Real Estate Weekly
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Deals & Dealmakers

On The Scene

AGENTS

Besen & Associates announced the following exclusive assignments:
• Greg Corbin and Miguel Jauregui have been retained to sell 656 Nostrand Avenue, the 4,981 SF 3-story mixed use Brooklyn building with 3 apartments and 4 stores in the heart of Crown Heights. 5,693 SF available of existing air rights. Within blocks of A, C, S, 2, 3, 4, 5 trains, LIRR Nostrand Avenue station. The asking price is $3,495,000.

Greg Corbin
Greg Corbin

• Greg Corbin and Miguel Jauregui have been retained to sell 288-294 Hamilton Avenue, the 7,125 SF warehouse with 2 tenants consisting of about 2,800 SF of office space and 4,300 SF of warehouse space. This property is located right off the Brooklyn-Queens Expressway (I-278) and 2.5 miles to Manhattan through the Hugh Carey Tunnel. The asking price is $2,900,000.
• Hilly Soleiman has been retained to sell 350 East 116th Street, the 3,750 SF 4-story building with 2 apartments & 1 store. The property also features an extensive rear yard of approximately 900 SF. Delivered vacant. Near the 116th Street – Lexington Avenue [4, 6] subway station. The asking price is $2,100,000.
• David Davidson has been retained to sell 290 North 6th Street, the 1,500 SF two-family home. There is a maximum of 3,456 SF of development rights. Home will be delivered vacant at closing. Property is located between Havemeyer and Meeker Avenues. The asking price is $1,595,000.

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Eastern Consolidated has been retained as the exclusive agent to market for sale 315-317 East 105th Street, a mixed-use building in East Harlem. Located on the North side of East 105th Street between First and Second Avenue, the 22,478 s/f 7-story mixed use building includes studios, one-and two-bedrooms. There is currently 100 percent residential occupancy. In addition, there is a 421-A Tax Exemption through June 30th, 2017. There is no set asking price on this building. All offers will be considered. Senior Director Peter Carillo, who along with Director Andrew Sasson represents the seller, Ka2 Development LLC.

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‘TerraCRG has been retained as the exclusive agent for the following properties:
• The sale of the development site located at 262-264 Sullivan Place in the Crown Heights neighborhood of Brooklyn. The 49 ft x 100 ft property is zoned R7-1 for a total of approximately 16,856 buildable s/f. There are two existing two-story houses on the property, which will be delivered vacant. Peter Matheos, Senior Associate at TerraCRG. is handling the assignment.
• The exclusive agent for all retail leasing at 531 Myrtle Avenue in the Clinton Hill neighborhood of Brooklyn. Peter Schubert, Director of Commercial Leasing is representing the landlord along with Vice President of Investment Sales and Leasing Dan Marks and Retail Associate Joseph Terzi. The new mixed use development will be located on the corner of Myrtle Avenue and Steuben Street. The highly visible storefront will be at the base of a 27 unit luxury residential building with 75 ft of frontage on Myrtle Avenue and 72 ft on Steuben Street. The leasable area will consist of approximately 6,000 s/f on the ground floor with 14 ft. ceilings and a 3,000 s/f basement. The new development, which was previously the site of a White Castle drive-thru, will be available for occupancy in early 2016.

SALES

Florian Suserman of Ripco Real Estate, announced the sale of 166 North Route 17 in Paramus, NJ, the former Electronics Expo. Suserman represented both the seller, a New York-based family trust, and the buyer, an established investor and owner of north Jersey retail properties, in this transaction. The two-story free standing retail building consists of 18,200 s/f on two floors.

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Massey Kankal announced the following sales:
• A mixed-use building at 88 East End Avenue on Manhattan’s Upper East Side, was sold for $6,100,000. The five-story building near Carl Shurz Park, contains 7,875 s/f. It consists of a ground floor commercial unit and 12 free market residential units above. The building was gut renovated approximately 11 years ago. The air rights have been sold and there is a light and air easement in place. The sale price equates to approximately $775 psf. Thomas D. Gammino, Jr. exclusively handled this sale.
• Three apartment buildings owned by The Brodsky Organization, located at 102 Greenwich Avenue and 224-226 West 13th Street in the Greenwich Village Historic District of Manhattan, were sold for $12,126,000. The buildings combine for approximately 11,843 s/f and consist of 36 apartments, of which 18 are rent stabilized, 15 are free market, and three are vacant. All three properties share a rear yard and 224 West 13th Street and 102 Greenwich Avenue share a boiler. The sale price equates to approximately $1,024 psf. Paul J. Massey, Jr. exclusively handled this transaction with James Nelson and David Shalom.

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Kalmon Dolgin Affiliates, Inc. (KDA) announced the $5 million sale of a 6,000 s/f warehouse and 14,000 s/f parking lot at 39 Ferris Street in the Red Hook section of Brooklyn, NY. The seller, 39 Ferris Street LLC, was represented by Kalmon Dolgin Affiliates broker Jeffrey Unger, while the buyer, Kobe Bussan USA, was represented by Yoko Evans of Furumoto Realty. The warehouse at 39 Ferris Street was owned by and used as a bus depot for the former Fung Wah Bus Transportation, Inc. The buyer, Kobe Bussan, a Japanese supermarket and restaurant, will open a new location for warehousing and distribution. The 14,000 s/f parking lot is ideal for Kobe Bussan’s fleet of trucks.

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CPEX Real Estate’s Multi-Family Investment Sales Team announced the sale of 228 53rd Street in Sunset Park, Brooklyn. The property is a 6-unit, 4,320 s/f rent-stabilized Multi-Family building located on an approximately 20’ x 100’ lot. The building was delivered “as is” with all tenants in place. The sale price was $825,000, or $191 psf. Stephen Safina, Alyona Chystyakova and Thomas Ryan, represented the seller and procured the purchaser. CPEX also sold the neighboring 6-unit building at 224 53rd Street for $800,000.

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Alpha Realty announced the sale of 306 5th Avenue in Park Slope for $8.3 million. Lev Mavashev represented both sides in the off market sale. The 6-story elevator building was built in 2002 and consists of 10 residential units and 1 commercial unit. The building is 16,525 s/f. There is a 421(a) tax abatement in effect until 2025. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.6%.

 

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