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Deals & Dealmakers

On the Scene: Asset CRG sells Bronx development site, CBRE arranges NJ tech park sale

Asset Commercial Realty Group announced the sale of 1306-1310 Findlay Avenue, a development site in the Mount Eden section of the Bronx. The property consists of 20,640 s/f of development rights, with 60 ft. of frontage. It is located three blocks from the Webster Avenue retail corridor and within walking distance of Grant Park and the 170th St [B, D] train stations. The site sold for $ 1,100,000. Yuriy Ustoyev and Mark Akilov, Esq. represented both the buyer and seller.

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Brax Realty announced the sale of an Upper East Side package for $12.2 million. Alan Stenson brokered the off-market disposition of 432-434 East 89th Street, between 1st Avenue and York Avenue. The properties contain 41 apartments across 18,180 s/f. Stenson represented the buyer, S.W. Management and the seller was H S Realty Associates, Inc. This was the first time in over 25 years the buildings traded hands. The properties were built in 1910 and have 50 ft. of frontage. The unit mix includes studios and one bedrooms and a combination of free market and rent stabilized tenants.

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CBRE announced the sale of Manalapan Tech Park, an 84,000 s/f 10-acre industrial/flex facility located at 122-250 Park Avenue in Manalapan, New Jersey. The developer and owner of the complex sold the property to 120 Park SD, LLC for $8,580,500, one of the highest recorded ppsf sales in Manalapan for this product type. The CBRE team of Charles Berger and Elli Klapper, along with Mark Silverman, represented the seller. Built in 2005, Manalapan Tech Park is comprised of nine buildings, each housing six independently metered units, each consisting of warehouse and office space, with a diverse tenant base ranging from distribution to light manufacturing. The complex is located just off Route 33 and offers direct access to both the New Jersey Turnpike and the Garden State Parkway.

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The CPEX Multi-Family Sales Team has sold a 16-unit walk-up building, located at 94-12 85th Road in Woodhaven, for $3,300,000. The multi-family building measures 14,080 s/f and features a unit mix of three two-bedroom and 13 one-bedroom apartments. The building was delivered fully occupied with tenants paying rent stabilized rents. The sale price amounts to approximately $234 psd and a capitalization rate of 4.28%. Stephen Safina and Alyona Chystyakova represented the seller and procured the buyer.

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Cushman & Wakefield announced that the firm has arranged the sale of 57 Grand Street, a four-story, mixed-use loft building located in SoHo. The final closing price was $8,625,000. Robert Burton and Bobby Carrozzo led the marketing efforts on behalf of the seller, Granville Equities. The property was purchased by Lex Jay Realty Corp. The property is comprised of one ground floor restaurant and three floor-through loft spaces above. The ground floor space is leased until 2025 to Toad Hall, a local SoHo watering hole that is famous for its laid back atmosphere. The loft units above are all free market and occupied on annual leases. Located on the south side of Grand Street between West Broadway and Wooster Street, 57 Grand Street benefits from the surrounding area’s vibrant retail, entertainment and residential options. The property is easily accessible via the Canal Street Subway Station.

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HPNY has closed on the off market sale of 2119 Amsterdam Avenue in the Washington Heights section of Manhattan for $4,790,000. The property is located on the northeast corner of West 165th Street and Amsterdam Avenue. The property is a five-story residential walkup with 14 apartments and one store. The total built square footage is 9,880 s/f, which equates to $485 a built foot and 12.5x the rent roll. The selling entity was a family which owned the property since the late 80s. Purchasing entity was a 1031 investor. Josh Pomerantz of HPNY represented the purchasing entity.

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Marcus & Millichap announced the following sales:
• A 2,000 S/F retail space net leased to Wawa, in Sewell, NJ. The asset sold for $5,403,000 at a 4.50 percent capitalization rate. The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Scott Woodard in Marcus & Millichap’s Philadelphia office. Brian Hosey is the firm’s broker of record in New Jersey. Wawa is located at 485 Woodbury Glassboro Road in Sewell, NJ.
• The Centennial Building, a 10,650 s/f mixed-use property located in Chester, NJ, sold for $1,285,000. Michael Lombardi, an investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also a private investor.
• An 8,000 s/f net-leased property ground lease, occupied by AutoZone, located in Irvington, NJ, for $3,935,000. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a developer. The team also secured and represented the buyer, a private investor. AutoZone is located at 1128 Springfield Ave in Irvington, NJ. The subject property is on an oversized parcel of land of about 2.127 acres, with potential for future upside.

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Northeast Private Client Group announced the sale of three multifamily buildings located in Bridgeport, Conn. Bradley Balletto, vice president, investments, together with Rich Edwards and Jeff Wright, investment associates, represented the seller and sourced the buyer in the off-market transaction. The Bridgeport Multifamily Portfolio located at 2445 Main St & 24,38-42 Federal St, 2646 Fairfield Ave, and 858-872 Park Ave totals 62 units. The seller, McDillon Holdings. Inc. sold the properties to Blue Garden Apartments LLC for $4,350,000 in one transaction. The price paid equates to $70,161 per unit and a capitalization rate of 7.3 percent on in-place net operating income.
• Main & Federal Apartments located at 2445 Main Street and 24, 38-42 Federal Street is a 22-unit property is Bridgeport’s desirable North End. With four buildings in total, the complex is equipped with parking and central community areas.
• Park Avenue Apartments is a 21 Unit property located 858-872 Park Avenue. The property features attractive Victorian architecture, large windows, and convenient access to Downtown Bridgeport which is currently undergoing a revitalization.
• Marble Edge Apartments is comprised of 19 units at 2646 Fairfield Avenue in the heart of Bridgeport’s trendy Black Rock neighborhood. Marble Edge offers tenants a large off-street parking lot, on-site laundry, and immediate proximity to upscale shopping, entertainment, and dining options, along with the handsome Black Rock waterfront.

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