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Deals & Dealmakers

On the Scene: Cushman tapped for 1559 York, TerraCRG hired in Prospect Heights

Cushman & Wakefield has been retained to sell a 4,384 s/f ground floor medical condominium at 1559 York

Bobby Carrozzo

Avenue. Senior managing director Robert Burton, director Brett Weisblum and senior associate Bobby Carrozzo will represent the seller. The space is currently occupied by a pediatrics office whose lease was recently extended until 2022. Rent has recently increased and is guaranteed by the four principles of the practice. Additionally, the owner benefits from a liquidated damages clause within the lease protecting them in the event the space is abandoned. 1559 York Avenue is located among a variety of retailers, restaurants, prestigious schools and recreational options.

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TerraCRG has been retained to sell 646 Dean Street, an 18,800 s/f conversion opportunity in Prospect Heights. Ofer Cohen, Dan Marks, Daniel Lebor and Mike Hernandez, along with their investment sales team, are marketing the property. Located between Vanderbilt and Carlton Avenue, directly across the street from Pacific Park, the four-story, M1-1 zoned building can be delivered vacant. The location and zoning make the asset ideal for creative office and retail use.

SALES

JLL has completed the sale of 21 Worlds Fair Drive in Somerset, N.J., on behalf of the tenant and The Silverman Group. Silverman acquired the 41,000 s/f mixed-use warehouse for $3.6 million. The new owner also selected JLL to serve as exclusive leasing agent for the property. The tenant and Silverman were represented by Chad Hillyer, managing director; Brian Golden, executive vice president; and Tyler Baker, senior associate, all with JLL. The group will also serve as leasing agents for the building. The property includes approximately 11,215 s/f of office space, and the warehouse potion offers an 18-foot ceiling height, 30 by 30 ft. column spacing, five loading docks and one drive-in door.

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Michael Stimler

Greysteel arranged the sale of an 8-unit multifamily property located at 519 5th Street in Brooklyn, NY. Director Michael Stimler brokered the sale on behalf of the seller and secured the buyer. The property sold for $6,006,000.

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Cervelli Real Estate & Property Management announced the sale of several Hudson County assets:

  • The first asset is a mixed-use property in the Greenville section of Jersey City, comprised of one commercial space and one residential space, that sold for $265,000;
  • A 5-unit residential building at 615 4th Street in Jersey City sold for $625,000;
  • A mixed-use building with six residential units and one commercial space located at 4540 Bergenline Avenue in Jersey City traded for $1,530,000.
  • A warehouse located on Polk Street in Guttenberg sold for $1,080,000;
  • A 7-unit apartment building at 7013 Polk Street, Guttenberg, NJ, sold for $1,275,000

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Ariel Property Advisors announced the sale of 57 East 130th Street, a newly-constructed multifamily

Matthew Gillis

building in East Harlem. The six-story elevatored property sold for $3.2 million, equating to $511 ppsf. The 18.25 ft. wide building, which spans 6,268 s/f, is located between Park Avenue and Madison Avenue. Delivered vacant due to elevator work needed for C of O issuance, the property consists of a three-bedroom garden duplex with backyard access, as well as three floor-through, two-bedroom apartments and a one-bedroom penthouse with a private terrace. Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, Marko Agbaba and Daniel Mahfar represented the seller, Yoori Oh of Verse Development LLC; and procured the buyer, Joshua Lee of 57 E 130 ST LLC.

 

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Jacklene Chesler

Colliers International arranged the sale of The Shoppes at Foxmoor, located at 1095 Washington Boulevard in Robbinsville, NJ. The 125,295 s/f retail asset situated on 19 acres was purchased by a private, out-of-state investor. The Colliers NJ Investment Sales Team represented the seller and procured the buyer. The team was led by Jacklene Chesler and included Patrick Norris, Matthew Brown and Angelo Vitale. Colliers marketed the property in conjunction with Ten-X also leveraging Colliers’ proprietary investor database. The approach resulted in 12 qualified, active bidders, more than 20 property tours, and the execution of more than 200 confidentiality agreements.

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NAI James E. Hanson announced the sale of a 73,373 s/f industrial building at 39 Robinson Road in Lodi,

ScottPerkins

N.J. NAI Hanson’s team of Scott Perkins, SIOR, Andrew Somple, SIOR, Greg James, Christopher Todd and Justin Allessio represented the seller, AEW, in the transaction with Mood Fabrics, a purveyor of quality fabrics to customers ranging from high-profile celebrities to everyday consumers. Their acquisition of 39 Robinson will allow the company to support their NYC retail location at 225 West 37th St. as well as fulfill online orders for customers throughout the region. Situated on 3.21 acres, 39 Robinson Road is an industrial building featuring 29 ft. clear ceilings in 16,447 s/f of the building and 14 ft. clear through the remaining 56,896 s/f. The building features three tailgates and three drive-ins. The building is situated just off Route 17.

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Marcus & Millichap announced the following sales:

  • 148 Metropolitan Avenue, Brooklyn, a 4,620 s/f mixed-use property sold for $2,900,000. Shaun Riney, Michael Salvatico and John Barney represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
  • 8609 18th Street, a 3,880 s/f mixed-use property in Brooklyn, sold for $2,090,000. John Brennan and Samuel Finkler represented the seller, a private investor., and the buyer who has plans to utilize the vacant retail space as a doctor’s office. The previous owner had operated the architect’s office out of the retail unit for the past 25 years,
  • 488 Metropolitan Avenue, Brooklyn, a 2,100 s/f mixed-use property, sold for $2,400,000. Shaun Riney and Michael Salvatico represented the seller and the buyer,

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B+E (Brokers+Engineers) announced the sale of property that is leased long-term to TD Bank in Darien, Connecticut. Located at 55 Boston Post Road, the 4,380 s/f location was sold for $6,900,000 at a 5.1% cap rate. The property has 7 years remaining on the lease and was sold to a 1031 exchanger. B+E represented the seller, Chimblo Family Real Estate, LLC. Spencer Henderson made the announcement.

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Greg Corbin

The Corbin Group at Besen & Associates announced the sale of 229 East 60th Street in the Lenox Hill neighborhood of Manhattan, The Galleum is a newly re-constructed, 5,540 s/f five story mixed-use elevator building. The property features a private garden, rear veranda, and a roof deck. The property was sold for $8,800,000 by Greg Corbin and Aaron Kline of The Corbin Group at Besen & Associates. The sale price equates to $1,588 psf, $1,467,000 per unit, a 22.35 GRM and a 2.7% cap rate. The Galleum underwent a three-year rebuild that was completed in June 2016.

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Charterhouse Development Corporation announced its acquisition of two Kinney Drugs retail stores located in St.Johnsville and Dolgeville, New York. Located at 12 Park Place in St Johnsville, New York, the 8,400 s/f store was acquired by an entity operated by Charterhouse Development from Kinship Management LLC. The Dolgeville, New York store is located at 55 Main Street and is approximately 8,400 s/f. The purchase price was $1,125,000 for both locations which were both owned by Kinship. The Dolgeville location was similarly acquired by an entity operated by Charterhouse Development. Kinney Drugs is a nationally recognized chain of over 110 drugstores and pharmacies primarily in Central and Northern New York, with additional locations in Vermont. Brandt Sharrock, Vice President at Charterhouse Development, made the announcement.

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