Massey Knakal Realty Services announced the following exclusive assignment:
• The sale of a retail condominium situated in a brand new, 21-story luxury condominium at 280 Third
Avenue with an asking price of $8,500,000. The ground floor condo contains 2,560 s/f with 100 ft. of wraparound frontage on Third Avenue. It will be delivered for occupancy in the summer of 2014 and is ideal for mostly any dry-use end-user or an investor. Toll Brothers is developing the luxury condominium which will have 81 units and a corner retail space. Partner John F. Ciraulo and director of sales Craig M. Waggner are handling the assignment.
• The sale of a retail condominium situated in The Downtown Club at 20 West Street in Manhattan’s Financial District. The asking price is $6,995,000, which represents a 5% in place return. The condominium unit contains 4,293 s/f on the ground floor with 5,245 s/f on the lower level and 1,000 s/f of outdoor space. It is occupied by The Learning Experience and has a 421G tax benefit. Partner James P. Nelson and director of sales Nick Petkoff are handling the assignment.
Sioni & Partners has been retained to sell a five-story mixed use building at 621 East 170th Street in the Bronx. The property contains nine residential units and two retails units and totals 10,962 s/f. The asking price is $1,350,000. Moses Sioni and Yaron Cohen are handling the assignment.
John G. Udell, President, announced that Weichert Commercial Brokerage, Inc. has been appointed as the exclusive agent to market 4-acres of land in South Orange, New Jersey. Senior vice president Mark S. Calabro and vice president Jack Fera are handling the marketing of this property located at 305 North Ridgewood Road. The excess land next to the prestigious Orange Lawn Tennis Club is mostly open with sloping topography. It is zoned Planned Residential Cluster B (PRC-B) which will permit multi-family development.
ERG Property Advisors announced the sale of a mixed-use building in the Little Italy section of Bronx. The Hughes Avenue property consists of 16 residential units and one store. The property’s 1910 construction has been renovated with a new roof, awnings, boiler, window sills, exterior doors, and lobby area. Robert Del Greco, Senior Associate at ERG Property Advisors, exclusively brokered this transaction. The property sold for $1,585,000.
Jones Lang LaSalle has completed the sale of 41 Research Way in East Setauket, NY, for Massachusetts-based GSI Group Inc.Tritec Real Estate Co. Inc. acquired the 65,000 s/f office and research and development facility for $4.5 million. The seller was represented by Ray Ruiz, executive vice president with JLL’s Long Island office, Marianne Dugan, vice president, and Doug Seale, associate, along with Tamie Thompson and Rick Fahey, managing directors in JLL’s Boston office. The buyer, Tritec Real Estate, was represented in-house by Robert Kent, vice president and general counsel. The partial two-story 41 Research Way building is the former headquarters of Quantronix Inc., a subsidiary of GSI Group.
Marcus & Millichap Real Estate Investment Services announced the sale of 7-Eleven (New York Metro), a 2,964 s/f Net Leased property located at 175 West Sunrise Highway in Lindenhurst, NY. The sale price was $3,000,000. Preet Sabharwal, a senior associate, and Britt Raymond, an investment associate, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Sabharwal and Raymond.
Massey Knakal announced the following sales:
• A development site at 452 East 29th Street, in Brooklyn’s Flatbush neighborhood, sold for $750,000. The 8,000 s/f lot contains 80 feet of frontage on East 29th Street and sits in an R6 zone, allowing for 19,440 buildable square feet. The sale price equates to approximately $39 per buildable square foot. Nick Mahedy handled this transaction with Stephen Palmese.
• A development site assemblage at 201-04-08 Northern Boulevard, in the Bayside neighborhood of Queens, sold for $1,820,000. The two tax lots combine for approximately 10,080 s/f with over 88 feet of frontage on Northern Boulevard and a depth up to approximately 171 feet. The site is currently used as an auto garage and parking lot. It holds approximately 10,080 buildable square feet, and the sale price equates to $181 per buildable square foot. Stephen R. Preuss exclusively handled this transaction.
• A retail building at 57-14/16 Roosevelt Avenue, in Woodside, Queens, sold for $2,500,000. The 6,300 s/f building contains consists of two retail units. The sale price equates to approximately $407 psf. There is a total of 15,309 buildable square feet as-of-right and with a community facility bonus FAR of 4.80 it could maximize the buildable square footage to approximately 30,240 s/f. Stephen R. Preuss represented the seller.
• A retail building at 78-02/10 Metropolitan Avenue in the Middle Village neighborhood of Queens, sold for $2,939,500. The single-story building contains 10,300 s/f and has two units. This property was purchased by an investor who already had a tenant in place. Thomas A. Donovan handled this transaction with Brian J.Sarath.
• A mixed-use building at 118-18 Liberty Avenue, in the South Richmond Hill neighborhood of Queens, sold for $2,225,000. The three-story building contains 5,000 s/f. It consists of two commercial spaces and two, three-bedroom apartments. Stephen R. Preuss handled this transaction with Brian J. Sarath.
Realty Collective announced the sale of 440 Van Brunt Street, a 9,000 s/f mixed use building in Red Hook, Brooklyn. The sale price was $1,700,000. Frank P. Manzione represented the seller. Mary Gaglio represented the buyer. The three-story building has parking and offers the buyer the opportunity finish the construction to suit the new owner’s needs, or build it out according to the approved plans.
40-29 67th Street, a four-story walkup in Queens, NY, consisting of six apartments, has been sold for $1,050,000, which representd 10 times the rent roll. Raphael Toledano of Weissman Realty Group brokered the transaction.
Gebroe-Hammer Associates arranged two separate multi-family investment transactions involving three apartment complexes in New Jersey’s County of Bergen, The Hackensack and Palisades Park, N.J., properties sold for a combined $10.25 million. Greg Pine and Nicholas Nicolaou represented the seller and identified the buyer in the sale of 50 Anderson St. and 430 Union St., both in Hackensack. The 29-unit and 37-unit mid-rise buildings traded for a total of $8.65 million.