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Deals & Dealmakers

ON THE SCENE: Marcus & Millichap completes six Brooklyn sales; Besen & Associates tapped for Midtown East building

AGENTS

Advisors Commercial Real Estate LLC has been retained to lease the entire third floor of space at 80 White Street. The building just completed a full internal and external renovation, with new mechanical and electrical systems. Gregory Gang and Catherine O’Toole will be leading the marketing efforts on behalf of the property’s owner. 80 White Street, located on the corner of White Street and Cortland Alley, is a neighborhood landmark with iconic New York City architecture. The third floor is 6,250 s/f and features a ceiling height of 12 ft. In addition to the mechanical upgrades, the building includes a new lobby entrance, façade, as well as a new elevator system. Other tenants include Artists Space and the Bronx Museum.

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Greg Corbin and Aaron Kline of The Corbin Group at Besen & Associates, have been retained by the Prince of Monteagudo for the sale of 229 East 60th Street. The Galleum Building is a 5,600 s/f gut renovated five-story elevator building. It will be delivered vacant, and features retail, office, two floor-through apartments, a roof deck that provides 360 degree panoramic NYC views, and a private garden. The Property is on the north side of 60th Street, between Third & Second Avenues, in the Midtown East Decoration & Design District. Asking Price is $8,875,000.

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EMH Commercial Realty to sell 2993 Fulton Street in the East New York section of Brooklyn. Baruch Edelkopf will represent the seller in this transaction. 2993 Fulton Street is a mixed-use property consisting of two commercial units and five residential free market units. The building was recently renovated and is currently fully occupied apart from one residential unit. Located on the Fulton Street retail corridor, the property is on the same block as the Cleveland Street train stop on the J line.

 

SALES

HPNY has closed on the off market sale of 155-159 East 96th Street in the Upper East Side section of Manhattan for $25,500,000. The property is located between Lexington and 3rd Avenue. The five-story residential elevator building consists of 40 apartments. The total built square footage is 37,000 s/f with an additional 57,000 s/f of air rights. The selling family was a partnership of the Zlotnik and Wolfson families. The Gould family was the purchaser. Sean Lefkovits and John Florek of HPNY represented both the buyer and the seller.

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Bestreich Realty Group announced the sale of three buildings for $10.55 million.

• The $5.35 million sale of 871 Park Place, an 8 unit located in Crown Heights. The building was fully gut renovated and features two, three and four bedroom units. The property is built 25 ft x 50 ft and offers approximately 6,880 square feet. Derek Bestreich, Luke Sproviero, Toby Waring and Adam Lobel represented the buyer and seller.

• The $2.8 million sale of 251 Bushwick Avenue, a mixed use located in Williamsburg. The property features two bedroom units. The property is built 25 by 58 ft. and offers approximately 5,800 s/f. It sits on a 25 by 80 ft. lot and is zoned R6, C1-3. Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky, and Justin Zeitchik represented both the buyer and seller.

• The $2.4 million sale of 173 Conselyea Street, a development site located in Williamsburg. The lot measures 25 by 100 ft. and is zoned R6A, C2-4. With a max FAR of 3, the property offers approximately 7,500 buildable square feet. Derek Bestreich, Luke Sproviero, Hakeem Lecky, Justin Zeitchik, and Donal Flaherty represented both the buyer and seller.

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Marcus & Millichap announced the following sales:

• 708 Willoughby Avenue, a 4-unit apartment property sold for $1,390,000. Shaun Riney, Daniel Greenblatt and William Grover, in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by the team.

• 934 Sterling Place, an 8-unit apartment property in Brooklyn, sold for $2,925,000. Shaun Riney represented the seller, a private investor, and the buyer, a private investor.

• 69 Meserole Avenue, an 8-unit apartment property located in Brooklyn, sold for $3,230,000. Shaun Riney and Michael Salvatico represented the seller, a private investor, and the buyer, a private investor.

• 6911 14th Avenue, a 6-unit apartment property in Brooklyn, sold for $1,660,000. John Brennan and Samuel Finkler, in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller. the pair also represneted the buyer.

• 35 & 45 Manor Road, a 7,055 s/f office property located in Smithtown, N.Y., sold for $1,150,000. Jakub H. Nowak and Jonathan Eshaghian, in Marcus & Millichap’s Brooklyn office, represented the seller and the buyer.

• 1855 Park Place, a 3-unit apartment property in Brooklyn, sold for $860,000. Matthew R. Peters, in Marcus & Millichap’s Brooklyn office, represented the seller and the buyer. The in-place cap rate was 3.8% and over $286,000 per unit, a price record for Ocean Hill.

