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Deals & Dealmakers

On The Scene: Ariel lands three-story mixed-use in Bushwick, Houlihan-Parnes sells 445 W. 21st

AGENTS

Ariel Property Advisors announced the following exclusive assignments:

  • 29 Locust Street is a three-story mixed-use Bushwick building on the west side of Locust Street, between Broadway and Beaver Street. The walk-up contains two residential units above one commercial unit, which runs approximately 96 ft. deep. The 2nd and 3rd stories contain one apartment per floor. The asking price is $1.75 million. The property will be delivered vacant. Daniel Tropp, Shimon Shkury and Alexander McGee are representing the owner.
  • 102 Wyckoff is a Bushwick development site, which measures 60 by 85 ft and is located between Stockholm Street and DeKalb Avenue. Zoned
    DANIEL TROPP

    R6, its 2.2 FAR allows approximately 10,145 buildable square feet, as-of-right, for residential use. The lot contains an existing parking structure that will be delivered vacant. The asking price for the property is $2.45 million. Sean R. Kelly, Daniel Tropp and Alexander McGee are representing the owner.

  • Proposals ate being sought for the ground lease of land and unused air rights at 2915 Ocean Parkway in Brighton Beach. The land measures approximately 44 by 144 ft. and offers 35,542 buildable square feet for residential use, including air rights from the adjacent building. The property is within walking distance of the Q train at Ocean Parkway and close to new or planned developments by Taconic Investment Partners, Muss Development, and Red Apple Group. Daniel Tropp, Shimon Shkury and Jonathan Berman are representing the owner.
  • The Merrick Boulevard Assemblage, the largest development site in the residential Queens neighborhood of Laurelton, is being offered for $9.25 million. Comprised of three contiguous lots, located at 221-06/221-26 Merrick Boulevard and 134-11 221st Street, the site offers 593 feet of frontage. With a lot area of 49,838 s/f, the R5D/R3A/C2-3 zoning allows for 99,676 buildable square feet for development. Jason M. Gold, Alexander Taic, Victor Sozio and David Khukhashvili are representing the owner.

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EMH Commercial Realty announced the following exclusive sale assignments:

  • 1286 Madison Street in the Bushwick neighborhood of Brooklyn. The property is a fully occupied mixed used building consisting of one commercial unit and six free market residential units. The asking price is $3,200,000. The building underwent extensive renovations featuring high-end finishes and new mechanicals. It is located down the block from the Bushwick Playground and walking distance to the Halsey station on the L train and the B52 and B56 bus route. Baruch Edelkopf and Yona Edelkopf are handing the assignment.
  • 9 Marcus Garvey Blvd, located in Bedford-Stuyvesant, Brooklyn, is a fully occupied mixed-use building consisting of two retail units and five free market two-bedroom apartments. The building recently underwent extensive renovations featuring high end finishes and new mechanicals. The property is located off the Broadway retail corridor. Baruch Edelkopf is leading marketing.

SALES

Cignature Realty Associates announced the following sales:

CHRISTOPHER SKITCH
  • 561-563 West 140th Street in Hamilton Heights, Manhattan for $7.425 million. The five-story multifamily walk-up building has 26 units and 17,205 s/f. It was built in 1920. Peter Vanderpool represented the buyer, Sugar Hill Capital Partners and Michael Tortorici of Ariel Property Advisors represented the seller, 561 Building CO, Inc.
  • 319 East 93rd Street on the Upper East Side of Manhattan between 1st and 2nd Avenues was sold for $6 million. The is a five-story multifamily walk-up building has 10 apartments. The 8,648 s/f building was built in 1920. Christopher Skitch represented the sellers, Diana Cormack and Jonathan Bradshaw, and Peter Vanderpool represented the buyer, 319 East 93rd Street LLC, a local real estate investor

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Cushman & Wakefield announced the following sales:

  • 15 Route 173, a 30,000 s/f warehouse on 13 acres in Hampton, NJ. Kal Freight Inc., a Chino, Calif.-based logistics company, purchased the
    DENISE PREVETE

    asset. Daniel Badenhausen and Andrew Stypa represented the buyer. Located along the I-78 and I-81 corridor that links New Jersey with the entire East Coast, the property has 50 loading doors, and cross-docking.

