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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield retained to sell unit at 391 Broadway Street in Tribeca

AGENTS

MAURICE SUEDE

Cushman & Wakefield has been retained to sell the 2,040 s/f ground retail unit at 391 Broadway Street in Tribeca. Maurice Suede and Dan Soyak will be leading the marketing efforts on behalf of the property’s seller, Itzhaki Acquisitions. The retail condo at features 14 ft. ceilings with 15 and 95 s/f square feet of frontage and length, respectively. The unit comes with substantial cellar space and will be delivered vacant in white box condition. The property is situated on one of Broadway’s busiest corridors and benefits from the local foot traffic in the area. The building is within walking distance to the Canal Street and Franklin Street Subway Stations with access to the multiple trains.

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VICKRAM JAMBU

Lee & Associates NYC announced that Vickram Jambu, senior managing director of Investment Sales, Chris Varjan, senior managing director of Investment Sales, George Steffani, director, and Jonathan Braun, director ,have been named the exclusive sales agents for the 25,000 s/f elevator apartment building at 308 West 82nd Street, between Riverside Drive and West End Avenue. The building contains 49 studio and one-bedroom apartments spread across 13 floors. A portion of the units are recently renovated and feature wood flooring and upgraded kitchens with stainless-steel appliances. Many units boast river views. Amenities include a furnished roof deck, gym and residents lounge. Surrounding retailers and restaurants include Zabar’s, New York Sports Club, Bluemercury and Maison Pickle. 308 West 82nd Street is located near the 1 and 2 trains. This asset is priced at $20 million.

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MICHAEL RUDDER

Rudder Property Group has been retained to offer an office cooperative for sale at 121 Varick Street, between Dominick and Broome Streets. The entire 12,623 s/f 2nd floor is being offered at $11,133,000. The full floor space features high ceilings, three sides of oversized, architecturally distinct arched window, unobstructed views and excellent natural light. The property’s facade has been recently restored and there are plans to renovate the attended lobby. 121 Varick Street is located two blocks from Disney/ABC’s future one million square foot headquarters and three blocks from Google’s newly announced $1 billion Hudson Square campus. Nearby transportation options include 1, A, C, and E subway lines and the entrance to the Holland Tunnel. Michael Rudder and Michael Heller are handling the assignment.

SALES

LEV MAVASHEV

Alpha Realty announced the sale of several properties located throughout the boroughs. A team led by principal Lev Mavashev, along with associates Yehuda Leser and Jake Brodie, represented both the buyers and sellers in the transactions:

• 2368 Adam C Powell Boulevard in Harlem, consisting of six apartments and three commercial spaces, sold for $2,650,000. The 4-story mixed use building totals 5,250 s/f and includes an adjacent parking lot.

• 476 East 95th Street in the East Flatbush section of Brooklyn sold for $1,550,000 at a cap rate of 6%. the 7,760 s/f, three-story building consists of eight apartments.

• 48-41 45th Street in Queens, a 3,600 s/f property in the Sunnyside section, sold for $1,500,000 to a 1031 buyer.

• 4683 Park Avenue located in the Belmont section of the Bronx was sold in an off-market transaction for $1,450,000 to a local investor. The four-story, 9,600 s/f building consists of nine apartments. The property was delivered vacant.

• 564 West 182nd Street in Washington Heights is a fully vacant three-story building with 4,300 buildable s/f. It sold for $1,100,000

• 4715 New Utrecht Avenue in Brooklyn sold for $1,250,000. Located in Borough Park, the 2,500 s/f mixed-use building consistsof ground floor retail and apartments on the second floor.

• 642 Vermont Street in the East New York section of Brooklyn sold for $1,260,000 in an off-market deal. The property consists of six apartments and a two-car garage currently being used as an auto body shop. The property traded at a 6.7% cap rate.

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DEREK BESTREICH

Bestreich Realty Group (BRG) announced the sale of 294 Rogers Avenue in Crown Heights, Brooklyn for $1,222,500. This 3-unit mixed-use property features two residential units and one store across 2,970 s/f. The pricing metrics are $412 psf and $407,500 per unit. The seller was Dorothy Hutchinson and the buyer was 294 Rogers LLC. Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila and Brian Underkofler facilitated both sides of the transaction.

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GREG CORBIN

The Corbin Group at Besen & Associates announced the sale of 1001 Flatbush Avenue, Brooklyn, a vacant 5,800 s/f four-story mixed use building with approved plans for seven residential units and ground floor retail. Built on a 20.5 by 100 ft. lot, the property is located midblock between Albemarle Road and Tilden Avenue in the Flatbush neighborhood. Constructed in 1930, it is within close proximity to the Church Avenue and Beverley Road subways. The retail corridor generate tremendous foot traffic with brands including Staples, GAP, Crunch Fitness, CVS and the King’s Theatre. The property sold for $2,200,000 which translates to $379 psf and $244,444 per unit. Greg Corbin and Aaron Kline exclusively represented the seller and procured the purchaser in the transaction.

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HUNTER MOSS

Cushman & Wakefield announced that the firm has arranged the sale of 833 Lexington Avenue, a 5,765 square foot mixed-use property in the Lenox Hill neighborhood of Manhattan. The final closing price is $7,950,000 equating to approximately $1,379 psf. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in this transaction. 833 Lexington Avenue is a five story, eight-unit mixed-use building located on the east side of Lexington Avenue between East 63rd and 64th Streets. The property consists of two commercial units and six residential units. The residential units will be delivered vacant. The property is one block away from the Lexington Avenue 63rd Street Subway Station with access to the F, N and Q trains and is a few blocks away from the Lexington Avenue 59th Street Station with access to the N, R and W trains.

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