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Deals & Dealmakers

On the Scene: EPIC tapped as broker for 158 Irving, C&W marketing 206 East 75th

AGENTS

EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 158 Irving Avenue in Bushwick. Located between Stockholm Street and Dekalb Avenue, 158 Irving Avenue is a three-story mixed-use walkup building with six residential units and one commercial unit. Four of the residential units and the commercial unit will be delivered vacant. The property has been listed for $2,000,000 by EPIC Investment Sales Associate Justin Zeitchik.

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Cushman & Wakefield announced the following exclusive assignments:

  • An apartment building at 206 East 75th Street on the Upper East Side. The asking price is $6,650,000. The six-story walk-up contains approximately 6,480 s/f. The building is divided into six floor-through apartments; five are free market and one is rent-controlled. The unit mix consists of three two-bedroom and two three-bedroom apartments with luxury finishes. The rent controlled unit is located on the garden level and features a separate entrance.The building recently underwent a complete gut renovation including the construction of an additional floor (sixth story), a common roof deck, on-site laundry and basement storage. Hall Oster is exclusively marketing this property with Guthrie Garvin.
  • An apartment building at 209 West 20th Street, between 7th and 8th Avenues in Chelsea. The asking price is $12,500,000. The seven-story, elevator-serviced building contains approximately 8,025 square feet and sits on a 25 x 81.10 ft. lot. The building features 12 free market units divided into ten one-bedroom apartments, one two bedroom apartment with a garden on the ground floor and a one-bedroom penthouse with a private roof deck. Brock Emmetsberger is exclusively marketing this property with Hannah Rodriquez and Billy Simons.

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Metro Commercial Real Estate has been appointed by Katz Properties to lease three retail shopping centers which include:

  • Gloucester Town Center, 509-543 Berlin Cross Keys Rd., Gloucester Township, NJ, anchored by Acme. Space Available: 1,500-5,000 s/f plus Pad Sites. Leasing Agents are Dan Brickner and Stephen Carrozza
  • Brookhaven Shopping Center, 5005 Edgemont Ave., Brookhaven, PA, anchored by Shoprite and Lowes. Space Available: 1,500 – 24,000 s/f plus Pad Sites. Leasing Agents: Glenn Marvin, Joe Dougherty, Alessandro Randazzo
  • Brookwood Shopping Center, Street Road & Hulmeville Road, Bensalem, PA, anchored by Future Shoprite. Space Available: 10,000 – 22,500 s/f plus Pad Sites. Leasing Agents: Glenn Marvin, Joe Dougherty, Alessandro Randazzo

SALES

Ariel Property Advisors has arranged the $3,000,000 sale of 273 Lenox Avenue, which is located one block south from the new Whole Foods in Central Harlem. This four-story mixed-use building commanded a price of $811 per square foot, which is 183 percent higher than the average cost of $444 per square foot for mixed-use walk-up buildings in this neighborhood.  Exclusive agents Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki represented the seller, a private investor, and POG Real Estate Inc. procured the buyer, also a private investor.

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Colliers International has arranged the $4.75 million sale of a flex office building located at 466 Saw Mill River Road in Ardsley, New York, on behalf of G&G Instrument Corporation. Avon Development Enterprises Corp. was the buyer. The 59,000 s/f three-story property — built slab-on-grade into the side of a hill and including dock access for all three levels — was developed in 1968 by G&G, which used to occupy space in the building. Ian Ceppos, Senior Managing Director at Colliers International, who along with Vice Chairman Alex Jinishian, Executive Managing Director Al Gutierrez, and Associate Cameron Paktinat exclusively represented G&G in the transaction. Alan Weisman, of Lee & Associates, represented the buyer in the transaction.

