Real Estate Weekly
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Deals & Dealmakers

On The Scene

AGENTS

Cushman & Wakefield announced the following exclusive assignments:
• The sale of a residential development site at 100 Conklin Street in Beacon, Dutchess County. The asking price is $1,500,000. The approximately 8.6-acre lot holds a maximum building square footage of 224,770. There are preliminary drawings and floor plans to construct a community building and two, four-story multifamily buildings that would each consist of 36 apartments. This property is being marketed exclusively by Cushman & Wakefield’s James Nelson.
• A mixed-use conversion/redevelopment site at 337-345 Lafayette Street (aka 51-53 Bleecker Street), located on the northeast corner of Lafayette and Bleecker Streets in Manhattan’s NoHo neighborhood. This corner site offers over 100 ft of frontage on Lafayette Street and 29 ft on Bleecker Street. It currently consists of a three-story building containing approximately 9,789 s/f. The site holds a base buildable square footage of approximately 16,275 at a 5.0 FAR and a buildable square footage of approximately 21,158 at a 6.50 FAR for community facility. It is zoned M1- 5B, allowing for commercial, hotel and live-work as-of right. The property can be delivered vacant and ownership is seeking an outright sale or one where they would retain two office floors in the building. James Nelson is exclusively marketing this property.

James Nelson
James Nelson

•••
EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of two vacant apartment buildings in Brooklyn. The buildings, 194 Mac Donough Street and 39A Irving Place, are being listed separately by EPIC Senior Broker Shay Zach.
• 194 Mac Donough Street, a three-story, walk-up, brownstone two-family home, is found in Bedford-Stuyvesant. The lot consists of 4,000 s/f of residential development rights between Throop Avenue and Marcus Garvey Boulevard. 194 Mac Donough St is listed for $1,800,000.
• 39A Irving Place, located between Putnam and Gates Avenues in Clinton Hill, is a vacant three-story, walk-up apartment building housing three apartments. The structure is built irregularly, being 17’ x 50’ on the ground floor and 17’ x 35’ on the second and third floors. Currently, the property receives a basic school tax relief, reducing the taxes by $305. 39A Irving Pl is just three blocks from the Franklin Ave A & C trains station and four blocks from the Franklin Ave Shuttle. Shay Zach has listed the property for $1,675,000.

Shay Zack
Shay Zack

SALES

Ariel Property Advisors has announced the following sales:
• Two development sites at 406 Cornelia Street and 1536 Putnam Avenue in the Bushwick section of Brooklyn sold for $3.8 million, which translates to $157 per buildable square foot. The properties are zoned for residential use and combine to offer 24,200 buildable square feet. Exclusive agents Daniel Tropp, Michael A. Tortorici, Mark Spinelli, and Jonathan Berman represented the seller, a private owner, and procured the buyer, a developer. The lot at 406 Cornelia Street is a 30-foot by 200-foot block-through site running from Cornelia Street to Jefferson Avenue that offers 13,200 buildable square feet, and 1536 Putnam Avenue is a 50-foot by 100-foot lot that offers 11,000 buildable square feet.
• A five-story, 16-unit multifamily building at 309 West 111th Street in Morningside Heights sold for $6.5 million. The 33-foot-wide, 12,310-square-foot building consists of 12 apartments with two bedrooms and four apartments with three bedrooms. Shimon Shkury, Victor Sozio, Michael A. Tortorici, Josh Berkowitz, and Marko Agbaba represented the seller and procured the buyer, both real estate investment groups.
• A development site featuring 40 feet of frontage at 1865 Amsterdam Avenue between 152nd and 153rd Streets in Hamilton Heights sold for $3.1 million. Approximately 19,000 square feet of air rights transferred from an adjacent property will allow for a total of 24,858 buildable square feet. Victor Sozio, Michael A. Tortorici, and Josh Berkowitz, and represented the seller and procured the buyer, both real estate investment groups.
• A five-story, 16-unit multifamily building at 121 Vermilyea Avenue in Inwood sold for $2 million. The 12,240-square-foot property consists of three units with three bedrooms, 12 units with two bedrooms, and one unit with one bedroom. Victor Sozio, Michael A. Tortorici, Josh Berkowitz, and Marko Agbaba represented the seller, a real estate investment group, and procured the buyer, a private investor.
• A four-story townhouse at 508 West 149th Street in Hamilton Heights sold for $1.9 million. The 4,327-square-foot property was recently gut renovated and converted from an SRO into a four-family dwelling. Victor Sozio, Michael A. Tortorici, Josh Berkowitz, and Marko Agbaba represented the seller, a private investor. Sarah Worley represented the buyer, also a private investor.

