Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Compass tapped for Village portfolio, Cushman & Wakefield sells two Astoria sites

AGENTS

Victor Menkin Realty has been retained for the NNN lease of a retail, restaurant, bar opportunity at 795 8the Avenue between 48th and 49th Street in the Theater District. The entire three-story building is available comprosing ground floor, basement, 2nd & 3rd floors 1,800 s/f each for a total area of approximately 4,544 s/f. The property offers 20 ft. of frontage on 8th Avenue, 12 ft ceiling heights on the gound and second floor and 20 ft. on the third floor. All uses considered. Former tenant had full liquor license, two separate private party rooms and an outdoor deck.

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The Tri-State Investment Sales Group for Avison Young has been named exclusive agent by Rome Group, LLC to sell a residential rental property at 345 East 65th Street in the Lenox Hill neighborhood of Manhattan. The asking price is $8,995,000. James Nelson, Principal, Head of Tri-State Investment Sales along with David Shalom, Director and Erik Karmitz, Associate Director, will market the five-story, 10,060 s/f, fully-leased property featuring 20 apartments – 16 of which are free market. The property is comprised of nine one-bedroom, nine two-bedroom and two three-bedroom units. Three units are rent-stabilized and one is rent-controlled. Most of the free market apartments have been renovated and include granite countertops, stainless steel appliances, exposed brick and marble bathrooms. Building amenities include a shared laundry room.

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Compass announced that Adelaide Polsinelli, Vice Chair of the newly launched investment sales division, along with Trystan Polsinelli, have been retained to market 169 & 171 First Avenue in the East Village. The buildings are located between East 10th and East 11th Streets in the heart of the East Village. Both buildings have a combined 46 ft. of frontage on First Avenue.  The Properties can be sold separately or as a package.
• 169 First Avenue is a three-story mixed-use walkup building with ground floor retail and  60 ft. rear garden. The property consists of one ground floor retail space and a free market duplex apartment on the upper floors,  suitablefor a live/work user. The property includes 6,508 s/f of unused development rights.
• 171 First Avenue is a five-story mixed-use walk-up cast iron façade building with ground floor retail space. The property consists of four full floor lofts above the retail level. The existing structure features high ceilings, and there is excellent light and air exposure due to surrounding lower scale buildings. This offering presents purchasers and end users with the opportunity to acquire a cast iron building with a built in income stream and flexible live work space.

SALES

Bestreich Realty Group (BRG) announced the sale of 13-15 Christopher Street in the West Village section of Manhattan for $11,300,000. The 11-unit mixed-use property features seven apartments and four stores. It is approximately 8,280 s/f at $1,365/SF. Zachary Ziskin, Ethan Frank, Adam Lobel, and Justin Zeitchik facilitated the transaction. The seller was Six Avenue Chelsea Inc. and the buyer was 13-15 Christopher Street, LLC.

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Alan Stenson, senior director of Brax Realty announced the sale of a 9,390 s/f building in Hell’s Kitchen. The property, 439 West 46th Street, located between 9th Avenue and 10th Avenue sold for $6,600,000. Stenson represented the seller, Peter Gonedes, in this transaction and the purchaser was a private international investor. The property is located just west of 9th Avenue and was sold for the first time in 45+ years. The building is comprised of 20 apartments and has an additional 6,527 s/f of air rights. All 20 apartments are studios, 14 of which are 14 rent stabilized apartments. The property sold for $702 psf and a cap rate of 3.70 percent.

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CBRE announced the following sales:
• A 41,988 s/f Trader Joe’s and HomeSense center located at 404 Route 17 North in Paramus, New Jersey. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the seller, The Hampshire Companies, LLC, in the sale and also procured the buyer, a public REIT, who acquired the property for $8.4 million. 404 Route 17 North is 100 percent leased to Trader Joe’s and HomeSense (a division of the TJX Companies), providing long-term income with no rollover until 2029. The center is located on one of the region’s most heavily traveled retail corridors.

