Sales
Time Equities Inc. (TEI) acquired two properties in South Park Slope Brooklyn for a total price of $8.1 million. Located at 655 Fifth Avenue and 251 19th Street, the buildings are a mix of 18 residential lofts and one commercial space. The sale was brokered by GFI Realty Services Inc. 655 Fifth Avenue is a four-story, 17,716 s/f building constructed in 1896. 251 19th Street is 9,400 s/f and features eight residential lofts. Chris Pulling, acquisitions manager for TEI, said the firm will make some improvements while maintaining the integrity of the property and surrounding area. Rick Helfand and Yanni Simantov of GFI Realty Services Inc. represented the seller, a local investor. Jeremy Curtin also of GFI Realty represented the buyer. Chris Pulling ran the deal in-house for Time Equities.
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Savills has advised Deka Immobilien of Germany on the disposition of the Deka Special Fund’s two-building industrial asset in Cranbury, NJ, to Duke Realty in an off-market transaction. The price was not disclosed. The property is located in a Foreign Trade Zone, off Exit 8A of the New Jersey Turnpike and consists of two single-story Class A warehouse/distribution buildings (completed in 2004/2007) totaling 949,580 s/f of space. The entire property is leased to Crate & Barrel on a triple-net basis until 2020. Savills worked on this assignment in cooperation with Newmark Associates of Whippany, NJ.
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Marcus & Millichap Real Estate Investment Services announced the following saels:
• 378 Lewis Avenue, an eight unit apartment property in Brooklyn, NY, sold for $1,800,000. Derek Bestreich and Lucien Sproviero represented the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich and Sproviero. The property sold $150,000 over the asking price.
• 359 Manhattan Avenue, an eight unit mixed-use property located in Brooklyn, NY, sold for $2,200,000. Michael Salvatico, Shaun Riney and Jim Saros represented the seller, a private investor. The buyer, a private investor, was secured and represented by Salvatico, Saros and Riney.
• 305 – 311 Clarkson Avenue, a 11,880 s/f mixed-use property located in Brooklyn, NY, solf for $2,050,000. Erik Rodriguez and Derek Bestreich represented the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich, Rodriguez and Shaun Riney.
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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of an 8,800 s/f property at 16-13 Stephen Street in the Ridgewood section of Queens, NY for $1.3 million. Howard Darsi of Kalmon Dolgin Affiliates, represented the buyer, Jack Pierson Studio, while Jean Cook, also of KDA, represented the seller, Stephen Street Realty LLC, in the transaction. The building at 16-13 Stephen Street is a former knitting mill with the original wood floors. The property is comprised of two spaces; an 8,000 s/f ground floor and an 800 s/f second story. Jack Pierson relocated to 16-13 Stephen Street from 70 Greenwich Avenue in Manhattan, and will use this location as a studio.
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Tamir Daniel, president of Daniel T. Enterprises, completed the sale of 47 East 30th Street, Murray Hill, New York. The seller was veterinarian, Dr. Grossman, and the purchaser, 47-30 Realty Associates LLC, is an entity controlled by hotelier Sam Nazarian, of SLS hotels ,and David Moinian, of Moin Development. William Rubin, Esq. of Riad & Associates P.C. represented the seller, and Barry S. Schwartz, Esq. represented the purchaser in the transaction. The property, which is adjacent to the upcoming SLS Five Stars Hotel on 444 Park Avenue South, consists of approximately 20,000 s/f of development rights and will become an addition to the hotel. The purchase price was $4,012,500 million.
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Mack-Cali Realty Corporation sold an office building located at 777 Passaic Avenue in Clifton, NJ, for approximately $5.8 million to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp. The five-story, 77,000 s/f property is 65% occupied. MDC, which is based in nearby Woodland Park, will serve as the property manager and leasing agent for the joint venture. First mortgage financing was provided by TriState Capital Bank.
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Jerry Mancini and Lee Schaller of Cornerstone Capital Realty LLC recently sold a NNN Wendy’s on Hempstead Turnpike in Farmingdale, NY, for $1.765 million. Cornerstone Capital Realty LLC represented both the seller and the buyer on this transaction.
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Bussel Realty Corp. (BRC) brokered the sale of 44 Talmadge Road in Edison, NJ, a 243,000 s/f industrial facility. The property was sold for an undisclosed price to Romark Logistics of NJ LLC. Senior vice presidents Robert Sager, David Blitt, Stephen Nozza and John Cascio of BRC represented the buyer and seller in the transaction. Sitting on 17.32 acres of land, the 243,000 s/f property features 12 loading docks, 300 free surface parking spaces, 50 trailer spaces, 15’ ceilings, heavy power and curb appeal.
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NAI James E. Hanson announced the $6.3-millon sale of a 74,618 s/f shopping center located at 755-789 St. Georges Avenue in Woodbridge N.J. Vice president Hal B. Messer, MSRE, and director of capital markets Gregory M. James assisted in arranging the purchase of the property. NAI DiLeo Bram & Co. vice presidents Daniel Duggan and Jeffry Jones represented the buyer, TG Acquisitions, LLC. The 24 percent occupied neighborhood shopping center is located on a 7.5-acre tract. Currently, there is a 56,691 s/f vacancy in space formerly occupied by A&P. Approximately 17,927 s/f is occupied by 11 tenants including Subway, Papa John’s Supercuts, Rita’s and Dollar Surplus.
Agents
ERG Property Advisors announced the following exclusive assignments:
• Five properties in the Bronx, NY. The subject properties include: 171-173 East 205th Street, a development site in Bedford Park for $1,530,000; 2406-2408 Hoffman Avenue, a mixed-use/development opportunity in Little Italy for $1,500,000; 3155-3157 and 3167-3169 Villa Avenue, two mixed-use buildings in Bedford Park for $2,200,000; 3168 Villa Avenue, a development site in Bedford Park for $1,060,000; and 4656 Park Avenue, a development site in Belmont for $525,000. Matthew Murphy and Robert Del Greco are exclusively representing these properties.
• A mixed-use building portfolio in the Bedford Park section of the Bronx. The package consists of two mixed-use buildings sitting on three lots. One building contains 11 Class-A apartment units, 1 store, and a lot with 9 parking spaces available. The other building contains 5 apartment units and 1 restaurant. In total, the package contains 16 residential units and two commercial units. The asking price for this package is $2,200,000. Matthew Murphy and Robert Del Greco are handling the assignment.
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Besen & Associates announced the following exclusive assignments:
• Amit Doshi has the exclusive assignment to sell 3035 Wallace Avenue located in the Bronx. This 5-story walkup apartment building has 26 units. The asking price is $2,200,000.
• Amit Doshi has the exclusive assignment to sell 1380 White Plains Road located in the Bronx. This 5-story walkup apartment building has 37 units + 4 stores. The asking price is $3,775,000.
• Greg Corbin and Ben Weiss have the exclusive assignment to sell 1835 51st Street located in Brooklyn. This stalled construction site is for redevelopment and has 21,000 GSF. The asking price is $3,200,000.
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CBRE Group, Inc. was named the exclusive agent for a two-story, 41,610 s/f, medical professional building known as Lawrence Commons. The property at 3371 Route 1 in Lawrenceville, N.J. is available for sale or lease. Ben Shapiro, senior vice president, is leading the assignment, with Gina Albert, real estate manager, handling all aspects of property management for the site. This is a foreclosure property and the bank is willing to invest in improving and repositioning the asset. The building is substantially vacant.
