AGENTS
Besen & Associates announced that Amit Doshi and Shallini Mehra have been retained exclusively to sell 344 Cabrini Boulevard, a four-story, eight-unit one-of-a-kind building. The 7,228 s/f residential property is located in Hudson Heights in Northern Manhattan. The building is located on Cabrini Boulevard between West 190th Street & West 187th Street. Built in 1915, the property was gut renovated in 1997 and has been under the same ownership for 20-plus years. The lower level and first floor apartments feature large patios and the rear units have panoramic views of the Hudson River, New Jersey skyline and the George Washington Bridge. The units are rent stabilized with an average monthly rent of $1,900, which represents a 26 percent discount to the current market rent rates. Asking price is $4,500,000.
SALES
Highcap Group announced that Daniel Hakimian and Jonathan Bichoupan have completed the recent off-market sale of the building located at 741 Washington Avenue in the Prospect Heights section of Brooklyn for $1,575,000. The property is a three-story walkup with 5,397 s/f and six apartments which traded for the first time since the early 1990’s. Hakimian and Bichoupan recognized the low rents of the two-bedroom units, each averaging 900 s/f. The emerging neighborhood is surrounded by many new trendy restaurants, cafes and retailers. It is also located three blocks from the 2 and 3 lines at Eastern Parkway and walking distance to Brooklyn Museum. The property sold for $1,575,000 which represents a sales price of $262,500 per unit, a rent roll multiple of 18.5 X gross rent and a capitalization rate of 3.5 percent.
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American Investment Properties Inc. (AIP) announced that it has arranged the all-cash sale of a 5,100 s/f mixed-use property in the heart of Rockville Centre for $1,030,000. The property, 218-220 Sunrise Hwy., which was built in 1936 and which consists of three stores and two apartments, was sold by Douglas Barnaby to Dan Nicolo. The price amounted to $202 per square foot with a projected cap rate of 7.91 percent and an actual cap rate of 2.96 percent. AIP president Ron Koenigsberg represented both the seller and the buyer.
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Breslin Realty announced the sale of 499 East Jericho Turnpike in Huntington Station, NY. The 7,500 square foot property with an existing 2,000 square foot building was purchased by South Bronx Revitalization IV, LLC, with the intention to use it as an office building. The transaction was arranged and negotiated by Richard MacDougall of the Breslin Organization.
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Cushman & Wakefield has arranged the sale of a three-story, 4,788 s/f multifamily property at 12-15 119th Street in the College Point section of Queens. The building, which attracted substantial market interest, is a three-floor walk-up, plus basement. Its eight units, all rent-stabilized, include two studios and six one-bedroom apartments. The sellers were Ted and Ana Bednarek. The property, located three blocks west of College Point Boulevard, was acquired in an all-cash transaction by Queens Residential Properties, Inc. Stephen Preuss led the marketing with senior associate Kevin Louie. The building had undergone a number of upgrades in recent years, including new windows, updated brick pointing, a new roof, and new oil tanks.
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NAI James E. Hanson negotiated the sale of an 11,500 s/f office building located at 2115 Millburn Avenue in Maplewood, N.J. Josh Levering, Ken Lundberg, Nick DePaolera and Pat Lennon represented the seller, Millburn Property Management in the sale to Millburn Ave. Specialty Realty. 2115 Millburn Avenue is a two-story, 11,500 s/f office building located in the Maplewood/Millburn professional corridor of Millburn Avenue. It offers access to Routes 24 and 78 and the Garden State Parkway. The buyers purchased the building for conversion from a multi-tenant office building into a headquarters medical facility. Century 21 New Beginnings Realty represented the buyer in the transaction.
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Marcus & Millichap announced the following sales:
• Two, multifamily buildings totaling 16-units located in Guttenberg, NJ, for $2,175,000. Jonathan Zamora, a Hudson County investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. Zamora also secured and represented the buyer, a private investor. The properties sit a couple blocks away Boulevard East and many retail corridors nearby. Guttenberg is one of the most densely populated cities in the entire nation. The buyer ended up securing the deal closing all cash and closing in 30 days, fetching a 4.8 percent cap rate.
• An 8,400 s/f retail strip center, anchored by 7-Eleven, located in Bound Brook, NJ, for $3,145,000. Ben Sgambati, Alan Cafiero and Brent Hyldahl, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a developer. The team also secured and represented the buyer, a private investor. 7-Eleven Strip Center is located at 600 West Union Avenue in Bound Brook, NJ. Neighboring national tenants include, Shoprite, Walgreens, CVS, Washington Valley Bank, and Bank of America. The subject property is located at a signalized intersection with traffic counts of 27,000 cars per day.
• The leasehold interest Park 80 East, a 83,160 s/f office property located in Saddle Brook, NJ. Ben Sgambati and Alan Cafiero represented the seller, a private investor. The team also secured and represented the buyer, a private investor. Park 80 East is located at 160 Pehle Avenue in Saddle Brook, NJ. The subject property has a recently updated signage, entryway, and lobby. The property is also a value/add opportunity with fifty percent occupancy.
• Prinzivalli Building, a 5,760-square foot retail property located in North Brunswick, NJ, sold for $1,175,000. Michael Lombardi, Alexander Pildes and Steven Schiavello, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. Michael Lombardi and Alexander Pildes also secured and represented the buyer, a private investor.
