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Deals & Dealmakers

On the Scene: Cignature brokers $5M multifamily sale, Hanson deals in NJ

Peter Vanderpoole

Cignature Realty brokered the $5.12 million sale of a five-story multifamily apartment building in the Inwood section of Manhattan. The building, which was built in 1915, is located at 131 Nagle Avenue between Arden and Sickles Street. It is approximately 18,500 s/f and features 25 apartments. Peter Vanderpool represented both the buyer, Nagle Avenue Heights Associates, LLC and the seller, 131 Nagle Ave LLC.

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NAI James E. Hanson negotiated the sale of a 14,00 s/foffice building at 50 Craig Road in Montvale, N.J. John J. Schilp represented the seller, Premier Associates, LLC, in the exclusive transaction. Situated on 3.8 acres with parking and proximity to the Garden State Parkway, the property is suited for a range of uses. The buyer plans to repurpose the former office space as a medical diagnostic center.

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Al Mirin

Cushman & Wakefield announced today that the firm has arranged the sales of five properties located in New Canaan, Trumbull and Stamford, CT. The firm’s brokerage team of Al Mirin, Kate Schwartz and Matthew Torrance, represented the sellers in all four separate transactions:

  • 50 Pine Street, New Canaan, CT, a 14,880± SF retail building located within walking distance of the Metro-North train station and upscale retailers, restaurants, grocery stores and service-oriented businesses. The property was purchased by Cross Realty LLC for $4,350,000.
  • 48 Monroe Turnpike, Trumbull, CT consists of a two-story 252,948± SF office building situated on a highly visible 12.67± acre site overlooking the Pequonnock River and surrounded by destination retail and service businesses. It sits just north of Monroe Turnpike and Route 25 which provide connectivity to the Merritt Parkway. Senior Living Advisors purchased the property for $3,250,000. Cushman & Wakefield’s Kathleen Fazio assisted the team in this transaction.
  • 42 West Broad Street, Stamford, CT (W Broad Street Portfolio) is a collective 1.3 acre± site occupied by a car dealership. The property is situated at the Northwest edge of Stamford and is within walking distance to a high concentration of businesses, hotels, entertainment, retail and service establishments. The property was purchased by 3 Gen Holdings, LLC for $7,250,000.
  • 1111 & 1177 Summer Street, Stamford CT encompasses two six-story multi-tenant office buildings featuring recently renovated lobbies, bathrooms, elevator cabs and upgraded mechanical systems – each with five stories office space above a ground level entry lobby that collectively total 127,921± SF. The building is set on a highly visible 1.58± acre parcel of land which spans an entire city block on the east side of Summer Street. The property was purchased by 1111 Summer Street Venture LLC for $12,400,000. Cushman & Wakefield’s Kevin McCarthy assisted the team in this transaction.

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Friedman-Roth Realty Services announced the following sales:

  • A retail building located at 84-01-29 Roosevelt Avenue, Jackson Heights, Queens, sold for $19.1 million. The property features 200 feet of retail frontage and is a total of 19,000 s/f. Constructed in 1928, the building has 9 stores and has additional air rights for future development. This is the first sale of the building in more than 40 years. Joseph Arnold Smith and Nadeem Haque represented the seller. The
    Nadeem Haque

    purchaser was procured by Lily Ren.

  • A apartment building located at 37-70 62nd Street, between 37th Avenue and 39th Avenue in Woodside, Queens, sold for $3.3 million. The building is a four-story walk-up with 16 residential units. Constructed in 1928, the property is 9,760 s/f and is the first sale of the property in more than 35 years. Nadeem Haque represented both the buyer and the seller.

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Marcus & Millichap announced the following sales:

  • 153 – 161 Van Dyke Street, a 14,000 s/f development site in Red Hook, Brooklyn, sold for $6,750,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The site offers 28,000 residential buildable square feet and 140 feet of frontage on Van Dyke Street. The purchase price equates to over $241 per buildable square foot.
  • 2684 Fulton Street, a 6,900 s/f mixed-use property in Brooklyn, sold for $740,000. Matthew R. Peters represented the seller, a private investor, and the buyer. the sale price equates to $252 per square foot.
  • 414 Prospect Avenue, a 6-unit apartment in Brooklyn, sold for $2,365,000. John Brennan and Richard
    John Brennan

    Sodeke, represented the seller, a private investor, and the buyer.

  • A 4,970 s/f retail property, occupied by Starbucks and Kay Jewelers, located in Pace, FL, sold for $2,825,000. Karly Iacono and JC Corr, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a developer. Craig Dunkle, an investment specialist in the Philadelphia office, secured and represented the buyer, a private investor located in Central New Jersey. Ryan Nee is the firms’ broker of record in Florida.
  • A 4,970 s/f retail property, occupied by Starbucks and Kay Jewelers, located in Pace, FL, sold for $2,825,000. Karly Iacono and JC Corr, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a developer. Craig Dunkle, an investment specialist in the Philadelphia office, secured and represented the buyer, a private investor located in Central New Jersey. Ryan Nee is the firms’ broker of record in Florida.

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Cushman & Wakefield announced that the firm has arranged the sale of 422 West 49th Street, a 25 ft. wide development site in Hell’s Kitchen. The final closing price is $4,650,000. Associate Director Maurice Suede represented the seller, The Hakimian Organization and the Gorjian family, in the transaction. The property was purchased by Mortar Arch + Dev, which plans to develop residential condominiums. 422 West 49th Street features 2,500 s/f of underdeveloped land with a total buildable square footage of approximately 10,500. Due to the existing curb cut and the low number of unimproved vacant lots in the neighborhood, the property offers the rare opportunity to create a private garage. The property is located midblock between Ninth and Tenth Avenue.

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Sitar Realty Company announced Public Service Electric and Gas purchased a vacant lot totaling 0.0718 acres (3,126 s/f) at 327-331 Washington Street in Newark, New Jersey. The purchase price was $1,000,000. William Sitar Jr. and Brian Murphy were the salespeople in this transaction.

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