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Deals & Dealmakers

On the scene: Avison Young takes on East Harlem residential, Compass closes on Greenwich garage

Avison Young’s Tri-State Investment Sales group has been named the exclusive agent for the sale of 2147 Second Avenue, a newly constructed, nine-story, elevator building in East Harlem comprised of 16 residential units and ground floor retail. The asking price is $10.85 million.

James Nelson along with Sam Shertz and Allan Fries, are marketing the property on behalf of the owner, Hillside Parsons LLC. The property features 25 ft. of frontage and includes 15 two-bedroom apartments, one, one-bedroom apartment, and one retail unit, all fully leased. The building also benefits from the 421(a) tax abatement with 7.75 years remaining.
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Besen & Associates announced that Brandon Serota and Greg Corbin, from The Corbin Group at Besen, have been retained to sell 309 East 60th Street, a four-story, 5,740 s/f mixed-use building located between First and Second Avenue in the Lenox Hill neighborhood of the Upper East Side. The property features six one-bedroom apartments, ground floor retail, useable basement space, and a sun-drenched 1,000 s/f rear yard. The vacant ground-floor retail contains 1,200 s/f on-grade, a 500 s/f storage basement, and 25 ft. of frontage. Two blocks away is the Lexington Avenue/59th Street Station servicing the 4,5,6 as well as the N,R,W subway trains. Asking Price is $4,550,000.
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Brax Realty has been retained to sell 85 Pitt Street on the Lower East Side. The 51 ft. wide six-story walkup is located in an Opportunity Zone between Rivington and Stanton streets and is a short walk from Essex Crossing and the F, M, J & Z subway at the corner of Essex and Delancey Street. The property consists of 14,280 s/f with 21 apartments and three retail stores. Out of the 21 apartments, three are rent stabilized. Over $800,000 in capital improvements have been completed over the last few years that upgraded and modernized the entire building including new commercial all-glass storefronts and signage, a new intercom in each apartment, laundry room and communal backyard patio, new boiler gas conversion and security system . The building façade was refaced and the lobby renovated along with all the free market apartments.
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Cushman & Wakefield has been retained to market a retail opportunity at 5 East 59th Street in Midtown. Andrew Kahn and Christian Stanton will be leading the marketing efforts on behalf of the property’s owner. The 8-story building offers 50 ft. of frontage, a rooftop terrace overlooking Apple and The Plaza and a façade that can be redesigned to create a 100 ft. tall branding statement.
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EMH Commercial Realty has been retained to sell 68 Troy Avenue in the Crown Heights section of Brooklyn. Baruch Edelkopf will represent the seller. The property is a fully renovated three-story building containing six units with modern layouts, designer style finishes and natural light. Building amenities include shared access to the balcony, roof and backyard. All units are destabilized with free market tenants and have separate heating. Asking price is $3,100,00.
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GFI Realty Services has been named the exclusive sales agent for 1070 Cypress Avenue, a mixed-use multifamily and retail building on the border of Bushwick, Brooklyn and Ridgewood, Queens. Associate Yehoshua Shamel will oversee the marketing of the property, with pricing targeted at $1.675 million. Constructed in 1931, the two-story building totals 2,720 s/f and is composed of three apartments and a ground-floor commercial space. The apartments are configured as two two-bedroom units and one three-bedroom unit. The commercial space is occupied by a pizzeria, whose lease expires in 2023.
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Helmsley Spear has been engaged as the exclusive office and retail leasing agent at 83 Maiden Lane in Lower Manhattan. The office space consists of a contiguous block of 54,000 rentable square feet on floors 3 through 6 with each floor comprising 14,000 rentable square feet each, while the retail space comprises 4,170 rentable square feet. The retail space consists of a portion of the ground floor and basement with outstanding 15 foot ceilings, a vented premise with gas supply, 24 hours seven-day access, direct building access to the lobby. The 180,000 s/f property is managed by Helmsley Spear and owned by AHRC New York City. Scott M. Bloom, Senior Vice President at Helmsley Spear is the lead agent representing the landlord.

