Real Estate Weekly
Image default
Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield arranges sale of 33-53 Farrington Street

AGENTS

HSP Real Estate Group and NAI Global are leadingn marketing for the sale of 91,398 s/fof retail space at Queens Blvd and 63rd Drive in Rego Park. The 100 percent leased, two-acre portfolio consists of four distinct noncontiguous sites with one- and two-story buildings and includes such nationally recognized tenants as Starbucks, Rite Aid, Duane Reade, HSBC Bank and JP Morgan Chase Bank. The properties are located in a designated Opportunity Zone. Portions of the portfolio may be redeveloped into mixed-use assets, such as ground floor retail and low-rise multifamily units over time. The space is located steps away from the Rego Center Mall, Queen Center and Queens Place and sits on a subway hub for the E, M and R lines. Bus stops for the Q60 and Q38 may also be found nearby.

•••

ZACHARY FUCHS

GFI Realty Services has been named the exclusive sales agent for 1876A Fulton Street, a two-story, mixed-use property in the Bedford-Stuyvesant section of Brooklyn. GFI Realty associate Zachary Fuchs will oversee marketing of the property, with pricing targeted at $1.5 million. Constructed in 1925, the property is comprised of two apartments – one studio and one two-bedroom unit — as well as a ground floor retail space. The asset was recently gut renovated.The property is located near countless eateries and shops, both local and national, and is easily accessible to Manhattan.

SALES

Barcel Group announced the sale of five buildings totaling $15,725,000. The properties are 573 Franklin Avenue, 1247 Avenue V, 1005 46TH Street, 527 Monroe Street and 913 ST. Marks Avenue in Brooklyn,

MARCEL
FRIDMAN

• 573 Franklin Avenue is a 3-story walk-up in Crown Heights. The vacant property consists of 4 residential apartments. Built in 1910, the 5,000 s/f property sold for $2,050,000. Marcel Fridman and Bart Zimmermann represented all parties in the off-market transaction.

• 1247 Avenue V, a 4-story fully rent stabilized walk-up building in Sheepshead Bay, sold for $2,600,000 or 15 GRM. Built in 1925, the property consists of 12 residential units. Marcel Fridman represented the purchaser in the off-market transaction.

• 913 St. Marks Avenue, a 3-story walk-up building located in Crown Heights, sold for $2,325,000. The vacant property consists of 4 residential units. The building was built in 1931 and offers 5,850 s/f. Marcel Fridman represented all parties in the transaction.

• 1005 46th Street in Borough Park sold for $3,700,000, The 4-story, 10,800 s/f walk-up was built in 1920 and consists of 12 residential units. Marcel Fridman represented all the parties in the transaction.

• 527 Monroe Street, a 4-story walk-up building located in Bedford-Stuyvesant, sold for $5,050,000. The vacant 14-unit building was built in 1931 and is 12,000 s/f. Marcel Fridman was the sole broker on the transaction.

•••

DEREK BESTREICH

Bestreich Realty Group (BRG) announced the sale of 218 Hull Street in the Ocean Hill section of Brooklyn. This multifamily property sold for $1,350,000 which equates to $178 psf. This building features eight two-bedroom railroad apartments. Built 25 ft by 76 ft, it offers approximately 7,600 s/f. It sits on a 25 ft by 100 ft lot and is zoned R6. It was delivered with one vacant apartment. Derek Bestreich, Steve Reynolds, Tom Reynolds and Brian Davila represented both the seller; Velma Boyce and the buyer, Alex Hakan.

•••

STEPHEN PREUSS

Cushman & Wakefield arranged the sale of 33-53 Farrington Street, a 9,887 s/f former hotel in Downtown Flushing, Queens. The closing price was $6,550,000, equating to $662 psf. Stephen R. Preuss and Kevin Louie led the marketing efforts on behalf of the seller, East River Realty Corp. The buyer was 33-53 Farrington, LLC. Originally built in 2005, 33-53 Farrington Street is a four-story commercial building comprised of 26 keys, with the potential for 30 additional keys and common areas. The building, which was formerly the Farrington Hotel, sits on a 6,250 s/flot with M1-1 zoning. The building can accommodate at least seven parking spaces in the front. The property is approximately two blocks north of Northern Boulevard and the Downtown Flushing area, providing access to the Van Wyck Expressway and Grand Central Parkway. Multiple MTA bus routes surround the building and the 7 subway line can be accessed a half mile away at Roosevelt Avenue and Main Street.

•••

MARC DUVAL

JLL closed the sale of 65 Church Street, a 0.832-acre mixed-use residential development site in downtown Montclair, New Jersey. JLL marketed the property exclusively on behalf of the seller, Kensington Senior Living, and procured the buyer, Bijou Properties. 65 Church Street is located near downtown Montclair’s sidewalk cafés, retailers and within the Hahnes Redevelopment Zone. The transit-oriented, infill site has earned a Walk Score of 95 and is proximate to the NJ Transit Bay Street Station. The JLL Capital Markets team representing the seller included Jose Cruz, Marc Duval, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Mark Mahasky.

•••

Alfred Sanzari Enterprises leveraged a 1031 exchange to acquire Zephyr Ridge, a 24-unit luxury apartment community located at 2-48 Grove Avenue in Cedar Grove, N.J. from Garrubbo Properties. Earlier this year, the company sold two garden-style apartment communities — Riverside Terrace in Bogota to the Tournambe Family, and Queen Anne in Hackensack, to JC Realty – to employ the 1031 exchange.

Andrew Merin

• Newly constructed in 2018, Zephyr Ridge is a fully leased apartment community consisting of two, three-story residential buildings spanning 2.45 acres with a total of 34,400 s/f of net rentable residential area and 54 parking spaces. The apartment community also offers amenities including an outdoor patio featuring a gazebo and grilling area, a resident lounge, storage units and a fitness center. Situated in the heart of Essex County, Zephyr Ridge provides access to major commuting highways and is located under two miles from the Upper Montclair Rail Station. Cushman & Wakefield’s New Jersey capital markets team orchestrated the Zephyr Ridge sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips headed the assignment.

•••

Brian C. Hosey, regional manager of Marcus & Millichap‘s New Jersey office. announced the following sales:

BRIAN HOSEY

• A 37,465 s/f industrial property, occupied by Zaentz Hardware, located in Hackensack, NJ, sold for $4,600,000. Elsa Papanicolaou represented the seller, a limited liability company. The buyer, a private investor, was secured and represented by Steve Lim, an investment specialist in Marcus & Millichap’s New Jersey office. Zaentz Hardware is located at 75 State St in Hackensack, NJ. The property is subdivided into three separate spaces: a storefront, warehouse and office space.

• A 13-unit apartment property located in Paterson, NJ, sold for $1,270,000. Daniel Aviles and Casey Egan, had the exclusive listing to market the property on behalf of the seller, a private investor. The duo also represented and secured the buyer, a private investor. The property received almost 15 offers, many with no financial contingencies.

•••

R.J. Brunelli & Co., announced that Senior Sales Associate Alan Gott brokered the sale of a 30,000-square-foot building at 165 E. Front St. in downtown Plainfield, union County, to Paramount Assets of Newark. Located two blocks from the city’s New Jersey Transit train station, the vacant three-story retail and commercial building includes 10,000 square feet of space on each floor, plus a basement. Gott represented both Paramount and seller Abeco Management on the transaction.

(Visited 1 times, 1 visits today)

Related posts

SELLING POINTS: DSA buys $47M apartment building

REW

Law firm expands, adds loft practice

REW

JLL to take on laid off WeWorkers

Linda O'Flanagan