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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield retained to market 307 City Island Avenue

AGENTS

Alpha Realty’s principal, Lev Mavashev, along with associates Yehuda Leser and Shai Egison, have been retained as the exclusive brokers for the sale of 172 East 104th Street in Manhattan, 1729 Pitkin Avenue in Brooklyn, and 735 East 182nd Street in the Bronx.

LEV MAVASHEV

• 72 East 104th Street located in East Harlem is a mixed-use property on a desirable block between Lexington and Third Ave. The vacant building consists of 12 apartments, all of which are vacant, and 1 store. The asking price of $6.3 million provides a 5.2% Cap Rate and $776 p/sf. The grocery store is currently operating on a month to month lease but tenant is willing to sign a 10yr lease starting at $5,000/mo.

• 1729 Pitkin Avenue, is located between Thatford Avenue and Osborn Street in East New York, on a busy retail corridor. The building is 8,400 s/f, consisting of 6 large apartments and a retail unit currently occupied by a regional beauty salon with numerous locations. The asking price of $1.65 million equates to a 7.1% Cap Rate and $196 p/sf.

• 735 East 182nd Street is located in the Belmont section of the Bronx between Crotona Avenue & Prospect Avenue. The building is a 20,000 square foot walkup building containing 21 apartments, and is a few short blocks away from the Bronx Zoo. The asking price of $4.3 million results in a Cap Rate of 6.0%. In addition to the strong cashflow, there is upside available as over 50% of the units are rented below legal rents.

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JONATHAN SQUIRES

Cushman & Wakefield has been retained on an exclusive basis by the owner to market for sale 307 City Island Avenue, a 4,500 s/f mixed-use property on City Island in the Bronx. A team consisting of Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter and Shayne Soltan will be leading the marketing efforts on behalf of the property’s seller. The corner property presents an opportunity to own one of the two grocery stores on City Island. 307 City Island Avenue is located on the southwest corner of City Island Avenue and Fordham Street. The two-story property contains a commercial unit, which has been a grocery store for more than 50 years, and two residential units, including a three bedroom and Junior 4. The property will be delivered vacant. The property is centrally located on the island and is accessible by multiple bus lines that canvass the area.

SALES

Cervelli Real Estate announced the sale of a 16-unit mixed use property located at 520-522 Ocean Avenue, Jersey City. The project was originally rehabbed in the mid 1990’s by working with the city’s “home funds” department to offer subsidized housing to local residents. The property features 4 commercial stores along with 12 apartments. It sold for $1,250,000.

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KATHY ZAMECHANSKY

KZA Realty Group announced that Kathy Zamechansky, president, brokered the sale of an 11-story commercial building at 2021 Grand Concourse for $7.25 million. Built in 1927, the structure includes 59,292 s/f of space and a pharmacy on the ground floor. Zamechansky represented the seller, Bronx-based Gara Realty Company, and the buyer, Jeffrey Chera at Chera Realty Group in Brooklyn. A longtime home to medical facilities that provide services to the Mount Hope community, 2021 Grand Concourse will be renovated and will continue to serve the neighborhood’s health needs.

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NIA National Realty brokered the sale of 2 buildings at 151 Route 17 in Rochelle Park, NJ and 676 Winters Avenue, Paramus.

• Vice president Gregory Panayoti closed on the sale of 151 Route 17, a 5,600 s/f flex-building with a European furniture company. The freestanding, 2-story building boasting has direct frontage on the Route 17 shopping corridor and is located nearthe intersection of Route 4 and the Garden State Parkway.

• President Roger Gross and Gregory Panayoti completed the sale of 676 Winters Avenue, Paramus to Valley Health System. The site is adjacent to the hospital’s new campus site where it will relocate from Ridgewood in 2023. The 8,400 s/f building features three floors of rentable office space as well as parking.

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Trion Holdings, a Yonkers and New York City-based investment firm, sold its property at 102 Stonington Road Norwich, CT to Casa Real Estate LLC, for $9.2 million. Trion acquired the property for $6.8 million three years ago and oversaw operations during the three year hold period. The sale marked one of the highest sale prices per square foot and per unit in the sub-market area in recent years. Carmelo Milio, chief investment officer and president, said the property consists of 71 two bedroom units with a grand entrance and manicured grounds. Tony DiCamillo of Coldwell Banker Commercial represented both sides of the deal.

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