  • 215-01/11 42nd Avenue, a 44,981-buildable-square-foot lot with an existing 8,000 s/fbuilding in Bayside, Queens, sold for $9.7 million, or $216 per buildable square foot. Stephen Preuss, Denise Prevete and Kevin Louie represented the seller, Queensborough Lumber Company, Inc.. The property was purchased by Steven Novenstein of Storage Deluxe. The buyer instens to use the property as a storage facility. The 44,981 s/f property is currently occupied on a net-leased basis by a single tenant in a lease extension which expires October 31, 2019 and has two additional 2-year lease extensions. The lot benefits from development rights and 107,953 buildable square feet for commercial development.

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Highcap Group announced the sale of 1029 Westchester Avenue, Bronx. Jonathan Bichoupan and Daniel Hakimian brokered the off-market sale of the building located at 1029 Westchester Ave in the Foxhurst section of the Bronx. The property is a 6-story, mixed-use walk-up with 32 apartments and five stores on the corner of Westchester Ave and Simpson St. The entrance is steps from the 2 and 5 subway lines. The property sold for $8,150,000 which represents a sales price of $220,000 per unit, $323 per foot, a rent roll multiple of 12 times the gross rent, and a capitalization rate of just over six percent.

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CHRISTIE HOULIHAN

Houlihan-Parnes Realtors announced the sale of 445 West 21st Street, a 9,375 s/f, 10-unit apartment building. The family-owned property was sold for $9.35 million after 114 years of ownership. Located in Chelsea close to the Highline and Chelsea Market, the property is across the street from the General Theological Seminary. It was purchased by a New York based real estate company with substantial holdings in Manhattan. Michael Sherman of The Manhattes Group represented the purchaser while Jim Houlihan, Michael Cuniberti and Christie Houlihan of Houlihan-Parnes Realtors represented the sellers. The property was purchased by ECA New York Real Estate Advisors. Sandra L. Jacobus of Ganfer Shore Leeds & Zauderer LLP provided legal counsel to the seller.

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The Kempner Corporation announced the following purchases:

  • A multifamily apartment complex in downtown White Plains for $3.4 million. The 18-unit rental building at 61 Davis Avenue is 14,032 s/f and has 18 outdoor parking spaces. The property, built in 1941, features four two-bedroom apartments, 12 one-bedrooms and two, two-bedroom duplexes. It is located within walking distance to downtown White Plains, Mamaroneck Avenue shops and restaurants, the White Plains train station and White Plains Hospital. Peter Kempner, managing partner, made the announcement.
  • A multifamily apartment building in the Wooster Square neighborhood of downtown New Haven, CT, near Yale University, for nearly $1 million. The five story, six-unit residential rental property at 36-38 Lyon Street is 6,058 s/f and has four outdoor parking spaces. Built in 1876, it has two, one-bedroom duplexes, two one-bedroom units. Douglas Kempner, managing director, made the announcment. Northeast Property Group’s Bradley Balleto, Rich Edwards and Jeffrey Wright represented the buyer and seller.

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Rosewood Realty Group announced the following sales:

  • The $20.6 million sale of 8-10 Grand Avenue ( Aka 268-276 Flushing Avenue) in Clinton Hill, Brooklyn. This is two contiguous mixed-use buildings (at 73,685 s/f combined) with a total of 43 apartments and nine commercial spaces. 8 Grand is a two-story walk-up building that was built in 1984 and 10 Grand Ave. is a seven-story elevator building built in 1935. It sold for 14.13 times the rent roll and for a 4.92 cap rate. Aaron Jungreis represented the seller, Grand 1031 11 LLC. The buyer was Workable Grand LLC.
  • The $5.45 million sale of 3063 Hull Avenue in the Norwood Section of the Bronx. The five-story walk-up apartment property built in 1925 has 27 apartments and is 22,160 s/f. The building sold for 12 times the rent roll, at a 5.4 percent cap rate. Aaron Jungreis represented the seller, 3063 Estates LLC and Rosewood’s Ilya Tolmasov represented the buyer, Hullofa, LLC.

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