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Deals & Dealmakers

ON THE SCENE: Avison Young announces tri-state investment sales group, sale of $3.2 million Putnam development site

AGENTS

Avison Young announced its Tri-State Investment Sales Group has been named the exclusive agent for the sale of 116 Elizabeth Street and 132 Bowery, two adjacent properties offering a block-through opportunity between Grand and Broome streets on the Lower East Side. A team comprised of James NelsonBrandon PolakoffDavid Lawrence and Carter Lovejoy is seeking offers on behalf of ownership.

• The property at 116 Elizabeth Street presents an opportunity to lease up a recently renovated office building. Ownership recently completed a gut renovation, transforming it into a modern office property. The five-story, 15,527 s/f property has nearly 25 feet of frontage on Elizabeth Street. The building, which also features a skylight on the top floor and a rooftop deck, will be delivered vacant.

• 132 Bowery is an older building positioned for redevelopment. Ithas the potential to hold a 14,610 buildable square foot property. The existing property is a five-story, 11,472 rentable square-foot building that includes almost 25 feet of frontage along Bowery’s retail corridor. The site can be redeveloped to include a total of 14,610 buildable square feet as-of-right. The building offers an in-place retail unit with double-height ceilings and can be delivered vacant as early as May 2019.

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Besen & Associates announced the following exclusive assignments:

Jack A. Cohen has been retained exclusively to sell 1598, 1600, & 1602 Pitkin Street, Brooklyn, Built in 1930, the three contiguous three-story walkup buildings have six apartments and three stores comprising 5,400 s/f. The properties are located on the Southeast corner of Pitkin Avenue and Amboy Street, blocks from the Sutter Avenue Station on the [3, 4] trains. Asking Price is $3,950,000.

• Jack A. Cohen has been retained exclusively to sell 75 Belmont Avenue and 149 Watkins Street, two contiguous walkup buildings with six apartments and three stores consisting of 10,750 s/f and located on the Northeast corner of Belmont Avenue and Watkins Street. Asking price is $2,450,000.

• 75 Belmont Avenue was built in 1930. the two-story walkup building has three apartments and three stores consisting of 12,150 s/f and located on the Northeast corner of Watkins Street and Belmont Avenue. 2,212 s/f of air rights are available for transfer from the neighboring property, 149 Watkins, for potential development use (14,362 total BSF.)

• 149 Watkins Street was built in 2005. The three-story walkup building has three apartments and consists of 3,750 s/f located between Pitkin and Belmont Avenues. Property has 2,212 s/f of remaining air rights which could be transferred to the neighboring property, 75 Belmont, for a development opportunity.

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TerraCRG has been retained to represent ownership in the sale of 772 Humboldt Street, an industrial building in Greenpoint, Brooklyn. Marketing the property are Dan Marks and Mike Hernandez, along with their investment sales team. The asking price is $4.6 million. The M1-1-zoned property is a single-story 8,000 s/f building and will be delivered vacant. the property is suited for either a user looking to move or expand their business, or for an investor looking for a commercially zoned property. The building has 12-18 ft. ceilings, a loading dock, one drive-in, floor drains, and gas powered heat blowers. It is situated in the Core Industrial Area of the newly proposed North Brooklyn Rezoning.

SALES

Avison Young arranged the $3.2 million sale of a 12.75-acre development site located at 39 Seminary Hill Road in Carmel, New York, part of Putnam County. A team comprising Arthur Mirante, Martin Cottingham and Matt Pynn arranged the sale on behalf of the buyer, Alexandrion Group, an international distiller. The seller was Hinckley Holdings, LLC & Covington Development, LLC. The site includes a 136,000 s/f office and warehouse facility with parking and is part of a larger 50-acre campus.

The Alexandrion Group, which currently has offices in Romania, Cyprus and Brazil, is planning to build its first distillery in the U.S. on the site. The law firm of Shearman and Sterling served as the legal representative for Alexandrion Group in the transaction. The site was the former home of Guidepost Publishing Group of the

Foundation for Christian Living and, at the time of the purchase, housed Paladin Center, a tactical training center for law enforcement and private security groups. Alexandrion Group produces Saber Elyzia liqueurs, Brâncoveanu brandy, Alexander Vodka and Gin, Kreskova vodka and Zolmyr liqueurs.

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Capital Property Partners announced that a private real estate investor has acquired an 18,000 s/f full block retail strip located at 227-01-227-23 Merrick Blvd, Laurelton, Queens, for $9,650,000 in an all-cash, off market deal. Nir Mor and Daniel Rahmani, of Capital Property Partners represented the purchaser in the transaction. Michelle Abramov of AssetCRG represented the seller, RJ Capital Holdings. The property sold at a cap rate of 4.9 percent and $524 psf. The 18,400 s/f property is comprised of 14 retail units.

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Compass announced the sale of three retail condos consisting of 2,500 s/f at 262-272 Mott Street, in the Nolita neighborhood in Manhattan for $7,350,000, just under $3,000 per square foot. Adelaide Polsinelli and Trystan Polsinelli represented the seller, a local investor who purchased all five retail condos at the building in December. The Polsinellis resold three of them to a private investor who plans to occupy them. Originally built in the 1850s as an armory, 262-272 Mott Street was converted to luxury residential loft condominiums in 1992.

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Cushman & Wakefield announced the sale of 117 East 15th Street, a 5-story multi-tenanted brownstone in the Gramercy Park neighborhood of Manhattan. The 6,800 s/f walkup building consists of six residential units, a live-work loft on the parlor floor and a restaurant on the ground floor and basement that was previously home to long-time neighborhood bar & nightclub, Belmont Lounge. The final closing price was $11 million, or $1,618 psf. Vice Chairman John Ciraulo led the marketing efforts with Craig Waggner on behalf of the seller, Jacobson Group. The property was purchased by a foreign buyer operating under the name Three Sixty CC Inc, who was represented by Edward Kim and Alex Lee of KW Commercial. The property came with approximately 7,184 s/f of unused air rights that can be utilized or transferred, or the entire building could be razed to make way for an approximately 13,984 s/f boutique development once the existing leases expire. 117 East 15th Street is a 22.5 ft. wide walkup building with a new boiler and updated electrical.

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Rubin S. Isak, founding partner of Goldenwood Property Advisors, announced the sale of 5130-5134 Roosevelt Avenue in Sunnyside, Queens, in an all cash transaction valued at $3,580,000. The seller was Samis Realty Co., and the purchaser was Qin Li. The property is located on the southwest corner of Roosevelt Avenue and 52nd Street on the border of the Sunnyside and Woodside neighborhoods of Queens, NY. The 40 by 127 ft. corner lot is currently improved by a two-story, plus basement, elevatored 5,316 s/f building, with a parking lot. There is 3,258 s/f of restaurant/retail space on the ground floor and 2,058 s/f of office space on the second floor. The property was built in 2005. The site is situated in a R6 zone with a C2-3 overlay. The seller’s attorney was Evangelos Mihos, Esq. of Mihos Law and the purchaser’s attorney were Yang Law PC.

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Klosed Properties announced the acquisition of the retail condominium at 2082 Frederick Douglass Blvd in West Harlem. The 860 s/f retail condo is long-term leased to 87 Orange Street Bar & Restaurant. Steven Kachanian, principal, Jacob Namdar, senior director of acquisitions and Adam Hajibai, director of acquisitions, made the announcement.

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