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Deals & Dealmakers

On The Scene: ABS retained in Midtown, TerraCRG announces assignments

AGENTS

ABS Partners Real Estate’s Ron Zimmerman and Andy Udis have been retained as the exclusive leasing agents for two properties in Midtown Manhattan.
• 215 West 40th Street: Udis and Zimmerman were tapped by Heskel Asset Management, which just purchased the 65,000 s/f office building for $52.5 million. They were hired to exclusively market more than 7,000 s/f of availabilities at the 14-story property, which is located between Seventh and Eighth Avenues. Current availabilities include the entire 5,000 s/f 10th floor and a 2,500 s/f space on part of the 12th floor. Asking rent at the building is $53 per square foot.
• 16 East 40th Street: Udis and Zimmerman were tapped by the landlord, 16 East 40 Realty, LLC., to exclusively market more than 13,000s/f of availabilities at the 12-story office building located between Madison and Fifth Avenues. Current availabilities include the entire 7,800 s/f 11th floor and a 5,500 s/f space on part of the fourth floor.

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TerraCRG announced the following exclusive sales assignments:
Adam Hess and his team are represented the sell of a mixed-use building at 331 Third Street in Park Slope. The asking price for the property is $5.15M. The eight-unit property is located on Third Street. The building is currently configured as an eight-unit co-op. All of the units in the building are approx. 850 s/f three-bedroom apartments. The gross annual income on the property is $252,387. The owner possesses 100% of the cooperative shares.
Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Mike Hernandez and David Algarin are representing the seller the commercial property at 415 20th Street in the Greenwood Heights section of Brooklyn. The asking price is $4.5 million. The 15,071 s/f building, zoned M1-1, features 11,400 s/f of ground floor space and an additional 3,650 s/f of office and mezzanine space. There is also 1,100 s/f of outdoor parking. The property will be delivered vacant.

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Eastern Consolidated has been selected as the exclusive broker to market a development site at 216 Bowery between Prince and Spring Streets. Adelaide Polsinelli, Senior Managing Director and Principal for Eastern Consolidated, is serving as the exclusive broker marketing the property and requesting proposals on behalf of the owner. The 25-foot-wide property includes a three-story, 4,900 s/f building that will be delivered vacant. Located in the Little Italy Special District, zoning will allow the construction of a new development totaling 15,000 buildable square feet.

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Jack A. Cohen of Besen & Associates has been retained to sell a 2-story commercial building with 2 retail units in the Tremont section of Brooklyn located at 709 East Tremont Avenue between Crotona Avenue and Clinton Avenue. There is a ground floor pharmacy and second floor tattoo parlor. The 3,000 s/f property is walking distance to the East Tremont/Crotona Avenue bus stop. The asking price is $1,700,000.

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EPIC Commercial Realty announced the following exclusive assignments:
• The sale of 1557, 1559, and 1494 Dekalb Avenue in Bushwick, Brooklyn. The three buildings consist of 22 residential units, ten of which will be delivered vacant. The package includes three buildings with a total of 20,620 built square feet. 1557 and 1559 Dekalb Avenue are both four-story buildings consisting of eight, three-bedroom units each. 1494 Dekalb Avenue is a three-story building with six, two-bedroom units. All three buildings are located between Knickerbocker and Wyckoff Avenues, ranging from one to two blocks from the Dekalb Avenue L train station. Justin Zeitchik of EPIC Commercial Realty has listed the package at $7,300,000.
• The sale of 1429 Bushwick Avenue in Bushwick, Brooklyn. This is a three-story, walk-up, apartment building with six residential units. The property includes two, three-bedroom apartments and four, four-bedroom apartments, two of which are duplexes. All of the units have separate heating and utilities and have been gut-renovated recently. The building is situated two blocks from the Chauncey Street J, Z train station and four blocks from the Bushwick Ave/Aberdeen St L train station. Baruch Edelkopf and Mike Rybinskov have listed 1429 Bushwick Avenue at $2,800,000.

