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Deals & Dealmakers

ON THE SCENE: ABS Partners to market West Side drive-in warehouse building

AGENTS

ABS Partners Real Estate has announced it has been tapped to market a 20,000-square-foot flexible drive-in warehouse building at 539 W. 47th St. in the heart of Manhattan’s Auto Row. The property has legal nonconforming use status which permits all uses in Use Groups 6-17 and is the only two-story drive-in garage in the immediate area with a Certificate of Occupancy that allows non-public parking uses. The building can accommodate uses including retail, manufacturing, warehousing, automobile showroom and repair. There is also column spacing with 10,000 square feet on each of the two floors.

RYAN
CERQUEIRA

Ryan Cerqueira and Randy Modell of ABS Partners are leading the marketing effort for this property.

With auto dealers from Toyota, Chrysler and Mitsubishi to Bentley, Mercedes and Land Rover around the the building, 539 W. 47th St. is well-suited for an automotive use while proximity to the Lincoln Tunnel and the Port Authority makes the location ideal for shipping/receiving, and light manufacturing.

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Cushman & Wakefield announced that the real estate services firm has been retained on an exclusive basis to market 245-247 West 34th Street, a 45,090-square-foot development site in midtown. Ownership is currently seeking proposals for the unimproved developable land and will consider entering into a long-term ground lease, a joint venture or an outright sale.

CRAIG WAGGNER

A Cushman & Wakefield team consisting of John Ciraulo, Craig Waggner, and Diana Boutross will be leading the marketing efforts on behalf of the property’s seller.

245-247 West 34th Street is a 4,509-square-foot vacant lot located on the north side of West 34th Street between Seventh and Eighth Avenues. The lot is zones C6-4M (R10), with a 10.0 FAR for hotel, office, residential, community facility, retail or a multitude of mixed-use options. This brings the total ZFA for development to approximately 45,090 square feet with the ability to add another 2.0 FAR through the Inclusionary Housing Program by acquiring CB5 air rights which are readily available.

The site features 45 feet of valuable retail frontage along 34th Street between two of the busiest interactions in Manhattan which are on Seventh and Eighth Avenues and 34th Street. The site is directly across from Penn Station, Madison Square Garden, Macy’s and the Herald Square shopping district.

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Ben Tapper, senior managing director, and Garry Steinberg, executive managing director/principal of Lee & Associates NYC, have been named the exclusive sales agents for 731 Flushing Avenue.

GARRY
STEINBERG

The property contains over 73,000-usable square feet, two elevators, and is a single-tenant office building located on a block-through lot between Thornton Street and Flushing Avenue in Brooklyn’s Broadway Triangle/South Williamsburg neighborhood. The building is occupied by New York City, with three years remaining on the lease and a five-year option to renew. The property boasts large floorplates, a minimum of 10-foot ceiling heights, and multi-sided light. Based upon the flexible zoning of C4-3, the property could be maintained as an office building as well as converted to residential or mixed use.

The property, priced at $40 million, is located across the street from Woodhull Hospital and is in close proximity to the J, M, and G trains.

SALES

Investment sales broker Northeast Private Client Group has announced the sales of nine Bridgeport properties consisting of 152 units in four transactions totaling $11,725,000.

BRAD BALLETTO

Brad Balletto, VP of investments, along with Rich Edwards, investment associate, and Jeff Wright, investment associate, in Northeast’s Shelton, Conn. office, arranged the following deals:

• Represented the seller and procured the buyer of 740 Ellsworth Street and 191 Oak Street in Bridgeport, Conn., a 44-unit multifamily portfolio. The seller, a Bridgeport based owner operator, sold the properties to a private Connecticut-based investor for $3,600,000. This sale closed at a blended capitalization rate of 7.03 percent on the current combined net operating income of both buildings.

• Represented the seller and procured the buyer of 240 Oak Street, a 32-unit multifamily building in Bridgeport, Conn. The seller, Bros Mgmt LLC, based in Yonkers, New York, sold the property to a private investor, based in Norwalk, Conn., for $2,300,000. This sale closed at a capitalization rate of 7.53 percent on the current combined net operating income of the buildings.

• Represented the seller and procured the buyer of a two-location multifamily portfolio in Bridgeport, Conn. The two properties consist of 35 units. The private Connecticut-based seller sold the properties to Blue Garden Apartments LLC for a combined total of $2,275,000. The sale closed at a blended capitalization rate of 7.3 percent on the current combined net operating income of the buildings.

• Represented the seller and procured the buyer of four multifamily properties on East Main Street in Bridgeport, Conn. The properties included in the portfolio were located at 420-428, 411-425, 453-457, and 503-519 East Main Street. The four properties consisted of 41 units. The seller, East Main 503 LLC, sold the properties to a private investor, based in Norwalk, Conn., for a combined total of $3,550,000. This sale closed at a blended capitalization rate of 8.0 percent on the current combined net operating income of the buildings.

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CBRE announced the $6.2 million sale of an industrial property located at 500 Bayview Avenue in Inwood, N.Y. The 40,000-square-foot building, located in Nassau County, was purchased by Northbridge Partners.

ELLI KLAPPER

The CBRE Investment Properties team of Elli Klapper, Jay Gelbtuch and Charles Berger, along with Ralph Guiffre of Brokerage Services, represented the seller in the transaction, Signal Transformer. In conjunction with the sale of the industrial property, CBRE also secured a lease for Signal Transformer at a smaller asset on Long Island that better suited its operational and business needs.

