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Deals & Dealmakers

ON THE SCENE: Besen & Associates tapped for Brooklyn package, Gebroe sells 118 units in Jersey

AGENTS

Besen & Associates announced that Jack A. Cohen has been retained exclusively to sell a rare 192,000± BSF assemblage in Brownsville, Brooklyn, 31-41 Belmont Avenue, 43 Belmont Avenue, 47 Belmont Avenue, 121 Osborn Street, 123 Osborn Street, 127 Osborn Street, 129 Osborn Street, 132 Osborn Street, 133 Osborn Street, 134 Osborn Street, 135 Osborn Street, 136 Osborn Street, 137 Osborn Street, 138-150 Osborn Street, 141-143 Osborn Street, 148 Watkins Street and 152 Watkins Street, Brooklyn, NY 11212. The properties are located one block from the retail of Pitkin Avenue, and within walking distance to the Sutter Avenue L subway train and the Rockaway Avenue and Junius Street 2, 3 & 4 subway trains. MTA bus lines surround the assemblage. Local retailers include: GameStop, Foot Locker, V.I.M., The Children’s Place, Jimmy Jazz, Chase Bank, T-Mobile, Planet Fitness, Domino’s Pizza, Ashley Stewart, Sprint, Rite Aid and Dollar Tree. Existing 111,000± BSF and Proposed 192,000± BSF. Asking price is $22,000,000.
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Marcus & Millichap has been selected to exclusively represent the owners of 10453-55 42nd Avenue, located between 104th Street and 108th Street in the Corona section of Queens, NY, in the sale of the property. It is listed for $5.2 million. The four-story, multi-family building consists of 15 residential units, which are two-bedroom apartments with balconies. It sits on a 50-foot-by-100-foot lot with approximately 11,114 gross square feet and is zoned R5. The property offers investors the rare opportunity to purchase a multi-family building with 15 free-market apartments near the 103rd Street Corona Plaza subway stop. Matthew Fotis is representing the seller along with Tyler Schadt.
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Rudder Property Group is marketing a second floor commercial condominium for sale at 227 West 17th Street. The 6,096 s/f space occupies the entire second floor of the building and offers polished concrete floors, 14 ft. ceilings and 130 ft. of southern exposure with oversized. The offering includes a small ground floor space that could be utilized for retail signage and/or storage. The property is located next to Twitter’s headquarters and within close proximity to the High Line and Chelsea Market, multiple subway lines and the PATH train. Michael Rudder and Michael Heller have listed the condo at $6,250,000.

