Adelaide Polsinelli, vice chair of Compass and the newly launched investment sales division, along with Terrence Harding, founder of The Hard Cost Team, also at Compass, have been hired to exclusively market a prime development opportunity at 25 Bleecker Street in Noho. The building is located between Lafayette Street and the Bowery. The four-story, loft building has approved plansfor a seven-story mixed use building with retail on the ground floor and residential above. The site is flanked by new development projects such as 40 Bleecker, 41 Bond and 36 Bleecker.
GFI Realty Services has been named exclusive sales agent for 385-387 Monroe Street, a four-story multifamily asset comprised of 17 apartments, six of which are vacant, located in the Bedford-Stuyvesant section of Brooklyn. The property was constructed in 1913 and totals 17,000 s/f. The asset is comprised of large apartments; one one-bedroom unit, eight two-bedroom units and eight three-bedroom units. GFI Realty senior director Shlomo Antebi will oversee the marketing of the property, with pricing targeted at $3.85 million.
Bestreich Realty Group (BRG) announceD the sale of 2512 Bedford Avenue located in Flatbush, Brooklyn. ThE development site sold for $2,400,000. The property is 18,000 buildable square feet with a $133 price per buildable square foot price. The lot dimension is 60 by 100 ft. and zoned R6A. Brian Underkofler, Derek Bestreich, Steve Reynolds and Tom Reynolds facilitated both sides of the transaction. The seller was in The Estate of Solange Marie Boutin and the buyers were Shlomo Sinay and Chaim Wurzberger from Candor Capital.
CBRE announced the following sales:
• The $8.27 million sale of nine properties totaling 81,999 s/f from the Youth Consultation Services (YCS) portfolio. The assets were purchased by three different buyers, one of whom bought seven buildings as part of a sale-leaseback with YCS, while two other buyers purchased two buildings that had been recently vacated by YCS in separate transactions. The CBRE Tri-State Investment Properties team of Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services, represented the seller in the transaction and also procured the majority of the buyers. The properties, which are a mix of youth centers, residential facilities and schools.
• Hawthorne Court, a 434-unit apartment community located at 211 Hawthorne Court in Central Islip, N.Y. The CBRE team of Jeffrey Dunne, Gene Pride and Travis Langer represented the owner, a joint venture between Post Road Group and Spruce Capital Partners, while also procuring the buyer. Built in 1967, Hawthorne Court is situated in Suffolk County and offers access to the region’s major employers and job centers.
Cushman & Wakefield announced the following sales:
• Soundview Plaza, a landmark, seven-story office property prominently located at Exit 9 off I-95 in Stamford. An affiliate of TL Holdings purchased the 179,000 s/f Class A asset from Barings, on behalf of institutional investors. Barings is one of the world’s largest diversified real estate investment managers. Located at 1266 E. Main Street, Soundview Plaza is 88 percent leased to 15 tenants. The property features a three-story atrium lobby and an array of onsite amenities including a full-service cafeteria, fitness center, conference center and an attached, covered parking structure. Upper floors also offer views of the Long Island Sound. Gary Gabriel represented the seller and procured the buyer with David Bernhaut, Andy Merin, Brian Whitmer and Frank DiTommaso II, as well as Al Mirin, Matt Torrance and Kate Schwartz from the Stamford office. Soundview Plaza served as home to WWE for many years.
• 3095-3101 Webster Avenue, a 66,500 s/f development site in the Bronx. The final closing price is $4,950,000, equating to approximately $74 psf. Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan co-ordinated the three-property assemblage of 3095-3101 Webster Avenue and ultimately sold the development site to GEEL Community Services. 3095-3101 Webster Avenue is a 66,500 s/f development site in the Norwood neighborhood of the Bronx. The site includes two two-family residential properties and a parking lot. Located on the west side of Webster Avenue between East 204th Street and East Mosholu Parkway North in the Bronx, the property is within walking distance of the 205th Street Subway Station and Fordham University’s campus.
• A joint venture of Saxum Real Estate and The Becker Organization purchased a boutique office building from The Silverman Group. The fully leased, 42,000 s/f office building located at 180 River Road is home to three long-time tenants. It is less than five minutes from downtown Summit and less than one mile from the Mall at Short Hills. Gary Gabriel represented the seller and procured the buyer with team members Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer. The two-story building was constructed in 2001 and features two levels of on-site covered parking. Its precast concrete and reflective glass exterior, combined with LED up-lighting, provides a headquarters-quality feel.
NAI James E. Hanson negotiated the sale of a 5,245 s/f office building at 253 South Washington Avenue in Bergenfield, NJ. Dominic Fittizzi represented the seller, S&S Realty Holding Co., LLC, in the transaction with Maywood Physical Therapy. Situated at the corner of South Washington Avenue and Carnation Street, 253 South Washington has 14 parking spots. Over 19,000 vehicles pass the property each day. Maywood Physical Therapy & Rehab Center plans on utilizing a portion of the property while continuing to lease the remaining space to the four current tenants.
HK Group announced that Ricardo E. Cordido, CCIM, vice president, completed the $1.645 million sale of the office building located at 278 Post Road East in Westport CT. The four-story, 5,000 s/f building is situated on a .57-acre lot and was fully renovated in 2005. The property features four floors of rentable space, plus a full basement. Each floor has an open floor plan. It is located in the heart of the Post Road East (US-1) in Westport. The seller, represented by HK Group, was Westport 278 Realty Group LLC and the buyer, represented by William Raveis, is a local accounting firm.
Marcus & Millichap announced the sale of three multifamily properties in the Delaware Valley for $25.9 million. Andrew Townsend, first vice president investments in Philadelphia, represented the seller along with Ridge MacLaren, Clarke Talone and Daniel Bernard. The properties are:
• Farrand Village, 165 units, Wilmington, Del., $11 million
• Northridge Townhomes, 87 townhouse-style units, Pleasantville, N.J., $8.3 million
• 135-137 North 3rd St., 16 apartments and two retail spaces, Philadelphia, $6.6 million.
• A 73-room hotel, the Best Western Saratoga Springs, located 3291 S Broadway, Saratoga Springs, sold for $5,600,000. The deal was brokered by Jerry Swon, Daniel Zagoria and Cameron Pierce. Both the buyer and seller were private investors. Saratoga Springs is a hub located near many attractions in upstate New York, including 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, approximately six miles from Saratoga County Airport and 24 miles from Albany International Airport.