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Deals & Dealmakers

ON THE SCENE: B6 Real Estate Advisors retained as exclusive agents for auction sale of 753 9th Avenue

AGENTS

JASON GOLD

Ariel Property Advisors has been retained to sell a collection of 10 mixed-use and multifamily properties located in Belmont, Highbridge, Foxhurst and the South Bronx. The collective asking price for The Bronx buildings, which are being offered as packages and stand-alone assets, is $33.25 million. Jason M. Gold, Daniel Mahfar, Victor Sozio, Shimon Shkury, Oliver Elihu, and Jack Moran are representing the sellers of the properties:

• 2483 & 2476 Cambreleng Avenue are mixed-use and multifamily buildings. 2483, which spans 20,235 gross square feet, is 75 ft. wide and is composed of 21 residential units and one retail unit. 2476 is 12,701 gross square feet and 50 ft. wide with17 units. The asking price for the package is $11 million.

• 615 East 189th Street in The Bronx’s Little Italy is a mixed-use walk-up spanning approximately 14,000 s/f. It has 24 rent stabiized residential units and two retail units. Current ownership has improved the building via Major Capital Improvements (MCI) in recent years, with the property benefiting from a J-51 tax abatement. The asking price is $5.75 million.

• 2470 Beaumont Avenue near The Bronx’s Little Italy, is a mixed-use walk-up spanning approximately 9,900 gross square feet, with 12 residential units and two retail units.The asking price is $3 million.

• 4683 Park Avenue is vacant multifamily building located between East 187th Street and East 188th Street. Spanning 9,600 gross square feet, the four-story contains eight residential units. Ownership is in the process of removing the property’s interior walls in order to provide the future buyer with open floorplates. The asset is being offered at $2.4 million.

• 724 Elton Avenue & 467 East 155th Street is a four-story conversion opportunity with a viable parking lot that is located in the heart of The HUB in the South Bronx. The 724 Elton Avenue property consists of four floor-through units with the ground floor being leased to a retail healthcare tenant, which has a lease until 2025. The 467 East 155th Street asset is a 330 square foot parking garage with C4-4 zoning allowing approximately 17,200 buildable square feet on an as-of-right basis and 32,500 buildable square feet with community facility bonus. The asking price for the package is $3 million.

• 993 Summit Avenue near Yankee Stadium and East 161st Street, is a walk-up multifamily spanning approximately 9,032 gross square feet. It has nine rent-stabilized apartments. Current taxes are $0.87 per square foot and tax increases are capped because of the 2B Protected Tax Class. The asset is being offered at $1.925 million.

• 1130-1134 & 1142 Bryant Avenue: A package of three walk-up multifamily buildings located on the east side of Bryant Avenue between East 167th Street and W Farms Road. 1130-1134 Bryant Avenue: Two contiguous 4-story buildings totaling 11,466 s/f containing 16 units. Both assets are encumbered by a J-51 Tax Exemption expiring in 2024 and 2041, respectively, while the J-51 Tax Abatement expires in 2029 and 2040. 1130-1134 Bryant Avenue are currently leased out to a non-profit organization on a NNN (Triple Net Lease) basis. 1142 Bryant Avenue is a 4-story, 5,696 gross square feet building consisting of 8-units. The asking price for the property portfolio is $6.25 million.

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MITCHELL LEVINE

The Tri-State Investment Sales Group for Avison Young is marketing the sale of a 5,820 s/f retail condo at 354 Bowery, between Great Jones and East Fourth Street in NoHo. The currently vacant space is vented for restaurant use and includes a fully built-out commercial kitchen. The asking price is $5,500,000. Mitchell Levine, Brent Glodowski and Angela Mulder are representing the seller. The space was formerly home to the restaurant Hecho and Dumbo. It has 1,940 s/f at grade, 1,940 s/f in the cellar (previously used as a prep kitchen) and 1,940 s/f on the sub cellar. The ceiling heights are 12 ft. at grade and 9 ft. on the lower floors.

