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Deals & Dealmakers

ON THE SCENE: ABS tapped to sell Soho apartment building; Manhattes closes $5M Hell’s Kitchen deal

AGENCY ASSIGNMENTS

ABS Partners Real Estate has been exclusively retained to market 200 Avenue of the Americas, a multifamily property on the border of Soho and the West Village, which has been privately owned for over 50 years. The walk-up building is located on Sixth Avenue between Prince and Spring Street, adjacent to the

STEVE HORNSTOCK

Father Fagan Park and Hudson Square. Steven Hornstock, Randy Modell and Ryan Cerqueira of ABS Partners are leading the marketing efforts on behalf of the longtime ownership group. The 6,461 s/f walk-up building contains five free-market loft residential units, three of which are floor-through. Zoning allows for a variety of uses, including single-family townhouse, live/work and corporate/institutional. The building is in a historic district with 2,189 s/f of air rights and is in the 2A Tax Classwhich limits property tax increases to eight percent per year or 30 percent over the course of five years.
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Lynda Blumberg and Hilly Soleiman at Besen & Associates, have been retained exclusively to sell or lease a vacant corner retail condominium. Located at 545 Third Avenue, this corner retail condo sits on the ground floor of Murray Hill Terrace, a 19-story condo building. The condominium has 8,000 s/f on the ground floor and 3,750 s/f below-grade in a basement. Corner location has tremendous foot traffic and is just blocks from the 33rd Street Station on the [6] subway train. 37-year ownership.
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GFI Realty Services announced the following exclusive sales assignments:
• 617 East 179th Street, a fully-occupied nine-unit multifamily building in the Tremont section of the Bronx. Associate Yehoshua Shamel will oversee the marketing of the property, with pricing targeted at $1.695 million. Constructed in 1910, the four-story building totals approximately 8,580 s/f and is composed of one one-bedroom unit, one two-bedroom unit, four three-bedroom units and three four-bedroom units. Much of the building is rent-stabilized. The asset is located in proximity to the Bronx Zoo, Tremont Park, Crotona Park and the 2 and 5 subway lines.
• 102-114 Cortelyou Road, a 4,375 s/ single-story retail property located on Cortelyou Road in the Kensington section of Brooklyn. Senior Director Erik Yankelovich will oversee marketing of the property, with pricing targeted at $2.995 million. The recently renovated property is comprised of seven retail spaces, one of which is currently vacant. The offering also features approximately 6,000 s/f of air rights.
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RM Friedland announced that Marco Lala has been retained to sell 2480 Belmont Avenue, Bron, a mixed used building containing 22 apartments and six retail spaces. The property sits in an Opportunity Zone on the northeast corner of Belmont Avenue and East 189th Street. Features include: renovated apartments with new kitchens and hardwood floors, tile lobby, steel and glass doors, security cameras, HB Smith boiler running on #2 oil, 1,500 gallon above ground and encased oil tank, rubber roof, replacement windows, and upgraded electric. The building is steps from Fordham University and surrounded by privately owned student housing complexes. The historic “Little Italy” shopping and dining district and Saint Barnabus Hospital are nearby. The current ownership has been undergoing a process of updating apartments and converting an increasing percentage of the tenancy to college students. The asking price is $6,195,000.
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Lee & Associates NYC has been named the exclusive sales agents for the 12,099 s/f of available retail space at the base of the newly constructed, 98-unit residential condo building at 353 Broadway, at the corner of Broadway and Leonard Street. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun are handling the assignment. With 7,954 square feet above-grade and 4,145 square feet below-grade, the

CHRIS VARJAN

property is divisible by up to three spaces. In addition to 89 feet of frontage on Broadway, between Leonard and Franklin Streets, there are 14.4 ft. high ceilings. Surrounding retailers and restaurants include Sweaty Betty, James Perse, Two Hands and Think Coffee. 353 Broadway is located near the N, Q, R W, 6, J and Z trains at Canal Street, the 1 and 2 trains at Franklin Street as well as numerous bus lines.

