EPIC Commercial Realty announced the following exclusive assignments:
• The sale of 189-201 Miller Avenue and 143 Vermont Street, two apartment buildings in Cypress Hills, Brooklyn. The properties are being marketed individually by Levi Chein. Both properties have active 15 year 421a tax abatements. 189-201 Miller Avenue is two, attached, three-story apartment buildings each housing three three-bedroom apartments and one basement unit. The property offers paid tenant parking. The asking price is $1,650,000.
• 143 Vermont Street, between Fulton Street and Atlantic Avenue, is a three-story apartment building with three three-bedroom apartments, which are on month-to-month leases, and one paid parking spot. Tenants pay for their own heating costs, which are separately metered. 143 Vermont St is listed for $800,000.
• 1130 43rd Street in Borough Park, Brooklyn, is an income producing property being sold sby EPIC sales associate Michael Schnitzler The three story building houses six apartments in total, four two-bedroom and two three-bedroom units. The brick building is being delivered with three vacancies and a new gas boiler in the finished basement. The asking price is $2,000,000.
• 3710 13th Avenue is athree-story, walk-up mixed-use building consisting of one commercial unit on the ground floor and two apartments above. All leases have expired, leaving all apartments to be month-to-month occupied. The building is fully detached on the right side due to a 13 ft. easement on the neighboring property not allowing for any development. Michael Schnitzler has listed the property at $1,700,000.
TerraCRG has been retained as the exclusive agent for the sale of the development site at 4302 Fourth Avenue in the Sunset Park neighborhood of Brooklyn. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez are representing the seller. The property is being offered for sale at $6,000,000. The offering consists of two existing buildings constructed in 1886: the original 68th Street Police Precinct House, a 14,040 s/f three-story, Romanesque Revival structure, and an adjacent two-story, 5,952 s/f stable building. Both buildings are landmarked, vacant and in need of full gut renovation. In addition, there are 14,567 s/fof available air rights, some of which may be utilized on the property.
Royal Properties, Inc. has been retained to exclusively represent Centfort Plaza Shopping Center located at 2373 Central Park Avenue in Yonkers. Currently, there are stores available for lease ranging from 4,000 to 9,500 s/f. David Landes, principal of Royal Properties, Inc.is handling the assignment.
The HPNY team has closed on $65 million worth of deals in the first two weeks of March:
• The first transaction, 121-133 Hudson Street, which is a 15,000 s/f retail condominium on grade with 20,000 ft. in basement level located in Tribeca with three tenants on the ground floor, traded for $30 million.
• A trio of walk-ups on the corner of 10th Avenue and 19th Street, consisting of 48 apartments and retail, directly across the Highline, traded for $35.5 million. Both transactions were off market deals.
Rosewood Realty Group closed the following recent sales:
• 108 Calyer Street in Greenpoint, Brooklyn for $4.615 million. The four-story walk-up apartment building, with eight apartments sold for 13.2 times the current roll. The building is 7,020 s/f and was built in 1928. Mike Kerwin represented the seller, 108 Calyer Street LLC and Jake Blatter represented the private investor buyer. The property was contracted and closed on the same day.
• 2505 & 2509 Hoffman Street in Belmont, Bronx for $6.225 million. The two contiguous five-story walk-up apartment buildings consist of 50 apartments and sold for 9.28 times the rent roll. The buildings together are 35,624 square feet and were built in 1911. Aaron Jungreis represented both the seller, Bsp Hoffman LLC and the buyer, a private investor.
Highcap Group announced the first sale in over 20 years of 137 MacDonough Street in the Bedford-Stuyvesant section of Brooklyn. Laurence Ross, a managing principal, and Daniel Hakimian, an investment sales associate, arranged the transaction. The property sold for $2,100,000. The property is a 4-story walk-up with eight three bedroom railroad-style apartments.
GFI Realty Services announced the following sales:
• 55-12 & 55-14 111th Street, two contiguous four story walk-up apartment buildings located in the Corona section of Queens, sold for $2.45 million, or 11-times the rent roll. This multi-family property consists of 18 apartments, seven of which are vacant. The buildings were constructed in 1988. Regev Hamamy, an associate of GFI Realty Services, represented the seller and Kobi Zamir also of GFI represented the buyer.
• 255 Himrod Street, a vacant fully renovated three-story walk up apartment building located in the Bushwick section of Brooklyn, sold for $1.95 million or $325,000 per unit. This multi-family property consists of six apartments. The property was constructed in 1931. Daniel Shragaei, an associate director of GFI Realty Services, represented both the buyer and seller. The buyer and seller are both local investors.
CBRE Group announced the following sales:
• 2866 John F. Kennedy Boulevard in Jersey City, sold for $1.2 million. The three-story mixed-use building is fully occupied, with Subway residing in its ground floor retail space and occupied multifamily apartments comprising the second and third floors. The 4,200 s/f property is located in Journal Square, one of the most active markets in the Tri-State area. Charles Berger and Mark Silverman of New Jersey Investment Properties and Elli Klapper of New York Investment Properties represented the seller. The CBRE team was able to secure record pricing in terms of price-per-unit, in-place cap rate and price per sq. ft.
• 1 & 2 Noll Place in Newark, New Jersey, sold for approximately $1.9 million. The two buildings have a total of 36 apartment units, all of which are occupied. Charles Berger in New Jersey and Elli Klapper represented the seller in the transaction. The new owner, an out-of-state buyer, plans to hold the property for investment purposes.
Namdar Realty Group has purchased the River Street Square Shopping Center in Elyria, Ohio. The 266,000 s/f shopping center included tenants such as Petsmart, Dollar Tree, Dots, Radio Shack and Gamestop. CBRE’s Ohio office brokered the transaction, the seller was Torchlight.
Ariel Property Advisors has announced the sale of two properties in Queens totaling $4.8 million:
• A development site with approved plans sold at 14-23 Broadway in Astoria for $1.95 million. The 25-foot by 136-foot vacant lot allows for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael A. Tortorici, Howard Raber, Marko Agbaba, and Victor Sozio represented the seller and procured the buyer, both real estate investment groups.
• A retail site with future development potential sold at 175-42 Hillside Avenue between Edgerton Boulevard and 175th Street in Jamaica for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased on a triple net basis to a franchisee of KFC Corp., and offers a total of 40,000 buildable square feet for future development. Michael A. Tortorici, Daniel Wechsler, Marko Agbaba, and Victor Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor.
Gaia Real Estate, in conjunction with its partners Menora Mivtachim Insurance and Amitim Senior Pension Funds, announced the recent acquisition of a five-property, 1,376-unit portfolio located in Houston, Texas. The Class B multi-family, garden-style properties are concentrated ain the Spring Branch/Bear Creek and Champions East submarkets.
Friedman-Roth Realty Services announced the sale of a West Harlem retail building located at 1471 Amsterdam Avenue. The one-story building was delivered vacant and consists of approximately 1,350square feet and was constructed in 1905. The property sold for a price of $1,450,000. George Niblock represented both the buyer and seller in this transaction.