Avison Young’s Tri-State Investment Sales Group has been engaged by ownership to market 60-68 East 116th Street, a long-term ground lease development opportunity. A team comprised of James Nelson, Jon Epstein, Brent Glodowski, Daniel Tropp, Toku Saito and Alexandra Marolda is seeking offers. The development site offers 100 feet of frontage along East 116th Street in East Harlem between Madison and Park avenues, six blocks from Central Park. The site is zoned R7-2 with C1-4 overlay, which allows for a maximum residential FAR of 4.00x and a community facility FAR of 6.50x. With its combined lot size of 10,092 s/f, 60-68 East 116th Street offers options for 40,368 buildable square feet of residential space, 20,184 buildable square feet of commercial space, or 65,598 buildable square feet for a community facility.
Marcus & Millichap has been selected to exclusively represent 36 Walker Street Properties LLC in the sale of 36 Walker Street in Tribeca. The property is a five-story mixed-use building located between Church Street and Broadway. It is approximately 8,600 s/f, built full on a 25 bt 75 ft. lot and is zoned C6-2A/TMU in the Tribeca East Historic District. The building has 2,736 s/f of unused air rights. The listing was secured by Barbara Dansker, a broker in Marcus & Millichap’s Manhattan Office. The building will be delivered vacant with a total square footage of 11,336 s/f for redevelopment. 36 Walker Street is listed at $10,750,000.
Marcus & Millichap announced the following sales:
• 4116 3rd Avenue, a 2,526 s/f industrial property in Brooklyn, sold for $1,075,000. Jakub H. Nowak and Jake Torre, in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The buyer closed all-cash.
• Woodland Plaza, a 34,765 s/f office property located at 155 Prospect Avenue in West Orange, NJ, sold for $5,750,000. Fahri Ozturk and Richard D. Gatto, investment sales specialists in Marcus & Millichap’s New Jersey office, represented the seller and the buyer, both private investors. Built in 1984, Woodland Plaza is a stabilized mixed medical office building which recently went through some improvements including new tenant buildouts and renovations to common areas, bathrooms, parking lot, roof, and HVAC systems. The property was 100 percent occupied at the time of sale. The property is located 12 miles from Newark Liberty Airport and 16 miles from Manhattan.
• Fort Williams Square, a 104,800 s/f grocery anchored retail property in Sylacauga, AL, sold $3,750,000. Karly Iacono, Vice President Investments of Marcus & Millichap’s National Retail Group, represented the seller, a limited liability company. Andrew Chason, a Vice President Investments in Marcus & Millichap’s Mobile, AL office, secured and represented the buyer, a limited liability company. Eddie Greenhalgh is the firms’ Broker of Record in Alabama. Fort Williams Square is a grocery anchored retail center located at 1301-1395 W Fort William St in Sylacauga, AL. The property is over 86 percent leased to national brands, including Piggly Wiggly, Big Lots, Dollar General, Goody’s and Aaron’s.
RM Friedland announced that Marco Lala closed on the sale of 517 West 212nd Street, a multifamily property located in the Inwood neighborhood in Manhattan. Built in 1925, the five-story property contains 44 apartment units. The property was purchased by Prana Investments for $8,750,000, according to public records.