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Deals & Dealmakers

ON THE SCENE: Compass tapped for medical office, C&W sells two LES buildings

AGENTS

Michael Carillo, Director, along with Adelaide Polsinelli and Ronda Rogovin, Vice Chairs of the investment sales division at Compass, have been hired to market 2460 Flatbush Avenue, a three-story elevator medical office building in the heart of the Marine Park neighborhood of Brooklyn.  The 12,000 s/f building consists of ten occupied medical suites. One medical suite can be delivered vacant. The building has 40 feet of frontage on Flatbush Avenue. The average daily traffic count in front of the building is 33,744. There are several bus stops all within one block of the property. the asking price is $5.25 million.

SALES

Marcus & Millichap announced the following sales:

• 358 Knickerbocker Avenue, Brooklyn, a 4,750 s/f mixed-use property, sold for $2,425,000. Shaun Riney and Thomas Shihadeh, in the Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. 358 Knickerbocker is a free-market mixed-use building located midblock which sold for $510 per square foot.
• 46 Diamond Street, Brooklyn, 5,000 s/f of land, sold for $1,750,000. Shaun Riney and Michael Salvatico represented the seller, a private investor. The buyer, a private investor, was also secured and represented by team.
• 250 19th Street, a 4-family apartment property located in Brooklyn, sold for $2,150,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay, in the Brooklyn office, represented the seller, a private investor, and the buyer, a private investor.
• 1722 Pitkin Avenue, a 2,500 s/f retail property in Brooklyn sold for $825,000. Matthew R. Peters represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Peters. The property sold for $330 psf, a price record for the Brownsville market.
• Quail Hollow Apartments, an apartment property in Plainville, Connecticut at 126 New Britain Ave, Plainville, Connecticut, sold for $8,500,000. Victor Nolletti, Eric Pentore, and Westley Klockner of the New Haven office represented the seller, a limited liability corporation that had operated Quail Hollow Apartments for approximately twenty-five years. The trio also secured the buyer, another limited liability corporation. Quail Hollow Apartments is a 92-unit property with eight, two-story residential structures comprised of 36, one-bedroom/one-bath apartments and 56, two-bedroom/ one-bath units. The property is within 6.5 miles of major employers including ESPN World Headquarters, United Technologies, UConn Health, and Tilcon Connecticut. It is minutes from I-84, twenty minutes from downtown Hartford and West Hartford Center.
• The Tennent 9 Shopping Center, located at 700 Tennent Road in Manalapan, New Jersey. The deal was brokered by Alan Cafiero and Ben Sgambati of the New Jersey office, who represented the seller. Brent Hydahl, also of the New Jersey office, joined the duo in procuring the buyer. Both parties are private investors. Tennent 9 Shopping Center is anchored by NetCost Supermakets, a European specialty supermarket. NetCost Supermarkets occupies two-thirds of the 60,000 s/f retail neighborhood. The remaining ten units are rented to a mix of local and regional business, along with a Rite-Aid pharmacy.

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The Bridgeport Rescue Mission has purchased the former Astoria Park Nursing Home at 725 Park Avenue in Bridgeport, CT, for $2,150,000. Jon Angel, president of Angel Commercial represented the seller, Laureate Astoria, LLC, in the transaction. Baldwin Pearson & Company Inc. represented the Bridgeport Rescue Mission, which will use this location for its new community care center. 725 Park Avenue is a 61,344 s/f five-story building on 1.29 acres located minutes from I-95 (Exit 27) and Route 8 (Exit 1).

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Joseph Aquino, President of JAACRES, announced that the Secret Brokers Society sold a retail property located At 839 N. La Cienega within the Los Angeles Design District. The property sold for $5.5 million. Aquino and Anthony Palermo from Coldwell Banker in Beverly Hills, California, brokered the sale. Palermo and Aquino have been members since the inception of The Secret Brokers Society in 2011.

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Cushman & Wakefield arranged the sale of two properties in Lower Manhattan. The ground floor and basement at 150 Thompson Street sold for a final closing price of $4.7 million. 172 Elizabeth Street sold for $1.9 million. Cushman & Wakefield’s Robert Burton and Bobby Carrozzo represented the sellers.

• 150 Thompson Street is a retail co-op interest situated at the base of a five-story, mixed-use, co-op building. The 7,800 s/f unit features 50 ft. of frontage on Thompson Street, a 3,500 s/f lower level, a glass façade and high ceilings. The unit could potentially be divided into two units. Cushman & Wakefield represented Schiffini USA in the sale to Safavieh, a home furnishings company. The final closing price equates to $1,105 psf..
• 172 Elizabeth Street is an existing 2,700 s/f four-unit multifamily building with a step-down retail store. The property offers the opportunity for both a renovation project to restore the four multifamily units, or for a townhouse conversion. . The seller, The Estate of Russell Kolody, was represented by Cushman & Wakefield in the transaction and received a final closing price equal to $704 psf. 172 Elizabeth Street was acquired by David Zahabian.

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Northeast Private Client Group has announced the sale of three New Haven, Conn. apartment buildings in two transactions totaling $13,300,000. Brad Balletto, VP Investments, Rich Edwards and Jeff Wright, represented the seller and procured the buyer in both transactions.
• Brendan Towers, a 60-unit brick apartment building located at 457 Whalley Avenue in New Havenwas sold by Navarino Capital to a private Westchester-based investor for $6,700,000, or $111,666 per unit at a capitalization rate of 6.7 percent on the current net operating income. Navarino had invested significantly in improvements to the building over the past three years. This was the buyer’s second acquisition in New Haven, following their 2017 purchase of a mixed-use building downtown.
• The portfolio sale of 420 and 431 Whitney Avenue in East Rock closed at $6,600,000, or $200,000 per unit, at a blended capitalization rate of 4.8 percent on the current combined net operating income of both buildings. Together, the two buildings are comprised of 33 apartments with off-street parking and a nine-car garage. The seller, Hadley Inc.sold the properties to MOD Equities LLC. The buildings had not traded hands for 30 years.

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Proteus Capital Management announced its acquisition of 858 Jefferson Avenue, 416 Wilson Avenue and 105 Pilling Street in Brooklyn, NY. Ariel Property Advisors assisted with financing for two properties :
• 858 Jefferson Avenue, BedStuy is a corner mixed-use property featuring three apartments, one office/store and a garage. Carver Federal Savings Bank provided financing for this acquisition. The purchase price was $1,780,000.
• 416 Wilson Avenue, Bushwick is a 2-unit property featuring renovated apartments. . The purchase price was $1,060,000.
• 105 Pilling Street, Bushwick, is a 3-unit building. The property is located close to several residential developments. Cathay Bank provided financing for the acquisition. The purchase price was $1,225,000.

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Jacob Stavsky, Ryan Sabet and Abe Kahan of Venture Capital Properties brokered the sale of 757-759 Kelly Street in The Bronx for $7.8 million. The rent stabilized building consists of 41 units encompassing 38,237 s/f. The property offers proximity to public transportation on a block with few newly-constructed buildings. The buyer was able to procure this asset with a J-51 tax abatement in place with a remaining 14 years left. Venture Capital Properties represented the buyer, Benzion Ferziger, and the seller, Chaim Halberstam .

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