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Deals & Dealmakers

ON THE SCENE: AY marketing Opportunity Zone investment; Besen has industrial offering

AGENCY ASSIGNMENTS

The Tri-State Investment Sales Group for Avison Young has been named the exclusive agent for the sale of a newly-developed, 7-story, 9,432- s/f elevator building at 148 Attorney Street, between East Houston Street and Stanton Street on the Lower East Side (pictured top). 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, Two Kings. The owner will 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 features extensive outdoor space, floor-to-ceiling windows and front and rear balconies. 148 Attorney street is close to a variety of mass transit options and a few minutes away from the Williamsburg Bridge and FDR Drive.
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LEAH CHEN

Besen & Associates announced the following exclusive assignments:
Leah Chen and Ron Cohen are marketing 178-02/04 Jamaica Avenue, Jamaica, a new construction three-story net leased commercial building. Situated on the southeast corner of Jamaica Avenue and 178th Street, the 10,217 s/f property is fully leased to three commercial tenants, whose leases expire co-terminus on January 2023. The tenants pay for all taxes and operating expenses, landlord is responsible for roof and structure and insurance only. The property includes a legal basement indicated for Medical Office use on the CO, which is leased along with the ground floor to Heritage Human Services, a community center for people with special needs. The upper floors are leased to a children’s amusement establishment and an elderly community center. There is an elevator from the basement to the third floor, and there are seven means of egress. Expansive windows enable light to pour in from two sides, and the building is immaculate. Floors are well equipped for potential subdivision with dual A/C systems, and there is only one column per floor among 10 ft. ceiling heights. Each floor has its own heating unit and is individually metered. Asking price is $4,275,000.
Ben Weiss has been retained to sell 610 & 639 Fayette Avenue, Mamaroneck, two fully-leased industrial buildings consisting of 9,511 s/f. The properties are located between Concord and Ogden Avenues in the industrial section of Mamaroneck, minutes from I-95. Both buildings are 100 percent occupied by J. Pocker & Sons Inc. until August 31, 2022. J.Pocker creates custom picture frames, mirrors, TV mirrors, and prints, with 4 locations in New York and Connecticut. Asking price is $2,000,000.
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Ben Weiss has been retained to sell 140 Bay Ridge Parkway, Brooklyn. Built in 1936, the six-story elevator building has 42 apartments and consists of 45,360 s/f. the property is located between Colonial Road and Ridge Boulevard, three blocks from the [R] train and close to the NYC ferry. Asking price is $12,600,000.
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CBRE has been named exclusive agent for the sale or lease of 520 Main Avenue in Norwalk, Conn., a two-building property totaling nearly 35,000 s/f for retail, medical or office use. The asset represents a redevelopment opportunity along one of Fairfield County’s fastest growing commercial corridors. CBRE’s Stamford office, including Robert Crane and Jeffrey Gage, will lead the marketing efforts. The property was initially constructed as the headquarters for Tuchy Construction Company and has been leased by Best Friends Pet Care since 1996. The property offers 234 ft. of frontage and visibility along the Route 7 commercial corridor. Sitting on 2.3 acres of land, the property has space for parking. Nearby retailers include Walmart, LA Fitness, Starbucks, Staples and FedEx.
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Erin Boisson Aries of Christie’s International Real Estate and Balen Real Estate are marketing 315 Greenwich Street for sale. The asking price for the corner Tribeca building is $9,950,000. The five-story elevator building has retail on the ground floor and four free market, floor-through apartments, each with keyed elevator access, and offering direct views of Washington Market Park and south to the Freedom Tower. A penthouse unit has the potential for a private roof deck. One block from PS 234, and two blocks to Whole Foods, the location offer access to multiple express and local subway lines within two blocks from Chambers Street, and immediate access to a select cluster of premier Tribeca restaurants, shopping destinations, artisanal eateries, city parks and cultural attractions.
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JLL Capital Markets experts were selected by EcoRise Development to market 514 Union, 469 President Street and 473 President Street, three adjacent, single-story warehouses in the Gowanus neighborhood of Brooklyn. The property is located within an M1-2 zoning district that allows for 97,910 buildable square feet of as-of-right commercial development. The JLL professionals overseeing the opportunity are Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara, Ethan Stanton and William Barrett. A

BRENDAN MADDIGAN

large portion of the site is a part of the Brownfield Cleanup Program, which allows for the possibility of obtaining tax credits associated with site preparation, remediation, and hard development costs. The tax lots are located in an Opportunity Zone within M1-3/R7A and M1-3/R6A zoning districts. The three warehouses are single story commercial buildings that total 51,155 s/f on a 48,955 s/f lot.
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Meridian Investment Sales is marketing a retail and commercial property in Greenpoint, Brooklyn, for $11 million. David Schechtman, Lipa Lieberman and Abie Kassin are representing the seller. 144-150 Greenpoint Avenue consists of two contiguous buildings on a 7,600 s/f lot. Rising two stories, the retail property spans 12,000 s/f and offers 22,800 total buildable square feet. Situated steps from the G train at the Greenpoint Avenue station, the property features 80 ft. of retail frontage. The site benefits from C4-3A (R6A) zoning that permits for a variety of uses.