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B6 Real Estate Advisors has been retained as the exclusive agents for the bankruptcy auction sale of 753 9th Avenue, a 13-unit, mixed-use building located in Hell’s Kitchen. The property will be sold absolute, to the highest bidder, regardless of price, subject to the approval of the United States Bankruptcy Court. The property is 9,040 s/f on a 25 by 100 ft. lot . It contains 12 rent stabilized apartments and one retail space. The suggested opening bid is $3.5 million.

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Cushman & Wakefield has been retained to sell the following properties:

JONATHAN SQUIRES

• 200-208 South 14th Avenue, a 26,788 s/f industrial property plus parking lot in the Bronx. Jonathan Squires, Josh Neustadter, Bill Eisenhut, Michael Fioravanti, Addison Berniker and Shayne Soltan will be leading the marketing efforts on behalf of the seller. The multi-story property has seven commercial units with 13 ft. ceilings. The property is fully leased. The entire parcel includes 0.32 acres with a total 1.92 floor area ratio (FAR), zoned for auto body repair, general manufacturing and distribution. The property has undergone recent renovations including a new roof, LED lighting, new windows and overhead doors and resurfaced warehouse floors.

• An 830-unit Syracuse multifamily portfolio with a mix of high-rise, mid-rise and garden-style workforce housing communities: The James (600 James St.), Skyline (753 James St.), Chestnut Crossing (923, 941 and 947 James St.) and Vincent (105 Smith Lane). Cushman & Wakefield capital markets specialist Brian Whitmer, who is leading the marketing effort along with Stephen Scuderi of Pyramid Brokerage. The three properties on James Street – all located within a two-block area – are part of a neighborhood comprised of housing as well as commercial and medical offices.

SALES

Steven Matovski, a director at Redwood Realty Advisors, announced the sale of two properties in Hudson County for a combined price of $4,050,000.

STEVEN MATOVSKI

• 481-487 Communipaw Avenue in Jersey City is an 8-unit project located in the Bergen-Lafayette Neighborhood. It features a mix of two- and three-bedroom duplexes built in 2011. The property was sold by the original developer. The sale price equates to $225,000 per unit.

• 7328 Kennedy Boulevard in North Bergen consists of 17 units and is centrally located along Kennedy Boulevard, which is one of Hudson County’s largest thoroughfare.

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GARY PEZZA

Gary Pezza of NAI Long Island, announced the sale of 55 Craven Realty LLC, a 10,000 s/f industrial building in Huntington Station, New York. Pezza represented the seller. The buyer, Giambrone Realty LLC, purchased the building for $1,600,000 and was represented by Alberto Fiorini of Alliance Real Estate Corp.

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Marcus & Millichap announced the following sales:

• Grandview Apartments, a 20-unit apartment property located in Hasbrouck Heights, NJ, sold for $3,655,000. Kevin Taub, Daniel Aviles and Casey Egan, investment specialists in the firm’s New Jersey office, represented the seller, a limited liability company, and the the buyer, a private investor. Seven Year Interest-Only financing was secured by Eric Seidel of Marcus & Millichap Capital Corp. (MMCC).

MATT FOTIS

• 30-85 and 30-87 31st Street in Astoria, Queens, sold for $3,250,000. The seller, a private investor, was represented by Matt Fotis, Lazarus Apostolidis, and Zachary Golub of the firm’s Manhattan office. The group also represented the buyer, a property developer. The site includes two contiguous 25 by 80 ft. vacant lots between 30th and 31st Streets. It offers 50 feet of frontage on 31st street. Zoned C4-3, proposed development plans allow for 16,524 buildable sqaure feet.

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ANTHONY CASSANO

NAI James E. Hanson negotiated the sale of 55 Woodbine Street, an industrial lot that spans approximately half an acre in Bergenfield, N.J. Anthony Cassano and John Schilp represented the seller, Moses Realty LP, and the buyer, Woodbine Management Co. in the transaction. 55 Woodbine Street is a 0.44-acre industrial lot located in proximity to major thoroughfares. It is zoned for industrial. The buyer plans to continue the existing use of the property and will park and dispatch it fleet of vehicles on the 19,278 s/f lot, expanding its operations into Bergen County, N.J. from their central location in Rockland County, N.Y.

