AGENTS
Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of six new office condominium units on the 4th to 6th floors of 100 East Broadway (total of 15,493 s/f), a newly constructed 14-story, 50,000 s/f retail and office condominium building on the Lower East Side/Chinatown. Michael F. DeCheser, Mei Ling Wong and Bryan F. Hurley will be leading the marketing efforts on behalf of the seller. The property is one of the newest and tallest office buildings in Chinatown. The 4th, 5th and 6th floor each have spacious floor plates and large windows. The property is suitable for an office occupier, school or non-profit organization. Located on the corner of Pike Street, East Broadway and Division Street, Unit 401 is floor-through community facility office space, 501 is floor-through office space with a terrace and the 6th floor has four units (601, 602, 603 and 604). Each floor is equipped with 12-foot ceiling heights and individual heating systems with a personalized control panel and floor-to-ceiling windows. The property is serviced by two high-speed elevators, fully sprinkled throughout and equipped with lobby security during business hours.
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Compass announced that Adelaide Polsinelli and her team have been retained to sell the following properties:
• 323 East 52nd Street, a newly constructed boutique condominium. The four-story property lends itself to a myriad of uses such as; individual luxury apartments, single family, corporate housing, or embassy use. The asking price is $12 million.
• A retail condominium at 262 Mott Street. The 5,831 s/f ground-floor space is comprised of five fully-leased individual units. The property features 120 feet of frontage on Mott Street.
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VARGAS
Highcap Group announced that Alan Vargas has been retained to sell 33-41 12th Street, 33-40 127th Place and 33-50 127th Place located in Willets Point, Queens. The three interconnected single-story warehouses span an entire block-front with three sides of frontage. Currently the buildings are 20,500 s/f on a 205 by 100 ft./ lot with potential to develop the site for a total of 41,000 s/f. The current owners will leaseback the building under a NNN basis for 10 years, providing a 7 percent cap rate to new ownership, or deliver the buildings vacant. Located in the Special Willets Point District, part of the comprehensive redevelopment strategy aimed at transforming the 61 acre under-utilized land into a mixed -use sustainable community, the property is within two blocks of Citi Field and near the 7 subway station on Roosevelt Ave. The asking price is $10,000,000 and ownership is seeking all proposals.
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Development Site Advisors has been exclusively retained by ownership to sell 11-32 and 11-38 31st Avenue in the Astoria neighborhood of Queens. Located just off Vernon Boulevard, the two sites are combined from the rear, giving a developer multiple options, including building either two separate buildings or conduct a zoning lot merger, transfer air rights and build one building, while selling off the existing mixed-use building to bring down the land acquisition cost. The two sites combined are priced to sell at $8.8 million or roughly $200 per maximum ZFA. The property is a horseshoe shaped lot with 46 ft. of frontage on one lot (11-32 31st Avenue), and 25 ft. of frontage on the other lot (11-38 31st Avenue). The sites are in a Voluntary Inclusionary Housing Designated Area (IHDA) and offers 43,700 ZFA of maximum development rights. Electing to construct an entirely free market building, a developer can build 32,775 ZFA. Rubin Isak, Jake Kaiser and Lev Kimyagarov, of Development Site Advisors, are handling the assignment.
SALES
Besen Partners announced the sale of 3137 Fulton Street, Brooklyn, a TWO-story, 3,368 s/f mixed-use building with two apartments and store located in the Cypress Hills neighborhood of Brooklyn. Besen Partners exclusively represented the seller and procured the purchaser in this transaction. The sale was handled by Ron Cohen and Jay Bernstein. The property sold for $1,035,000, which translates to a 6.1 percent cap rate, 11.6 GRM, and $307 psf. It is located on the northwest corner of Fulton Street and Norwood Avenue, immediately adjacent to the Norwood Avenue Station on the [J, Z] trains. The store is occupied by David’s Check Cashing, with a lease that goes to 2025.
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Cushman & Wakefield announced the following sales:
• A multi-tenant industrial asset located at 114 Beach Street in Morris County, NJ. Sholom Davidowits of Davco Group, a New York-based real estate investment company, purchased the 10-acre, six-building complex from The Silverman Group. This purchase is the second industrial complex Davco Group added this year to their holdings. Totaling 170,000 s/f, 114 Beach Street is 99 percent leased to 17 tenants. Cushman & Wakefield’s Andrew Schwartz represented the seller and procured the buyer with investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, with assistance from industrial market specialist Stephen Sander.
