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Deals & Dealmakers

On the Scene: Cushman tapped for Tribeca mixed-use, EMH arranges Bed-Stuy development site sale

AGENTS

Cushman & Wakefield has been retained to arrange the sale of 302 Canal Street, a five story mixed-use building with with 6,766 buildable-square-feet, in TriBeCa. The asking price is $8,790,000. A team led by Maurice Suede, Robert Burton and Bobby Carrozzo will represent the seller. Located on Canal Street block-through to Lispenard between Church Street and Broadway, the building features over 18 ft. of frontage on Canal Street and Lispenard Street. The current retail tenant, GNC, has a lease until December 2023, paying $18,500 per month. The second floor is configured as a live-work space, while the 3rd through 5th floors are arranged as one and two bedrooms.

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GFI Realty Services has been named the exclusive sales agent for 665 St. Marks Avenue, a 21-unit multifamily property located in Crown Heights, Brooklyn. Shlomo Antebi will be marketing the elevator building with pricing targeted at $7.5 million. Constructed in 1900, the five-floor building totals 17,790 s/f, and is comprised of six one-bedroom units and 15 two-bedroom units. Five of the apartments are free-market units. Most of the remaining 16 units are rent-stabilized. Located between Rogers and Nostrand Avenues, the building is blocks away from the Brooklyn Museum, the Brooklyn Botanic Garden, and the Brooklyn Children’s Museum.

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RM Friedland announced that Marco Lala has been retained to sell a vacant mixed use building located at 178 West Lincoln Avenue, Mount Vernon, The asking price is $995,000. The property is a brick, mixed-use building located on the west side of West Lincoln Avenue just south of Elm Street. The owners are in the process of getting approved plans for rehabbing and configuring the property into seven apartments and one retail space. The proposed layout will include three 3-bedroom units,three 2-bedrooms and one 1-bedroom. The ground floor commercial space will include a wheelchair ramp making it a suitable for a neighborhood retail, community use, medical, government or non-profit tenant.

SALES

EMH Commercial Realty announced the sale of 554 Gates Ave for $1,637,500. The property is a redevelopment site in the Bedford-Stuyvesant section of Brooklyn. Aaron Lunzer negotiated the transaction. Currently, a thee-unit building, is offers an additional 3,589 s/f of air rights for a total of approximately 7,476 s/f for residential development. The owner plans on utilizing the air rights to redevelop the building. Property is situated midblock between Tompkins and Throop Ave with access to bus lines and walking distance to trains.

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Kassin Sabbagh Realty announced the sale of a retail condo at 1410-1418 Lexington Avenue on the Upper Eats Side for $6.2 million. Currently home to a chocolate shop and a dry cleaner, the 5,000 s/f space was sold by JBL Associates, which developed the site in the 1990s, to the Zar Group. Bunny Escava and Jeffrey Znaty of Kassin Sabbagh Realty brokered the sale. With 100 feet of frontage on Lexington Avenue, the building is at the corner of East 93rd Street.

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Venture Capital Properties brokered the sale of 279-281 Evergreen Avenue in Bushwick for $1,325,000. The multi-family building contains six residential units, two of which were delivered vacant in excellent condition. The remaining four units are rent stabilized. The Rosilio family purchased the building in order to satisfy the family’s 1031 exchange and intend to keep it as a long-term hold. Jacob Stavsky, Kevin Darouvar and Roy Oskar of Venture Capital Properties represented both sides in thetransaction.

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Invictus Property Advisors announced the following sales:
• 22 West 90th Street on the Upper West Side sold for $6,700,000. Built in 1930, the 6,156 s/f, four-story multifamily property contains 10 newly-renovated apartment units. The sale price equates to $1,088 psf and a 4 percent cap rate. Invictus Property Advisors’ Josh Lipton and Andrew Levine represented both the seller, Dana Lowey, and the buyer, Moses Abraham’s Sadoro LLC.
• 1114 Fulton Street, a 2-story office/retail property in the Bedford Syuvesant neighborhood of Brooklyn, sold for $2 million. Built in 2004, the 2,960 s/f property sold for $675 psf at a cap rate of 5.3 percent. The asset is located with an R6 zoned area offering future redevelopment potential as well as NNN Retail once the current leases expire. Josh Lipton and Andrew Levine represented both the seller, Mike Moselum, and the buyer, Patrick Kim.

