David Warren of Jacobs Real Estate Advisors facilitated the sale of an 8-unit multi-family apartment property at 278 Dean Street, Brooklyn. The sale price was $1.34 million, equating to $167,500 per unit. The property is located near the Barclays Center, the new home of the Brooklyn Nets.
Ariel Property Advisors announced the following sales:
• Victor Sozio, Shimon Shkury, Michael A. Tortorici, Jesse Deutch, and Brown Harris Stevens agent Wolf Jakubowski, were retained by the trustee overseeing the disposition of an 11-unit, former co-op on West 77th Street that filed for bankruptcy protection. A national investor bought the building during a competitive auction process and plans extensive renovations. The 17-foot wide walk-up is located between Riverside Drive and West End Avenue. The property is about 5,898 s/f and also boasts 1,046 s/f of air rights.
• A Washington Heights corner development site at 4452 Broadway featuring 74.5 feet of frontage along Broadway and zoning that allows for approximately 97,119 buildable square feet traded for $7.3 million. Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch served as exclusive agents for the seller, an investment group, and procured the buyer, an international developer. There are currently four vacant, one-story structures on the lot, which is approximately 24,280 s/f.
Unity Bank, a subsidiary of Unity Bancorp, Inc., entered into an agreement with Gramercy Capital Corp., an unaffiliated third party, to purchase three of its currently leased branch locations for $4.325 million. The three purchased properties are located at 1746 Oak Tree Road, Edison, NJ; 104 Raritan Avenue, Highland Park, NJ; and 2426 Plainfield Avenue, South Plainfield, NJ.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• 512 Broome Street, a 1,011 s/f retail property with a 250 s/f mezzanine sold for $2,800,000. Barbara Dansker and Zachary Ziskin represented the seller, RHS Ventures, Inc. The buyer, Hollywood 95 Associates LTD, was secured and represented by Michael Rothstein, a senior associate in Marcus & Millichap’s Manhattan office.
• 93 Crosby Street, a retail condo property, sold for $2,500,000. Michael Helpern represented the seller, a private investor. The buyer, Javeri Capital, was also secured and represented by Helpern. The retail condo is fully occupied and serves as the flagship location for a handbag boutique, MZ Wallace. The full asking price for the portfolio was ultimately achieved through selling the retail and residential portions of the property to different buyers. The residential units closed earlier in the year. Breaking up the units allowed resulted in a blended cap rate of roughly 3.5%.
• Greater Binghamton Health Center Community, a 22,985 s/f net leased property located in Binghamton, NY, sold for $3,700,000. Preet Sabharwal and Steven Stoehrer represented the seller, a developer. The buyer, a private investor, was also secured and represented by Sabharwal and Stoehrer. The buyer was in a 1031 exchange and targeted a high yield asset with minimal risk.
Rosewood Realty Group announced the following sales:
• The $6.4 million sale of a six story walk up apartment building with 57 apartments and six stores. The 60,000 s/f building at West 190th Street (Fordham Manor in the Bronx) aka 2483 Jerome Avenue, was built in 1924. Aaron Jungreis represented the seller, 6 West 190 LLC and the buyer. It sold for 7. 5 times the rent roll.
• The $1.5 million sale of a four-story walkup building at 2265 First Avenue in Manhattan consisting of six apartments and a ground floor store that was a diner, but is now vacant. The 7,865 s/f building was built in 1914. Rosewood’s David Scheer represented the seller and the buyer, 2265 FIRST AVENUE LLC.
Zere Real Estate Services announced the sale of a 15,000 s/f multi-tenant industrial building in Bohemia, NY, for $1,100,000. Michael Zere, executive vice president represented the seller, Campus Family 2000 Trust. Jason Miller of Colliers represented the buyer, Security Dynamics Inc.
Massey Knakal announced the following sales:
• A 41 -unit residential condominium package within The Hopkins Condominium at 172 West 79th Street, on the Upper West Side, sold for $16,250,000. Combined, the units total 40,378 net rentable/sellable square feet and of the 41 sponsor-owned apartments, 33 are rent stabilized, and eight are rent controlled. The sale price equates to approximately $402 psf. The Hopkins is a 19-story, 98-unit, pre-war, elevator building steps from the Museum of Natural History and Central Park. Guthrie Garvin handled this transaction with Paul B. Smadbeck.
• Two mixed-use buildings in Brooklyn for $1,065,000. The buildings are located at 630 Liberty Avenue, and 1729 Pitkin Avenue, in Brownsville. The three-story fully-occupied building at 630 Liberty contains 4,825 s/f square feet. Attached to the building are two single car garages and a two-story home. The four-story building at 1729 Pitkin contains 8,400 s/f and consists of one ground floor store and six residential units. It sold for $665,000, or $79 psf. Edward Gevinski represented the seller in each transaction.
Bussel Realty Corp. (BRC) brokered the sale of 461 Ridge Road, South Brunswick, NJ. The 146,750 s/f facility was sold to GDB International Inc. (GDB), a global trading company specializing in plastics, paint, metals and paper, for $5.7 million. Senior vice presidents David Blitt and Robert Sager of BRC represented GDB in the transaction. The seller was GE Capital and was represented by Jones Lang LaSalle.
NAI James E. Hanson announced the sale of an 11,400 s/f office building at 469 Morris Avenue, in Summit, N.J. Senior vice president Thomas W. Ryan represented the ownership. The three-story building sits on a 1.4-acre tract of land. No sales price was disclosed, but it was originally offered at $2.1 million. WD-40 Company, a global consumer products company, signed a lease and moved in during the due diligence period, bringing the site to 100 percent occupancy.