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Deals & Dealmakers

ON THE SCENE: Ariel Property sells $21M Upper Manhattan portfolio; Friedman-Roth closes Midtown deal

AGENTS

Ariel Property Advisors has announced five Upper Manhattan transactions totaling $20.95 million:
•Twelve walk-up buildings on Manhattan Avenue sold for $14.5 million. The sales team of Shimon Shkury, Victor Sozio, and Michael A. Tortorici represented the seller and procured the buyer, both real estate investment firms.
•A five-story, 10,705 square foot building with 14 units at 160 West 141st Street in Central Harlem sold for $2.45 million. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller and procured the buyer, both local real estate investors.

JESSE DEUTCH
JESSE DEUTCH

•A five-story, 4,500-square-foot SRO building at 137 West 111th Street in Central Harlem sold for $2.1 million. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller and procured the buyer, both private investors.
•A four-story SRO walk-up at 221 West 134th Street in Central Harlem sold for $975,000. Exclusive agents Victor Sozio, Michael A. Tortorici, Josh Berkowitz, and Marko Agbaba represented the seller and procured the buyer, both private investors.
•A vacant lot with approximately 9,992 buildable square feet at 10 West 132nd Street in Central Harlem sold for $925,000. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller, a religious institution, and procured the buyer, a private developer.
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The Kislak Company, Inc. announced the recent sale of four multifamily properties in Bergen County, New Jersey with a total of 79 residential units.
The separate transactions included the $2,990,000 sale of a 28-unit property on First Street in Hackensack; the $2,110,000 sale of a 20-unit property on Mary Street in Hackensack; the $2,600,000 sale of a 19-unit property in Ridgefield Park; and the $1,220,000 sale of a 12-unit property in Leonia. Sales associate Andrew Scheinerman represented the seller of the Hackensack and Ridgefield Park properties and the purchaser in all four transactions.
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Massey Knakal announced the following transactions:
•A development site at 76 Ainslie Street located between Keap Street and Union Avenue in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $3,944,300. The site currently consists of a single-story factory. The property was delivered vacant and the sale price equates to approximately $289 per buildable square foot. Mark Lively exclusively handled this transaction with Brendan Maddigan.
•A multifamily townhouse at 181 Lincoln Road located between Bedford and Rogers Avenues in the Prospect Lefferts Gardens neighborhood of Brooklyn, was sold in an all-cash transaction valued at $1,575,000. The four-story building contains approximately 4,133 square feett. It consists of four free market units, with three one-bedrooms and a ground floor owner’s unit with rear extension and access to garden. The sale price equates to approximately $381 per square foot. Michael Amirkhanian exclusively handled this transaction with Edward Gevinski.
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CBRE announced the $8.8 million sale of a Rite Aid Pharmacy at 180 Main Street in Cheshire, Connecticut, on behalf of a private seller. The buyer is Menlo Capital Group, a San Francisco-based private real estate development company. This transaction is the most expensive sale of a Rite Aid Pharmacy in the United States since 2007. CBRE’s Ian Schroeder and Maurice Nieman and REF Advisory’s Michael R. Katz marketed the sale of the property on behalf of the seller. The triple net lease investment sold at an 8.25% CAP rate, and is a partial leasehold and fee-simple interest. The 14,673 s/f property is located in the heart of Cheshire, an affluent Connecticut suburb.
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Friedman-Roth Realty Services announced the sale of two adjacent four-story Midtown East walk-up buildings at 988 Second Avenue and 990 Second Avenue (between East 52nd and 53th Street for $11.1 million. Jim Mann and Lily Ren represented the private investor buyers and Richard Libbey of M.A. Salazar represented the sellers. Together, the 40-foot-wide triple-net leased property features five residential apartments and a neighborhood sushi restaurant. This is the first sale of the 9,180 s/f mixed-use property since 1956.
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Rosewood Realty Group announced a seven-building Brooklyn portfolio sale for $12.65 million. The buildings include 442-446 Decatur Street in Bedford Stuyvesant and 255-261 and 263-265 Linden Street in Bushwick. Decatur is a four-story walkup apartment building with 32 apartments and Linden consists of five, four-story walk-up apartment buildings and a six-family walk-up apartment building (all contiguous) with a total of 38 apartments. Together, the buildings, that were built around 1931, total about 55,338 s/f. The portfolio sold for 11.4 times the rent roll. Aaron Jungreis represented both the Linden seller, Black Spruce Partners IV LLC and Decatur seller, Black Spruce Partners IX. David Scheer represented the buyer, a private investor.
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Josh Goldflam of Highcap Group announced the sale of 2923 Eighth Avenue in the Harlem/Washington Heights neighborhood of Manhattan for $2,700,000. Goldflam represented both the seller and purchaser. The 2-story walk up commercial building is approximately 7,562 s/f and consists of five retail stores, and 2nd floor offices that are entirely rented out to a mosque. The property also has additional air rights which may be utilized to add an additional two floors. The property sold for $2,700,000, which represents a sales price of an 8% CAP Rate and $357 psf.

JOSH GOLDFLAM
JOSH GOLDFLAM
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