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Deals & Dealmakers

On the Scene: GFI gets exclusive in Borough Park

GFI Realty Services has been named the exclusive sales agent for 1043 50th Street (4923 For Hamilton Parkway), a six-unit multifamily building in the Borough Park section of Brooklyn. GFI Senior Director Erik Yankelovich will oversee the marketing of the property, with pricing targeted at $2.5 million. Constructed in 1931, the three-story, 6,006 s/f corner building is composed of one one-bedroom unit, four two-bedroom units, one three-bedroom unit, and a basement storage unit. One of the units will be delivered vacant, and five of the apartments were recently gut-renovated. The building-wide systems are in excellent condition and the electrical systems have recently been upgraded.

SALES

BEB Capital acquired 55 Harbor Park Drive, a 56,745 s/f industrial building on a three-acre site in Port Washington, New York, on Long Island’s north shore. The property was purchased for $9.35 million from Harpark Associates, a local investment group. Lee Brodsky, BEB Capital’s CEO, made the announcement. Built in 1984 and situated just off Port Washington’s West Shore Road, 55 Harbor Park Drive comprises some 30,000 s/f of warehouse space on the ground floor, with 26-foot-high ceilings and five loading docks. The property includes 20,000 square feet of office/flex space and parking for 89 cars. BEB plans to significantly upgrade the property to class-A status in the near future. Dan Oliver of Newmark Knight Frank’s Melville, Long Island, office will head the leasing program.
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Rodney Nassimian

Highcap Group announced the sale of 44-03 & 44-11 31st Avenue, two contiguous 8-family buildings in Astoria, Queens. The buildings have a total of 13,430 s/f and span over 150 ft. of frontage on 31st Avenue with 16 units plus 3 parking garages. Rodney Nassimian, Investment Sales Associate, handled the transaction for the family which traded hands for the first time since the 1960’s and he represented the purchaser as well. The sale price was $5,650,000. The property was purchased as a long term play and to hold within the family as an income producing asset. the sale price equates to $420 per existing s/f and a cap rate of 4.2%.
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Jonata Dayan, Executive Vice President-Condo/Co-op Sales, and Jonathan Ben-Dayan, Director/Leasing of HSP Real Estate Group, a member of NAI Global, have arranged the sale of an office co-op at 450 West 31st Street to an award-winning online travel agency and global air travel consolidator. Dayan and Ben-Dayan represented the seller, British photographer James Galloway, for the 3,985 s/f, partial ninth floor office, which sold for $3,315,000, or approximately $832 per-square-foot. Moreover, it was the fifth HSP Real Estate Group transaction at the building in the past year, which included four co-op sales and one lease. Galloway, who bought the unit in 1996, put it on the market after his former tenant, Good Light Studio relocated to Chicago. The buyer was represented by Kartik N. Desai, President & CEO, Tamarkin Co. Dayan and Ben-Dayan are currently marketing a 3,930-square-foot unit in the building for lease.
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Co-developers F&T Group and SCG America announced the sale of a commercial condominium purchased by Quontic Bank, a national institution handling personal banking, business banking and mortgages with locations in six state, within the office condominium building, Tangram Tower. Quontic Bank will occupy part of the 10th floor — or 1,456 s/f — after the unit is complete in 3Q 2019. Sale prices average $1,274 per square foot within the 12-story building, currently under construction. Tangram Tower is comprised of Class A office space tailored for medical practitioners, professionals and business owners. Consisting of 48 luxury office condominiums designed by Margulies Hoelzli Architecture, the building is part of the 1.2 million-square-foot multi-phased, mixed-use Tangram development in Flushing, Queens, which will also bring a total of 317 luxury residences; a 207-key branded lifestyle hotel; 275,000 gross square feet of cutting-edge retail; themed restaurants; a culinary food hall; beer garden; and a variety of entertainment options including a 4DX movie theater. Eunice Chen of Fultonex Realty, LLC represented the ownership, Tangram Tower Sponsor LLC, in the sale of this transaction. Huanyan Li of Century Homes Realty Group, LLC represented Quontic Bank.
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NAI James E. Hanson negotiated the sale of a 3,950 s/f retail building at 77 Hanover Road in Florham Park,

Joan Cenicola

N.J. NAI James E. Hanson’s Joan Cenicola and John Schilp represented the seller, DFK Associates, in the transaction. Previously a Chase Bank branch, 77 Hanover Road is a freestanding retail building on one acre of land with 28 parking spaces. NAI Hanson’s brokerage team recognized that the building’s open floor plan and ideal location between Routes 10 and 510 made it suitable for a wide range of retail uses beyond banking. These features were highly appealing to the buyer, a Florham Park-based Jiu Jitsu and Karate school, who wanted to relocate from a space they were renting in Florham Park.

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