Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE

AGENTS

EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of the following properties:
• 131 5th Avenue in Park Slope, Brooklyn, is a four-story, walk-up mixed-use building consisting of 6 one-bedroom apartments and one commercial unit which is rented to a Laundromat. The Laundromat business has been purchased by the building’s owner and the retail unit can be delivered with the business or vacant. The current residential rents are below market value. 131 5th Avenue is listed for $5,000,000 by EPIC sales associate Aryan Binazir.

Aryan Binazir
Aryan Binazir

• 573 4th Avenue is a development site with approved plans for a 11,364 s/f nine-story, elevator mixed-use building housing ten apartments and one commercial unit. The previously existing two-story building has recently been demolished. The 22’ x 95’ vacant lot is located less than a block from the Prospect Ave R train station. 573 4th Avenue is being offered for $5,000,000 by EPIC sales associate Mark Akilov.

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GFI Realty Services, Inc. has been named the exclusive sales agent for 141-27 84th Drive, a walk-up apartment building in the Briarwood section of Queens. Dan Suissa will oversee the marketing of the property, with pricing targeted at $2.85 million. This newly constructed apartment building has a tax abatement. The four-story walk-up contains 10 residential units and a laundry room.

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TerraCRG announced the following exclusive assignments:
• The sale of the retail building with available air rights located at 770 Flatbush Avenue on the Prospect Park South / Lefferts Gardens section of Brooklyn. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez have presented the property with an asking price of $2,450,000. The property is zoned C2-4/R7A for a total of 13,620 buildable s/f.
• Adam J. Hess has been retained as the exclusive agent for the sale of 739 Church Avenue in the Kensington neighborhood of Brooklyn. Hess, along with Sam Shalumov, Edward Setton and Kirill Galperin have presented the property with an asking price of $1,500,000. The 20 ft. wide 3,300 s/f property consists of a vacant retail store and two newly renovated apartments.

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Besen & Associates announced the following exclusive assignments:
• Shallini Mehra has been retained to sell the High Bridge 23,508 s/f 6-story elevator building with 36 apartments. Built in 1927, this Bronx property is located at 1026 Woodycrest Avenue between Anderson Avenue and Woodycrest Avenue, walking distance to 161st Street Yankee Stadium (#4) Subway Stop. The asking price is $4,795,000.

Andy Greenspan
Andy Greenspan

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GHP Office Realty, LLC, has been retained as the exclusive sales agent to market for sale 19 Newtown Turnpike, Westport, CT. The asking price is $3.5 million. The sox-acre campus, which is located off the Merritt Parkway, 10 minutes from the Westport Metro North Train Station, contains three buildings totaling 32,600 s/f. The main building is approximately 30,000 s/fand was most recently used for general office and a TV studio. Additionally, there are two single family homes that total 2,600 s/f The property also includes parking for up to 110 vehicles. Heading up the assignment for GHP are Andy Greenspan, Principal, Jamie Schwartz, Executive Vice President and Brendan Hickey, Associate.

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The Kislak Company, Inc. has been retained as the exclusive agent for a 136-unit residential portfolio located at 324, 339 and 431 Broadway in Paterson, New Jersey. Vice presidents Jonathan Greenberg and Joseph Keenan are leading Kislak’s assignment. The properties consist of professionally managed and well-maintained studios, one-, two- and three-bedroom units with many upgrades. There is on-site parking for 26 cars. The properties are located approximately 20 minutes from the George Washington Bridge. The asking price is $10,750,000.

SALES

Sitar Realty Company, Iselin, NJ, announced the following sale transactions:
• 20,000 s/findustrial building at 1306 S. Roller Road, Ocean from Wyman Properties, LLC to Daytona Partners, LLC. Robert Bogash and Doug Sitar represented the purchaser. The sale price was $1,450,000.
• 14,700 s/f retail building at 1901 Route 35, Wall from Brick Realty, LLC to 1901 Route 35 Wall, LLC. Douglas Sitar and Robert JanTausch represented both the seller and the purchaser. The sale price was $1,800,000.
• 9,266 s/f moving and storage building at 2003 Atlantic Avenue, Wall from 2003 Atlantic Avenue, LLC to 2116 Sunset Avenue Associates, LLC. Robert JanTausch represented the purchaser. The sale price was $600,000.
• 6,444 s/f office building at 2333 Route 34 in Wall from KP 34 Holdings, LLC to 2333 Route 34, LLC Ronald Schrader Jr. represented the seller. The sale price was $675,000.
• 3,100 s/f office condo at 800 The Plaza, Sea Girt from Marmon Realty to KK Properties. Thomas Monte and Helena Loelius represented the seller. The sale price was $738,040.
• Retail building and land at 1174 Route 34, Aberdeen from Aberdeen Auto Repair & Tire Center to Monmouth Real Estate Holdings, LLC. Brian Murphy and Gregg Nowell represented the seller and the purchaser. The sale price was $675,000.

