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Deals & Dealmakers

On The Scene

AGENTS

Besen & Associates is marketing 2265 Grand Avenue, a 5-story corner mixed use walkup building with 20 apartments and 6 stores. This property was built in 1925 and is approximately 25,500 gross square feet. Apartment layouts include 16 one-bedrooms and 4 two-bedrooms. The average apartment rent is $950 per month, providing for quantifiable upside potential. The property is located only two blocks from the 4 subway station at Jerome Avenue. 2265 Grand Avenue offers a new owner a well-maintained asset with positive cash flow and excellent collections. Matthew Garcia is handling the assignment.

MATTHEW GARCIA
MATTHEW GARCIA

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Eastern Consolidated announced the following exclusive assignments:
•The sale of sale 34 West 17th Street, a 10-story loft building in Flatiron/Chelsea. The pre-war asset will be delivered nearly vacant, and is suited for residential, office, retail, or user redevelopment. The 27,081 s/f building includes a retail component on the ground floor and basement, and ceiling heights over 16 feet on the ground floor and over 12 feet on the upper floors. Ron Solarz, principal and executive managing director, along with financial analyst Chris Matousek, represent the seller

RON SOLARZ
RON SOLARZ

• 50-54 Belmont Avenue, a 22,500 s/f commercial building at 50-54 Belmont Avenue in the Brownsville section of Brooklyn, for $6.5 million. The two-story, corner property with two elevators is fully occupied by two social services tenants with long term leases. Brightside Academy, an integrated child care and early education center, occupies half of the building. Fiesta Adult Daycare Center, an adult daycare, education and recreation service provider, occupies the opposite side. The building underwent a $1.6 million capital improvement upgrade and build-out prior to the tenants taking occupancy in 2012. David Schechtman, Gary Meese, Elie Dayan and Abie Kassin, represent the seller ,M & M Realty Corporation.
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TerraCRG announced that Adam J. Hess has been retained as the exclusive agent for the sale of 1033 Ocean Avenue in the Dtimas Park / Flatbush neighborhood of Brooklyn. Hess, along with Sam Shalumov and Chris Pechlivanides, are representing the seller and have presented the property with an asking price of $2,850,000. The four story, 16 unit multifamily building has 4,900 s/f of air rights. The 17,100 s/f property is comprised of 16 rent stabilized units with ten two-bedroom and six three-bedroom units.

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Houlihan Lawrence Commercial Real Estate Group has been selected to market the 42,944 s/f, four-story building owned by the Catholic Foreign Mission Society of America, Inc., also known as the Maryknoll Fathers and Brothers, located at 40 Somerstown Road in Ossining, New York. The building sits on a 24.9 acre site in Westchester County overlooking the Hudson Valley. The property features a ground floor kitchen, laundry room, meeting room and cafeteria with seating for approximately 150 people. The property is being marketed by Thomas LaPerch, director, Houlihan Lawrence Commercial Real Estate Group and is available for sale or lease.

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Kalmon Dolgin Affiliates, Inc. (KDA) has been named the exclusive sales agent for 394 Hendrix Street, a 13,224 s/f two-story building in the Brownsville section of Brooklyn, NY. Allison Chambers will be the exclusive sales broker. The lot at 394 Hendrix Street totals 8,200 s/f and is ideal for commercial or residential use. The building has 12 ft. ceilings, gas heat, and a full sprinkler system. It was recently home to healthcare offices, after being a school for many years.

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Massey Knakal Realty Services has been appointed exclusive marketing agent for 100 Andrews Road, a 7.69-acre property with a 168,000 s/fwarehouse/office and distribution facility in Hicksville, NY. The property is one mile from the Long Island Expressway. It is 40.8 percent leased, and offers the remaining 100,000 s/f to lease. Features include 25-foot ceiling heights, 169 car parking spots, 14 loading docks, high power and fiber optics. Robert Knakal is representing the seller, developer Rechler Equity Partners.