SALES

Besen & Associates announced that Amit Doshi, Ron Cohen, Shallini Mehra and Shlomo Gelernter sold 84 Second Avenue in the East Village. The 4,812 s/f, 4.5-story, walk-up consists of four apartments, two retail units, and allows for 9,600 s/f of total development rights. The property was delivered vacant and in need of a gut renovation. The sale price was $7,800,000, which equates to $1,620 per square foot and a 50% increase over what the seller paid for the asset just 24 months prior. The sellers had previously acquired the property in May 2016 for $5,120,000 and planned to re-develop it themselves. They had approached the Landmark Preservation Committee (LPC) with plans. Besen had targeted a handful of active players in the area and procured an offer at which it made good sense for them to exit.
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The CPEX Development & Conversion Sales Team has sold a 35,200 s/f development site in Jamaica for $3,350,000, which translates to $95 per buildable square foot. The buyer, a local developer, plans to demolish the existing warehouse on the site to clear way for a commercial development. The site is located at 144-02 94th Avenue, across the street from Jamaica Station Plaza. The 4,400 s/f footprint offers 35,200 buildable square feet for commercial or residential development, provided that it has an affordable housing component. Brian T. Leary, Catherine Vintonik, Sutherland Dyke and Jidan Kim represented the seller. CPEX also procured the buyer.
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Cushman & Wakefield arranged the $7.25 million sale of a downtown Newark structured parking facility. Edison Properties acquired the 357-space garage from Lincoln Equities Group and Welcome Parking. The asset is located at 1160 Raymond Boulevard, within walking distance of many of Newark’s major office buildings, hotels, and entertainment and sporting venues, as well as Newark Penn Station. Cushman & Wakefield’s David Bernhaut headed the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer and Ryan Larkin.
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Highcap Group announced that Laurence Ross sold 21 Park Place for $9,000,000. The property is a five-story, 11,000 s/f commercial building located in Tribeca between Church Street and Broadway. Zoned C6-4 in the Lower Manhattan Special Purpose District, it came with approximately 7,100 s/f of additional air rights. The building had been fully occupied by Tent & Trails, a staple in the neighborhood since the early 1970’s which sold outdoor sporting goods and recreational equipment. The floors consisted of showroom selling space plus additional storage and mezzanine areas. The buyer, a Canadian International Real Estate investment group led by Tom A. Grainger, is adding to an existing New York portfolio.
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Marcus & Millichap announced the sale of a recently constructed 12-unit elevator apartment building located in Union City, NJ, for $3,025,000. The sale price equates to $252,000 per door, which to date, is the highest price per unit in history to ever sell in Union City. Jonathan Zamora, a senior investment specialist in Marcus & Millichap’s New Jersey office, exclusively represented the seller and procured the buyer, both private investors. The apartment building is located at 536-538 29th Street in Union City, NJ. The building was built in 2015 and comes with an elevator and covered parking. Each unit comes has a washer/dryer, parking space and hardwood floors.
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Oneworld Property Advisors announced the $7 million sale of a commercial condominium unit at 633 3rd Avenue. The government of Uruguay purchased the 8,000 s/f 13th florr space for its UN mission office. Vlad Sapozhnikov, managing partner of Oneworld Property Advisors, said the buyer signed the contract and closed all cash on the same day. The Mission previously rented space at 420 Madison Street. Vlad Sapozhnikov represented the seller, Mark Toubin of Cresta represented the buyer.
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Gebroe-Hammer Associates announced multi-family sales totaling $20.32 million and 118 units throughout Perth Amboy, Bradley Beach, Eatontown and Neptune where Gebroe-Hammer exclusively represented each of the sellers and/or procured the buyers.
• Within the East Middlesex submarket, Debbie Pomerantz and Adam Zweibel arranged the $5.625 million trade of Spring Cove Apartments, a newly constructed 38-unit 55-and-over apartment-home community at 75 New Brunswick Ave.
Nicholas Nicolaou and Adam Zweibel closed the $4.57 million sale of La Reine Arms, at 201 Lareine Ave., in Bradley Beach. The five-story property features a mix of studio and one- and two-bedroom units ranging from 500 to 1,000 s/f.
• In nearby Eatontown and Neptune, Adam Zweibel also finalized the trades of Throckmartin Apartments, a 20-unit garden-style community at 73 Throckmorton Ave., and 248-250 Myrtle Ave., a quaint 22-unit complex with a mix of one and two bedroom layouts.
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Northeast Private Client Group announced the sale of three buildings located in Norwalk, Conn. Brad Balletto, VP Investments, Rich Edwards, investment associate and Jeff Wright, investment associate in the firm’s Connecticut office, represented the sellers and sourced the buyers in multiple transactions totaling $4.3 million.
• 75 South Main Street, a 6-unit multifamily property, was sold by Sono Court LLC to a private New York-based investor for $1,225,000. This equates to a price of $204,166 per unit and a capitalization rate of 7.2 percent on the current net operating income.
• 33 Seaview Avenue in Norwalk, a 6-unit multifamily property, traded for $1,160,350 to Aspetuck Partners LLC. This equates to a price of $193,391 per unit and a capitalization rate of 6.7 percent on the current net operating income. The seller, Fairfield Opportunity Investors LP, is a Fairfield-based multifamily investor.
• 77 Winfield Street, an 11-unit multifamily property, traded for its full asking price of $1,950,000 to Property 25 NR LLC. This equates to a price of $177,273 per unit and a capitalization rate of 6.0 percent on the current net operating income. The seller, KMRK Investments LLC, is a Norwalk-based company.
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Schuckman Realty has facilitated the sale of 519 & 521 W. Jericho Turnpike. The sale price was $2.51 million. Ari Malul and Matthew Colantonio of Schuckman Realty represented both the buyer, 519 Property Management Group, who purchased the two adjacent properties at the Northwest corner of W. Jericho Turnpike and Meadow Road, and the seller, 519 W. Jericho Associates. 519 and 521 West Jericho Turnpike are 12,000 s/f and 2,300 s/f respectively. 519 W. Jericho has a tenant, STAT Health, which was recently acquired by CityMD. 521 W. Jericho Turnpike is a vacant mixed-use building, which the buyer plans to renovate and tenant.
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The 7,628 s/f former Auto Parts Mart building at 1549 Barnum Avenue in Bridgeport has been sold by Mathew, LLC to RW Acquisition Company, LLC. The sale price was $400,000. Alan M. Fischer, CCIM, SIOR, of Fischer Commercial Real Estate represented both the seller and the buyer in the all-cash transaction. The new owner, a New York-based developer, will be gutting the inside and converting the building into a first-class self-service laundromat.
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Joel J. Gorjian of New York-based Gorjian Acquisitions, has completed the purchase of the Airport Plaza shopping center located at 4040-4114 Airport Highway in Toledo, Ohio. The seller in the off-market deals was a private investor. The 16,000 s/f one-story neighborhood retail property is located on a 2.11-acre site with a parking lot. The tenants include a selection of service and retail outlets, such as a laundromat and a nail salon. Gorjian has acquired 24 properties across the United States in the last 12 months. His is currently pursuing additional acquisition opportunities in the Midwest, Southwest, Southeast, and Northeast. Gorjian is currently negotiating 11 additional real estate transactions throughout the United States.

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