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Deals & Dealmakers

ON THE SCENE: NKF tapped for Bronx lots, Rosewood sells Harlem townhouse for $3.75M

AGENTS

Newmark Knight Frank (NKF) has been selected to manage the sale of more than 44,000 s/f of land spanning two vacant lots in the east Bronx neighborhood of Morris Park. Both parcels are primed for development and come with approved plans for a storage facility. Ronald A. Solarz and Scott Ellard are handling the assignment. The lots are located at 1538 Stillwell Avenue and 1540 Bassett Avenue, a manufacturing area that is predominantly populated by small‐scale industrial and auto‐related use properties. It sits within the immediate vicinity of three universities (Yeshiva University, Albert Einstein College of Medicine, and Mercy College Bronx) and several hospitals (Jack Weiler Hospital, Calvary Hospital and Jacobi Medical Center).

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RM Friedland announced that Marco Lala is marketing the following properties for sale:
• 2480 Belmont Avenue, Bronx, a 28-unit mixed-use property located in an Opportunity Zone near Fordham University’s campus entrance. The current ownership has been undergoing a process of updating apartments and converting an increasing percentage of the tenancy to college students. Asking price is $6,195,000.

SALES

Bestreich Realty Group (BRG) announced the sale of 111 Java Street in the Greenpoint section of Brooklyn for $1,800,000. The development site lot measures 25 by 100 ft. and is zoned R6A. With a max FAR of 2, the lot offers approximately 5,500 buildable square feet. Derek Bestreich, Luke Sproviero, Hakeem Lecky, Justin Zeitchik, and Donal Flaherty facilitated both sides of the transaction. The seller was 111 Java LLC and the buyers are JavaStreet LLC.

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Nicole Carra of NLC Realty, LLC Assoc. announced the sale of a two-building retail package located at 62 Greenwich Avenue and 37 Barrow street in Greenwich Village. Previously, both properties were leased to two separate restaurant operators. Coincidentally, both operators vacated the buildings around the same time. Within 10 days a deal was stuck with two new restaurateurs who will own and operate the properties themselves. Nicole Carra was the exclusive agent representing the seller and procuring the purchasers. 62 Greenwich sold for $5,250,000. 37 Barrow sold for $4,500,000.

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GFI Realty Services announced the $4.1 million sale of 2077 Vyse Avenue and 951 East 179th Street, two four-story apartment buildings in the West Farms section of the Bronx. Managing Director Yosef Katz and Associate Zachary Fuchs represented the buyer and seller, both local investors, in this transaction. Located between East 180th Street and East 179th Street, the pre-war walk-up buildings are composed of a total of 22 units. In total, the buildings comprise 21,664 s/f. The buyer intends to invest in capital improvements and hold onto the properties for the long term. The property is situated in close proximity to the Bronx Zoo, Crotona Park, Tremont Park and the New Horizons Shopping Mall. The 2 and 5 subway lines are located within walking distance.

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Highcap Group announced the sale of a 73,000 s/f Bronx development site. Josh Goldflam, along with associates Lou Corti, Guy Vardi and Andrew Tamayo arranged the sale of 1746 Andrews Avenue South for $3,950,000. The seller was Andrews Development Corporation, a group of private investors who hav the property for 30 years. The buyer was ADAPT Community Network. The property is located between West 176th Street and West Tremont Avenue in the Morris Heights neighborhood of the Bronx, a short walk to the 4 subway station on 176th Street. Currenlty utilized as a parking lot, the site has over 152 ft. of frontage along the block and has been operated by the same ownership for the past 30 years. It has a total lot size of 15,280 s/f and the R7-1 zoning provides an FAR of 3.44 for residential, and 4.8 for community facility for residential development. The buyer plans on building an affordable apartment building within their community network. The sales price of $3,950,000 translates to $54 per buildable square foot.

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Rosewood Realty announced the $3.75 million sale of a four-story Harlem townhouse between 125th and 126th Streets with eight apartments. The 6,090 s/f walk-up building (that also features an additional 1,234 s/f of below grade space) is located at 2032 Fifth Avenue. It was built in 1909 and features five, one-bedroom units, two, two-bedroom units and one, three-bedroom unit. Rosewood’s Aaron Jungreis and Jonathan Brody represented the seller, Omek Capital, a Woodmere-LI based real estate investment firm oeprated by Charles Hartman and Avi Feldman. Rosewood’s Ilya Tolmasov represented the buyer, a private investor. The townhouse sold for 14.88 times the current rent roll, at a cap rate of 5.41 percent.

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NAI James E. Hanson negotiated the sale of a 7,503 s/f truck terminal at 61 Industrial Park Road in Middletown, Conn. Eric Demmers and Russell Verducci represented the buyer, Accurate Logistics, in the transaction with the seller, NAI Elite. With proximity to I-91 and other major thoroughfares, 61 Industrial Park Road is a truck terminal near a range of logistics tenants searching for easy access to key transportation routes.

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