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CBRE announced the sale of Transit Crossing, a two-building, 75-unit apartment complex at 163-200 Schley Street in Garfield, New Jersey. The newly developed, amenity-rich property was sold stabilized to an out-of-state investor for an undisclosed price. Nat Gambuzza, John Veniero and Spencer Beriont represented the seller. Built in 2018, the luxury multifamily property consists of 21 one-bedroom and 54 two-bedroom apartments. Amenities including two lounges, a fitness center, package room and key fob entry.

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WILL SUAREZ

JLL Capital Markets experts completed the sale of the historic 107 South Street in the Seaport District, for an unnamed seller. The buyer, Dr. Michel Cohen, co-founder of Tribeca Pediatrics, acquired the 8,283-square-foot, mixed-use property for $6 million. The four-and-a-half-story 107 South Street was constructed in 1900 and totals 8,283 s/f of space, with 3,823 s/f of additional air rights. The property is located directly across from Pier 17. Will SuarezPatrick Mullen and Harry Hochman led the JLL team handling the sale. 107 South Street will be the future home of the Tribeca Pediatrics’ corporate headquarters.

• The $8.3 million sale and $5.1 million in acquisition financing for Bunzl Distribution Center, a fully leased, 152,000 s/f industrial warehouse and distribution center in suburban Buffalo, New York. JLL marketed the property on behalf of the seller, Foxfield Industrial. A private investor purchased the asset. Additionally, working on behalf of the new owner, JLL placed the long-term, fixed-rate acquisition loan with a life insurance company. JLL will service the loan. Bunzl Distribution Center is fully leased to Bunzl Midatlantic LLC, a products supplier, which has operated at the property since 2006. The JLL Capital Markets team representing the seller was led by Steve Forte along with Jose Cruz and Tyler Peck. The debt placement team included Michael Pagniucci, who also led a team in 2017 in securing acquisition financing for the seller to purchase the asset.

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Smart Roofs Solar Inc. has purchased the former Carpenter’s Union Building located at 618 Main Street in Monroe, CT, for $600,000, announced Jon Angel, president of Angel Commercial. The 8,064 s/f building sits on 0.95 acres.

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Bestreich Realty Group (BRG) announced the following sales:

DEREK BESTREICH

• 242-244 Hawthorne Street, located between Rogers and Nostrand Avenue in the Prospect – Lefferts Gardens section of Brooklyn, sold for $6,100,000. The newly constructed property is built 40 by 63 ft. offering approximately 12,792 s/f. It sits on a 40 by 106 ft. lot and is zoned R6. It features one studio, 1 one-bedroom duplex unit, eight two-bedroom units, two two-bedroom duplex units and two three-bedroom units. Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila represented both the seller, J&M Prospect Place Enterprises LLC, and the buyers, Meridian Properties LLC.

• 237 Montrose Avenue sold for $1,850,000. The lot measures 25 by 100 ft. and is zoned R6, C1-3. With a max FAR of 3, this development site offers approximately 7,500 buildable square feet at $247 per buildable square feet. Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky, and Corey Haynes represented the seller, the Lasaracina Family, and the buyer, 237 Montrose Avenue LLC.

• 19-16 Gates Avenue sold for $1,300,000. Built 25 by 55 ft. it offers approximately 2,750 s/f. It sits on a 25 by 100 ft. lot and is zoned R5B. The property features 4 two-bedroom railroad style apartments of which two will be vacant on the ground floor. The seller was 1916 Gates LLC and the buyer was Circu LLC. Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila represented both.

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Cushman & Wakefield arranged the sale of 550 West Old Country Road, a 48,000 s/f office/redevelopment property in Long Island. The final closing price was $5,750,000. Stephen R. Preuss represented the seller, Bapaz, Ltd. in this transaction. The building was purchased by LSC Development. The property entered into contract in 2016 and, during the contract period, the buyer received all necessary permits and approvals to build an approximately 100,000 s/f storage facility. The buyer, LSC Development, is a national storage company that intends to demolish the existing building and start construction in 2020. 550 West Old Country Road is a 48,000 s/f office building consisting of four stories that are approximately 12,000 s/f each. The property sits on two contiguous lots, including a large parking lot with over 200 parking spaces and a lot with development rights for retail or mixed-use valued in excess of $1 million alone. The property also offers antenna rights, which are valued in excess of $1 million.

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