Franco Fellah
Franco Fellah

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Cushman & Wakefield announced the sale of the master lease of a medical office building located at 401a South Van Brunt Street, Englewood, NJ, was sold for $6,500,000. The master lease has 72 years remaining. The property consists of a four-story medical office building that contains approximately 40,539 s/f on a 1.42-acre lot, with 147 parking spaces. The sale price equated to approximately $160 psf. Seth Pollack, exclusively handled this transaction with John Ciraulo and Craig Waggner.

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GHP Office Realty, LLC announced the purchase of 20 Saugatuck Avenue in Westport, CT. The currently vacant Retail Shopping Center is 19,000 s/f. The new owners are planning to a $2,000,000 capital improvement project to create a Class A multi-tenant shopping center. Andrew Greenspan, principal of GHP Office Realty, made the announcement. The owners have hired GHP Office Realty, LLC as the exclusive agent for the center. Meghan McEvoy is handling the assignment.

 

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Ralph Michel and Franco Fellah, at HK Group, announced the sale of the properties at 356 Black Rock Turnpike, 63 and 75 Duka Avenue, Fairfield, CT, for the price of $2,450,000. The two-story commercial building built in 1979 includes 7,639 s/f on the first floor and 6,827 s/fin the upper story and sits on 0.58 Acres of land zoned Designed Industrial. 63 Duka Avenue is a 1,498 s/f single family home on 0.14 acres; 75 Duka is a single family home on 0.14 acres. Both are zoned Designed Industrial. Christopher Cortese, at Newmark Grubb Knight Frank, represented the buyer, Rajat Gupta. Michel and Fellah represented the seller Frank J. Zemola.

Robert Bogash
Robert Bogash

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Bussel Realty Corp. (BRC) arranged the sale of 727 South Avenue in Piscataway, NJ, an industrial facility of approximately 41,000 s/f. The property traded for $1.8 million and features 14ft. ceilings, five loading docks, one drive-in, and heavy power. The buyer, Deals For Less, purchased the facility with the intention of raising the roof an additional ten feet and will use it for the distribution of novelty items. Bussel vice president Gregory Irving, SIOR, senior vice presidents Stephen Nozza and John Cascio of BRC represented the seller, Kanter Properties, LLC. Gramercy Realty associate Isaac Neuman represented the buyer.

Nicholas Nicolaou
Nicholas Nicolaou

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Gebroe-Hammer Associates has arranged three trades in Belleville, NJ, totaling $9.2 million:
• Managing Director Joseph Brecher and Senior Vice President Nicholas Nicolaou exclusively represented the seller and procured the buyer in the $4.375 million sale of 43 units at 574-582 Washington Ave. The three-story building features a mix of six studio, 29 one-bedroom, seven two-bedroom and one three-bedroom units.
• Nicholas Nicolaou and Stephen Tragash, senior vice president, exclusively represented the seller and identified the buyer in the $3.77 million sale of 242 Washington Ave. The five-story, 51-unit elevator building is comprised of 36 studio, nine one-bedroom and six two-bedroom units. The brick facade, Tudor-style building recently underwent extensive renovations, including updating kitchens, bathrooms and windows. There also are on-site laundry facilities and 27 garages.
• At 475 Washington Ave., Nicholas Nicolaou closed the $1.115 million sale of 14 units. The three-story building, built in 1927, also has three ground-floor retail units.

Eric Margules
Eric Margules

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Margules Properties announced the purchase of the Sip Triangle Building in Jersey City, located two blocks from the Path Station in Journal Square for $2.5 million. The single story, 6,000 S/F building at 48-58 Sip Avenue, features four retail stores and has significant air rights. The property is adjacent to 60 Sip Avenue, a 64-unit building with eight retail stores, which Margules Properties purchased in 2012. The frontage for the two buildings combined is 280 feet. Capital Realty Associates’ Benjamin Greenstein represented the buyer. Margules Properties CEO Eric Margules said that the fact that it is adjacent to a building they already own, will enable them to combine tax lots to significantly increase the development potential.

 

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