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Deals & Dealmakers

On The Scene: Ariel retained, Cush & Wake announces deals


Ariel Property Advisors has been exclusively retained to sell four properties for a combined total of $14,250,000 located in Hamilton Heights, Brownsville, Crown Heights and Bedford Stuyvesant.
• 304 West 147th Street is a multifamily building which contains 33 rental units in Northern Manhattan’s Hamilton Heights neighborhood. The asking price is $7,700,000. The six-story property is located on the south side of West 147th Street between Bradhurst Avenue and Frederick Douglass Boulevard. Exclusive agents Victor Sozio, Michael A. Tortorici, Josh Berkowitz, Matthew Gillis and Josh Kwilecki are bringing property to market and representing the seller, a private investor.
• 1755 Pitkin Avenue is located in the Brownsville neighborhood in Brooklyn and has an asking price of $2,500,000. This vacant commercial property comprises 9,600 square feet and consists of the ground floor, a full basement, and two large mezzanine spaces. The ground floor retail space is approximately 85’ x 50’ with up to 20’ high ceilings. Exclusive agents Jonathan Berman, Mark Spinelli, Daniel Tropp and Nathan Singer are bringing property to market and representing the seller, a private investor.
• 175-179 Rochester Avenue, a development site in Crown Heights, boasts a 74.54’ frontage, is 100’ deep and has approximately 12,904 buildable square feet (2.2 FAR). Currently the property contains the foundation for three 3-family houses, which gives potential owners the option to complete the current project or develop a new multifamily building. The asking price is $2,200,000. Jonathan Berman, Jesse Deutch, Daniel Tropp, Mark Spinelli and Nathan Singer are bringing property to market.
• 58 Decatur Street in Bedford Stuyvesant has an asking price of $1,850,000. This multifamily building has seven rental units and in excellent condition having been gut renovated in 2008. Exclusive agents Jonathan Berman, Mark Spinelli, Daniel Wechsler, Daniel Tropp and Nathan Singer are representing the seller, a private investor.

Besen & Associates announced the following exclusive assignments:
Saadya Notik, of The Corbin Group, has been retained to sell two residential walkup buildings in Brooklyn with a total of 10 apartments and 9,180 s/f. One building is located at 2409 Tilden Avenue; the other is located at 361 Tompkins Avenue. 2409 Tilden Avenue is between Oakland Place and Lott Street, 1 block from Bedford Avenue near the [2, 5] subway lines. 361 Tompkins Avenue is between Madison Street and Putnam Avenue, north of Atlantic Avenue, near the [A, C] subway lines. Package price is $3,375,000.
• Saadya Notik, of The Corbin Group, has been retained to sell a vacant Brooklyn 3-story residential walkup building with 6 apartments. The building has approximately 6,190 SF; it is located one block from Flatbush Avenue at 2405 Tilden Avenue. The property is near the 2, 5 subway lines, a renovated Loews Theater, a new GAP store, and lots of new construction. Asking price is $1,795,000.
Jack A. Cohen has been retained to sell a Bronx development site with 56,000 buildable SF. The property is at 1973 Daly Avenue, and is under the same ownership as 913 East Tremont Avenue, from which 21,428 SF of air rights and 35,032 buildable SF will be transferred. The site is near the 2, 5 subway lines. Asking price is $2,600,000.
• Jack A. Cohen has been retained to sell a retail strip in Jamaica, Queens with 6 stores and 100’ of pedestrian mall frontage. The building is 1 story with 11,000 SF; located at 89-66 thru 78 165th Street in the heart of downtown Jamaica on the 165th Street Pedestrian Mall. The Pedestrian Mall attracts a wide variety of clients, and is located near the [F, E, J, Z] subway lines. Asking price is $11,800,000.
Shallini Mehra and Amit Doshi have been retained to sell a South Bronx 4-story corner mixed-use building with 6 apartments and 2 stores. The property is situated on the southwest corner of Third Avenue and East 148th Street. The property is located in “The Hub,” an extremely busy retail corridor in the Mott Haven neighborhood. It is a half a block from the [2, 5] subway lines. Asking price is $3,250,000.
Hilly Soleiman has been retained to sell a 5-story mixed-use walkup building in Manhattan with 7 apartments and 1,600 s/f of ground floor retail space, for a total of 7,250 SF. It is located in the heart of Greenwich Village Historic District at 101 Seventh Avenue South. The property is at the intersection of Seventh Avenue South and West Washington Place, a highly-visible location with large amounts of foot traffic. Price provided upon request.