SALES

Angel Commercial announced the sale of 17 Tokeneke Road in Darien, CT, for $965,000. Brett A. Sherman, CCIM, senior vice president at Angel Commercial, was the sole broker in the transaction. The 3,438 s/f two-story building is located in downtown Darien, directly across the street from the train station, restaurants and shopping, and has access from both Tokeneke Road and the Center Street municipal parking lot. The building has three retail units, two are occupied by long term tenants, and one is available for rent. The property had been owned by the same family for multiple generations.
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Brian Sarath, senior director of NAI Queens, represented the seller, Nancy Siegel, in the sale of property in Woodside, New York. The 8,000 s/f warehouse building, located at 34-09/11 56th Street, was purchased by Susan Wu for $3,600,000.
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CBRE has completed the sale of a Class A office/tech facility at 1111 MacArthur Boulevard in Mahwah, NJ, by Seiko Holdings Corporation for $10,295,000. The brokerage firm also arranged an 18,400 s/f leaseback by Seiko. Thomas Mallaney, Randy Eigen and Conor Dolan spearheaded the marketing campaign and represented the Japanese holding company in the negotiations with buyer, 1111 MacArthur Boulevard LLC. Built in 1979 and fully renovated in 1990, 1111 MacArthur Boulevard is a two-story, 140,420 s/f office/tech property situated on 18.86 acres. It is close to Interstate 287 and Route 17. Nuance Communications, a US-based multinational software technology corporation headquartered in Burlington, Massachusetts, occupies 27,317 s/f of space at the property under a long-term lease. The buyer was represented by John Friedland and Mark Tannen of United Realty Advisors, LLC. Attorney John J. Oberdorf, Jr. of McManimon Scotland Baumann represented the seller, while Bruce E. Whitaker of McDonnell & Whitaker represented the buyer.
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MICHAEL SHERMAN

The Manhattes Group announced the sale of 351 West 48th Street, between 8th and 9th avenues, for $5.05 million. The eight-unit multifamily building comprises 8,000 s/f. Jeff Wok, of Sotheby’s International Realty, represented the seller, Michael Sherman of Manhattes Group represented the buyer, Landmark Holdings NYC.
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Cushman & Wakefield announced the following sales:
• 27-35 Madison Street, a four-building, mixed-use property in Lower Manhattan. sold for $7.8 million, equating to $356 psf. Robert Shapiro, Eric Roth, Michael DeCheser and Mei Ling Wong represented the seller. After one hundred years of ownership, Vanella Realty Corp, a funeral home operator, put the property on the market. 27-35 Madison Street, located in the rapidly growing Two Bridges neighborhood, was purchased by Chang Biao Zhang, another funeral home operator. 27-35 Madison Street is comprised of four buildings, including two apartment buildings, a funeral home and a hot dog vendor on two separate tax lots on Madison Street between Saint James Place and James Street. The property has 105 ft. of frontage on Madison Street and 52 ft. on Saint James Place. The buildings have a total of 21 residential units and 8,000 s/f of commercial space that will be delivered vacant and can be subdivided.
• Two properties located in Newtown, CT for $1.6 million. The property located at 191 South Main Street and previously known as the old Taunton Press building, will be converted into a new police headquarters for the Newtown Police. Frank Brown and Meredith Siburn represented their client, 191 Main Street South LLC and 61 Pecks Lane LLC in the transaction. The 7.35-acre site includes a 22,318 s/f single-story structure located at 191 South Main Street, and a bordering 4.39-acre site at 61 Pecks Lane, which includes a vacant house. The town plans on renovating the existing main structure and adding a 2,500 s/f expansion, which would contain holding cells and a sally port. Both properties are located in an M-1 (Industrial) zone. The 191 South Main Street property is on the northern corner of South Main Street and Ethan Allen Road. The site is 2.7 miles south of the existing police station at 3 Main Street.

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