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Deals & Dealmakers

On The Scene

AGENTS

Eastern Consolidated is requesting offers for a 50-foot-wide townhouse conversion opportunity in a prime West Village location at 273-275 West 11th Street.

The asset, consisting of two interconnected five-story townhouses totaling 13,900 square feet, will be delivered vacant. Chad Sinsheimer, director, Steven Zimmerman, Director, and Tripp Lyons, Associate Director, are marketing the property on behalf of a nonprofit organization that has owned it since 1920.

Wade Hazelton is the Financial Analyst on the deal. the property offers two townhouses that are currently configured as a single, shared living space with a connection on each floor; a beautiful, historic brick façade with original architectural details; access to a private and spacious landscaped garden totaling approximately 2,100 square feet; a fully operational elevator; and interior staircases and basements in each townhouse.
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EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 1663 Palmetto Street in Ridgewood, Queens. This is a three-story, walk-up, apartment building consisting of ten residential units.
The property includes three studios, three one-bedroom, one two-bedroom, and three three-bedroom apartments. All of the tenants pay for their electricity charges. The ownerrecently installed new windows and renovated the second floor, third floor and the stairwell.
1663 Palmetto Street is listed for $1,950,000 by EPIC Sales Associates, Baruch Edelkopf and Mike Rybinskov, and CEO Yona Edelkopf.
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GFI Realty Services has been named exclusive sales agent for 457 15th Street, a 20-unit apartment building located in Park Slope, Brooklyn, New York.
Yosef Katz will oversee the marketing of the property. Priced at $10.5 million, the building consists of 10 free-market units, nine rent-stabilized units and one rent-controlled unit.

SALES

Sugar Hill Capital Partners (SHCP), a real estate investment, management, and operations firm transformed and then sold 561 W 144th Street in Upper Manhattan. SHCP originally purchased the residential building in March 2014 for $3.8 million and sold the building for $6.7 million in September 2015, just one and a half years later. Peter Vanderpool of Cignature Realty handled the transaction.
561 W 144th Street was built in 1910 and currently has 20 residential units on five floors.
The building neighbors several colleges and is a short distance from the A, C, D, B and 1 train lines. As part of the revitalization, SHCP renovated vacant units and created bedroom layouts that suit the needs of university students living with multiple roommates. Additional improvements include a new lobby, energy management system, key-fob access, and laundry room.
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CPEX Real Estate’s Development & Conversion Sales Team has completed the sale of 145-07 95th Avenue in Jamaica, Queens to Pride Hospitality for $1,000,0000 or $55 per buildable square foot.
The lot footprint for 145-07 95th Avenue is 3,000 square feet with a maximum floor area ratio of 6.0, allowing for a total of approximately 18,000 buildable square feet. A three-family residence that was delivered vacant currently occupies the property.
The zoning allows for the development of multi-family, office, mixed-use and/or hotel properties. Pride Hospitality will construct a 48-room hotel on the site. Jamaica’s access to both JFK and LaGuardia Airports as well as Manhattan make the area very attractive to hotel developers.
145-07 95th Avenue is within walking distance of all of Jamaica’s prime retail corridors on Jamaica Avenue, Hillside Avenue and Sutphin Boulevard. This site is also one block away from the Jamaica Long Island Railroad & AirTrain Station and the E, J, and Z trains via the Sutphin Boulevard-Archer Avenue train station, as well as the F train via Sutphin Boulevard Station. It is two blocks from the mega-project that BRP Development Corporation is building on the corner of Archer Avenue and Sutphin Boulevard.
CPEX’s Development & Conversion Investment Sales Team, consisting of Managing Director Sean R. Kelly, Esq. and Associates James O’Neill and Sean Sears, represented the seller and procured the buyer in the transaction.
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EPIC Commercial Realty announced the sale of a mixed-use building at 13 Marcus Garvey Boulevard in Bedford-Stuyvesant, Brooklyn. This three-story building consists
of four residential units as well as a one commercial store.
Bedford-Stuyvesant is located in the north central portion of Brooklyn, neighbored by
Williamsburg and Bushwick. Nostrand Avenue, Fulton Street and Broadway provide easy transportation to the neighborhood, with access to new retail and residential developments.
Marcus Jecklin, Sales Associate at EPIC Commercial Realty, represented the seller. CEO of EPIC Commercial Realty, Yona Edelkopf, and sales associates, Baruch Edelkopf.
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Marcus & Millichap announced the following sales:
•25-22 38th Street, a 3-unit apartment property located in Astoria, N.Y. sold for $1,650,000. Shaun Riney, James Saros and Daniel DeGiovanni from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a developer, was also secured and represented by the team and Robert Hunter also from Marcus & Millichap’s Brooklyn office.
•4036 Junction Boulevard, a 2,880-square foot mixed-use property located in Corona, N.Y. sold for $1,300,000. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin from Marcus & Millichap’s Brooklyn office, and Jonathan De La Rosa and Scott C. Sandelin of the Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.
The buyer, a private investor, was secured and represented by Riney, Salvatico and Azarbarzin.
•70-17 34th Avenue, a 6-unit apartment property located in Jackson Heights, N.Y. sold for $1,175,000. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin, from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by the team.
•741 Fulton Street, a 2,600-square foot mixed-use property located in Brooklyn, NY, sold for $2,350,000. Dwane Omar Jones, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, BBD Enterprises (BBD), a limited liability company. BBD owned and operated the property for over twenty years, and plans to diversifying its portfolio with the acquisition of triple-net assets in North Carolina.
Mr. Jones also secured and represented the buyer, a local private investment partnership that owns multifamily property close to 741 Fulton Street.
The partnership made the acquisition to capture the ground-floor retail on one of Brooklyn’s most dynamic shopping thoroughfares.
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Redwood Realty Advisors announced that associates Michael Scrima and Jeremy Wernick successfully brokered the sale of three separate New Jersey apartment properties. Combined, the three garden-style properties included 49 units and a total price of $6.5 million.
•Dumont, N.J.: This 22-unit property was owned by the same family for more than 40 years and is located in a market where very few properties come to market. The property sold for $3,025,000 and a cap rate of 5.9 percent.
•Palisades Park, N.J.: This 11-unit property is located in a high barrier to entry location in Bergen County. The significant upside in rents helped it to achieve a high price per unit price at $184,000. The property sold for $2,025,000 and a cap rate of 5.7 percent.
•Belleville, N.J.: This 16-unit property is a well-maintained garden complex that is close to major transportation. The property sold for $1,467,000 and a cap rate of 6.5 percent.
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Friedman-Roth Realty Services announced the following sales:
•An East Village apartment building located at 112-116 Avenue C. The property, located between East 7th Street and East 8th Street, is a six-story walk-up with 22 residential units and 2 retail stores. The building encompasses 19,830 sq ft and is the first sale of the building in nearly 20 years.
The selling price for the transaction was $16,700,000. The seller was represented by George Niblock and the purchaser was procured by Joseph Arnold Smith.
•The sale of a Brooklyn apartment building located at 300 Lincoln Road. The property, located in the Lefferts Gardens section of Brooklyn, features 12 residential units. The three-story walk-up was constructed in 1931 and contains a total of 6,075 sq ft. The property sold for a price of $2,375,000. Mark Singer represented both the buyer and the seller in this transaction.

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