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Deals & Dealmakers

ON THE SCENE: Avison Young marketing 67th Street property; Cushman & Wakefield marketing three Queens properties

AGENTS

Cushman & Wakefield has been named leasing agent for a prime industrial location in North Bergen, N.J. On behalf of long-time client and property owner Bergen Logistics, Director Bonni Heller from Cushman & Wakefield’s East Rutherford office is leading the assignment to market 7300 West Side Ave., also known as the Bergen Logistics Building.

Located near exit 16E of the New Jersey Turnpike, the 3.5-acre property is a fully air-conditioned, 130,000-square-foot facility with two-sided loading, 24-foot ceiling height with 19 dock-high doors, ample trailer parking, and space for 120 cars with expansion capability. The facility includes 21,000 square feet of office space; and a 30,000-square-foot structural mezzanine and 9,000 square feet of additional storage space.

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The New York Capital Markets Group for Avison Young been named the exclusive agent for the sale of 53 East 67th Street, a mixed-use property located between Park and Madison avenues in Manhattan’s Upper East Side neighborhood. The Avison Young Capital Markets team selling the building on behalf of ownership is led by Principal and Head of Tri-State Investment Sales, James Nelson, along with Director, David Shalom, and Associate Director, Eric Karmitz. The seller is a private investor.

The 7,268-square-foot, five-story walkup features eight free-market, one-bedroom residential units and one vacant medical office unit, along with an additional 12,816 square feet of air rights. The property’s adaptability offers a number of prime options for a savvy investor, including a townhouse conversion as it already has a Landmarks approval for a single-family renovation with a rooftop addition. The property can also accommodate a community facility or simply maintain its status as a rental property.

The building at 53 East 67th Street is located 60 feet from Park Avenue, a few minutes away from Central Park as well as various restaurants and amenities, including the Park Avenue Armory, Central Park Zoo, The Frick Collection, and The Food Emporium. It is also near multiple bus stops as well as subway stations, including the 6, F, Q, and N trains.

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Cushman & Wakefield announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of three Queens properties. The properties range in price from $3.45 million and $22 million.

A team led by Senior Managing Director Stephen R. Preuss will represent the sellers in all marketing efforts.
The individual properties stretch across Queens’s top performing submarkets and a diverse range of asset classes.
89-26 162nd Street in Downtown Jamaica is a development site that has been subdivided from an original lot of approximately 44,683 square feet.

The approximate lot square footage after the subdivision is 18,325 square feet. The property currently supports a 27,659-square-foot building, including a two-family home, which will be delivered vacant. After the subdivision, the subject property has all remaining air rights transferred from the original lot which equates to approximately 167,020 buildable square feet, all as of right. The asking price is $22 million.

Additionally, the team is marketing 120-20 Merrick Boulevard in Jamaica. The property is a 5,400-square-foot, fully-leased shopping center with a large parking lot in front of the building. The building is located at the busy traffic light intersection of Merrick & Baisley Boulevard with 280’ of linear footage.

The property is anchored by a restaurant which has the largest space in the building. The tenants cover all their own utilities, as well as common area maintenance. The asking price is $4.2 million with a 5.22 percent cap rate.
14-35 Broadway in Astoria, an approximately 3,405-square-foot vacant lot set for multifamly development, rounds out the Queens properties set to hit the market.

The property has fully-approved plans in place for an eight-story elevator multifamily building of approximately 13,520 gross building square feet.

The building will consist of 15 residential units, all one-bedroom/one-bath apartments. The building will feature several amenities including a terrace and balcony space, as well as outdoor recreational space. The asking price is $3.45 million.

SALES

Bestreich Realty Group is pleased to announce the recent closings of 5 buildings for $11.8 million. The sales include: The $3.20 million sale of 401 5th Avenue, a corner mixed use property located in Park Slope. The property features three floor-through units over two retail. The property is built 20.33 ft x 60 ft and offers approximately 4,960 square feet. It sold at a 4.05 percent cap and its sale represented $645/sq. ft. Adam Lobel, Derek Bestreich, Luke Sproviero, and Toby Waring represented the buyer and seller.

The $2.90 million sale of 77 Weirfield Street, a turn-key 6 unit multifamily building located in Bushwick. The property has been recently gut and features studio, one, three and four bedroom units. Derek Bestreich, Steve Reynolds, Tom Reynolds and Brian Davila represented the buyer and seller.

The $2 million sale of 41 Skillman Avenue located in Williamsburg. The development site measures 25 ft x 100 ft and is zoned M1-2/R6, MX-8. With a max FAR of 2.7, the lot offers approximately 6,750 buildable square feet. Derek Bestreich, Hakeem Lecky, Luke Sproviero, Justin Zeitchik and Donal Flaherty represented the buyer and seller.

The $1.90 million sale of 81 India Street located in Greenpoint. The development site measures 25 ft x 100 ft and is zoned R6B. With a max FAR of 2, the lot offers approximately 5,000 buildable square feet. Derek Bestreich, Adam Lobel, Luke Sproviero, Justin Zeitchik, Hakeem Lecky, and Donal Flaherty represented the buyer and seller. The $1.80 million sale of 81 Powers Street located in Williamsburg. The development site measures 25 ft x 100 ft and is zoned R6B. With a max FAR of 2, the lot offers approximately 5,000 buildable square feet. Derek Bestreich, Adam Lobel, Luke Sproviero, Justin Zeitchik, Hakeem Lecky, and Donal Flaherty represented the buyer and seller.