ROBERT KNAKAL
ROBERT KNAKAL

SALES

Big Brothers Big Sisters of New York City, a mentoring-focused nonprofit, has sold its 10,364 s/f headquarters at 221-223 East 30th Street to Remnant Presbyterian Church for $6.75 million, or approximately $651 psf. The all-cash transaction closed at $1 million under the original $7.75 million ask price for the Murray Hill townhouse. Michael Nazarian of Norman Bobrow & Company, represented the buyer. Remnant Church, which is currently located at 206 East 29th Street, will use the new space for offices and religious education classrooms. The building, which has four floors, a basement, and a 580 s/f roof deck, also includes 40 private offices. John F. Ciraulo of Massey Knakal represented the seller.

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Dane Professional Consulting Group brokered the $1 million sale of Ocala Place Apartments located in the central Florida city of Ocala. Dane PCG worked with both purchaser and seller, in conjunction with Jacksonville, FL HUD offices, to close the section 8 property — 40 units of townhome style apartments. Jason Knight, Dane PCG Associate, closed the deal. Dane PCG negotiated the sale with American Community Developers. The seller closed in all cash.

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Besen & Associates announced the sale of 174 Delancey Street for $7,450,000. The off-market transaction was completed by the team of Shallini Mehra, Lev Mavashev and Alan Zucco. Built in 1931, the 5-story walkup building consists of 22 residential units and two newly renovated 700 s/f ground floor retail spaces. It contains approximately 11,261 gross square feet and 5,425 s/f of available air rights. It occupies a 25 by 100 ft. lot, with a carriage house and a courtyard in the middle of both buildings. The sale price equates to a gross rent multiplier (GRM) of 15.7, $662 psf and a 4.5% capitalization rate. Legal representation on the transaction was by Navid Aminzadeh for the seller and Glenn Schlesinger for the purchaser.

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CBRE Group, Inc. arranged the sale of 2378 Delsea Drive in Franklin Township, N.J., a 9,200 s/f property net leased to Dollar General. Charles Berger and Elli Klapper served as the exclusive agents for the seller in the transaction, and procured the out-of-state buyer. 2378 Delsea Drive was constructed in 2013 and is leased to Dollar General for a 10-year primary term with two five-year option periods.

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GFI Realty Services, Inc. announced the sales of three walk-up apartment buildings in Brooklyn. Shlomo Antebi represented both the buyers and sellers on all transactions:

SHLOMO ANTEBI
SHLOMO ANTEBI

• In the Bedford Stuyvesant neighborhood, 920 Madison Street, a four-story walk up apartment building featuring 13 apartments, traded hands for $1.4 million — 14 times the rent roll.
• In the Crown Heights neighborhood, 1463 Bedford Avenue, a four-story walk up apartment building featuring seven apartments, traded hands for $1.2 million — 12 times the rent roll.
• A third in Crown Heights, 1330 St. Johns Place, a four-story walk up apartment building featuring eight apartments, traded hands for $960,000 — 11 times the rent roll.

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Marcus & Millichap announced the following sakes:
• 243 Senator Street, a 6-unit apartment property located in Brooklyn, for $1,085,000, which represents $244 psf. John Brennan and Mark Zarrella represented the seller, a private investor. The buyer, a developer, was also secured and represented by Brennan and Zarrella.
• A Mobil Gas & Convenience, a 4,350 s/f net-leased property located in Stratford, Conn. for $2,175,000. Seth J. Richard and Laurie Ann (L.A.) Drinkwater represented the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Robert Horvath and Todd Tremblay. The property is a newly constructed store which was completely redeveloped in 2012. The Mobile also includes a full service Alltown Convenience Store with a drive-thru.