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Ariel Property Advisors announced the following sales:
• The Liberty-Tuckerton Assemblage, which consists of three commercial/industrial parcels located at 150-28 Liberty Avenue, 150-30 Liberty Avenue and 299 Tuckerton Street in Jamaica, Queens. The lots span approximately 22,928 s/f and have 354 ft. of wraparound street frontage. M1-4 zoning (FAR: 2.0) provides 45,856 buildable square feet, as-of-right. Previous ownership acquired 8,275 s/f of additional air rights from adjacent properties, bringing the total buildable area of the property to approximately 54,131 s/f for commercial or industrial use. The assemblage sold for $5.975 million, which translates to approximately $110 per buildable square foot. Exclusive agents Michael A. Tortorici, Sean R. Kelly, Victor Sozio, Matthew Lev and Alexander Taic represented the seller, a private company, and procured the buyer, The Sandhu Group, led by Tejpal Sandhu.
• 347 Manhattan Avenue, a 5-story, 16-unit multifamily walk-up building located on the west side of Manhattan Avenue between West 114th Street and West 115th Street in West Harlem. Spanning 11,565 square feet, the meticulously maintained property benefits from an additional 6,493 s/f of air rights for further development. The property sold for $5.2 million. Exclusive agents Victor Sozio, Orry Michael and Marko Agbaba represented the seller, 347 Equities Inc. Ann Morreel of Engel&Voelkers procured the buyer, Jerry Padovicz.
• 77 Atlantic Avenue, a 7,895 s/f, mixed-use walkup building located on the corner of Atlantic Avenue and Hicks Street. The 4-story property, comprised of two commercial units and six apartments, sold for $4.5 million. The property sits directly across from Fortis Property Group’s redevelopment of the former LICH campus, which is set to bring 530,000 s/f of luxury residences to the neighborhood. Victor Sozio, Sean Kelly and Matthew Lev represented the seller, Silvershore Properties. Philippe Salame of Douglas Elliman Real Estate procured the buyer, 77 ATL AVE LLC- Chi Quach.

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Besen & Associates announced the sale of two properties in Queens.
• 108-53 49th Avenue, Corona, was sold for $5,600,000 by Leah Chen and Greg Corbin. Completed in 2015, the property consists of two contiguous 3‐story walkup buildings with 10 apartments and 2 parking garages with one space each have 12,144 s/f. Near the 111th Street Station on the [7] train. The sale price equates to $560,000 per unit and a cap rate of 4.0%.
• 162-13 46th Avenue, Flushing, was sold for $2,100,000 by Leah Chen and Greg Corbin. The sale price equates to $424 per square foot, and $161,538 per unit. Built in 2009, this property consists of a 3-story commercial building with 13 units with 4,945 s/f.

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Highcap Group announced the sale of 246 East 199th Street in the Bronx, Josh Goldflam, principal, along with sales associate Jonathan Bichoupan arranged the sale for $8,250,000. The seller was the Turuk family, and the buyer was MB Capital Asset Management. The corner walk-up apartment building was originally built in 1923, and has been owned by the Turuk family for the past 45 years. It is located on the corner of East 199th Street and Briggs Avenue and boasts 100 ft. of frontage on both streets. The 42,000 s/f building consists of 47 residential apartments with a mix of one, two, and three bedrooms and an average rent of $1,469 per unit. The property is a short walk to the B & D subways, Fordham University and the New York Botanical Gardens. The sales price equates to 12.6 times the gross rent roll, a 4.7% capitalization rate, $175,000 per apartment, and $196 per square foot.

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NAI Long Island announced that Gary Pezza, senior director, brokered the sale of a 7,300 s/f medical office building located at 160 Middle Road in Sayville, NY. 1449 Holdings, LLC purchased the property for $1,650,000. Pezza represented the seller, John A. Zimmerly, MD, and the buyer, 1449 Holdings, LLC.

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Houlihan Lawrence’s Commercial Group announced the completion of three sales totaling $3.58 million.
• Imperial Restoration and Maintenance Group LLC, purchased 148-150 Pearl Street in Port Chester for $1,100,000. The 6,300 s/f building was previously an auto repair shop. The buyer has moved from 523 Bruckner Boulevard in the Bronx to the new location. Houlihan agent Bryan Lanza represented the seller while Houlihan agent Peter Chen represented the buyer.
Byran Lanza represented the seller of 39 Echo Avenue, a student housing property in New Rochelle. The property currently houses 16 students, the majority of whom are international students who attend Monroe College next door. The sale price was $1,275,000. Houlihan agent Rita Marsh represented the buyer.
• Houlihan Lawrence agent Garry Klein represented the seller of 783-785 White Plains Road. The 2,700 s/f freestanding retail building, which is located directly across the street from Equinox and Mrs. Greens, sold for $1,200,000. The buyer, who will be opening a medical practice at the location, was represented by Houlihan agent Sid Canchester.

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