Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Meridian sells portfolio of five rent regulated buildings in Central Harlem

AGENTS

RM Friedland announced that Marco Lala has been retained for the following exclsuive assignments:

MARCO LALA

• A Bronx development site with pending plans for a 10-story elevator building with 57 apartments. The 6,476 s/f parcel has 65 feet of frontage on the west side of Villa Avenue just north of East 205th Street and is situated within an R8 zone allowing for 38,931 buildable square feet (6.02 FAR) or 42,036 buildable square feet (6.5 FAR) with a community facility. The asking price is $2,995,000.

• An Art-Deco building in the Pelham Bay Section of the Bronx with 37 residential apartments, a laundry room and storage income. Meticulously preserved original features including the entire facade, the original steel and glass entrance, apartment interiors and terrazzo flooring. The four-story corner building is located on the northeast corner of East 196th Street and Saint Paul Avenue in The Bronx’s Pelham Bay neighborhood. Features include. The asking price is $8,495,000.

SALES

Rudder Property Group has closed on the sale of two office cooperative units totaling $10.7 million. Michael Rudder and Mike Heller of Rudder Property Group represented the sellers:

• Independent book publisher Soho Press purchased a 6,096 s/f full floor office co-op on the 2nd floor of 227 West 17th Street for $4.5 million. Carri Lyon of Cushman & Wakefield represented the buyer, Bronwen Hruska of Soho Press.

• New York Temperature Controls purchased a 7,616 s/f full floor office co-op on the 8th floor of 115 West 29th Street for $6.2 million from seller, Tecny Group. Maureen Tighe, of Hanover Square Holdings, represented the buyer, John Keogh of New York Temperature Controls.

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JOSE CRUZ

JLL closed the sale of a 104,020 s/f vacant office building at 1001 Durham Avenue in South Plainfield, New Jersey. JLL marketed the property on behalf of the seller, ConnectOne Bancorp, Inc. Edgewood Properties purchased the asset. 1001 Durham Avenue is currently managed and operated by a court-appointed receiver. 1001 Durham Avenue offers an opportunity to upgrade the property to reposition and lease-up as a single-tenant or a multi-tenant office building or be a redeveloped into an industrial facility. The property, which was constructed in 1986 and renovated in 2010, features a three-story atrium, flexible floor plans and parking. Situated on five acres, the property is near the region’s most highly trafficked thoroughfares convenient to Port Newark/Elizabeth Marine Terminal. The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.

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SHALLINI MEHRA

Meridian Investment Sales sold a portfolio of five rent regulated buildings in the Central Harlem neighborhood of New York, NY for $7.8 million. Senior executive managing director Amit Doshi, managing director Shallini Mehra, and vice president Jonathan Shainberg, represented both the seller and the buyer in this transaction. The properties, located at 2913, 2917, 2919, and 2922 Frederick Douglass Boulevard, are comprised of 100% Low Income Housing Tax Credit (LIHTC) tenants and are governed under five separate rent regulatory agreements. The 40,000 s/f mixed-use community, known as Madam C.J. Walker, consists of 41 apartments and six stores. The final sale price translates to a 5.5% capitalization rate, $147,169 per unit and $195 per square foot. Due to the tax credits, the project also benefits from no tax payments until 2033. The properties are a located one block east of the Jackie Robinson Recreation Center and within close proximity to various shops, restaurants, and schools.

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Marcus & Millichap announced the sale of a 19,000 s/f net-leased property, occupied by Tractor Supply Co., located in Pine Bush, NY, for $4,050,000. Alan Cafiero, Ben Sgambati and Matt Leszyk, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The trio also secured and represented the buyer, a limited liability company. John Krueger is the firms’ Broker of Record in New York. Tractor Supply Co. is located at 2401 NY-52 in Pine Bush, NY. Pine Bush is situated in Orange County, NY, which is home to Woodbury Commons Premium Outlets and the anticipated Legoland.

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Griffin Industrial Realty closed on the purchases of two adjoining parcels of undeveloped land aggregating approximately 44 acres in Mecklenburg County, North Carolina, located in the greater Charlotte area. Griffin paid cash of approximately $5.6 million for the Mecklenburg Land using a portion of the proceeds from the $7.7 million sale in May 2019 of approximately 280 acres of undeveloped land that were being held in escrow for a like-kind exchange. Griffin has obtained most of the governmental approvals required for its planned construction of three industrial/warehouse buildings aggregating 500,000 s/f on the Mecklenburg Land and anticipates obtaining the remaining approvals in the near future. Griffin expects to begin sitework, on speculation, for its planned development of the Mecklenburg Land within the next 12 months. Griffin is currently building two industrial/warehouse buildings in Concord, North Carolina.

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