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Deals & Dealmakers

ON THE SCENE: Cushman marketing Bronx development site

AGENTS

Cushman & Wakefield announced the following exclusive sale assignments:

• 7 Cross Bronx Service Rd Extension, a 23,608 s/f residential development site in the West Farms neighborhood of the Bronx. Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan are leading the marketing efforts. The site is surrounded by the Crotona, Charlotte Gardens and Claremont sections of the Bronx, with Crotona Park and Crotona pool just steps away. It is located within walking distance to the 2 and 5 trains at the 174th Street station, as well as multiple bus lines.

STEPHEN PREUSS

• 1155 Northern Boulevard, a 51,050 s/f Class A medical office building in Manhasset. A team led by Stephen Preuss with Kevin Schmitz and Kevin Louie is representing the seller, 1155 NOBO Associates, LLC. 1155 Northern Boulevard is currently 94 percent occupied and is anchored by notable tenants including Mount Sinai and NYU Langone, as well as a plastic surgeon’s office with over 15 years of tenancy. The three-story, four-unit building was constructed in 1990 and features an on-site parking garage with 165 spaces.

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LOUIS PUOPOLO

Douglas Elliman Commercial has been retained to sell the retail condominium at 455 West 19th Street in the Chelsea Arts District. The 5,341 s/f two level space has been built, designed and crafted to serve as an art gallery showroom. It is listed for $12 million with Louis Puopolo and Peter Gross. The bi-level footprint offers 19 ft. ceilings and a windowed entry that retracts allowing natural light/air flow, and provides access for large-cale installations.

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GFI Realty Services has been named exclusive sales agent for a retail and residential condo package located at 1890 Adam Clayton Powell Jr. Boulevard, a pre-war six-story elevator mixed-use building in Harlem. The offering is comprised of eight sponsored residential units, including a vacant, fully renovated unit, totaling 12,216 s/f and four retail units including a community facility totaling 6,075 rentable square-feet. GFI senior managing director Matthew Sparks will oversee the marketing of both packages, which can be sold separately. The property is within blocks of Columbia University, Morningside Park, Marcus Garvey Park and Central Park North.

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LYNDA BLUMBERG

Friedman-Roth Realty Services has been appointed exclusive broker to sell a White Plains commercial building located at 43-61 Mamaroneck Avenue. The two-story building contains a mix of retail and office tenants and encompasses a total of 19,545 s/f. The building is surrounded by numerous national retail tenants and contains air rights for potential future development. The asking price is $13,500,000. Lynda Blumberg is handling the assignment.

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Greiner-Maltz has been retained to sell the following properties:

SWAIN WEINER

• 81-02 & 81-04 37th Avenue (corner of 37th Avenue and 81st Street) Jackson Heights, Queens. The two contiguous mixed-use buildings consist of four residential apartments, four retail units, and three offices. The buildings are near the 7 train at 82nd Street Station. Swain Weiner of Greiner-Maltz Investment Properties has listed the property at $6,675,000.
• 21-01 30th Avenue (corner of 30th Avenue and 21st Street) Astoria, Queens, has been listed at $2,275,000. The corner three-family building and store is comprised of 3,000 s/f. Swain Weiner is hanlding the assignment.

• 25-47 Steinway Street (Between 25th and 28th Avenues) Astoria, Queens, is a three-story mixed-use building comprised of one ground floor storefront and four apartments. Swain Weiner has listed the property at $2,700,000.

SALES

ADAM
LOBEL

Bestreich Realty Group (BRG) announced the closing for 183A 13th Street for $1,470,000. Located between 3rd and 4th Avenue in Gowanus, Brooklyn, the lot measures 25 by 100 ft. and is zoned R6B. With a max FAR of 2, the property offers approximately 5,000 buildable square feet. The existing structure is currently built 2,500 s/f with no basement. The property will be delivered vacant. The seller is Scafuri & Son 183 LLC and the buyers are 183A 13th LLC. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates and Daniel Shawah facilitated both sides of the transaction.

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ELLI KLAPPER

CBRE announced the $4.7 million sale of a real estate portfolio comprised of four industrial and flex-office properties in New Jersey. Situated in both primary and tertiary markets, the properties are part of a multigenerational family estate. Charles Berger, Elli Klapper and Mark Silverman represented the seller, Hildebrandt Properties, LLC, in the negotiations. Hildebrandt Properties, LLC was advised by Rocco Labella of Ferro, Labella & Weiss LLC. The buyer was a New York-based private investor. The portfolio totals approximately 95,000 s/f and is made up of four properties located at 275 Wagaraw Road in Hawthorne; 187 West Shore Avenue in Bogota; and 45 & 51 US Highway 206 in Augusta, New Jersey. Universal Supply Group, a distributor of HVAC equipment, parts and accessories, has been the primary tenant at two of the four properties, occupying the majority of the available space. The four buildings boast large acreage of valuable land within easy access to public transportation.

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JONATHAN SQUIRES

Cushman & Wakefield announced the sale of 1000 Woodycrest Avenue, a 17,200 s/f development site in The Bronx. The final closing price was $1.125 million, equating to approximately $65 psf. Jonathan Squires, Robert Shapiro, Josh Neustadter, Michael Fioravanti, Addison Berniker and Shayne Soltan represented the seller. 1000 Woodycrest Avenue is a corner 50 by 100 ft. residential development site located within a Certified Opportunity Zone three blocks from Yankee Stadium. The property is located on the northeast corner of Woodycrest Avenue and West 164th Street in theHighbridge neighborhood, steps away from the 161st Street subway station.

