Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Angel tapped to sell CT synagogue, Focus’ first purchase a Brooklyn Baptist church

AGENTS 

Ariel Property Advisors has been exclusively retained to sell 1485 Fulton Street, a fully renovated mixed-use building in Bedford-Stuyvesant. The asking price for the 3-unit property is $1.995 million. The turn-key building, located between Tompkins and Throop Avenues, spans 1,980 s/f and consists of one retail unit and two 3-bedroom apartments. The building was recently gut-renovated, with all the systems to be delivered new, including the heating and electric. Exclusive agents Jonathan Berman, Michael A. Tortorici and James Meehan are handling the assignment.

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Warburg Realty announced that Kevin Djungu Sungu is marketing a retail condo in The American Thread building at 260 West Broadway. Unit C4 is currently leased and setup as a dry cleaners through 2020. This space includes a bathroom. The Renaissance Revival limestone and brick building with 24-hour doorman and concierge service roof deck, gym and bike room. The asking price is $1.6 million.

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JAMES NELSON

Avison Young has been named the exclusive agent for the sale or lease of a commercial condominium unit at 221 West 77th Street. The unit is located on the ground floor of a high-end residential tower and offers a gross area of approximately 2,369 s/f with 16 feet of frontage on West 77th Street. James Nelson, Jedd Nero, Howard Aaron, Brent Glodowski and Willis Fries will market the unit on behalf of the owner, Naftali Group, for lease (price upon request) and for sale at a price tag of $3,750,000. The retail space is located within one block of Equinox, SoulCycle, New York Sports Club, Pure Yoga and Central Park Taekwondo as well as health-conscious eateries such as Joe + the Juice, Chop’t and Juice Press.

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Angel Commercial has been tapped to sell a prominent Bridgeport, CT, synagogue for $4,500,000.000. Located at a four-way traffic signal at the corner of Park Avenue and Capitol Avenue, the 30,256 s/f two-story brick building offers access and abundant parking. Situated on 3.15 acres, the synagogue has seating capacity of 750, a kitchen and space for a school which includes 15 classrooms, four offices, library, elevator, restrooms, playground and a basketball blacktop. The property is in a Residential Single Family (R-A) zone that allows, with a special permit, a community facility or school. Since its construction in 1950, it has been used as a synagogue by the Congregation Rodeph Sholom.

SALES

Cushman & Wakefield represented the seller and procured a buyer for 151 Old New Brunswick Road, an industrial building totalling 88,000 s/f on about 7.2 acres in Piscataway, N.J. CRR LLC purchased the asset from S.S. White Technologies, Inc., a manufacturer of aerospace parts. Jason Barton led the assignment with Chuck Fern, Tom Tucci and Stephen Shoemaker. 151 Old New Brunswick Road is situated within the Piscataway market. Commuter rail service, Newark Liberty International Airport, New York City and New Jersey seaports are all nearby.

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FRANCO FELLAH

Franco Fellah, Executive Vice President at HK Group, announces the sale of 1046 Post Road East Westport for the price of $1,250,000. The property includes two buildings for a total of 5,571 SF, and it sits on 0.35 Acres of Highway Service District zoned land. The Argentini Corporation of Sarasota Florida acquired the property in 1982. It is fully leased to tenants including Milton Development, a luxury homes builder, an Allstate Insurance Agency and Backspace Westport. The buyer was Millennium Brothers, LLC, a Colorado entity that purchased the property as part of a 1031 Exchange, having recently sold another Connecticut property. Attorney Allan Cramer, Esq. of Cramer & Ahern in Westport represented the seller. Attorney Andrew Shapiro, also based in Westport, represented the buyer.

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Zimmel Associates announced the sale of industrial buildings in Clark, NJ, and Somerset, NJ. Both buildings were exclusive listings of the firm.
David Zimmel handled the $3.6 million sale of 51 Terminal Avenue, Clark, NJ, a 30,000 s/f one-story, free-standing industrial building that features quick access to Exit 135 of the Garden State Parkway. The buyer is WBC Industries, Inc., a distributor of VELCRO and Aplix hook and loop fasteners and other products. Zimmel represented the seller, Denholtz Associates. The buyer was represented by Thomas Kirczow of NAI DiLeo-Bram.
• Jordan Zimmel handled the $3. 1 million sale of 215 Davidson Avenue, Somerset, NJ, a 25,000 s/f free-standing industrial building, situated on 3 acres just off of Rt. 287, near Exit 10 of the New Jersey Turnpike. Zimmel represented the seller, Balogh Associates, Somerset, NJ. The buyer, SNR Trading of Brooklyn, NY, was represented by Ronald Kraft of Allied Realty.

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The Focus Property Group (FPG) led by Bobby Dweck made its first acquisition with the purchase of the International Baptist Church’s Brooklyn campus. Secured via a 99-year ground lease, the building located at 312 Coney Island Avenue, will undergo a capital improvements campaign. Dweck said the building’s high visibility location directly across from Prospect Park allows the firm to consider several development options.Nearby attractions include Smorgasburg, Prospect Park Zoo, Brooklyn Botanic Gardens, Brooklyn Museum.
Bestreich Realty Group announced the following sales:
• The $2.55 million sale of 552 Court Street, a mixed use property located in Carroll Gardens. The property features two floor-through units over one retail. The property is built 20 ft x 50 ft and offers approximately 3,000 square feet with an additional 1,000 sq. ft. of air rights. It sold at a 3.82% cap and its sale represents $850 per sq. ft. Toby Waring, Adam Lobel, Derek Bestreich and Luke Sproviero represented the buyer and seller.

DEREK BESTREICH

• The $2,070,000 sale of 1270-1274 New York Avenue located in Flatbush. The development site measures 58 ft. x 102.5 ft. Zoned R6 and with an FAR of 3, the lots offer approximately 17,835 buildable sq. ft. The sale represents $116 per buildable sq. ft. Tom Reynolds and Derek Bestreich represented the buyer and seller.

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A 3,100 s/f retail building at 128 Broad Street in Elizabeth, New Jersey, has been purchased by an affiliate of Rudder Realty Corp, a well known New Jersey investor specializing in retail properties. The building has been tenanted by GameStop for the last 13 years. The sale was brokered by 4a Realty and the seller was a Brooklyn group that had owned the building for 16 years. This is the second property tenanted by GameStop that Rudder Realty has purchased in the last three months.

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