• 950 Bushwick Avenue, an 8,675 s/f development site in Brooklyn, sold for $2,000,000. Shaun Riney and Thomas Shihadeh represented both buyer and seller.

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Alexander Pildes, Steven Schiavello and Michael Lombardi of Marcus & Millichap NJ announced the sale of 6001 Bergenline Avenue, a 2,500 s/f building in the West New York shopping district. The buyer is an affiliate of Rudder Realty Corp., a well known New Jersey investor specializing in retail properties. The seller is a local family that has owned the property for 31 years. GameStop Corp. has tenanted the property for the last 14 years.

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Friedman-Roth Realty Services announced the following sales:

• A Bronx apartment building located at 2541 Aqueduct Avenue West. The building, located between West 190th Street and West 192nd Street, is a six-story walk-up with 37 residential units and has a total of 27,250 square feet. The property was constructed in 1924 and this is the first sale of the building in more than 20 years. The purchase price was $6,314,000. Ben Koval represented the seller while the purchaser was procured by Gil Avni.

• A Brooklyn apartment building located at 5201 Snyder Avenue. The building is located in the East Flatbush section of Brooklyn and sits on the corner of East 52nd Street. The 80 foot wide property contains 32 residential units and has a total of 28,160 sq ft. The purchase was $5,300,000. Heshy Kraus represented the seller while the purchaser was procured by Gil Avni.

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Cushman & Wakefield announced the sale of 145 18th Street, a commercial building with development potential, located in Greenwood Heights, Brooklyn. The final closing price was $6.5 million, equating to approximately $392 psf. Winfield Clifford, William Barrett and Junji Miyake led the marketing efforts on behalf of the seller, Adel Rootstein USA. The property was purchased by SNL Storage. 145 18th Street consists of a 75 by 200 ft. lot and features a single-story, 16,577 s/f brick warehouse with the same dimensions. Located in a M1-2D zoning district, the property allows for 33,154 buildable square-feet of commercial development. 145 18th Street has three curb cuts and two roll gates in addition to a handful of skylights on the roof.

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Northeast Private Client Group announced the following sales:

• Regency Court Apartments located at 19 Stony Hill Road and 50 Country Club Road in Cheshire, Conn. Edward Jordan, the firm’s managing director, and Taylor Perun, senior associate in the firm’s Connecticut office, represented the seller and procured the buyer in the $1,980,000 transaction. The seller, Regency Court LLC is based in Cheshire, Conn. The buyer, a private Connecticut-based investor, purchased the property for a price that equates to $90,000 per unit, and a capitalization rate of 7.7 percent based on current net operating income. The property consists of 22 apartment units and 10 garage bays which provide additional income.

• 15 State Street, a 12-unit multifamily building was sold by a private Connecticut company to Connecticut-based Lerco Corporation for $545,000. This equates to a price of $45,416 per unit and a capitalization rate of 8.4 percent on the current net operating income. Taylor Perun, a senior associate, represented the seller and sourced the buyer.

• 1030 Meriden Road and 209 Wolcott Street. Meriden Estates is a 24-unit multifamily property while Valley View (209 Wolcott) boasts 29 units. Both were traded to a private Connecticut-based investor for $1,405,000 (Meriden Estates) and $1,895,000 (Valley View) as a portfolio sale. This equates to a price of $58,541 per unit for Meriden Road and $65,344 per unit for Wolcott Street. The seller, Ansonia Riverview Apartments, is a Connecticut-based property management firm. Brad Balletto, VP Investments, along with Rich Edwards and Jeff Wright, represented the seller and sourced the buyer in two simultaneous transactions totaling $3,300,000.

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NAI James E. Hanson announced the sale of Silk City Lofts, a 48-unit condominium and retail building, at 175 Broadway and an adjacent development site that was approved for 195 rental units at 105 Fair Street in Paterson, N.J. Anthony Cassano represented the seller, Great Falls Realty, LLC, and the buyer, JCM Investors, a Paterson-based real estate investment firm, in the transaction. The Silk City Lofts features 48 condominium units ranging in size from 717 s/f one-bedroom units up to 1,996 s/f two-bedroom units. Converted from a former silk mill, units at the building boast high-end luxury finishes. A 9,500-square-foot ground level commercial condominium is currently available for lease. Included in this transaction was an adjacent development site that was approved for 195 rental units and ground-level retail. The Paterson-based buyer recognized that both properties presented ideal investments.

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