Real Estate Weekly
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Deals & Dealmakers

On The Scene

AGENTS

EPIC Commercial Realty is marketing 1664 1st Avenue on the Upper East Side. The four–story mixed-use building, is being sold with the option of purchasing 16,000 s/f of additional air rights from a neighboring property. The walk-up building is currently home to The East End Bar on the ground floor and six one-bedroom, box-style apartments above. 1664 1st Ave is fully occupied and has a gas boiler in the basement. 1664 4th Avenue is listed by EPIC associate broker Ido Tzaidi for $12,000,000.

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Besen & Associates announced the following exclusive assignments:
• Jack A. Cohen has been retained to sell Homecrest, Brooklyn development site. 100 ft. of frontage on Coney Island Avenue comprised of three buildings to be delivered vacant with 8,880 s/f and a 20 ft. x 100 ft. lot, 30,177 buildable s/f. Near the Avenue U [B, Q] subway trains. The asking price is $5,300,000.
• Miguel Jauregui has been retained to sell the Silver Beach 14,320 s/f property with four buildings consisting of 9 condominiums and 2-family home. The property is 100 percent complete, currently vacantt. The property includes parking spaces, basement storage, and a backyard. Near the Cross Bronx Expressway and blocks from the Long Island Sound. The asking price is $3,200,000.

Miguel Jauregi
Miguel Jauregi

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Ariel Property Advisors has been retained on an exclusive basis to sell two adjacent single-story warehouses at 698 Central Avenue and 769 Chauncey Street in the Bushwick section of Brooklyn. Combined, the warehouses comprise roughly a quarter of a city block. Daniel Tropp, Michael A. Tortorici, Shimon Shkury, Mark Spinelli, and Jonathan Berman are marketing the property and requesting proposals on behalf of the owner. The two buildings total 30,000 s/f and offer 400 feet of frontage. The properties are currently occupied but can be delivered vacant. They are directly adjacent to the R-6 zoning boundary and a variance to R-6 zoning would allow for 66,000 buildable square feet. The site is one block from the L train at Wilson Avenue.

 

SALES

Quantum Equities has closed on 4 South Pinehurst Avenue, in Hudson Heights. The 59,000 s/f, circa 1925 elevator building has 43 apartments. Yitzie Pretter, vice president, director of acquisitions for Quantum Equities said the acquisition was in line with the firm’s strategy to acquire quality assets long-term. The seller L&L Realty Equities. The transaction was a direct sale between both parties for approximately $9 million. The transaction closed with financing from Signature Bank.
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Barcel Group announced the sale of a 2-building, 115-unit package at 220 Osgood Avenue and 51 Coursen Place in Staten Island. Marcel Fridman, President of Barcel Group, represented both the seller and purchaser in the off-market transaction.
• 220 Osgood Avenue is a 6-story elevator building built in 1973. The property consists of 85 units and a parking lot for 50 cars.
• 51 Coursen Place is a 3-story walk-up building built in 1971. The property consists of 30 apartments and 20 parking spots. The total package sold for 8.5 times the gross rent, or $121,000 per unit.
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Rosewood Realty closed the $14.75 million sale 2215 Newkirk Avenue, a six-story apartment building in Flatbush, Brooklyn. The 1927 elevator building has 79 apartments and is 117,564 s/f. It sold for 13 times its current rent roll. Aaron Jungreis represented the seller, 2215 Properties LLC and David Berger of Rosewood Realty Group represented the buyer, a private investor, Newkirk 2215 LLC.
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Silvershore Properties, led by Jason Silverstein and David Shorenstein, announced the following closings:
• A $3.625 million package of three multi-family properties featuring 22 apartments at 137, 148 and 150 Patchen Avenue in Bedford Stuyvesant.
• A $1.8 million acquisition of a four-unit multi-family property at 193 Sackett Street in Carroll Gardens and purchased 521 Columbia Street in Red Hook, a 200-foot wide, 14,000 s/f retail strip featuring eight stores for $6 million.
• 857-861 Atlantic Avenue for $3.75 Million. These buildings have three stores and six apartments and are located across from the Pacific Park/Atlantic Yards development.
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Josh Goldflam, managing Pprincipal of Investment Sales firm Highcap Group, announced the sale of the 614 Marlborough Road, Brooklyn, for $1,375,000. Goldflam represented both the buyer, a local landlord, and the seller, a financial institution that took possession of the property after foreclosing on the debt of the previous owner. The mid-block building was originally built in 1931. The 4-story walk-up mixed use structure consists of 5,750 s/f and has 8 two bedroom apartments. The property sold for $1,375,000, which represents a sales price of $239 psf, 11.7 times the gross rent roll and a 5.8 percent Capitalization Rate.
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ERG Property Advisors announced the sale of 285-18 Rockaway Boulevard in Rosedale, New York. The property is fully-occupied with long term triple net (NNN) leases in place. The tenants include Subway, Karako Suits, Dollar Store, and Sneaker Store. The property stands on a 14,000 s/f lot that includes 15 parking spaces in the front with additional parking at the back of the lot. The property sold for $3,285,000 at a cap rate of 6.5%. Evan Street and Bryan Kallenberg handled the sale.

Marcel Friedman
Marcel Friedman

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CPEX Real Estate announced the sale of a development site at 3127 Fort Hamilton Parkway for $2,200,000, or $140 per buildable square foot. The vacant lot has a footprint of 8,865 s/f and is zoned R5 offering 15,722 buildable square feet for residential use, or up to 21,732 buildable square feet for community use. The CPEX Development & Conversion Sales Team Sean R. Kelly, Orah Mansher, James O’Neill, and Sean Sears. represented the seller, JPC Associates Corp., and procured the buyer, SEPOD, LLC.

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