Located in proximity to John F. Kennedy Airport, 500 Bayview Avenue boasts 40,000 square feet of prime industrial/flex office space, a 60-car parking lot and an 11,250-square-foot parcel of undeveloped land that is a part of the property.

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Cushman & Wakefield announced that the firm has arranged the sale of 87-14 Jamaica Avenue, a 3,300-square-foot mixed use building in the Woodhaven neighborhood of Queens. The final closing price is $1,350,000 equating to approximately $409 per square foot. Cushman & Wakefield’s Stephen R. Preuss and Kevin Schmitz represented the seller, W&Q Property LLC, in this transaction. The property was purchased by the Nazarian Family.

STEPHEN PREUSS

87-14 Jamaica Avenue is a three-story mixed-use building consisting of three units including retail store and two three-bedroom apartments. Currently, the residential units are occupied, and the retail unit will be delivered vacant.

The property is accessible via the Q65 bus line along Jamaica Avenue, as well as the J subway line at 85th Street, two blocks away.

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NAI James E. Hanson, a New Jersey-based real estate firm, has negotiated the sale of a 6,000-square-foot retail building at 10 Route 94 in Hampton, N.J. NAI James E. Hanson’s Joe Vindigni represented the both the seller, Nadine Barbagallo, and the buyer, William and Barbara Martin, in the transaction.

JOE VINDIGNI

Located directly off Route 94, the 6,000-square-foot retail property offers proximity to Routes 15 and 206 with access to a population of over 24,000 potential shoppers within a three-mile radius. Featuring parking for up to 22 cars, an overhead door and 10’ ceilings, the property boasts multiple rooms and open areas ideal for retail use. Upgrades to the facility were also recently completed, including the addition of a new roof.

Barb’s Treasures, a retailer featuring antiques and collectibles, uses 10 Route 94 as a second warehouse.

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Marcus & Millichap has announced the sale of South Jersey Medical Center, a 33,416-square-foot medical office property located in Cherry Hill, NJ. The building sold for $4,000,000 equating to $119 per square.

DAVID BEYEL

David Beyel and Lawrence Gariano, both senior associates, and Michael Hinchman, associate, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also secured and represented by the team. The Pennsylvania based buyer was in a 1031 exchange and plans to upgrade the facility and common areas.

South Jersey Medical Center is located at 1401 Marlton Pike East in Cherry Hill, NJ. The medical office has 14 suites and 425 feet of frontage along Route 70, with more than 53,000 cars passing daily and offers available parking. The firm’s broker of record in New Jersey is Brian Hosey.

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Marcus & Millichap has announced the sale of the Gladiator Portfolio II, a three-property, 95-unit apartment portfolio located in Southern New Jersey for $5,695,000. The portfolio sale represents the second phase of a seven-property sale totaling 189 units. All seven properties are located in Burlington, Camden, and Gloucester counties.

ANDREW TOWNSEND

Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, who owned the property since the mid 2000s. The buyer was secured and represented by the team as well.

The Gladiator Portfolio II is comprised of three garden-style apartment communities, all located in Southern New Jersey. Westwood Court Apartments is a 40-unit property in West Deptford, East Browning Apartments is a 35-unit property in Bellmawr, and Town House Apartments is a 20-unit property located in Burlington. The portfolio has been historically fully occupied. The new owner has the opportunity to begin a renovation program and increase rents.

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JON ANGEL

An investor has purchased 2407 and 2423 Fairfield Avenue in Bridgeport, CT, for $1,050,000, announced Jon Angel, president of Angel Commercial, L.L.C., a commercial real estate firm based in Southport, CT.

Zhao Yin Chen has acquired the 7,788 SF building on 0.42 acres and the adjacent 0.35-acre parcel which was unimproved at the time of sale. Angel represented both parties in this transaction. A 24-hour laundromat currently leases the building.

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ERIK RODRIGUEZ

Erik Rodriguez of Rodriguez Commercial Realty (RCR) has announced the sale of 1105 Cortelyou Road located between Stratford and Westminster Road in the Ditmas Park section of Brooklyn. The lot is 50 ft x 100 ft and zoned R6A, C2-4 allowing 15,000 buildable square feet. The sale price was $3,600,000. Seller was Dolly Ramkinson and the buyer was 1105 Cortelyou Realty LLC.

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Michael Rudder and Mike Heller, Rudder Property Group represented the seller in the sale of two floors of 420 Fifth Avenue, located between 37th and 38th Streets.

MICHAEL
RUDDER

The entire fourth floor (33,058 RSF), was sold for $25,100,000 ($759/RSF) by The Witkoff Group to Mediterranean Shipping Company.

The buyer was represented by Diego Rodinó di Miglione, Cushman & Wakefield.

Annual common charges: $9.85/RSF. Capital expenditure reserve: $0.40/RSF. Annual real estate taxes: $15.10/RSF.

The entire fifth floor (33,058 RSF) was sold for $27,272,850 ($825/RSF) by The Witkoff Group to Ziff Brothers Investments.

The buyer was represented by Brian Gell, CBRE. Annual common charges: $9.85/RSF. Capital expenditure reserve: $0.40/RSF. Annual real estate taxes: $15.10/RSF.

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