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Massey Knakal announced the sale of a package of mixed-use condominiums at 151-155 Atlantic Avenue, in Brooklyn Heights, for $3,250,000. The package consists of four residential condominiums and two commercial condominiums totaling 9,540 s/f. The residential condominiums are rent stabilized with tenants in place. The commercial tenants each have leases that run through 2021. The sale price equates to approximately $340 psf. Stephen Palmese handled this transaction.
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Friedman-Roth Realty Services LLC announced the following recent sales:
• The sale of a 7718 Fifth Avenue in Sunset Park Brooklyn for $990,000. The three story mixed-use building contains two residential units and a ground floor retail space that was delivered vacant at closing. Managing partner George Niblock represented the seller and Lily Ren represented the buyer.
• The sale of 422 West 160th Street in Washington Heights for $950,000. The four-unit brownstone contains 2,804 square feet of residential space. Richard Guarino represented the seller and David Gerstel represented the buyer.

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TerraCRG announced that Matthew Cosentino and Eric Satanovsky closed on the sale of 773 Hart Street in Bushwick neighborhood of Brooklyn for $1,795,615. The 4,275 s/f three story building is comprised of five vacant free market units, all fully gutted by the seller. Newly renovated units in the neighborhood are currently securing rents in the $45-$50 s/f range. The sale price equates to $420 psf and $359,123 per unit.

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Royal Properties, Inc. announced the following sales:
• 1733 Jerome Avenue in Bronx, NY, for $1,700,000. This corporate Dunkin’ Donuts is a 2,800 s/f freestanding building with a drive-thru located on a 0.34 acre lot. Built in 2002, the building has 13 parking spaces and is located one block from the 4 train. Dunkin’ Donuts has 8 years remaining on the lease term with options to renew. Jeff Kintzer represented the buyer. Marcus & Millichap represented the seller.
• A 0.68 acre parcel at 5 Secor Lane in Pelham Manor, NY, was sold by Scott Meshil and John Williams, who prepresented the seller. Larry Talt of Lawrence Talt Realty, represented the buyer. The site abuts the BJ’s anchored Pelham Manor Shopping Plaza and is opposite the Fairway anchored Post Road Plaza. This 25,000 s/f property was recently rezoned for retail development along with the adjoining 9.3 acres.

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RM MAG Westmore, LLC announced that it has acquired a vacant office/flex building located at 121 Westmoreland Avenue in White Plains. The 0.78 acre property is located a half mile from the White Plains Metro North Station and is improved with a 50,000 s/f, 6-story building. The new owner is a partnership of principals of Robert Martin Company, LLC and MAG Real Estate Advisors, Inc., and the acquisition is their third joint venture in the last 18 months. Jeremy Frank, director of acquisitions at Robert Martin Company said a variety of adaptive reuses are being considered

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Aaron Jungreis announced Rosewood Realty Group closed a $12 million sale of three contiguous buildings (199-205 30th Street ) in Sunset Park, Brooklyn. Jungreis represented the seller, Black Spruce Capital and Samuel Kooris of Rosewood Realty Group represented the buyer, a private investor. It sold for 13 times the rent roll.
The three, 4-story walk-up apartment buildings consist of 66 apartments. The 43,308 s/f (combined) buildings were all built in 1917. Additional Rosewood sales include:
• The $7 million sale of 59 East 7th Street in the East Village. The six story walk-up apartment building consists of 24 apartments and two commercial units. The 11,058 sq. ft. building was built in 1910. It sold for 16.77 times the rent roll. Aaron Jungreis represented the seller and David Scheer represented the buyer, both private investors.
• The $2.4 million sale of 1818 Clay Avenue in the Mount Hope section of the Bronx.The six story elevator apartment building consists of 26 apartments. The 19,158 sq. ft. building was built in 1937. It sold for 7.2 times the rent roll. Mike Kerwin represented the seller and Aaron Jungreis represented the buyer, both private investors.
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Weissman Realty Group sold a two-building package, 1646 Union Street & 285 Schenectady Ave. in Crown Heights, Brooklyn. The walkup buildings have a total of 59 residential units and closed at a purchase price of $10,700,000 (13.6 x rent roll). Weissman represented both buyer and seller.

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