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The CPEX Development & Conversion Sales Team has sold a development site in Far Rockaway for $1,850,000. The property consists of two adjacent tax lots bounded by Seagirt Boulevard, Heyson Road, and Beach 13th Street, which have a combined irregular footprint of approximately 18,037 square feet. Zoned C1-3/R5, the property has a floor area ratio of 1.25 for residential use and 1.00 for commercial use, allowing for approximately 22,546 buildable square feet for a mixed-use development.

CPEX’s Development Sales Team, consisting of Managing Partner Brian T. Leary and Associate Directors Jidan Kim, Catherine Vintonik, and Sutherland Dyke, represented the seller and procured the buyer.

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Cushman & Wakefield announced that the firm has arranged the sale of 28-08 23rd Avenue, an eight-unit walk-up apartment building located in Astoria, Queens. The final closing price was $3,020,000, which equates to approximately $511 per square foot and a 4.3 percent cap rate. Cushman & Wakefield’s Vice Chairman Thomas A. Donovan, and Directors Tommy Lin, Eugene Kim, and Robert Rappa led the marketing efforts on behalf of the seller.

The property consists of eight two-bedroom apartments of which four are rent-stabilized, one is rent-controlled and three are free-market. Two apartments are currently vacant. Recent improvements include a new gas boiler and hot water heater.
Located on the south side of 23rd Avenue between 28th and 29th Streets, the property is walking distance from the Ditmars Boulevard subway station, offering access to the N and W trains. The property is situated among an abundance of dining and entertainment options including the New York City Bagel & Coffee House, Astoria Park and the waterfront.

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Holliday Fenoglio Fowler, L.P. (HFF) announces $8.435 million in joint venture equity for the acquisition of The Moderne and The Verano, two apartment communities totaling 116 units in downtown Stamford, Connecticut.

The HFF team worked on behalf of Navarino Capital Management LLC to arrange joint venture equity for the acquisition of the two properties through a national life insurance company.

The Moderne, a 58-unit property built in 2013 and located at 163 Franklin Street, and The Verano, a 58-unit property built in 2014 and located at 750 Summer Street, are in the heart of the Stamford CBD. The properties feature high-end amenities, including full-sized balconies, stainless steel appliances and state-of-the-art fitness centers. Residents have immediate access to more than 15 million square feet of office space, numerous restaurants and retail amenities as well as entertainment, healthcare and outdoor recreation. Stamford allows commuters access into Manhattan via the Connecticut Turnpike (Interstate 95) and the Metro-North train station, which is the busiest train station outside of Grand Central Terminal. The HFF equity placement team representing Navarino Capital Management included senior directors Chris Hew and Peter Rotchford.

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Marcus & Millichap announced the following sales:

●The sale of 954 Nostrand Avenue, a 4,788-square foot mixed-use property located in Brooklyn, N.Y., according to John Horowitz, Vice President – Regional Manager of the firm’s Brooklyn office. The asset sold for $1,925,000. Shaun Riney, Daniel Greenblatt, Peter Von Der Ahe and Joe Koicim, in Marcus & Millichap’s Brooklyn and Manhattan offices, 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.

●The sale of 438 Union Avenue, a 2,679 square foot located in Brooklyn, N.Y., according to John Horowitz, Vice President – Regional Manager of the firm’s Brooklyn office. The asset sold for $3,100,000.

Shaun Riney and Michael Salvatico, 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.

●The sale of 179 Greenpoint Avenue, a 3,192-square foot mixed-use property located in Brooklyn, N.Y., according to John Horowitz, Vice President – Regional Manager of the firm’s Brooklyn office. The asset sold for $2,500,000. Shaun Riney and Michael Salvatico, in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor.

●The sale of 310 Saint Nicholas Avenue, a 4,844-square foot mixed-use property located in Brooklyn, N.Y., according to John Horowitz, Vice President – Regional Manager of the firm’s Brooklyn office. The asset sold for $2,300,000. Shaun Riney, Thomas Shihadeh, and Andrew Reiter, 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.

●The sale of Northgate Plaza (Value Add), a 173,678-square foot retail property located in Rapid City, SD, for $4,350,000 according to Brian C. Hosey, regional manager of the firm’s New Jersey office. Karly Iacono, an Associate Director of Marcus & Millichap’s National Retail Group, exclusively represented the seller a private investor and the buyer a developer. Northgate Plaza is located at 1111 E North St in Rapid City, SD. The property is anchored by Kmart and Family Dollar and is currently 74 percent occupied. Northgate Plaza is surrounded by national retailers with great upside opportunity.

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Barcel Group announced the sale of 4 buildings in Brooklyn totaling $9,425,000. The properties are 872 Lorimer Street, 7 Ridgewood Place , 259 Rogers Avenue and 376 Montgomery Street. 872 Lorimer Street is a 4-story walk-up building located in Greenpoint, the property consists of 8 residential units. The property was built in 1931 and is a total of 4100 square feet. The property sold for $2,800,000 or $682 per square foot with a cap rate of 5 percent Marcel Fridman represented all the parties in this off-market transaction. 7 Ridgewood Place is a 4-story walk-up building located Bushwick.

The property consists of 8 residential units and is fully free market. The property sold for $3,200,000 or $533 per square foot with a cap rate of 5.75 percent Marcel Fridman the all parties in this transaction. 259 Rogers Ave a vacant 3-story walk-up building located in Crown Heights, the property consists of 4 apartments and 1 retail store. The property sold for a price of $1,625,000 or $500 per square foot. Marcel Fridman Represented all sides in this transaction. 376 Montgomery a 4-story walk-up building located in Crown Heights. The property sold for $1,800,000. Marcel Fridman represented all the parties in this transaction.

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