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Deals & Dealmakers

ON THE SCENE: Bestreich Realty Group announces the sale of 854 Hancock Street in Bed Stuy

AGENTS

New York-based RCS Real Estate Advisors has been retained by worldwide fashion retailer Forever 21 to help the company as they embark upon a transformation to restructure and restore their competitive position as a provider of fast fashion, announced RCS President and CEO Ivan L. Friedman. RCS will be assisting the company in creating and implementing an action plan to optimize their store fleet.

RCS was recently awarded with the Cross Border Deal of the Year at the 11th Annual International M&A for the sale of Vitamin World Inc. to Feihe International. This is the fourth consecutive year that RCS has received a distinguished industry award. 

Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines, and United Kingdom.

•••

Seagis Property Group, an owner of industrial real estate, has appointed CBRE as the exclusive leasing agent for a 415,533 s/f industrial property currently under construction at 50 Central Avenue in Kearny, New Jersey. Currently, precast walls are being erected and the property is scheduled for completion in the first quarter of 2020.

THOMAS MONAHAN

The CBRE team of Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Griffith and Gerard Monahan will spearhead the leasing and marketing campaign on behalf of the developer.

The property boasts a 40’ clear ceiling height, 88 dock doors, 4 drive-in doors, 261 car parking stalls, 150 trailer parking stalls, ESFR sprinklers and secured parking.

The site is located 2.2 miles from Exit 15E of the New Jersey Turnpike and just minutes to Ports Newark/Elizabeth and Newark Liberty International Airport.

SALES

BRIAN DAVILA

Bestreich Realty Group (BRG) has announced the sale of 854 Hancock Street located in the Bedford Stuyvesant section of Brooklyn. The 4-unit multifamily property sold for $1,950,000.  The property features 2 four-bedroom/two-bathroom units, 1 duplex three-bedroom/two bathroom unit and 1 two-bedroom/one bathroom unit of which 3 were delivered vacant. The property is built 27.83 ft. x 85 ft. with air/light shafts and offers approximately 6,470 s/f. It sits on a 27.83 ft x 100 ft lot and is zoned R6B.

Brian Davila, Steve Reynolds, Derek Bestreich, and Tom Reynolds facilitated both sides of the transactions as the seller was 854 Hancock LLC and the buyers were Albert Dweck from Duke Properties and Mark Guindi and David Zemmol from GD Capital.

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Cushman & Wakefield announced that the firm has arranged for the sale of 68-19 Woodhaven Boulevard, a 15,400 s/f development property in the Woodhaven neighborhood of Queens. The final closing price was $5,350,000, equating to approximately $241 per buildable s/f and $347 per s/f.

Cushman & Wakefield’s Stephen Preuss and Rani Bendary represented the seller, The McCloskey Family, in this transaction. The building was purchased by Giuseppe Zuccarella.

STEPHEN PREUSS

68-19 Woodhaven Boulevard features a retail property, a 9,900 s/f industrial building with office mezzanine space and 8,700 s/f of open outdoor space. Current tenants are on below-market leases with three years remaining, providing for an upcoming value-add opportunity.

The property sits at the northeastern corner of 68th Road and Woodhaven Boulevard, just one block north of the Yellowstone-Woodhaven intersection. The property is within walking distance to the Forest Hills Long Island Rail Road station as well as the Forest Hills – 71 Avenue subway station.

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Marcus & Millichap has announced the sale of 291 20th Street, a 6-unit apartment property located in Brooklyn. The asset sold for $1,801,000.

John Brennan, 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 Brennan.   

Marcus & Millichap also announced the sale of 184 Adelphi Street, a 4-unit apartment property located in Brooklyn, according to John Horowitz, First Vice President – Regional Manager of the firm’s Brooklyn office. The asset sold for $1,675,000.

SHAUN RINEY

Shaun Riney and Andrew Bronsteen 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 firm also announced the sale of 383 Union Avenue, an 8,249 s/f of development site located in Brooklyn. The asset sold for $2,850,000.

Shaun Riney, Michael Salvatico and John Barney 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.

Marcus & Millichap announced the sale of 2744 Atlantic Avenue, a 13,525 s/f development site located in Brooklyn for $1,275,000.

Matthew R. Peters, an investment specialist 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 developer, was also secured and represented by Peters.

Marcus & Millichap also announced the sale of 4702 16th Avenue, a 4,018 s/f mixed-use property in Brooklyn, for $2,200,000.

John Brennan and Samuel Finkler, investment specialists 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 now plans to convert the property into a religious facility.

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NAI James E. Hanson, a commercial real estate firm, has negotiated the sale of an 8,064 s/f medical office building at 1811 Springfield Avenue in New Providence, N.J. NAI James E. Hanson’s Andrew Kirshenbaum represented the buyer, See Clear Associates, LLC, in the transaction with the seller, Bussel Realty Corp.

ANDREW KIRSHENBAUM

1811 Springfield Avenue is a two-story medical office building boasting ideal highway accessibility. Located just minutes from Interstate 78 and the Garden State Parkway, as well as Routes 22 and 24, the building’s proximity to regional transportation arteries and ample parking make it an ideal space for a medical office user.

A rapidly growing optometry practice, See Clear Associates features two locations in Morristown and Summit. Following their acquisition of the building, See Clear is planning a complete renovation of the space. Upon completion of the renovation, the company will occupy the entire first floor and continue to lease the second floor to medical tenants.

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Venture Capital Properties has closed on 1878 3rd Avenue, a two-story vacant retail asset in East Harlem for $2,100,000.  

KEVIN DAROUVAR

Kevin Darouvar, Yoel Sarraf, and Ryan Sabet of Venture Capital Properties exclusively represented both parties in the $2,100,000 sale. The property, located between 103rd and 104th street consists of 2,920 s/f.

The seller is Helen Altheim Stevens Management Trust. The buyer is Moy Wang, who plans to hold long term and renovate the building to be occupied by a restaurant.

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