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Deals & Dealmakers

ON THE SCENE: Avison Young marketing LES opportunity zone

AGENTS

The Tri-State Investment Sales group for Avison Young announced the following exclusive assignments:

  • A newly-developed, 7-story, 9,432 s/f elevator building at 148 Attorney Street, located between East Houston Street and Stanton Street in the Lower East Side neighborhood of Manhattan. The property qualifies as an Opportunity Zone investment. A team led by James Nelson, along with Brandon Polakoff, Eric Karmitz, Fritz Richter, Allan Fries and Bradley Rothschild are requesting offers on behalf of the seller, Manhattan-based investment company Two Kings. The seller is able to deliver the property just prior to completion so that the buyer can obtain a Temporary Certificate of Occupancy and put the building into service, allowing it to qualify as an Opportunity Zone. The building has a brand-new elevator building and extensive outdoor space, as well as large floor-to-ceiling windows and front and rear balconies.
  • Sales agent for a six-story, 10,716 s/f 11-unit mixed-use building located at 87 Chrystie Street, overlooking Sara D. Roosevelt Park on the Lower East Side. The building has four free-market and six rent-stabilized apartments as well as a retail unit. The property’s gas and electric systems were recently updated. The asking price for the building is $ 5.5 million.
  • A five-story, 9,125 s/f 19-unit mixed-use building located at 102 Bayard Street, overlooking Columbus Park. The building has three free-market and 15 rent-stabilized apartments as well as a vacant retail unit. The property also includes a large courtyard common outdoor space and recently updated gas and electric systems. The asking price for the building is $ 5.5 million.

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Besen & Associates has been named exclusive agent for the sale 127 East 69th Street, a townhouse located in the Lenox Hill neighborhood. The 8,046 s/f property presents a myriad of possibilities, including a conversion to a single-family residence, a corporate headquarters, an international mission house, or a private art gallery, all within close proximity to the Park Avenue Armory. The 22 ft. wide, 5-story plus penthouse landmarked property is currently configured as a mixed-use, multi-unit townhouse with office space on the ground level, galleries on the second level, floor-through apartment on third, duplexed-apartment on the fourth and fifth level, and a rooftop penthouse containing an alcove studio apartment and a rooftop wrought-iron canopy. Asking price is $14,975,000. Ron Cohen and Madison O’Brien are handling the assignment.

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Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of three properties located in Queens. A team led by Senior Managing Director Stephen R. Preuss will represent the sellers in all marketing efforts, with Associate Director Andreas Efthymiou.

  • 23-61 and 23-71 31st Street in Astoria are two properties with C4-3 zonings. Both properties have fully approved plans in place for a six-story mixed-use buildings of approximately 9,902 gross building square feet. The buildings will consist of one commercial space and ten residential units. The residential units are comprised of ten one-bedroom, one-bathroom units with building plans that include a rooftop terrace, gym and below grade bike and personal storage space. The sites will also be delivered with demo approvals in place. The properties are conveniently located near public transportation with proximity to the N and W trains at Astoria and Ditmars Boulevard, as well as the Astoria ferry. The asking prices are $1.8 and $1.915 million.
  • 1220-1222 Astoria Boulevard is a 4,958 square foot irregular shaped lot with C2-3 zoning and 14,106 buildable square feet. Currently, there are fully-approved plans in place for a mixed-use building. The property will be delivered with the plans fully-approved and no demolition necessary. The property is in proximity to the Astoria Ferry Terminal with quick, easy access to Manhattan and the N and W subway stations a few blocks east. The asking price is $3.3 million.

