Marcus & Millichap Real Estate Investment Services announced the following sales:
• A Verizon Wireless, 5,250s/f Net Leased property located in Kingston, NY, sold for $2,700,000. Judson Kauffman and Glen Kunofsky represented the seller, and the buyer, a private investor.
• 538 East 89th Street, a 10-unit apartment building. sold for $6,115,000. Peter Von Der Ahe, Scott Edelstein, and Seth Glasser, represented the seller, a private investor. The asset closed at over 14 times the gross rent.
• 510 Valley Road, a 43,13 s/f A&P-anchored shopping center located in Upper Montclair, NJ, sold for $8,531,708. Ben Sgambati, Alan Cafiero, and David Cafiero, represented the seller, a local developer. Sgambati and Alan Cafiero also represented the buyer. The property was 100 percent occupied at the time of sale. Tenants include a Chinese restaurant, a ReMax real estate office and a school for children. The center was purchased all cash.
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Besen & Associates announced the sale of 238-248 Front Street (AKA 15-19 South Franklin Street), in Hempstead, Long Island. The single-story retail strip center consists of 7 stores, with a 100% occupancy level, and parking for 25 cars. The property has 18,000 s/f, 16,600 of which is rentable square feet. The property was sold for $2,525,000 which equates to a 7.8% capitalization rate and $140 psf. Jack A. Cohen of Besen & Associates represented the buyer and the seller in this transaction.
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Gene Pride and William Cuddy of CBRE’s Stamford, CT, office represented the City of Rye in the sale of 1037 Boston Post Road, a 9,850 s/f retail building that is 100% leased and occupied by Lester’s, a NY clothing retailer. The property sold for $5,600,000, or $568 psf, to a Long Island investor. The demand for 1037 Boston Post Road was significant with 101 investors from 11 different states and two foreign countries requesting the offering memorandum. The purchaser plans to renovate the building and upgrade its appearance.
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Michael Cervelli Real Estate arranged the sale of 2 brick apartment houses totaling 13 units in North Bergen. The properties, 1211 7th Street and 1200 13th Street, were purchased by the same investment group, but were owned by two different owners. Both properties were purchased in cash as each had their own challenges which would have made financing difficult. In each instance, the owners contacted Chris Cervelli with the need to dispose of non-performing assets. The buyer group is building a large portfolio in the area and the absorption of the units for long term hold was within their reach. 1200 13th Street sold for $199,000 and 1211 7th Street sold for $310,000.
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ERG Property Advisors announces the following sales:
• A two-story mixed-use building in Greenpoint, Brooklyn. The McGuinness Boulevard property consists of two vacant apartment units and one commercial unit with a basement. The property sold for $680,000 with a 10.01% projected cap rate. Peter La Rosa handled the assignment.
•A taxpayer retail strip on Commack Road, Commacl, NY. The property consists of five commercial units with long-term tenants. The main level is 5,000 s/f and the lower level is 2,400 s/f. The property also includes front, side, and rear parking space. The sale price was $1,800,000 with a cap rate of 8.48%.
• A development site on 13th Street in the East Village closed at a record deal of $296 per buildable square feet. The property includes approved plans for a six-story 10,996 s/f elevator building consisting of one-bedroom and two-bedroom apartment units. The units can be presented as rentals or condominiums. Jeffrey Wolfson exclusively brokered this transaction. The property sold for $3,275,000.
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Massey Knakal announced the following sales:
•Two contiguous mixed-use buildings at 57-59 East 125th Street, in Manhattan’s Harlem neighborhood, sold for $3,600,000. The buildings combine for 6,786 s/f and zoning allows for 22,455 buildable square feet as-of-right. One building was delivered vacant. The sale price equates to $160 per buildable square foot. Lev Kimyagarov represented the seller.
• A commercial co-op located at 6 West 20th Street sold for $3,600,000. The commercial co-op unit, situated on the sixth floor of an 11-story commercial loft co-operative building, contains 4,500 s/f. It has one passenger and one freight elevator which open directly into the unit. It was delivered vacant. The sale price equates to $800 psf. Brock Emmetsberger and John F. Ciraulo handled the assignment.
• A retail building at 1289 Louis Nine Boulevard in the Crotona Park neighborhood of the Bronx, sold for $1,550,000. The single-story building contains 12,400 s/f, a full basement and features over 100 feet of frontage on Louis Nine Boulevard. The property was delivered vacant and is currently zoned C1-4 / R7-1. The sale price equates to $125 psf. Nick Burns handled this transaction.
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Friedman-Roth Realty Services LLC announced the sale of an Upper West Side apartment building located at 102 West 79th Street. The six-story elevator building features 36 residential units and three ground floor retail spaces for a combined total of 20,281 s/f of space. The property, which was sold for a purchase price of $16,650,000 or nearly $815 psf, had been owned by the same family for more than 50 years. Friedman-Roth’s Joseph Arnold Smith represented the seller and George Niblock, a managing partner, represented the purchaser. The buyer is from Europe and the plans are to keep the proeprty as a rental.
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Royal Properties, Inc. announced the successful sale of three retail buildings in West Haverstraw, NY.
• 32-36 Route 9W in West Haverstraw, NY, consists of three retail buildings on three acres. Two buildings are currently leased to Verizon Wireless and Dunkin’ Donuts with a 13,000 s/f vacant building. John Williams of Royal Properties, Inc. was the sole broker in this transaction. The buyer, BHN Associates will be redevloping the vacant building.
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Procida Funding & Advisors, LLC, has acquired two 1st mortgages totaling $4,000,000 secured by two properties in northern New Jersey.
• The two first mortgages were cross collateralized and secured by a development site in Hoboken, NJ, and a partially complete condominium project on River Road in North Bergen, NJ. The Hoboken development site has been approved for 46 residential units, 1,435 s/f of commercial space and 32 parking spaces. The North Bergen site is 90% complete and consists of 8 units.
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Gebroe-Hammer Associates announced the $1.625 million sale of a 12-unit apartment complex in the City of Passaic. Debbie Pomerantz, assistant vice president, represented the seller, Passaic Park Properties, and identified the buyer in the transaction. 458 Lafayette Ave. consists of 12 two-bedroom units with balconies. Located near St. Mary’s Hospital, features include a brick-with-siding façade, on-site parking, new water heaters, a new roof and newly painted units.
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Eric S. Goldschmidt, senior partner at Goldschmidt & Associates, brokered the sale of two Westchester County properties. Goldschmidt was the exclusive broker for the sellers of both properties.
• 566 East Boston Post Road, Mamaroneck, NY, aka the Briggs Antique Building, was sold to a private owner at close to the asking price of $2,500,000. Goldschmidt was the sole broker for this transaction. The purchaser’s attorney was Paul Herrick of Rabin Panero & Herrick.
• The 6,400 s/f medical building at 91 Smith Avenue, Mt. Kisco, was sold for close to the asking price of $1,650,000 to an owner/ user. The purchaser’s broker was Joseph Lipollis of Prudential River Towns Real Estate. The Purchaser will use a portion of the building for its medical related use.