Victor Sozio
Victor Sozio

•••
Bertwood Realty announceD the sale of 102 Bayard Street for $3.7 million. Abe Bichoupan, associate broker at Bertwood Realty,represented both the buyer and the seller of the 9,125 s/f building between Baxter and Mulberry Streets. The seller, Foo Key, Inc. has been selling off assets as the three brothers who own the company get ready for retirement. Foo Key owned and managed the building. The buyer, Luke Luke Realty Inc., is an active buyer in Chinatown and intends to invest in the building as it expands its NYC portfolio. Co-agent on the transaction from Bertwood Realty was Jean Petit-Frere.

•••
Benchmark Real Estate Group announced its purchase of 194 West 10th Street for $9,300,000. The 10,330 s/f property contains 22 residential apartments.

Ronnie ShabanBESEBx
Ronnie Shaban

•••
Besen & Associates announced the following sales:
• 288-290 Main Street, in Huntington, NY. Ronnie Shaban represented the seller in this transaction. The sales price of $7,740,000 equates to a capitalization rate of 5.8% and $645 per square foot. The subject property is a 3-story mixed use corner elevator building comprised of 8 apartments and a 3,362 s/f ground floor retail space that is occupied by Wells Fargo. The residential units have been renovated. The seller was represented by Bill Vasiliadis Esq. of Law Offices of Bill Vasiliadis. The buyer was represented by Robert E. Halpern Esq. of Tannenbaum Halpern Syracuse & Hirschtritt LLP.
• 2928-2942 Merrick Road, located in Bellmore, NY. Ronnie Shaban and Jack A. Cohen represented the seller and buyer in this transaction. Sales price equates to a capitalization rate of 6.5% and $500 per square foot. The average rent per square foot is $31.42. Built in 1971, this fully leased corner single-story retail center consists of five stores and approximately 5,600 s/f. The buyer was represented by Mr. Victor E. Didia, Esq. of Law offices of Victor E. Didia. The seller was represented by William J. Birney, Esq. of Rosenberg Calica & Birney LLP.

•••
CBRE Group, Inc. announced the following sales:
• 205-207 Union Street in Jersey City, N.J., sold for $1.32 million. The 16-unit multifamily building has recently been fully renovated. Charles Berger and Mark Silverman, of New Jersey Investment Properties, and Elli Klapper, of New York Investment Properties, served as the exclusive agents for the seller and procured the buyer in the transaction. The new owner plans to hold the property as an investment as they expand their existing portfolio in New Jersey.

Elli Klapper
Elli Klapper

• Turntable Junction & Fulper Center in Flemington, New Jersey, sold for $3 million. The 5.3-acre property is a mixed-use retail and multifamily center that is near full occupancy. Charles Berger of CBRE Capital Markets’ Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York served as the exclusive agents for the seller in the transaction while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Capital Markets’

Debt & Structured Finance team secured the financing for the deal. The new owner plans to hold the property for investment purposes with the possibility for redevelopment in the future. The CBRE team was able to secure aggressive pricing for the seller – heirs to an estate where the property had been in the same family for decades – from an out-of-state buyer.

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