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Cushman & Wakefield announced the following sales:

  • The $3.25 million sale of 62-64 West Main Street, a three-story apartment building with ground-floor retail in downtown Somerville. The firm’s East Rutherford, N.J.-based Alexander McGee represented both the seller and the buyer, an out-of-state entity. Constructed in 2007, the property consists of eight one- and two-bedroom units on the upper two floors, and Provident Bank has occupied the 5,500 s/f retail space on the building’s ground floor since 2014.
  • A development site at 79 Eldridge Street located between Grand and Hester Streets in Chinatown, was sold for $5,300,000. The property is a vacant parcel measuring 25.3 x 100.25 ft. and contains approximately 15,180 buildable square feet for commercial, 8,703 buildable square feet for residential, or 16,445 buildable for community facility development. The property features a front curb cut and sits within a C6-1G (Garment) zoning district with an FAR of 6.00 for commercial use, 3.44 for residential use and 6.50 for community facility use. Michael DeCheser represented the seller along with Mei Ling Wong and Darragh Clarke. Mila Yunatanov of JLD Advisory represented the buyer.
  • A mixed-use building at 265 Pleasant Avenue, on the Northwest corner of Pleasant Avenue and East 114th Street in East Harlem, was sold to a private investor using 1031 exchange proceeds in a transaction valued at $10,000,000. The seven-story, elevator-serviced building contains approximately 19,584 s/f and is comprised of one commercial unit and 22 residential units which were built above the restaurant in 2005. The residential unit mix consists of one studio, eleven one-bedroom and ten two-bedroom apartments, of which five of the two-bedroom units feature elevator access that opens directly into the unit. Thomas Gammino exclusively handled this transaction with Lev Kimyagarov.

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GFI Realty Services, LLC announced the sale of 531 East 22nd Street in the Ditmas Park section of Brooklyn. The property, a six-story elevator apartment building consisting of 35 units, traded for $7.0 million.  The asset is situated in close proximity to Prospect Park and Brooklyn College. Daniel Shragaei, an associate director of GFI, brokered the transaction. The buyer is Jason Wisotsky and the seller is Naad Realty LLC.

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HPNY announced the following sales:

  • A $51 million sale of 2255 Broadway, located on the south west corner of 81st Street and Broadway. The 3-story retail building has 90,000 s/f of buildable residential square footage and is located in one of the busiest retail corridors in Manhattan. Ivan Hakimian and Eli Scharf of HPNY were involved in the off market transaction.
  • A 5-story walkup at 2067 Adam Clayton Powell Boulevard in Central Harlem, with 16 apartments and 2 stores, sold for $5,700,000. The property is located between West 123rd and West 124th Street, built roughly 17,000 s/f with 40 feet of frontage. Ivan Hakimian and Josh Pomerantz of HPNY were involved in the transaction.

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Klosed Properties & Oliam Properties announced the purchase of 663​ ​Flatbush Ave, Brooklyn, NY, for $1.58 million. The property is a 4,800 s/f mixed use building in Prospect-Lefferts Garden. It consists of 6 apartments and a retail space occupied by Blessing Herbs & Coffee. Shawn Aziz, Associate Director of Acquisitions, sourced the property. Steve Shapiro of Citadel Real Estate brokered the sale.

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Redwood Realty Advisors has completed the sale of a mixed-use property at 192 Boulevard in Hasbrouck Heights, N.J. for $5.4 million. The property included 32 apartments and 10 commercial spaces. The property sold to a 1031 Exchange buyer at a cap rate of 5.5%. The Redwood Realty Advisors’ team who worked on this transaction included Thomas McConnell, CCIM, Managing Partner, Kevin McCrann, Managing Partner, Steven Matovski, Director and Saul Ramirez, Investment Associate.

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TerraCRG announced the sale of two 16-unit multifamily buildings in Crown Heights and Sunset Park. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin were the sole brokers in both transactions:

  • 851 Franklin Avenue is a fully-renovated, 16-unit multifamily building located in the Southern part of Crown Heights between President Street and Union Street. Situated one block from Prospect Park, the property contains approximately 8,440 s/f. The unit mix consists of six, two-bedrooms, six studios and four, one-bedroom apartments. The cellar space of the building includes bike storage, laundry and storage lockers for tenants. The property sold for $5,500,000, which equates to approximately $652 psf and $343,750 per unit.
  • 4109 Seventh Avenue is a 16-unit multifamily building located in Sunset Park. The building sold for $3,400,000, which equates to $257 psf and $212,500 per unit. This is the second deal that Team Hess has done with the buyer, Sugar Hill Capital Partners, on this block. In 2014, Sugar Hill Capital Partners purchased 4103 Seventh Avenue, just a few buildings away from this most recent transaction. Team Hess previously sold 4121 Seventh Avenue, making 4109 Seventh Avenue their third transaction completed on this block.
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