SALES

Joshua Banilivy of Friedman Roth set what may be the highest price ever paid for a mixed use property in the South Bronx. Located at 2809 Third Avenue in the heart of The HUB, also known as Times Square of the

JOSH BANILIVY

South Bronx, the property sold fo $3.15 million, which equates to a GRM of 15.75 times, $450,000 per unit and $434 psf. Banilivy represented both the buyer, Jonathan Moinian, and the seller, Steven Kachanian’s Klosed Properties. The property consists of a ground floor retail space currently occupied by Popeyes and six residential units entirely rent stabilized.
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Bestreich Realty Group (BRG) announced the following sales:
• 632 East 96th Street in East Flatbush, Brooklyn, sold for $1,025,000. The six-unit multifamily is approximately 5,560 s/f for $184 psf. The seller was 632 96th LLC and the buyer was East 96th LLC. Derek Bestreich, Steve Reynolds, Tom Reynolds and Brian Underkofler represented both the buyers and sellers.
• 352 6th Avenue in Park Slope, Brooklyn, sold for $2,850,000. The six-unit multifamily is built 19.83 by 55 ft., offering approximately 4,602 s/f. The seller was 352 6th Avenue LLC and the buyer was 6th Avenue LLC. Derek Bestreich, Adam Lobel, Luke Sproviero, Toby Waring, and Gabriel Kates repped both sides.
• 315 Bushwick Avenue in Williamsburg sold for $2,800,000. The vacant six-unit mixed-use property is approximately 5,130 s/f. Derek Bestreich, Luke Sproviero, Hakeem Lecky, and Donal Flaherty represented both the buyer and seller.
• 298 7th Avenue, a mixed-used property in park Slope, sold for $3,400,000. The property offers three apartments and one retail unit for approximately 4,448 s/f. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Gabriel Kates brokered the deal.
• 183 Ainslie Street in Williamsburg sold for $1,800,000. This development site is 25 by 111.42 ft zoned R6B and is $323 per buildable square foot. Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik and Hakeem Lecky represented both sides in the transaction. • 351 Grove Street, a three-story multifamily building located in Bushwick, sold for $1,500,000. The six-unit property is build 25 by 65 ft. with a 5 by 12 ft. extension, offering approximately 4,905 square feet. Derek Bestreich, Steve Reynolds, Brian Davila, and Tom Reynolds represented buyer and seller.
• 173-175 McGuinness Boulevard, a 15,100 BSF development site in Greenpoint sold for $4,700,000. Derek Bestreich, Donal Flaherty, Luke Sproviero and Hakeem Lecky facilitated the transaction.
• 1283 Nostrand Avenue in Prospect Lefferts Garden sold for $1,600,000. The multifamily property is 4,500 s/f and is $355/PPSF. Derek Bestreich and Brian Underkofler represented both sides of the transaction. The buyer was 1283 Nostrand LLC and the seller was OA LLC.
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GFI Realty Services announced the $8 million sale of 1865 77th Street, a four-story, 37-unit, walk-up apartment building in Bensonhurst, Brooklyn. Erik Yankelovich represented the seller, while Yosef Katz and Natan Safdieh represented the buyer. Constructed in 1927, the 32,000 s/f property features a mix of 30 one-bedroom units and seven two-bedroom units, all of which are rent-stabilized. The buyer recognized the value of this asset’s steady cash flow and numerous neighborhood amenities. The building was under the same ownership for more than 15 years.
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SHALLINI MEHRA

Meridian Investment Sales sold 215 East 197th Street, a multifamily property in the Bedford Park neighborhood of the Bronx for $8.6 million. Amit Doshi and Shallini Mehra represented the seller and procured the buyer. Meridian vice president Jacob Schmuckler had a long-standing relationship with the seller and originated the lead. s/f. Located between Grand Concourse and Valentine Avenue in Bedford Park, it is close to Lehman College, Bronx High School of Science and the New York Botanical Garden.
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XRE NY announced the $2,7500,000 sale of a residential building at 2430 University Avenue in the Fordham neighborhood of the Bronz. The 15,515 s/f property has 11 residential units and a 7,611 s/f floorplate. The building traded for $177 psf. Lins Agokeng of XRE NY represented the purchaser and seller in this transaction.
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Fischer Commercial Real Estate announced the sale-leaseback of 560 Main Street, Ansonia, CT. The 4,309 s/f office building was sold by Dental Associates, a partnership made up of three dentists, to 560 Main Street, LLC. Two of the three dental practices will remain as tenants. The sale price was $300,000. Alan M. Fischer, CCIM, SIOR, represented the buyer and Tom Cavaliere of CB Commercial-NRT represented the seller.
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Cushman & Wakefield has announced the following sales:
• 201 Littleton Road, a three-story office building on a nearly 17-acre site in Morris Plains. Chopp Holdings, an experienced local investor, purchased the 88,910 s/f asset from Mack-Cali Realty Corporation. Cushman & Wakefield’s Investment Sales Team represented the seller and procured the buyer, led by Andrew Merin, Andrew Schwartz, and Kubby Tischler. 201 Littleton Road features parking, a renovated common area, and was 44 percent leased to tenants who include the State of New Jersey, which occupies 24 percent of the building.

GARY GABRIEL

• 99 Wood Avenue South in Iselin, NJ, was purchased by Mack-Cali Realty Corporation. The 271,988 s/f Class A office tower offers a recently renovated full-service cafeteria, fitness center with locker rooms, 24/7 security and a three-story parking structure. The property is adjacent to the APA Hotel Woodbridge, and within walking distance of Metropark Station’s Amtrak and NJ Transit rail, and bus service to New York City and beyond. The building shares a parking deck with 101 Wood Avenue South, where Mack-Cali is also the owner. Cushman & Wakefield’s Andrew Merin led the transaction along with team members Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler. At the time of the sale, 99 Wood Ave. South was 84 percent leased, with a roster of tenants that included Citibank, Wells Fargo, Ernst & Young, Greenbaum Rowe Smith & Davis, and Cushman & Wakefield.

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