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Deals & Dealmakers

ON THE SCENE: Bestreich Realty Group announcessale of 341 Lenox Road

SALES

RIPCO Real Estate (RIPCO) announced the following Westchester sales:

• 20 East Main Street, a 5,293 s/f auto-repair and body shop, was sold to Oak Point Realty Group, Inc., for $1.5 million. After the seller and tenant vacate at year’s end, the new owner will likely retain the building’s current function as an auto-mechanic shop. Broker Lisa Daniel worked with the seller, MK Discount Tire Center.

LISA DANIEL

• Broker Greg Batista represented buyers Jeff Sutton and Eliot Tawil, of New York City-based Wharton Properties, in the $8.5 million purchase of 810 Main Street.

Formerly a Walgreen’s, the standalone retail building currently has 7,239 s/f of retail space available. The new owners are redeveloping the property for a national retail tenant they work closely with.

•••

TerraCRG has announced the sale of the industrial building at 250 Green Street in Greenpoint, Brooklyn. Dan Marks, Daniel Lebor and Garrett Allen have closed the deal at $5,750,000.

DAN MARKS

TerraCRG represented the seller, Kingston Green Street LLC, and the buyer, Gotham Drywall Inc., was represented by Mat Diana of DY Realty.

Located within an opportunity zone, the M1-1/M3-1-zoned property is a two-story 11,822 s/f building. There are 6,678 s/f of air rights available allowing to maximize the gross buildable s/f to 18,500. There is also a courtyard in the center of the building that can be accessed via several egresses.

The property is just a short distance from the Greenpoint Avenue G train stop. It is also near the Pulaski Bridge to Long Island City and BQE, providing access to Manhattan and Queens.

•••

DEREK
BESTREICH

Bestreich Realty Group (BRG) is proud to announce the sale of 341 Lenox Road, located in Prospect-Lefferts Garden section of Brooklyn for $3,000,000. The 24,080 BSF development site is built 35 ft x 200 ft and zoned R7-1.

Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Underkofler facilitated both sides of the transactions. The seller was 341 Lenox LLC and the buyers were Lenox Road LLC.

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Cushman & Wakefield has arranged the sale of 212-230 Middle Neck Road, a 53,097-s/f residential development site, The Rose, on Long Island. The final closing price is $8 million, equating to approximately $142-per-buildable-square-foot.

Cushman & Wakefield’s Daniel Abbondandolo, Robert Kuppersmith, Dimitri Mastrogiannis represented the seller, GN Properties, LLC, in this transaction. Kelly Koukou and Bradley Diamond of Lee & Associates represented the buyer, McKinley Homes.

DANIEL
ABBONDANDOLO

212-230 Middle Neck Road has approved development plans in place to feature a three-story residential building with forty-units, ranging from one- to three-bedrooms, with on-site parking. The blueprints feature a range of amenities including storage, a laundry room, exercise facility, rooftop lounge and large deck area.

The Village of Great Neck Estates offers a country club-like atmosphere at the Waterfront Park. The development boasts an Olympic-sized swimming pool, four all-weather tennis courts, three Har-Tru courts, a marina and dock area, baseball and soccer fields, basketball and handball courts and children’s playground.

•••

Cushman & Wakefield has announced that the firm has arranged the sale of 619 East Fordham Road, a 5,000-s/f garage leased to Enterprise Rent A Car in the Bronx.

JONATHAN SQUIRES

Cushman & Wakefield’s Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter, and Shayne Soltan represented the seller, Six 19 Custom, LLC, in this transaction. The property was purchased by Fordham University.

619 East Fordham Road is a single-story commercial building in the Fordham Neighborhood of the Bronx. The building is approximately 5,000 s/f and includes a parking lot with an additional 231 feet of wraparound frontage along East Fordham Road and Hughes Avenue.

The current tenant of the property is Enterprise Rent-a-Car, but future ownership has the opportunity to maximize the use of the facility by either converting the space for retail use or utilizing the 31,786-buildable-square-feet.

The property is situated one block from Fordham University and just east of Fordham Plaza, a major transportation hub in the neighborhood. Fordham Plaza accommodates nearly 80,000 pedestrians daily and offers a future retail tenant valuable pedestrian visibility. Additionally, the neighborhood is canvassed by twelve different bus lines, a Metro-North Station and the Kingsbridge Road Subway Station, which is serviced by the D train.

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Within New Jersey’s East Essex cluster of urban municipalities, Gebroe-Hammer Associates has arranged two separate apartment-property sales spanning the cities of East Orange and Irvington. Executive Managing Director David Oropeza was involved in both transactions while the latter also included Executive Vice President Niko Nicolaou as a member of the brokerage team.

DAVID OROPEZA

In East Orange, Oropeza exclusively represented the seller, Milrose 243 Harrison LLC, and procured the buyer, a private investor, in the $11.6M trade of 76 units at 243 South Harrison St. The single 10-story building features all one-bedroom/one-bath layouts with vaulted ceilings. Built in 1962, the hi-rise underwent extensive renovations prior to sale that included new hardwood flooring throughout, updated kitchens with granite countertops and baths, and renovated community spaces, elevators and building systems.

Located at the crossroads of I-280 and the Garden State Parkway, 243 South Harrison Street is one block from NJ Transit’s Brick Church Station offering 20-minute Midtown Direct train service. It also is just five and 20 minutes away from employment hubs in Downtown Newark and Jersey City, respectively.

Approximately three miles away, Gebroe-Hammer Associates closed the $1.26M sale of 16 units in the on-the-rise Township of Irvington. Oropeza, along with Nicolaou, exclusively represented the seller, a banking institution, and procured the out-of-state buyer, Billionaires Funding Group LLC.

Located at 1 Roosevelt Terrace, the property is at the corner of Grove Street just blocks from Newark’s historic West Ward. Constructed in 1927, the property is comprised of 12 one-bedroom and 4 two-bedroom layouts.

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NAI Mertz, a commercial real estate firm, recently announced that Jonathan Klear, senior vice president, completed the sale of an 80,300-s/f light industrial building located at 2339 Center Square Road in Logan Township, New Jersey. Klear represented the buyer, Burton Real Estate.

JONATHAN KLEAR

The facility is part of the six-acre Pureland Industrial Complex, offering 30-foot clear ceiling heights, 19 dock doors and three drive-ins, and 10,403 s/f of office space. Zoned for food processing, the building currently features cooler and freezer space, and floor drains. Nearby highway access and truck routes includes Route 130, I-295, and access to Pennsylvania via Route 322.

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