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Deals & Dealmakers

ON THE SCENE: Corbin marketing new Brookyn building; Meridian team closes on retail condo

AGENTS

The Corbin Group at Besen & Associates has been retained to sell the following properties:

GREG CORBIN


• 908 Bushwick Avenue, Brooklyn (pictured top). The brand new construction (2018) property comprises nine residential units, fully-leased and cash-flowing. Amenities included a laundry and storage. the property is located one block from Broadway retail and four blocks to the Kosciusko Street J subway. Asking price is $4,250,000 .
• 216-218 East 75th Street, two vacant adjacent duplex units of condo a building; one commercial one residential. The units can be purchased as an owner / user combo or individually. 4,100 s/f includes ground floor and basement level of double wide. 40 feet of frontage Unit PW (216) is commercial, is professional, medical space; Unit PE (218) is residential. Private and main building entrances and rear outdoor space. Asking price: $3,980,000.
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RM Friedland announced that Marco Lala has been retained to sell a retail condominium at 3595 Broadway in the Hamilton Heights neighbrohood. Unit CD is an 1,826 s/f space which is par of a newly constructed, 12-story residential building. The project was built under certain guidelines within Enterprise Green Communities, a national green building program. This two-level condo unit is located at the southwest corner of West 148th Street and Broadway and will be delivered with a ten-year lease in place to a well-established ramen noodle restaurant with multiple New York City locations.The tenant is currently inthe beginning stages of building out thespace. There is an MTA train station (#1) located a short walk away at 145th Street and Broadway. The asking price is $1,495,000.

SALES

ELLI KLAPPER

CBRE announced the $1.31 million sale of 2837 Church Avenue, a 4,500 s/f, mixed-use building in Brooklyn. Located in the Flatbush neighborhood, the property is comprised of four apartments and a 1,500 s/f, ground-floor retail space. The free-market apartments are fully occupied on month-to-month leases and are currently priced well under market value; the retail portion is also occupied by a single tenant, with the current rent also set under the market value. CBRE’s Tri-State Investment Properties Team of Elli Klapper, Charles Berger and Jay Gelbtuch, collaborated with Samuel Bernhaut, also of CBRE, to represent the seller in the sale and also procured the buyer. The new owners plan to renovate the property, creating modern, market-rate apartments and a refreshed retail space.
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Cushman & Wakefield announced that the firm has arranged the sale of four properties in Queens. A team led by Senior Managing Director Stephen R. Preuss represented the sellers in all marketing efforts.
• 5105 34th Street in Long Island City is a fully renovated 2,360 s/f, three-story mixed-use building with one commercial unit on the ground floor and two residential units on the upper floors. The commercial tenant is operating as a contractor and the second and third floors are three-bedroom apartments with 10 ft. ceilings. All tenants are leased on a month-to-month basis. Additionally, the property offers three on-site parking spaces and is located just south of the Long Island Expressway near the Brooklyn-Queens Expressway. The property was purchased by Latino 2000 USA, Inc. The closing price was s $1 million, equating to $388 per square foot and a 5.15 percent capitalization rate.
• 31-79 Steinway Street in Astoria is a 2,250 s/f single unit, single-story retail building with a full basement. With 25 ft. of frontage on Steinway Street, the property offers up to an additional 4,500 s/f of air rights for commercial or residential development. The property is accessible via the M and R subway lines at Steinway/34th Avenue and Broadway/46th Street. The property was sold by Steinway Sports & Recreation Center, Inc. and was purchased by ABS Partners Real Estate, LLC. The final closing price was $2 million, equating to $904 psf. Andreas Efthymiou, Senior Associate, Cushman & Wakefield assisted Preuss in the transaction.
• 57-45 Myrtle Avenue in Ridgewood is a three-story commercial building which will be delivered vacant. The building is currently owner-occupied, operating as a pet store. The first floor is built out as a storefront and the second and third floors were previously used for retail and storage. The property is located near the Myrtle-Wyckoff station and the M and L subway lines. The building was sold by Robert F. Gentile, Trustee & Susan J. Gentile, Trustee and was purchased by Isaac Azizian. The final closing price wass $1.685 million, equating to $442 psf, Andreas Efthymiou worked with Preuss on the transaction.
• 124-07 Liberty Avenue is a 2,360 s/f mixed-use building in South Richmond Hill. The property is a fully leased building with a three-bedroom apartment located over a retail store. It is fully renovated with separately metered utilities, high arched windows in the apartment, and a new roof. The property was sold by 124-07 Liberty Realty, LLC and was purchased by International Trading 1, Inc. The closing price wass $1.85 million, equating to $784 psf and a 5.9 percent capitalization rate..
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Meridian Investment Sales sold a retail condominium in the Lower East Side for $6.5 million. Senior Executive Managing Director David Schechtman and Managing Directors Abie Kassin and Lipa Lieberman, represented the seller and procured the buyer. 152 Elizabeth Street consists of 2,200 s/f of retail space at the base of a new luxury residential condominium developed by Sumaida + Khurana and designed by Pritzker Prize-winning Japanese architect, Tadao Ando. A new 10-year lease has been signed on the retail condominium by high-end international retailer, Issey Miyake. With 60 feet of frontage along Elizabeth Street, the space is one block from the J and Z subway lines at the Bowery station and a short walk from the B, D, A, and F trains at the Grand Street and Delancey Street stations.

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