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Deals & Dealmakers

On the scene: Ariel Property Advisors retained for 211 Bond Street, Andrew Lichtenstein sells Bay Ridge property

Ariel Property Advisors has been retained to sell 211 Bond Street, a vacant commercial building between Baltic and Butler Streets in the Brooklyn neighborhood of Gowanus. The asking price is $1,875,000. Mark Spinelli, Daniel Tropp, Jonathan Berman and Michael A. Tortorici are bringing the property to market. Newly constructed in 2007, the property is a three story, 3,4000s/f building with ground floor parking, in addition to warehouse and office space and terraces on floors two and three.

EPIC Commercial Realty has been retained on an exclusive basis to represent the individual sales of 225 West 131st Street and 267 West 131st Street. The buildings are located on the same block, between Frederick Douglass and Adam C Powell Boulevards, in Harlem, New York. Sasi Elya, Associate Broker at EPIC, is representing both listings.

  • 225 West 131st Street is a three-story, walk-up building consisting of four apartments, two of which are being delivered vacant. The building has been fully renovated by the current owner. 225 West 131st St is being sold for $1,700,000
  • 267 West 131st Street, also stands three-stories tall, is a fully vacant SRO building. The property has been vacant for over 10 years, making it easy to obtain certificates on non-harassment. 267 West 131st St is listed for $1,300,000.

Cushman & Wakefield announced the following exclusive sale assignments:

  • A mixed-use building at 210 Bedford Avenue, Williamsburg neighborhood. The asking price is $7,000,000. The three-story building contains 2,510 s/f. Completely renovated, it consists of a vacant, luxury duplex apartment above an 880 s/f retail space occupied by Juice Generation. Brendan Maddigan is exclusively marketing this property.
  • A two-building retail center at 1365-1391 Post Road East in Westport, Connecticut. The center consists of 51,755 s/f and is occupied by five upscale tenants. Al Mirin is exclusively marketing the property with Kate Schwartz and Kathleen Fazio.

TerraCRG has been retained to sell 497 Dean Street in Prospect Heights, Brooklyn. Ofer Cohen, Melissa Warren, Dan Marks, Mike Hernandez, Peter Matheos and David Algarin are representing the seller. The asking price is $3,400,000. The four-story walkup consist of eight rental units; three are free market with average rent for the building at $27 per square foot. The 7,280 s/f property consists of seven two-bedroom apartments and one ground-floor duplex apartment. The property is located between Sixth Avenue and Carlton Avenue, directly behind the Barclays Center.

Andrew Lichtenstein, President of LichtensteinRE, has sold the property located at 194 Gelston Avenue between 92nd and 94th Streets in the Bay Ridge section of Brooklyn, for $3,850,000. LichtensteinRE closed the sale at a 2.98% Capitalized Rate of return on the current actual net income at closing. The sale price represented $238 psf and $190,000 per unit. The building sold for 14.72 times the actual current rent. The 55 foot wide building is a four-story walkup with 16,000 s/f comprised of 20 pre-war units. 75% of the apartments have been renovated. The buyer owns multiple properties in the neighborhood.

Friedman-Roth Realty Services announceD the sale of a Lower Eastside apartment building located at 210 Rivington Street. Located at the corner of Pitt Street, the property is a six-story walk-up apartment building with 20 apartments and 3 retail spaces. Constructed in 1920, the building encompasses 14,096 S/F. The selling price was $12,500,000. Since 1992, the building has been sold THREE times, each time by Friedman-Roth Realty. Jim Mann represented the purchaser while the seller was represented by George Niblock.

Admiral Real Estate announced the sale of 200 East Main Street, a 2-story retail property in the Village of Mount Kisco, for $3,225,000. The buyer was 200 E Main Street LLC, an affiliate of AC Development. The property is a 15,000 s/f mid-block retail building with 143 feet of frontage on Main Street and an additional 2-story frontage to the municipal parking lot at the rear. John Barrett together with Joan Simon exclusively represented the undisclosed seller, a longtime investor in both New York City and Westchester. Simon had spent the prior three years leasing up the property to prepare it for sale. AC Development, a 1031 tax-deferred buyer, was able to close the transaction within 60 days of identifying the asset. The sale occurred at a cap rate of 7.1% on in-place income, or just over $215 per square foot

The CPEX Mixed-Use Investment Sales Team announceD the sale of 173 Court Street, in the Cobble Hill Historic District. The property sold for $5.25 million. It is approximately $1.325 million per unit, or $1,129 psf. Timothy D. King and Keat Chew represented the seller and procured the buyer in the transaction. They were assisted by Ryan Condren. 173 Court Street is a four-story, walk-up, mixed-use building, which consists of three apartments and one ground floor unit. It has approximately 2,000 Formerly occupied by the Hope Animal Hospital, the building was delivered with one commercial unit vacant and the remainder of the building occupied.

Eastern Consolidated announced the following sales:

  • 630 Hudson Street, a Greenwich Village walk-up apartment building, sold for $6.6 million. Eastern Consolidated represented the buyer, 630 Hudson LLC, and procured the seller, HUDSON UNITY LLC. The four-story, 6,158 s/f residential building is comprised of six one-bedroom apartments, five of which are rent stabilized. In addition, there is retail space on the ground floor. Andrei Danshes and Roberto F. Ortiz, procured the seller. Gabriel Saffioti represented the buyer, 630 Hudson LLC.
  • A national buyer acquired a 5,200 s/f corner, mixed-use building at 3914-3924 13th Avenue and 1267 40th Street in Borough Park, Brooklyn from a local family who has owned the property for more than 27 years, for $2.6 million. The two-story building, located on the northwest corner of 13th Avenue and 40th Street, includes 4,034 s/f of unused and intact air rights, 95 feet of frontage along 13th Avenue, and is 100 percent occupied by three retail tenants. The property also includes one office tenant, Community Home Care. Adelaide Polsinelli represented seller in the transaction. Ronda Rogovin represented buyer.

Centum Real Estate Group announced the following sales:

  • 137 Ludlow Street for $8.32 million. Otis Duffy, a principal of the company, brokered the sale of the three-story, 9,777 s/f retail/restaurant building located adjacent to the new SoHo House currently being developed. Libations, the current tenant will stay on for the next two years until the new owner repositions the asset. Duffy represented both the buyer, Joe Tabak, Princeton Holdings LLC, and selle.
  • 1901 Summit Avenue in Union City, NJ, sold for $1.15 million. Otis Duffy brokered the sale of the two-story, 12,500 s/fwarehouse building located on the corner of Summit Avenue and 19th Street. The current structure will be demolished to make room for a 5-story apartment building containing 24 units. Construction is scheduled to commence immediately as Centum helps secure the construction financing. The buyer, Steve DeMattheis plans on offering incentives to tenants such as a concierge offering amenities that include free car washes to tenants while they are sleeping.

John A. Falco, President of Falco Isak Realty Services, sold 80-02 Grand Avenue in Elmhurst, Queens, for $1,650,000. The corner, 1-story plus mezzanine, retail building, built in 1960, consists of 5,675 above grade s/f, with 55 feet of frontage on Grand Avenue. The sales price represents $290.75 psf. The seller was Community Real Estate, Inc; the purchaser is Dong Yuan (USA) Group, Inc., a private investor. Falco Isak Realty Services exclusively represented the seller and Winzone Realty represented the purchaser. The business, a retail and wholesale beer distributor, was also sold to the purchaser.

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