SALES

Cushman & Wakefield announced the following sales:
• A luxury apartment building at 148 Greenwich Street, in the Village of Hempstead, Nassau County, was sold for $6,350,000. The 40-unit, five-story elevatored building contains 49,952 s/f. Built in 2006, the building contains studio, one-bedroom and two-bedroom units. The fifth floor consists of four penthouse units. The property is fully fenced, equipped with cameras at all entrances, and has a parking lot consisting of 57 spaces. The sale price equates to approximately $127 per square foot. Daniel Abbondandolo exclusively handled this transaction with Benjamin Efraimov.
• Two multifamily buildings, located at 1000 West and 522 10th Streets in Union City, New Jersey, were sold for $2,120,000. The adjacent buildings combine for approximately 16,698 s/f, with 12 residential units consisting of one-bedroom and two-bedroom apartments. Built in 2010, 1000 West Street is a four-story, elevator-serviced brick building containing nine residential units. Additionally, it holds 13 covered parking spaces. 522 10th Street is an adjacent three-family building. The sale price equates to approximately $127 psf and $176,667 per unit. Fahri Ozturk represented the seller with Alexander McGee. The buyer was represented by Miriam Lebovitz of Dwell Realty.
• A residential building at 2 Pierrepont Street on the southeast corner of Pierrepont Street and Pierrepont Place in Brooklyn Heights, was sold. The 12-story building contains approximately 40,178 s/f and consists of 39 residential units. The property is located in close proximity to multiple subway lines. Stephen P. Palmese exclusively handled this transaction.
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Marcus & Millichap announced the following sales:
• A recently constructed 14,820s/f Walgreens located in Franklin, N.J. The asset sold for $9,141,200, its original list price. Dean Zang, senior vice president investments in Marcus & Millichap’s Washington, DC office and Mark Taylor, senior vice president investments in the firm’s Philadelphia office, represented the seller, a limited liability company. The Brooklyn-based buyer, a private real estate investor in a 1031 exchange, was secured and represented by Karly Iacono, associate in Marcus & Millichap’s New Jersey office. The Walgreens is located at 245 State Route 23 in Franklin, NJ, less than 50 miles from Manhattan. Because of its recent construction, the Walgreens is currently under a 20 year lease. The closing price of $9,141,200represents $617 per square foot.
• 5201 Clarendon Road, a 17-unit apartment property located in Brooklyn, N.Y. sold for $2,800,000. Derek Bestreich, Erik Rodriguez and Lucien Sproviero represented the seller, a private investor. The buyer, a limited liability company, was also secured and represented by the team.
• 30 Huntington Street, a 6-unit apartment property located in Brooklyn , N.Y., sold for $1,400,000. Shaun Riney, Derek Bestreich and Adam Lobel represented the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Riney, Bestreich and Lobel.
• 323 Lenox Road, 5,000 s/f of land located in Brooklyn, N.Y., sold for $1,978,000. Derek Bestreich, Steve Reynolds and Thomas Reynolds represented the seller, a private investor. The buyer, a limited liability company, was also secured and represented by the team.
• 200 Parkville Avenue, 2,504 s/f of land located in Brooklyn, N.Y., sold for $1,000,000. Derek Bestreich, Steve Reynolds and Thomas Reynolds represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
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Icon Realty Services Inc. announced the sale of 13805-138-13 Queens Blvd, Queens. Hayel Shaban represented the seller and buyer in this transaction. The subject property is a single-story building compromising of five stores approximately 7,545 s/f. The sale price was $3,400,000, which equates to $450 psf.
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Sardell Realty LLC announced the sale of 92 Bergen Street in the Boerum Hills section of downtown Brooklyn. The two-family brownstone consists of a triplex over a duplex with all the original architectural details in good condition. Arlene, Grace and Karen Sardell represented both the seller and buyers.
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Rosewood Realty Group has closed the following deals:
• The $23.1 million sale of a six-story Manhattan apartment building at 658-666 West 188th Street with 88 apartments in Washington Heights. The six-story elevator apartment building is 98,124 s/f and was built in 1920. The cap rate was 3.35 percent. Aaron Jungreis represented both the seller, Mauer-Bach Realty LLC and the buyer, a local investor.
• The $10.05 million sale of three contiguous four-story walk-up apartment buildings with 59 apartments in Midwood, Brooklyn. The four-story walk-up apartment buildings, 1192, 1198 and 1204 Ocean Avenue (aka 1925-1929 Glenwood Road) sold for 13.5 times the current rent roll. The cap rate was 3.9 percent. The three buildings total 57,600 square feet and all were built in 1917. Aaron Jungreis represented both the seller, 1192 Ocean LLC and the buyer, 1192-1204 Ocean Avenue LLC.
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Holliday Fenoglio Fowler, L.P. (HFF) announced the $7.8 million sale of Willingboro Town Center South, a 29,246 s/f retail shopping center near the New Jersey-Pennsylvania border in southern New Jersey. HFF marketed the property on behalf of the seller, Delco Development, LLC. Circle F Capital purchased the asset free and clear of existing debt. The HFF investment sales team was led by managing director Chris Munley and senior managing director Jose Cruz.
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NAI James E. Hanson arranged the sale of a 220,000 s/f industrial building located at 833 River Street in Paterson, New Jersey from Medallion Industries, Inc. and River Associates, Inc., who was represented by Steven P. Kartzman, Esq., who acted as the Trustee to a private regional investor. The transaction was negotiated by Kenneth D. Lundberg, SIOR, Louis Tapia and Patrick Lennon of NAI James E. Hanson. The four-story building has 14-foot ceilings, eight tailgates and an elevator as well as 100 parking spaces.

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