Cushman & Wakefield announced the following exclusive assignments:
• The sale of a full-floor co-op unit within 28 West 27th Street in NoMad. The asking price is $6,750,000. The unit contains 5,324 square feet and spans the full 12th floor of a commercial co-op building. It is comprised of the full floor (72 shares) and a roof area (24 shares). Currently, the co-op is two-thirds owner occupied and one-third leased to a fitness studio. The space is elevator-serviced and features 11 ft. ceilings. The property will be delivered vacant upon sale. Brock Emmetsberger is exclusively marketing this property with John Ciraulo, Craig Waggner, Billy Simons and Hannah Rodriguez.
• The retail leasehold interest of a co-operative unit at 1757-1769 1st Avenue. The asking price is $5,800,000. The two-level property, divided into two separate spaces, contains 7,624 s/f and
has 100 ft. of frontage along 1st Avenue and 20 feet on East 91st Street. The ground floor
contains 4,717 s/f and the lower level contains 2,907 s/f. One of two units is currently vacant and the other is leased until 2023 by Sherwin-Williams. James Nelson is exclusively marketing this property along with Mitchell Levine and Thomas Gammino.


Michael Alvandi’s City Urban Realty has closed on the $5.9 million purchase of a four story multifamily buildin at 385 Vernon Avenue, between Stuyvesant Avenue and Lewis Avenue. Constructed new in 2008, the building has 16 apartments and parking for tenants.

TerraCRG announced the sale of two 16-unit multifamily buildings in Crown Heights and Sunset Park. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin were the sole brokers for both properties, located at 851 Franklin Avenue in Crown Heights, and 4109 7th Avenue in Sunset Park. Combined, the properties sold for $8,900,000.
• 851 Franklin Avenue is a fully-renovated, 16-unit multifamily building containing 8,440 s/f. The unit mix consists of six, two-bedrooms, six studios and four, one-bedroom apartments. The cellar space of the building includes bike storage, laundry and storage lockers for tenants. The property sold for $5,500,000, which equates to approximately $652 per SF and $343,750 per unit.
• 4109 Seventh Avenue is a 16-unit multifamily building located in Sunset Park. The building sold for $3,400,000, which equates to $257 per SF and $212,500 per unit. This is the second deal that Team Hess has done with the buyer, Sugar Hill Capital Partners, on this block. In 2014, Sugar Hill Capital Partners purchased 4103 Seventh Avenue, just a few buildings away from this most recent transaction. Additionally, Team Hess previously sold 4121 Seventh Avenue, making 4109 Seventh Avenue their third transaction completed on this block.

Alpha Realty announced the sale of 354 East 54th Street in East Flatbush for $2.2 million, 845 Schenectady Ave in Flatbush for 2.275 million, 540 Bainbridge Street in Bedford-Stuyvesant for $2.875 million and 278 Albany Avenue in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov handled the off market transactions.
• 354 East 54th Street, a 16 unit apartment building, achieved $222 p/sf and 11.5 gross rent multiple.
• 845 Schenectady Avenue, another 16-unit building achieved a 12.5x rent multiple. 540 Bainbridge Street, a 3 story building with 6 free market apartments sold for $514 p/sf and a 5.8% cap rate.
• 278 Albany Avenue in Crown Heights, a 4 story art deco corner mixed use building, traded at a 17x rent multiple.

Ariel Property Advisors announced the $3,875,000 sale of a three-story, 7,950 s/f commercial building at 10-09 49th Avenue in Long Island City’s Hunter’s Point neighborhood. The sales price translates to $487 per square foot. Exclusive Agents Daniel Wechsler and Michael A. Tortorici represented the sellers, who are private investors, and Aaron Grumet of DY Realty, represented the buyer, also a private investor. The architecturally distinct building has won several awards for its unique design. Featuring ground floor parking and office space on the two above floors, the office space is currently triple net leased to a national credit tenant.

Cushman & Wakefield announced the sale of a mixed-use building at 43 Franklin Street, in Greenpoint, for $3,150,000. The purchaser was Ben Franklin, LLC. Brendan Maddigan exclusively handled the transaction. The four-story, mixed-use building contains 4,133 s/f and sits on a 25.83 by 72ft. irregular lot. The property is comprised of three residential units and a ground floor retail space occupied by a neighborhood bar. The sale price equates to approximately $762 per square foot.

Eastern Consolidated has arranged the sale of a 1,574 s/f ground-floor retail condominium at 4 West 19th Street that the firm’s retail team leased last summer to Zuber, the world-renowned luxury wallpaper and fabric firm. The Flatiron property traded for $6.4 million. Ron Solarz represented the owner, a corporate entity. Roberto Ortiz and Ronda Rogovin represented the buyer, a private real estate investor. Chris Matousek was the Financial Analyst for the offering, and James Famularo arranged the lease with Zuber last summer. Situated on the ground floor of a 12-story residential building at the southwest corner of Fifth Avenue and West 19th Street, the retail condo features 68 feet of frontage, high ceilings and a renovated façade.

EPIC Commercial Realty announced the sale of 992 Atlantic Avenue in Prospect Heights, Brooklyn. The sale price was $1.55 million. The property is a vacant three-story mixed-use building with two residential units and one commercial unit. It is located between Grand and Classon Avenues. CEO Yona Edelkopf and Investment Sales Associates Baruch Edelkopf and Mike Rybinskov sold the property.

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