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Deals & Dealmakers

ON THE SCENE: Avison Young tapped for 75-acre site in Albany; Bestreich closes on $3M Park Slope property

AGENTS

The New York Tri-State Investment Sales group for Avison Young announced the following exclusive assignments:
• The sale of Kenwood Commons, a 75-acre development site located in an Opportunity Zone in Albany, NY. Principal James Nelson along with Charles Kingsley, Neil Helman and Toku Saito are seeking offers on behalf of the owner. The development site has shovel-ready plans for a 4.2 million-square-foot luxury urban living complex that includes residential, hospitality and associated amenities. The land parcel at 100 Kenwood Road is occupied by The Abbey, an estate constructed in 1852 that was later expanded into a 250,000 s/f facility used by a convent. It islocated less than a mile from Downtown Albany and Route 87 within five miles of seven major universities, close to five major hospitals, and the New York State House and convention center.
• The sale of 226 East 3rd Street, an 8,385 s/f, 15-unit mixed use walk-up building, comprised of 13 residential and two ground floor retail units in the East Village. The asking price for the building is $8.5 million. James Nelson, Brandon Polakoff, Phillip Bowman and Bradley Rothschild are marketing the property on behalf of the owner. The recently renovated, property has eight free market residential units and the remaining units are regulated. Tthe property offers residents numerous amenities including a laundry room and a courtyard.

SALES

Marcus & Millichap announced the following sales:
• A two-tenant pad site featuring Buffalo Wild Wings and AtlantiCare Urgent Care. The property sold for $5,000,000. Mark Krantz and Derrick Dougherty in the Philadelphia office represented the seller, GVR Realty, based in Piscataway, NJ. The buyer, a private investor based out of Livingston, NJ, was also secured and represented by the pair. The site an outparcel to a 200,000 s/flifestyle center. Located at 627 Cross Keys Road, Sicklerville, NJ, the building benefits from its established location in the Gloucester Township submarket, 15 miles from Philadelphia and 45 miles from Atlantic City. The property is located at a signalized intersection along Cross Keys Road. Brian Hosey is the broker of record for New Jersey.
• A 6,700 s/f retail property located in North Plainfield, NJ, for $1,300,000. Michael Lombardi and Marc Karlin, investment specialists in Marcus & Millichap’s New Jersey office, exclusively represented the seller and buyer, both private investors.

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Angel Commercial announced that Doyle Insurance Group, LLC, has purchased an office building located at 45 Sherman Street in Fairfield Connecticut, for $1,375,000. The company will relocate from leased space in Southport, Connecticut, within sixty days. Jon Angel represented the buyer in this transaction. Bruce Wettenstein, SIOR, of Vidal/Wettenstein of Westport, was the listing broker for the selling entity, Valor Investments, LLC. The building is a two-story structure consisting of 4,558 gross square feet with a carriage house of 1,217 gross square feet collectively on 0.13 acres in a Center Designed Business District (CDD) zone. The location in Fairfield Center is minutes to I-95, and within walking distance to the Fairfield Train Station. Both structures have been fully renovated within the last two years.

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Bestreich Realty Group (BRG) has closed on the sale of 132 6th Avenue in the Park Slope neighborhood of Brooklyn for $3,000,000. This property is built 20 ft x 47 ft offering approximately 4,700 square feet for $638/sqft. The sellers of this property are Wiener and Evelyne Longchamp and the buyer is Scott Kupferman. Adam Lobel, Toby Waring, Justin Zeitchik, Gabriel Kates and Derek Bestreich of BRG represented the purchasing entity.

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Brick Capital Group announced the following deals:
• The $16,750,000 purchase of a pool of non-performing mortgages and notes. Spread throughout the New York metropolitan area, the collateral is comprised of several apartment buildings that contain a total of 315 units. Eric C. Roth negotiated the direct purchase.
• Two non-performing Mortgages and Notes in the aggregate amount of $1,890,000. Located in the Harlem section of Manhattan, the collateral is comprised of two 5 story brownstones that comprised of both Class A and Class B units. The loans were purchased from a savings bank and the sale closed within 3 days of the accepted offer.