SALES

Compass announced that Adelaide Polsinelli and Mitchell Goldstick arranged the sale of the entire retail component and parking garage located at 44-58 East Eighth Street in Greenwich Village. The retail component is located on Eighth Street between Mercer and Greene Streets. It is comprised of seven retail stores spanning over 8,400 s/f and 40 underground space parking garage. The new owner will have the option to build out over 1,500 s/f of additional retail space. Tenants include Dunkin Donuts, Verizon, UBreakIFix, Jay’s nail salon, a brand new deli and corner Chinese restaurant. Polsinelli and Goldstick represented both the seller, Three Street Realty Co., and the purchaser, a local private investor.
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Marcus & Millichap announced the following sales:
• 166 & 168 West 107th Street two contiguous buildings on the Upper West Side sold for $11,450,000. The five-story walk-up apartment buildings total approximately 19,270 square feet. The sales price equates to

$594 psf and a 3.64% cap rate. The properties have been managed by the same ownership for almost forty years. John Stewart, Nicholas Biedron and Brian Porter represented the seller, Elta Apartments Inc. The buyer was a local investor.
• 317 West 12th Street also known as 611 Hudson Street, a three-story walk-up mixed-use building in the West Village sold for $5,700,000. The property total 2,784 s/f and sits on a 25 by 37 ft. C1-6-zoned lot. The sale price equates to $2,047 psf and a 4.10% cap rate. The property has approximately 604 s/f of remaining developable rights and is part of the Greenwich Village Historic District. The commercial tenant is Bar Bolonat, a Middle Eastern restaurant. John Stewart and Joshua Bluestein represented the buyer and seller• 129 Malcolm X Boulevard, an 8-unit apartment property in Brooklyn, sold for $1,067,500. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the seller, a private investor. The buyer, a private investor, was secured and represented by the same team.
• 85 Quay Street, a 12,088 s/f mixed-use property located in Brooklyn, sold for $5,475,000. Shaun Riney and Michael Salvatico represented the seller and the buyer.
• 1501-1503 Broadway, a 7,140 s/f mixed-use property located in Brooklyn, sold for $2,200,000.
Shaun Riney, Thomas Shihadeh and Andrew Reiter, represented the seller, a private investor, and the buyer.
• 285 MacDonough Street, a 7-unit apartment property in Brooklyn, sold for $2,600,000. Shaun Riney and Daniel Greenblatt represented the seller, a private investor. The buyer, a private investor, was secured and represented by the same team.
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Thor Equities Group has closed on the sale of 1221 Avenue J in Brooklyn. Located on a highly trafficked corner of Midwood, the three-level, 7,900 s/f property features over 135 feet of frontage on Avenue J and East 13th Street. Following its purchase of the property in 2014, Thor leased the entire building to Capital One, which signed a long-term deal for its first bank branch and office in Midwood.
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XRE NY announced the $11,000,000 sale of a mixed-use development site situated on the Mott Haven waterfront. The site, located at 188 East 135th Street, spans a 26,626 s/f floorplate, comprising of approximately 74,000 buildable square feet. It is zoned R7-2, C2-4 and falls within the Harlem River Waterfront district. The site traded for $149 psf. The XRE NY team included Joshua Agosto and Yagnesh Vangala.
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GHP Office Realty announced that Andrew Greenspan and Brendan Hickey sold a 38,985 s/f three story office building located at 83 East Avenue in Norwalk, Connecticut for $4,575,000. The building is 92 percent occupied with 26 tenants and is equipped with two passenger elevators and newly renovated common areas. The property was purchased by a Long Island City based real estate holding company. The seller was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP and the purchaser was represented by Heather Fusco of Ivey, Barnum & O’Mara, LLC.

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