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Cushman & Wakefield announced the sale of two development sites located in Astoria. 23-61 31st Street sold for a final closing price of $1.3 million and 23-71 31st Street sold for $1.6 million. Stephen R. Preuss with Andreas Efthymiou represented the sellers in all marketing efforts.
• 23-61 31st Street was purchased by Thomas Ballis, Peter Giallias and Paul Fotinos. The final closing price equates to $184 per buildable square foot.
• 23-71 31st Street was purchased by JJM 23-71, LLC. The final closing price equates to $209 per buildable square foot.
Both 23-61 31st Street and 23-71 31st Street are development sites with C4-3 zoning with fully-approved plans in place for a six-story mixed use building. The buildings will consist of one commercial space and ten residential units. The sites will also be delivered with demo approvals in place. The residential units will be comprised of ten one-bedroom, one-bathroom units. The building plans include a rooftop terrace, gym and below grade bike and personal storage space.

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Joel J. Gorjian, president & CEO of Gorjian Acquisitions, has purchased the SunTrust Building, a multi-tenant office property located at 507 West Innes Street, Salisburh, North Carolina. . The seller was a privately owned real estate investment firm based in Atlanta, Georgia. The deal was valued in excess of $1 million and closed in 30 days. The 85 percent-occupied property has leases rolling over within the next three years and the SunTrust Bank serves as the anchor tenant, leasing 33.5 percent of the building. The two-story, 22,000 s/f building is situated on a 2.07-acre lot. The property is located within a short distance of Interstate Highway 85 and all historic and business destinations in downtown Salisbury.

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Nick Malagisi, SIOR, and Hans Hardisty, CCIM, advisors on the SVN National Self-Storage Realty Team, sold an 85,375 s/f self-storage facility in Ballston Spa, Saratoga County NY for $7,000,000. The facility was owned by a subsidiary of the Real Estate Investment Trust (REIT) Extra Space, and was sold to a private equity firm from Philadelphia. The property is all single story, with 14 pre-engineered steel buildings, comprising 85,375 gross s/f (77,965 Net s/f), and 691 rental units. The facility was stabilized and enjoys consistent occupancy north of 90%. The sale prices equates to $90 per rentable square foot for a market capitalization rate of 6.7%.

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Marcus & Millichap announced the following sales:
• Bronner Manor, a 20,250 s/f apartment complex located in Richfield Springs, New York, for $1,050,000. Chip Collins, an investment specialist in the New Jersey office, represented the seller, a partnership, and the buyer, a private investor. John Krueger, the firm’s Broker of Record in New York, helped facilitate the sale. Bronner Manor is a project based, section 8 senior living community located at 24 Park Street in Richfield Springs, NY. Because of the existing government subsidies and reporting requirements, the Department of Housing and Urban Development (HUD) reserved the right to approve a potential operator. The property will continue to operate as a senior living community under a deed restriction agreement with HUD.
• A 11,750 s/f mixed-use building located in Jamesburg, NJ, sold for $1,350,000. Alexander Pildes, Greg Babaian and Michael Lombardi, investment specialists in the New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The mixed-use building is located at 196 Buckelew Ave in Jamesburg, NJ. The property consists of retail space, a warehouse, apartments, as well as a single and two-family home.
• 86-88 Charles Street, Jersey City, a 22-unit apartment building, sold for $4,180,000. Fahri Ozturk and Richard D. Gatto, investment sales specialists in the New Jersey office, exclusively represented the seller and buyer, both private investors. The building is located under 1-mile from the 9th Street Light Rail station, which provides rail travel throughout the Gold Coast. Additionally, there are multiple bus routes arranging a direct commute to Manhattan. The property features 17 one-bedroom and five two-bedroom units. The top two floors of the building have unobstructed Manhattan views.

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Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of the .626-acre site at 175 Sip Avenue in the Journal Square neighborhood of Jersey City, New Jersey. 175 Sip Avenue is in the heart of Journal Square, a rapidly gentrifying Jersey City neighborhood, and within walking distance to restaurants, new retail and the Journal Square Path Station, which takes passengers into Manhattan in less than 15 minutes. The sit is currently occupied by the VIP Diner. The HFF team included senior managing director Jose Cruz and director Marc Duval. Crus said there is strong demand for redevelopment sites in Jersey City and this location is well suited given its immediate access to a major roadway.

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