Sales
Michael Cervelli Real Estate announced the sale of 156 Grant Ave., Jersey City. The property traded for $98,611 per unit. The buyer, a local investor, was able to secure a 75% LTD ratio. Chris Cervelli, CCIM, handled all negotiations between the buyer and the seller.
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GFI Realty Services Inc. announced the $1,260,000 sale of 330 East 117th Street, a renovated four-story walk up in East Harlem. The property consists of five apartments and one office and the price translates to $210,000 per unit and ten times the rent roll. Kobi Zamir represented the seller, a local investor. Zamir and Roni Abudi represented the buyer, also a local investor.
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Javeri Capital purchased the 1,500 s/f retail condo at 93 Crosby Street, between Spring and Prince Streets. The space is fully occupied by the flagship location for handbag boutique MZ Wallace. The $2.5 million purchase price represents an in-place cap rate of 5.70%. Javeri Capital’s Soho holdings currently include 23-25 Greene Street and 115 Mercer Street. Michael Helpern of Marcus & Millichap represented the seller in this transaction.
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Marcus & Millichap announced the following sales:
• A 79,062 square-foot mixed-use property located in Pompton Lakes, NJ, sold for $6,050,000. Barbara Dansker in New York and Michael Lombardi in New Jersey represented the seller, a New York investor. The buyer, a private investor, was secured and represented by Mark Gjonbalaj, a senior associate in Marcus & Millichap’s New Jersey office. The property is located at 226-247 Wanaque Avenue and consists of Windsor School (public school funded), three apartments, the borough of Pompton Lakes, a local gymnastic studio and Smiling Rhino Theater. The four-building package is 100 percent leased.
• 524 Lorimer Street, a 6-unit mixed-use building in Brooklyn, sold for $1,700,000. Shaun Riney and Michael Salvatico represented the seller, a private investor. The buyer, a fund manager, was also secured and represented by Salvatico and Riney. The sale price equates to $502 per square foot.
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Massey Knakal announced the following sales:
• An apartment building at 265-267 South 2nd Street, in Brooklyn’s Williamsburg neighborhood, sold for $9,700,000. The fully-occupied six-story walk-up building contains 35 units, 17 are Rent Stabilized and are considerably under market. The sale price equates to $425 psf, a 4.9% capitalization rate and over 13x the gross rent. Mark L. Lively handled this transaction with Brendan Maddigan.
• A net-leased commercial building at 567 Seventh Avenue in the Fashion District sold for $7,250,000. The four-story building contains 4,149 s/f and lies in a C5-3 zone, yielding an as-of-right commercial FAR of 15.0. Paris Baguette is the net lease tenant for the entire building. Paul J. Massey, Jr. handled this transaction with Bob Knakal and Ryan Horvath.
• A modern townhouse at 542 Cathedral Parkway on the Upper West Side sold for $3,400,000. The four-story building contains approximately 5,065s/f. Built in 1988 by Smith and Thompson Architects, it is currently configured as four floor-through apartments and a penthouse studio. The sale price equates to $671 per existing square foot. Hall H. Oster handled this transaction.
• Three contiguous newly-constructed apartment buildings at 684-686 Willoughby Avenue, in Brooklyn’s Bedford-Stuyvesant neighborhood, sold for $1,800,000. The three-story property contains 12,480 s/f. It totals nine residential units. The ground floor units include finished basement space. The property benefits from parking in the front as well as a deck with garden space to the rear. The sale price equates to approximately $144 psf. Michael Amirkhanian handled this transaction.
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Ivan Hakimian’s firm HPNY has closed on a package of four building’s on 2nd Avenue between 103rd & 104th Streets. The package consisted of 2024- 2028 and 2036 2nd Avenue. A total of 25 apartments, 7 stores closed for $5.96 million. The buildings were built roughly 25,00 0s/f with an additional 20,000 s/f of air rights.
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NAI James E. Hanson represented both parties in the sale of a 109,751 s/f industrial complex at 75 Mill Street in Newton, N.J. The property, which consists of four buildings on 4.16 acres, changed hands for $1.45 million. Vice President Sig Schorr and sales associate Joseph F. Vindigni oversaw the transaction. The seller was Newton Industrial Park, LLC. The buyer, Darlington Heritage Properties, LLC, intends hold the site for investment purposes.
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Bill Simson of HK Group brokered the sale of the 8,024 s/f property at 247 Ash Street, Bridgeport, CT, to Golden Hill Custom Cabinetry. Golden Hill will move its existing manufacturing facility to its new location on 247 Ash Street. The expanded facility will enable Golden Hill to streamline its production facility and expand its business in the future.
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Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of a 176-unit, multi-family property at 76 Shaker Heights Drive, Monticello, NY. The 9-building garden-style apartment complex was built in 1970. The property had been owned by a commercial savings bank. Graf spent 1½ years negotiating the purchase. New ownership has an extensive capital investment program planned for Monticello Meadows. Steve Tierney of Woods, Oviatt, Gilman LPP worked on the transaction.
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The Kislak Company, Inc. announced the $11,300,000 sale of five multifamily properties in Monmouth County, New Jersey.
• A a 36-unit property in Spring Lake Heights sold for $3,960,000. The property, known as The Oaks, is a combination of one- and two- bedroom apartments in a two-story brick building. Sales associate Daniel Lanni represented the seller and senior vice president Matt Weilheimer represented the purchaser.
• A 26-unit property in Long Branch sold for $2,600,000. The property is located on Ocean Boulevard within walking distance of the ocean and Pier Village. It consists of all one-bedroom apartments in a two-story brick building. Daniel Lanni represented the seller and vice president Don Baxter represented the purchaser.
• An 18-unit property in Belford sold for $2,075,000. The property is located on Main Street and represents the majority of the new downtown multifamily and retail space in the community. Constructed in 2007, it consists of 11 one- and two-bedroom luxury apartments and five retail spaces with a total of 8,700 s/f. Dan Baxter and Matt Weilheimer together worked with the parties to close the transaction.
• A 19-unit property in Asbury Park sold for $1,365,000. The property, known as Lakeside Terrace Apartments located on Fifth Avenue, consists of a combination of studios, one- and four-bedroom apartments in a three-story brick building. Daniel Lanni represented both parties.
• A 15-unit property in Keansburg sold for $1,300,000. Known as Sparrow’s Point, the property is located on Main Street ten blocks from the ocean. It consists of a 14,400 s/f two- story mixed use building with 10 apartments over five retail stores. The sale included a coin-operated laundry business and all related equipment and restaurant equipment. Vice president Andrew Jonas represented the seller, a longtime Kislak client who used the sale to complete a Section 1031 exchange. A local RE/MAX affiliate represented the purchaser.
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Marvin Hartman, executive vice president at Pliskin Realty & Development announced the following deals for Advance Auto Parts, Inc., an automotive aftermarket retailer:
• Hartman brokered a $1.1 million, one and one-half acre land tract sale at 64 Forest Avenue, Glen Cove, NY, for which he represented the buyer, AAP. Anthony Russo of Cushman Wakefield represented the owner.
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Waypoint Residential has acquired Cypress Club at Woodmonton University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is currently 95% leased. The purchase price was not disclosed. Led by Scott Lawlor, Waypoint Residential is a privately-held investment and management firm that acquires and operates apartment communities throughout the nation. The firm has offices in Greenwich, Conn., Atlanta, Boca Raton and Dallas. Waypoint Residential owns and manages approximately 10,000 apartment units located in seven states.