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Coldwell Banker Commercial NRT announced the sale of 2060 Ocean Avenue, Ronkonkoma, NY. The buyer was Long Island Power Solutions, a rapidly growing Islandia based firm specializing in the Solar Industry. LIPS provides on-site power solutions for Commercial and Residential properties. Paul Fetscher and Marian Conde, both of Coldwell Banker Commercial NRT represented the buyer. Coldwell Banker Commercial also represented the Seller, Double G Realty Corp. The building is a 10,500 s/f industrial building of one floor.

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Cushman & Wakefield announced the sale of 1318 Oak Point Ave, a two-story, vacant industrial building located in the Bronx. The final closing price was $975,000. The building is within an Opportunity Zone in relation to the Economic Opportunity Zones program included within The Tax Cuts and Jobs Act (TJCA) passed last December. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker led the marketing efforts on behalf of the owner. The price equates to $260 per square-foot for a two-story industrial building in need of substantial rehabilitation. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx and is a division of the Sigula Group headed by Michael Wahba and Marcy Dery. The 3,750 s/f building is vacant and consists of 2,500 s/f of industrial space with 14 ft. ceilings on the ground floor, five roll-up garage doors and a 1,250 square foot commercial space on the second floor. Located on the southwest corner of Oak Point Avenue and Bryant Avenue, 1318 Oak Point Ave is accessible via the Longwood Ave Subway Station.

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Rubin S. Isak, Founding Partner of Goldenwood Property Advisors, has sold 63-68 Austin Street, aka 9132-9148 63rd Drive in Rego Park, New York, for $6,550,000. The sellers are Alderton Associates, LLC and the purchasers are 63-38 Austin LLC and RW Austin LLC. Isak was the sole broker in the transaction. The 14,000 s/f lot is located on the southeast corner of 63rd Drive and Austin Street, with 140 feet of frontage on 63rd Drive and 100 feet of frontage on Austin Street. The site is currently improved by a 5,894 s/f single-story diner building that formerly housed the famed Shalimar Diner since 1974. The zoning is R4 with a C2-2 overlay. The as-of-right right buildable for a commercial development is 14,000 ZFA and 28,000 ZFA with community facility bonus. The sales price equates to $468/ZFA for an as-of-right ground up development site or $234/ZFA with community facility. The seller’s attorney was Rosenberg & Estis, P.C. and the purchaser’s attorney was Ginsburg & Misk.

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NAI James E. Hanson negotiated the sale of a 9,242 s/f medical office building at 265 Ackerman Avenue in Ridgewood, N.J. NAI James E. Hanson’s Randy Horning, MSRE, and Darren Lizzack, MSRE, represented the buyer. 265 Ackerman Avenue is a two-story 9,242 s/f medical office building located between Ridgewood, Glen Rock and Fair Lawn with accessibility to Routes 17 and 208. Additionally, the space is located less than a mile from the Ridgewood Station and the Glen Rock-Borough Hall Station, which both offer access to the NJ Transit Bergen County and Port Jervis Lines. Fully-leased to a wide variety of medical tenants,it has ample parking for both tenants and patients. Several updates are also planned to enhance the property within the coming year, including a renovated parking area, a new roof, new façade, HVAC system and lobby area. The buyer will occupy a 3,000 s/f medical suite on the first floor which will be dedicated to their cardiology practice.

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Great Neck, NY-based One Liberty Properties, Inc. announced that it acquired a 220,000 s/f industrial property on 15.74 acres located in Bakersfield, California, for $10.9 million. The building is net leased to The Men’s Warehouse, Inc., the primary operating subsidiary of Tailored Brands, Inc. The lease provides for an annual base rent of $667,000 increasing, in early 2019, to $734,000 through lease expiration in 2024. The facility, to which the tenant has made significant improvements, is used primarily for warehouse and distribution purposes. The property is located near major transportation thoroughfares, including I-5 and CA SR 99, and serves as a centralized point for the tenant’s West Coast distribution activities.

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Cushman & Wakefield negotiated the sale of Rue Vendome, a renovated, 30-unit apartment rental on Normandy Isle in Miami Beach. Calum Weaver and Perry Synanidis of the South Florida Multifamily Team represented the seller, 6905 Rue Vendome Holding LLC, a local entity managed by Herve Barbera. Miami 6905 LLC, a Portland- and New York-based investment company, acquired the asset for $5.25 million ($175,000 per unit). The buyer was represented by Jesse Spencer of Compass.

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