• 959 Cauldwell Avenue, also known as 606 East 164th Street, a 3,404 s/f church property in the Morrisania neighborhood of the Bronx, sold for $1,010,000, equating to approximately $300 psf. Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan represented the seller, the Bronx Congregation of Jehovah’s Witnesses, in the transaction. The buyer was the Haitian Baptist Community Church.
959 Cauldwell Avenue is a single-story church located on the corner of East 164th Street and Cauldwell Avenue. The property features 137 feet of wrap-around frontage directly across the street from Public School 146 and the Success Academy Charter School.
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Marcus & Millichap announced the following sales:
• 737 Church Avenue, a 3,402 s/f mixed-use property located in Brooklyn, sold for $1,475,000. Shaun Riney, Daniel Greenblatt and Zalman Yarmush, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
• 6814 18th Avenue, a 2,550 s/f mixed-use property located in Brooklyn, sold for $1,250,000. Michael Cimino and Gregory Melanson, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
• 19-27 Alabama Avenue, an 11,425 s/f mixed-use property located in Brooklyn, sold for $2,300,000. Matthew R. Peters had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Peters. Alabama Avenue was occupied by the same owner for over 40 years. The buyer plans to demolish the existing structure and replace it with a brand-new warehouse.
• A 73-room hotel, the Best Western Saratoga Springs, located at 3291 S Broadway, Saratoga Springs, sold for $5,600,000. The deal was brokered on both sides by Jerry Swon, Daniel Zagoria and Cameron Pierce, of the firm’s Manhattan office. Both the buyer and seller were private investors. Saratoga Springs located the Saratoga Race Course, Round Lake, Saratoga Performing Arts Center (SPAC), Saratoga Casino, Albany Medical Center, and Saratoga National Golf Course. The Best Western Saratoga Springs is also located to numerous local colleges and universities, including Skidmore College, the State University of New York at Albany, SUNY Empire College, and Rensselaer Polytechnic Institute. The property is a two-story, 73-room hotel located off Route 9 and Interstate 87.
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NAI James E. Hanson negotiated the sale of a 6,000 s/f retail building at 802-808 Route 15 in Lake Hopatcong, NJ. Joe Vindigni represented the seller, BD Newhouse LLC in the transaction with the buyer, Gardners Shed. Located directly off Route 15, the retail property offers proximity to Route 80 with access to a population of over 24,000 potential shoppers within a three-mile radius. Comprised of seven rentable units, 802-808 Route 15 features parking and 50 ft. of lake access. The buyer will be occupying a portion of the space while maintaining the balance as an income producing investment property.
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Matthew Keefe, President, and Franco Fellah, executive vice president at HK Group announced the sale of the Westfair Shopping Center, 1759 Post Road East, Westport, CT. The two-building, 16,000 s/f shopping center was built in 1950 and sits on 1.1 acres of land zoned General Business District. The center is a staple of the local community with tenants that have been there for the long term, including Cooper’s Auto Parts, as well as Westfair Fish & Chips, the UPS Store and Westfair Shoe Repair. The seller was KB Westfair, LLC and the buyer was Westfair Real Estate, LLC, an affiliate of John A. Nelson and Paragon Realty Group, LLC of Westport, CT. The price was $4,350,000. HK Group was the sole broker involved in the transaction.
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MC Real Estate Partners LLC and an institutional partner have acquired Executive Plaza, in Rockville, Maryland. This is the second office acquisition for the recently-formed company founded by Andy Nathan and Steve Grant as the successor to their predecessor firms, Meritage Properties and ClearRock Properties. The 327,000 s/f property, which has been significantly renovated over the past several years, sits a short walk from the dynamic Pike and Rose mixed use development and the White Flint Metro station. Angelo Gordon and Monument repositioned Executive Plaza. MCRE has retained The Polinger Company to provide on-site property management services and Bob Dickman from Avison Young as its leasing Agent. Jim Meisel and Matt Nicholson of JLL represented the seller and sourced the buyer for this transaction with mortgage brokerage services provided by JLL’s Sue Carras and Chris Hew.
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Time Equities, Inc. (TEI) has acquired Brookside Industrial Park, a 303,764 s/f Class-B industrial complex located in Indianapolis, for $6.9 million. The firm purchased the 10-building, 33.95-acre complex from a private seller group who will deliver it 90 percent occupied to TEI. TEI’s Brian Soto, Max Pastor and Raymond Cazis served as the acquisition and asset managers. Commercial brokerage Marcus & Millichap’s Julia Evinger and Damien Yoder brokered the transaction on behalf of the seller. Brookside Industrial Park’s mix of available and occupied space, with 32 of 36 suites currently leased, includes flex industrial manufacturing space and industrial warehouses, with ceiling heights that range from 16-20 ft.
