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Deals & Dealmakers

ON THE SCENE: Ariel Property Advisors marketing Crown Heights Building


Ariel Property Advisors has been retained to sell 1097 Prospect Place, a multifamily building in Crown Heights, Brooklyn. The asking price for the 13-unit property is $7 million. The 4-story building, which spans 17,571 s/f, is located between Kingston Avenue and Albany Avenue. The pre-war property, which sits on a 47 by 128 ft. lot, is comprised of 13 residential units, nine of which will be delivered vacant. Ownership can deliver additional vacancies. Exclusive agents Jonathan Berman, Daniel Tropp, Sean R. Kelly, and David Khukhashvili are representing the seller.


Marcus & Millichap announced the following sales:

• 45-44 48th Street, a 3,600 s/f mixed-use property in Queens, sold for $1,415,000. Shaun Riney and Michael Salvatico, in Marcus & Millichap’s Brooklyn office, represented the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by the team.

• 245 North 8th Street, an 8-unit apartment property in Brooklyn, sold for $4,150,000. Shaun Riney, Michael Salvatico, and Matthew Steinberg had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The sale price equates to $640 psf.

• 274 73rd Street, a 6-unit apartment property in Brooklyn, sold for $1,230,000. John Brennan had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by John Brennan. 274 73rd Street traded at $325 psf. The seller was a long-term owner.

• 2433 Pitkin Avenue, a 23,000 s/f development site in Brooklyn, sold for $1,150,000. Jakub H. Nowak, Jim McGuckin and Thomas Brennan, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The site will be developed into 32 units with ground-floor retail space.

• 680 East 21st Street, a 3-unit apartment building in Brooklyn, sold for $1,365,000. Jakub H. Nowak, Matthew Rosenzweig and Robert Lawrence, represented the seller, a private investor. The buyer, private investor, was secured and represented by the team.


Cushman & Wakefield announced the sale of two adjacent commercial buildings located at 6519 and 6523 18th Avenue in Bensonhurst, Brooklyn. The final closing price was $9,020,000. Executive Director Jeffrey A. Shalom, Caroline Hodes and Stephen Vorvolakos represented both the seller and the buyer. The two, two-story adjacent commercial buildings, totaling 8,070 s/f sold for a record price for this asset class on 18th Avenue of $1,118 psf. The corner retail space is anchored by Capital One Bank through a 15-year lease while the rest of the building will be delivered vacant shortly after closing.


Avison Young Fairfield/Westchester office announced that the firm closed on the sale of a 1.86-acre development site at 200 Danbury Road in Wilton, CT for $1.2 million. Sean McDonnell and Alison Luisi of Avison Young’s Capital Markets Group arranged the all-cash, no contingencies sale of the redevelopment site on behalf of the seller, The Kent House, LLC. The buyer, 200 Danbury Road LLC, is a local developer with plans for a possible mixed-use residential/retail center.


Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Christie Place, a 12,731 s/f, fully leased, transit-oriented retail condominium in downtown Scarsdale, New York. The HFF team marketed the property on behalf of the seller, Ginsburg Development Companies. A private investor purchased the property free and clear of any mortgage financing. Anchored by Bank of America, Christie Place is home to Pattiserie Saltsburg, an upscale European-style café; Pine Tree Organic Cleaners; Flora Nail & Spa and Chat American Grill. The retail condominium was completed in 2008 and comprises the ground-floor retail for the three stories of upscale Christie Place residences. The property is located at 1 Christie Place directly across the street from Scarsdale’s Metro-North rail station, which provides direct service to Grand Central Station in Midtown Manhattan, and is situated within Scarsdale’s central business district. The HFF investment advisory team representing the seller included senior director Stephen Simonelli, senior managing director Jose Cruz, managing directors Jeffrey Julien and Kevin O’Hearn and senior director Michael Oliver.


Jeremiah A. Houlihan of Houlihan Parnes Properties announced the sale of 50 Washington Ave, Hastings-on-Hudson NY. The property is improved with a three-story walk-up apartment building containing a lobby and stairwell with nine apartments. Located between Broadway and Warburton Ave on the southerly side of Washington Avenue, this location has Hudson River and Palisades views and is within walking distance to the Hastings-on-Hudson train station and to the Village itself. The property was purchased by a Brooklyn-based real estate holding company with holdings in NYC as well as Westchester County.


Hunt Corporate Services, Inc. announced that Brooklyn-based QB Trading Inc. has purchased the 18,000 s/f industrial building at 127 Allen Boulevard, Farmingdale, NY. Andy Dorman of Hunt represented the seller, Sallab Properties, Inc. Chuck Syage of Hunt represented the buyer. The purchase price was $2,000,000, which equates to $112 psf. The building stretches, front to back, an entire block from Allen Boulevard to Marine Street, with entrances on each street,. QB Trading, a wholesale supplier of ladies and men’s fashions, is relocating its operation from Brooklyn to Farmingdale to escape high rents, said Syage.

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