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KRIS
HURLBUT

Denholtz Properties announced the acquisition of a 26,000 s/f industrial building at 6W Chimney Rock Road in Bridgewater, N.J. The building is fully leased to UPS, serving as a truck maintenance facility and customer care center. Located in Somerset County, the Bridgewater Business Park is made up of 16 flex/industrial buildings totaling 380,000 s/f. With the acquisition of 6W, Denholtz Properties now owns 12 buildings in the park comprising 290,163 s/f at 6W-10W Chimney Rock Road and 24E-30E Kearney Street. The purchase of 6W Chimney Rock Road was financed by Provident Bank, as a part of an overall refinancing of Denholtz Properties’ Bridgewater Business Park portfolio. The business park features a variety of spaces with accessibility to Interstate 78 as well as the Garden State Parkway. Tenants included UPS, Zoned Inc., a baseball training center, The Airsoft Factory, , and Bridgewater Marble, one of New Jersey’s largest stone fabricators and distributors. Kristine B. Hurlbut of Denholtz Properties represented Denholtz Properties and Marcus & Millichap represented the seller in the transaction.

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NAI James E. Hanson announced the following sales:

• A 0.52-acre lot located at 8 Second Street in South Orange, NJ. Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction with 8 Second Street, LLC. Formerly the site of a Wells Fargo bank branch, 8 Second Street’s Central Business District location made it an ideal choice for the village’s latest mixed-use development project. The new owner plans on transforming the 26,000 s/f lot into a mixed-use building featuring ground level retail with a residential component above.

• A 6,100 s/f office condo at 17-10 River Road, in Fair Lawn, NJ. Darren M. Lizzack and Randy Horning represented the seller, RPM 1, in the transaction with Ho-Ho-Kus Inc, a designer and manufacturer of latching and clamping systems for commercial, business, and military aerospace applications. Based in Paterson, N.J. with a manufacturing facility in Richmond, Va., the company had outgrown their office and was searching for additional space to house their growing staff. 17-10 River Road has ideal access. The 6,100 s/f office condo comprises Suites 3A & 3E and offers a parking space and professional management, along with a kitchenette and executive office that includes a private restroom.

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KEVIN ESH

HPNY announced the sale of 340 E 58th Street in Sutton Place for $12.3 million. Kevin Esh and Ivan Hakimian of HPNY represented both the seller, the Schaffer Family’s Mige Associates II LLC, and the buyer, Steve Croman’s 340 E 58th St LLC, in the off market transactions. Owned by the same family for 50 years, the propery is an elevator apartment building with 60 feet of frontage, 32 units, across 24,847 s/f. The purchase equates to $495 psf.

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JLL announced the following sales:

BRETT SEGAL

• Computech International acqiired 110 Crossways Park Drive in Woodbury, NY, a 26,000 s/f mixed-use office building,from an unnamed seller for $4.3 million. Max Omstrom represented the buyer. The unnamed seller was represented by Harris Rousso, Real Estate Strategies Ltd. The single-story 110 Crossways Park Drive was constructed in 1964 and is located in Nassau County. The property includes 19,500 s/f of office space and 6,500 s/f of warehouse space. It features one drive-in door, a 14 ft. clear ceiling height, parking and a back-up generator.

• The $11.05 million sale of The Mount Laurel Office Center, an 83,216 s/f office portfolio located at 530, 532, and 534 Fellowship Road in Mount Laurel, NJ. JLL represented the seller, Pennmark Properties, and procured the buyer, a private investor. The Mount Laurel Office Center is 100 percent leased to six tenants and is anchored by the various uses of the United States Government’s General Services Administration (GSA), representing 64 percent of the portfolio’s rentable square footage. The property has visibility from Route 73 and access to many of the area’s primary thoroughfares. The JLL Capital Markets team representing the seller was led by Brett Segal, Doug Rodio and Brett Grifo.

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Newmark Knight Frank (NKF) announced the sale of 96 Sterling Place, a multifamily property in Brooklyn. NKF represented the buyers, Peak Capital and Rudd Realty, in the transaction. The sale was negotiated by NKF Executive Managing Director Ron Solarz and Associate Jonny Yuran. 96 Sterling Place is a 18,020 s/f, five-story walk-up multifamily property in Park Slope. The $10,400,000 transaction was the first sale of the building in 40 years. The buyer plans to redevelop the property into luxury rentals. 96 Sterling Place has 25 apartment units, 22 of which are free market with below market rents. A cell phone tower is located on the roof.

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Greiner-Maltz announced the sale of 87-80 Parsons Boulevard, Jamaica, for $1,450,000. The three-story, 5,700 s/f office building is located half a block from the F train at Parson Boulevard Station. It contains three office units. Samia Farah of Greiner-Maltz Investment Properties represented the seller, Local 463 Realty Corp. Dinu Pietraru was the buyer.

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Matthew Marshall of Marshall Real Estate, LLC, announced the sale of the retail condominium located at 333 Rector Place for $4,600,000. The property was sold by Cohen Equities and purchased by Ascot Properties NYC. The 5,460 s/f ground floor condo is currenlty occupied by a day care with a lease expiration in Fall of 2021. New ownership will either renew the daycare at a new rent or break the space up into smaller spaces to achieve greater replacement rents.

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LORRAINE O’HARA

SVN | Realty Three Advisors LLC, announced the sale of 1010 Rt 112 in Port Jefferson Station. PJ7 LLC purchased the 20,000 s/f medical professional office building from 1010 Executive Center LLC for an undisclosed amount. The multitenant building was owned by 1010 Executive Center LLC for over a decade and is tenanted by long-term tenants such as New York Blood Center, Quest Diagnostics, and Hayduk Engineering. Aric Schachner and Lorrain O’Hara of SVN | Realty Three Advisors represented the seller and Yona Slonim of Corcoran represented the buyer.

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