Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Ariel marketing two Brooklyn sites, arranges sale of Harlem townhouse

AGENTS

Ariel Property Advisors has been retained to arrange the ground lease of 482-504 Utica Avenue, a development site in Prospect Lefferts Gardens. The company is also marketing 538-540 Empire Boulevard, a vacant development site in the same neighborhood.
• 482-504 Utica Avenue is situated at the center of a major commercial corridor, measures approximately 200 by 100 ft and offers 96,000 buildable square feet for use as a community facility. The property is within walking distance of the 3 and 4 subway lines. Ownership is requesting proposals for the property. Exclusive agents Jonathan Berman, Daniel Tropp and Matthew Lev are representing the owner.
• 538-540 Empire Boulevard is a vacant development site, located between Lamont Court and Balfour Place, measuring 40 by 92.92 ft. (IRR) and zoned R7-A (FAR 4.0) with a C2-4 commercial overlay. The property spans 3,539 s/f and offers 14,157 buildable square feet. The site also offers additional air rights from neighboring properties. The asking price for the property is $2.6 million. Jonathan Berman, Alexander McGee, and Daniel Tropp are representing the owner.
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NLC Realty, LLC Assoc. & Capital Property Partners have been exclusively retained on a co- exclusive basis to sell 211 East 46th Street between Lexington and Third avenues. The 2,200 s/f retail condominium is leased until 2032 by Barnea Bistro and is located steps from 4,5,6 & 7 trains, Grand Central & United Nations. Asking price is $4,500,000. Nicole Carra represents NLC Realty, LLC Assoc. Daniel Rahmani represents Capital Property Partners.

SALES

Marcus & Millichap announced the sale of 90 Millburn Avenue, a 21,830 s/f office building located in Millburn, NJ, for $8,500,000. Fahri Ozturk represented the seller and the buyer, both private investors. The sale prices equates to a 6.45 cap sale and $400 per square foot. At the time of closing, the two-story office building had 11 medical tenants and was 100 percent occupied. With 87 parking spaces, the property was well maintained a
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Ariel Property Advisors facilitated the sale of 320 East 120th Street, a multifamily townhouse in East Harlem. The 4-story property sold for $1.95 million. The 19.08 ft. wide walk-up contains four floor-through units with free market status. The entire property was recently gutted and delivered vacant. Exclusive agents Marko Agbaba, Michael A. Tortorici, Matthew L. Gillis and Orry Michael represented the seller, Vince Todaro, a private investor; and procured the buyer, Jeff Huang, also a private investor. The property’s R7A zoning (4.00 FAR) provides a significant amount of air rights suitable for redevelopment. nd had no immediate deferred maintenance.
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Cervelli Real Estate & Property Management announced the following sales:
• A mixed-use property in the Greenville section of Jersey City, comprised of one commercial space and one residential space, sold for $265,000.
• In Union City, Cervelli assisted in the sale of a 5-unit residential building at 615 4th Street that sold for $625,000, and a mixed-use building with six residential units and one commercial space located at 4540 Bergenline Ave that traded for $1,530,000.
• Cervelli sold two more buildings located on Polk Street in Guttenberg. One was a warehouse that is well-suited for redevelopment that sold for $1,080,000, and the other was a 7-unit apartment building that sold for $1,275,000.

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