Agents
Kalmon Dolgin Affiliates, Inc. (KDA) announced the following exclusive assignments:
• Leasing agent for a 9,000 s/f building at 140-35 Queens Blvd. in the Jamaica section of Queens, NY. Neil Dolgin and Grant Dolgin are handling the listing. The site is located between Jamaica and Hillside avenues and offers two, 6,000 s/f parking lots. The building includes a 4,000 s/f office with HVAC, and a warehouse of 5,000 s/f. 140-35 Queens Blvd. features one drive-in door and a loading dock. The space is suitable for retail, medical, or offices.
• Exclusive leasing agent for a 6,000 s/f property at 21 Snyder Avenue in the East Flatbush section of Brooklyn. Gary Mayzlin is the exclusive broker. The two-story office building/warehouse between Bedford and Flatbush avenues features 3,200 s/f on the ground floor and a 2,800 s/f second story. The two levels allow the space to be leased in its entirety or divided. Formerly occupied by the Day Care Council, 21 Snyder Avenue is situated in a high-traffic area south of Prospect Park and is close to schools, shopping and transportation. The property is ideal for retail, medical offices, daycare or a community center. The property offers 13-foot ceilings, a drive-in door, column-free space, fire alarm and full sprinklers. The space features multiple rooms and restrooms.
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Massey Knakal Realty Services announced the following exclusive assignments:
• The sale of two, corner development sites at 840 and 882 Fulton Street, in Brooklyn’s Fort Greene neighborhood. Combined, the lots measure 18,681 s/f and potentially hold up to 87,612 s/f of available air rights. 840 Fulton is currently occupied by a gas station. The site benefits from an Inclusionary Housing bonus and will be delivered vacant. 882 Fulton Street benefits from approximately 41,1,48 as-of-right buildable square feet. In addition, there is an Inclusionary Housing bonus, which allows for an FAR of 4.60, giving the site an additional 13,316 buildable square feet for affordable housing development, totaling 54,864 buildable square feet. These properties are located within blocks of the Barclays Center and the Atlantic Terminal subway station.
• A townhouse at 111 East 37th Street is being marketed for sale at an asking price of $5,300,000. The five-story, six-unit building contains 5,580 gross square feet. The ground and parlor floors were occupied by the New York Branch of the American Association of University Women. The property will be delivered vacant, making it an ideal opportunity for a single-family conversion, or live-plus income investment. John F. Ciraulo, James P. Nelson and Caroline Hannigan are handling the assignment.
• The sale or NNN lease of two commercial properties at 2076 Hylan Boulevard and 1720-1730 Richmond Avenue, Staten Island. 2076 Hylan Boulevard is a single story retail building containing 5,000s/f. The building was most recently used as a hardware store, and is available for NNN lease. 1720-1730 Richmond Avenue contains two buildings of approximately 12,850 s/f combined. There are four retail units, with offices on the second floor at 1720 Richmond Avenue. The corner unit was previously occupied by a deli/restaurant. This site is suitable for retail or restaurant business, and can be delivered completely vacant. The site is available for NNN lease. It is also available for sale, with the asking price of $2,800,000. Michael Schneider and William Cheng are handling the assignment
Sales
Stan Johnson Company has completed the sale of an under-construction retail property 100% leased to Bank Of America, located on 18th Avenue in Brooklyn for $8,455,882. The property is expected to be completed mid-2013. Jason Maier, director of Stan Johnson Company represented the seller, a private corporation, and the 1031 exchange buyer, an individual investor. The property featured a new 20-year lease term with five, five-year renewal options.
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Chambers Street Properties announced it has acquired 100 percent of the interests in 17 commercial properties currently held in a joint venture between Chambers Street and Indianapolis-based Duke Realty Corporation. The properties acquired consist of 16 office buildings and one warehouse/industrial building located in Ohio, Texas, FLorida, Minnesota, Arizona and North Carolina.
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GFI Realty Services Inc. announced the $1,185,000 sale of 193 Buffalo Avenue, a five-story walk-up built in 1910 located in the Crown Heights section of Brooklyn. The building traded at 6.5 times the rent roll and $118,500 per unit. The property consists of 10 apartments totaling 9,100 s/f and one antenna. Shlomo Antebi represented the seller, local investors. Joseph Landau represented the buyer, also a local investor.
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Laurence Ross, a principal at Highcap Group, announced the $3,340,000 sale of a development site located at 32-02 Astoria Boulevard South at the corner of 32nd Street directly opposite the 31st street train station in Astoria. The lot is situated inear the entrances of the RFK-Triboro Bridge, BQE and Grand Central Parkway. Original plans called for a 25-unit condo development, however with the shift in market conditions and a change in zoning to C4-3/R6B have resulted in the property being suitable for various types of development including residential, commercial and hotel with up to 33,000 buildable square feet. Ross represented the seller while Nick Arsenis of Metropolis Realty represented the buyer.
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Admiral Real Estate Services Corp. has sold a total of nine non-performing notes collaterized by eight multi-family investment properties located in Yonkers, Mount Vernon and Pelham, collectively known as The Lower Westchester Portfolio. The portfolio contains eight notes in the first lien position, in addition to one subordinate note. At the time of the sale, the par value for the collaterized notes was $5,027,766. The notes were sold by an affiliate of Situs in an all-cash, non-contingent transaction to various affiliates of Gontar Management, an owner of multi-family assets in Westchester. The collateral assets consisted of 50 residential units over seven walkup apartment buildings and a vacant multi-family shell. John Barrett, head of investment sales at Admiral, exclusively represented the seller and found the buyer. The portfolio traded at a 29% discount to current asset value.
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The Haimof Group and City Urban Realty announced the acquisition of two adjacent multifamily properties comprising 16,200 s/f in the Hells Kitchen neighborhood. Located at 416-418 West 49th Street, the buildings have 29 market-rate residential units and were constructed in 1998. The properties were acquired directly from a private family in an off-market transaction. Kamyar Haimof, CEO of The Haimof Group, and Michael Alvandi, principal of City Urban Realty. said the partnership is planning to upgrade the buildings including renovations to the hallways, common areas, unit interiors and a possible roofdeck in an effort to capitalize on higher rents.
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Marcus & Millichap Real Estate Investment Services announced the sale of 6203 5th Avenue, a 3,527 s/f mixed-use property in Brooklyn, NY, for $950,000. Jakub Nowak and Derek Bestreich represented the seller, a private investor. The buyer, a private investor, was secured and represented by Nowak, Bestreich, Mark Lu and Erik Lundberg, from Marcus & Millichap’s Brooklyn office. The property is located in the middle of the expanding Chinese community in Sunset Park, Brooklyn.
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Massey Knakal announced the following sales:
• An apartment building at 539 East 87th Street on the Upper East Side sold for $8,050,000. The five-story building contains 10,068 s/f and consists of ten residential units, all Free Market. The exterior has been substantially renovated and the interior was gutted and rebuilt. The sale price equates to approximately $800 psf, a new high water mark for multifamily walk-ups in the Carnegie Hill area, eclipsing the prior record of $778 psf. Thomas D. Gammino, Jr. exclusively handled this transaction.
