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Deals & Dealmakers

ON THE SCENE: Eric Anton marketing Lexington development site

AGENTS

ERIC ANTON

Marcus & Millichap announced that Eric Anton and his team have been retained to market the Lexington North Development Site for sale. The site addresses are 157-181 E 108th Street, 176, 182 & 184 East 109th Street. Zoned R7A the site offers 109,323 buildable suqare feet in an emerging neighborhood that has demonstrated impressive economic growth trends.

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ALEXANDER
BOGOD

Broadway Realty announced that Alexander Bogod has been retained to lease the second floor at 252 West 14th Street, a prime Greenwich Village retail opportunity. Currently configured as seven rooms and two storage spaces, the space is suitable for professional use such as lawyer, accounting, doctor office, gym, yoga etc. Comprising 1,450 s/f, the property is situated close to multiple subway options and and a bus stop. Signage available.

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BRIAN
WHITMER

Cushman & Wakefield’s New Jersey-based capital markets team has been retained to market for sale a two-building, luxury 126-unit multifamily property on Main Street in downtown Hackensack. The offering is targeted at opportunity zone investors who are seeking an investment with the ability to avoid the uncertainty and risk of entitling land and construction. Executive Managing Director, Brian Whitmer, along with John Alascio, Executive Managing Director, Equity, Debt, & Structured Finance. are heading the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Sri Vankayala, Ryan Dowd and Mark Phillips. Both buildings are full renovations of existing structures that have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation. Known as 210 Main, the nearly 1.6-acre property includes a four-story building located at 214 Main Street and an 11-story building located at 210 Main Street. A 0.81-acre parking lot located at the rear is zoned for residential redevelopment, with conceptual plans completed for a 16-story building totaling an additional 192 units. The property has an in-place, 25-year real estate payment in lieu of taxes (PILOT) agreement.

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DAVID GREENE

LSL Advisors has been retained as the exclusive sales agent for a commercial co-op at 135 West 27th Street. David Greene and Bret Varricchio are handling marketing of the entire thrid floor of the Chelsea office property. The 5,570 s/ full floor office co-op features an ergonomically and architecturally designed workspace featuring wood floors Knoll furniture. The office has oversized windows, a pantry, modern bathrooms and a shower. The open floor plan allows for significant natural light. 135 West 27th Street is located around the corner from the Fashion Institute of Technology, hotels, and restaurants. The building is a 3-minute walk to all major subway lines. Asking price is $4,875,000 ($875 PSF).

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SAADYA NOTIK

Mavrik Property Group has retained to market the property at 772 St. Johns Place, Crown Hieghs, Brooklyn, for sale. The 3,024 s/f multi-family property originally build in 1920 and gut renovated to create a five-unit property with separate HVAC controls in each room, separately metered electric and heat, storage room and laundry in basement. All units have access to the backyard (though owner can grant access exclusively to first-floor duplex.) The property is located right off the corner of Rogers Avenue and has a 100 Transit Score. Saadya Notik is marketing the property with an asking price of $2.395 million.

SALES

ADAM LOBEL

Bestreich Realty Group (BRG) arranged the sale of 216 East 50th Street in Turtle Bay. The final closing price is $3,400,000, equating to approximately $1,030 per square foot. Adam Lobel, Hakeem Lecky, Ethan Frank and Zachary Ziskin facilitated both sides of the transactions. The 3,303 s/f multifamily property was delivered vacant. The property is built 15.58 by 53 ft. on four floors and sits on a 15.58 by 81.5 ft. irregular lot. Zoned R86 and it has approximately 1,776 additional square feet of air rights.

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MICHAEL
RUDDER

Rudder Property Group announced the sale of two office condominiums valued at more than $4.6 million:

• Paul R. Calat, DMD of Mid-Manhattan Oral Surgery, purchased a 2,391 s/f office condominium for $1.79 million on the sixth floor of 36 West 44th Street — better known as The Bar Building — on Manhattan’s Club Row. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, ColorMasters Precious Jewelry ,in the transaction. Brian Seigel of The Lawrence Group represented the buyer.

• Dr. Imran Ashraf of Hudson Pro Orthopaedics & Sports Medicine purchased a 5,255 s/f office condominium on the 5th floor of 143 West 29th Street for $3.925 million. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, Nathan Nathan of Intimo Inc., in the transaction. Greg Garber, Esq. represented the buyer. Hudson Pro Orthopaedics & Sports Medicine, which has locations in New Jersey and on the East Side of Manhattan, will use the new location as its main office for patient consultations.

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ADAM SILBER

JRI 28CI LLC, a New York City-based real estate investment group, has purchased a Central Islip retail property for $8 million from Pandem Enterprises. The 13,000 s/f retail building is located on 1.31 acres at 2-8 East Suffolk Ave. and has a NNN leased CVS drugstore as the tenant. Adam Silber of Silber Investment Properties, represented the buyer, as well as the seller, in the transaction.

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FRANCO
FELLAH

Franco Fellah, Executive Vice President at HK Group, announced the sale of the property located at 33 Miller Street in Fairfield, CT. The sale price was $940,000. Located next to the Fairfield train station, 33 Miller Street features a 1,879 s/f two-story property situated on 0.13 acres of land zoned CDD – Center Designed District. It was originally built in 1820 and has been renovated multiple times. Fellah sold the building in May 2011 to 33 Miller Street, LLC. Now the building has resold to M and G Brunner, LLC, which plans to occupy the property. For the last eight years, the property has been used as a plastic surgeon’s office.

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Marcus & Millichap announced the following sales:

JONATHAN ZAMORA

• Jonathan Zamora sold 244 2nd Street in jersey City, NJ, for $2,950,000. The multifamily building is an 8-unit walk-up located in Downtown Jersey City, three blocks away from Grove Street PATH Station. Zamora represented the seller, a private investor, and secured and represented the buyer, an international fund.

 Jonathan Zamora also sold 198 Morgan Street in Jersey City for $2,375,000. The 6-unit multifamily building is steps away from the Grove Street PATH Station. Zamora represented the seller, a private investor, and secured and represented the buyer, an international fund.

• The Leasehold Interest in the Walgreen’s, located at 600 Washington Boulevard S in Laurel, MD, sold for $7,158,610. The buyer, a limited liability company, was secured and represented by Karly Iacono, Vice President Investments of Marcus & Millichap’s Net Leased Properties Group. Bryn Merrey, Regional Manager of the firm’s Maryland office, acted as the broker of record for this transaction. The deal was structured as a zero cashflow transaction which traded at 16.5% equity over the debt.

• Olden Plaza, aN 11,500 s/f retail property located in Hamilton, NJ, sold for $3,000,000. Michael Lombardi, Fahri Ozturk and Richard D. Gatto, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. Olden Plaza is a suburban strip center that is 100 percent leased and caters to the local market. Six of the seven tenants have established businesses and occupied their space for over 10 years leading to over 10 offers and a full asking price.

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CHUCK
LANYARD

The Goldstein Group announced that it has sold a former automotive repair facility at 285 Kinderkamack Road, Oradell, New Jersey. Chuck Lanyard, president, said the new owner plans to renovate the building and open a Town Doctors Urgent Care Center. The deal for the 2,020 s/f building was brokered by Chris Conway, director, and Chuck Lanyard who represented the seller, L.B. Holdings. The buyer, D&A Healthcare, was represented by Katerina Aghubi of Metropolitan Realty and Development Group.

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