will soon be a Chase Bank branch. Pam Bren Goldschmidt, of Goldschmidt & Associates, and Eileen Rivilis, of Seville Real Estate Services, represented the Seller. J.P. Morgan Chase was represented by Brian Donovan of Donovan Realty Services. The modern building was most recently an M&T Bank branch. The location has a separate rear entrance to the White Plains municipal parking lot.

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Marcus & Millichap announced the following sales:
• A 6,000 s/f office property located in Ridgewood, NJ, sold $2,000,000. David Thurston represented the seller, a limited liability company, and secured and represented the buyer, a limited liability company. The office building is located at 166 Franklin Avenue in Ridgewood, NJ. It has its own parking and is centrally located.
• 400 6th Avenue, a four story residential building located between 7th Street and 8th Street in Park Slope, Brooklyn, asold for $6,500,000 at a cap rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap’s Manhattan office, represented the seller, a private investor. The team also procured the buyer, another private investor. The property is situated between 5th & 7th Avenue Retail Corridor and consists of four studios, and 13 one-bedroom apartments, located three blocks from Prospect Park.

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Capital Property Partners has completed the sale of a 12,586 s/f mixed use corner property located at 769 Melrose Avenue in the Melrose neighborhood of the South Bronx. Michael Saidian, Associate Broker with Capital Property Partners, was the exclusive agent handling the sale, representing both buyer and the seller. The property consists of 12 residential units and 2 commercial units. 8 out of the 12 apartments were delivered vacant and one of the commercial units was delivered vacant. The property traded for $2,450,000 to a local investor.

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Redwood Realty Advisors has completed a 1031 exchange. The New York-based client reinvested proceeds from a New York multifamily property sale into a NNN restaurant property in Florida. The investor acquired a newly constructed Dunkin’ Donuts property in Largo, Florida, with a 12-year absolute triple net lease, paying $1,565,217 and a 5.75% cap rate for a very desirable asset in a high-barrier retail market. Redwood Realty director Constantina Drogaris, Esq. led the transaction team on behalf of the buyer.

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A partnership between MC Hicksville Realty LLC and Maple Forest Realty LLC has acquired the fully occupied retail shopping center located at 350-382 W. Old Country Road in Hicksville, NY for $6.1 million from Chicago-based US Realty Group. Adam Silber, principal of Silber Investment Properties, represented both parties. The property consists of 27,000 s/f of retail and restaurant storefront space. The shopping center had been in the seller’s family for over 50 years.

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