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RM Friedland announced that Marco Lala has been appointed exclusive agent in the sale of the following proeprties:

  • A 1960’S elevator building with 50-plus apartments on East 233rd in the Wakefield Section of the Bronx with indoor and outdoor parking. Located near Montifiore Hospital, the property has a laundry room, steel and marble staircases, glass entrance doors and attractive lobby, intercom system, digital heat timer●. There is a 1986 Boiler (Dual Fuel – #4 Oil – No Gas Line), trash compactor and sprinkler system in basement. Security camera system and rubber roof. Asking price is $10,250,000.
  • 2480 Belmont Avenue, Bronx, is a mixed use building steps from Fordham University and surrounded by privately owned student housing complexes. The current ownership has been undergoing a process of updating apartments and converting an increasing percentage of the tenancy to college students. The subject property sits in an Opportunity Zone and consists of 22 residential apartments and six retail spaces (occupied by four retail tenants). Asking price is $6,195,000.

SALES

Besen & Associates announced the following sales:

  • 2507-2513 East Tremont Avenue, Bronx, sold for $1,034,000 which translates to $275 PPSF. Ron Cohen exclusively represented the seller and procured the purchaser in the transaction. Built by current and sole owner circa 1950, the 2-story, 3,760 s/f mixed-use building contains three office units, 930 s/f rented basement, one two bedroom apartment and curb cut driveway with parking for five cars. It is one of the largest Bronx hub sites for the T-Mobile DAS (Distributed Antenna System) telephone exchange, which has invested approximately $350-to-$450,000 into this location. The Property offers stable cash-flow with credit tenant T-Mobile. The Property has been meticulously maintained by ownership, with numerous capital improvements including roof, electrical and façade upgrades.
  • 1957 Flatbush Avenue, Brooklyn, sold for $950,000, which equates to $351 per square and $237,500 per unit. The property consists of a two-story mixed use building containing four total units, two residential units and two ground floor vacant units. The two second floor apartments consist of one 1-bedroom/1 bath unit and one 2-bedroom/1 bath units. Built in 1931, the property has approximately 2,712 s/f and 18 ft. of frontage and is situated one mile south of the Brooklyn College–Flatbush Station on the [2, 5] subway and close to Mt. Sinai Brooklyn Hospital. Ronnie Shaban of Besen & Associates represented the buyer. Matthew Leist of Prime Real Estate Advisors represented the seller in this transaction.

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Invictus Property Advisors, as exclusive agent, announced the sale of 103-19 & 103-23 Merrick Boulevard in Jamaica, Queens. The property traded for $2,950,000 (or $296 psf to a 1031x buyer who was looking to place equity into a stabilized NNN retail asset with future redevelopment potential. The building is located on the Merrick Boulevard strip, which intersects with Liberty Avenue and is adjacent to York College. Several national retailers populate the area. Andrew Levine, co-founder of Invictus Property Advisors announced the sale of the property, which has a curb cut with a 15 by 100 ft. parking lot at the rear of the building.

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Marcus & Millichap announced the sale of Cranberry Plaza, a 106,165 s/f shopping center located in Pennsville, NJ. The center sold for $3,525,000. Michael Cebula, a senior associate in the Philadelphia office, represented the seller, a private New Jersey-based investor who had owned the property for ten years and made numerous capital improvements. The buyer, a New Jersey-based private investor, was also secured and represented by Cebula. Cranberry Plaza is located on 18 acres of land at 233 S. Broadway in Pennsville, NJ. The center features 12 tenants including Save A Lot, Metro PCS, and local tenants, PV Pets and Tap & Bottle.

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NAI James E. Hanson negotiated the sale of a 5,000 s/f mixed-use property at 701 Main Street in Hackensack, NJ. Dominic Fittizzi represented the seller and former owner of Lido Restaurant in the transaction. Situated on a busy, four-way intersection, 701 Main Street has served as the home of Lido Restaurant for over 60 years. In addition to the historic restaurant and liquor license included in the sale, the 5,000 s/f two-story mixed-use property also features two apartments on the second floor. The new owners, one of whom is a former general manager at a prominent restaurant chain, plan to make renovations to the restaurant immediately and will continue to operate as Lido Restaurant once completed.

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