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Deals & Dealmakers

On The Scene: Ariel retained, ERG announces assignments

AGENTS

Ariel Property Advisors has been exclusively retained to sell 177-18 Wexford Terrace, a development site in Jamaica Estates and 116-29 Sutphin Boulevard, a commercial property in Jamaica. The properties are being marketed independently of one another. Exclusive agents Daniel Wechsler and Michael A. Tortorici are bringing both properties to market:
• 177-18 Wexford Terrace is zoned R7A and offers 12,420 s/f as of right, 14,400 s/f with a community facility bonus and 16,560 s/f with an inclusionary housing bonus. The site is located between two new developments, one block from Hillside Avenue which provides access to Manhattan via the F train and throughout Queens with numerous bus lines. The asking price is $1,780,000.
• 116-29 Sutphin Boulevard is a corner 3,430 s/f commercial building with three retail units each with street level and basement space. One unit is leased by a church that has occupied the building for 10 years whose current lease expires in 2016; the second unit is occupied by a laundromat that has a lease that expires in 2023 and, the third unit is vacant. The property has an asking price of $1,250,000.

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EPIC Commercial Realty announced the following exclusive assignments:
• 18-53 Madison Street in Ridgewood, Queens. The three-story, walk-up, apartment building, with a shaft, consists of six units. The building includes six three-bedroom apartments. 18-53 Madison Street is listed for $1,400,000 by sales associates Baruch Edelkopf, Mike Rybinskov and Juliet Li. The building is built at 5,600 s/f, equating $250 psf. All of the units are rent stabilized, with five leases ending in 2016.
• 17-16 Woodbine Street and 18-80 Putnam Avenue in Ridgewood, Queens. This is a package deal including two, three-story, walk-up residential buildings consisting of 12 residential units. The two properties combine to form twelve railroad style, three-bedroom units with tenants on rent-stabilized leases. The buildings are located within walking distance to the Myrtle-Wyckoff Avenues L and M train station as well as the Seneca Avenue M train station. The package is listed for $3,150,000 by Baruch Edelkopf and Mike Rybinskov.

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ERG Property Advisors announced the following exclusive sale assignments:
• A three-building portfolio at 337-341 East 146th Street and 454 East 160th Street in the Bronx. Located in the Mott Haven and Melrose section of the Bronx, the buildings combined contain 86 apartments (a mix of one and two bedrooms) and 4 retail store fronts.The 146th street properties share a new gas boiler and the 160th street building has recently been converted from oil to gas. The roof alarm system, the windows, the entrance door intercoms and the mailboxes have been upgraded. The buildings are within close walking proximity to the Willis Avenue and Third Avenue Bridges. The asking price is $14,000,000. Matthew Murphy is handling the assignment.
• 1757 Seward Avenue, Bronx, consists of five 2-bedroom units. It is located on the corner of Seward Avenue and Commonwealth Avenue and within a few blocks from Soundview Park. The building was recently renovated and is in excellent condition. Matthew Murphy and Joseph Cillo are representing the seller. The asking price is $900,000.

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TerraCRG has been retained as the exclusive agents in the sale of three mixed-use buildings in the Flatbush neighborhood of Brooklyn. The properties are located at 1091 Rogers Avenue, 1622 Nostrand Avenue and 1729 Nostrand Avenue. Adam Hess and his team, Sam Shalumov, Edward Setton and Kirill Galperin are representing the seller. The package is being offered for $3,250,000. All three buildings are approximately 3,000 s/f, with an average of 5,000 bsf and 1,850 s/f of available air rights. There is retail space on the ground floor of each property

SALES

ERG Property Advisors announced the following sales:
• 2406-2408 Hoffman Street, Bronx, was sold to a local developer for $1,240,000. The mixed use property consists of two retail store fronts and three apartments. It is located just off of East 187th Street, close to Fordham University’s main campus. Matthew Murphy represented the seller.
• 91 North Franklin Street, Hempstead, NY, was sold for $3,350,000. Built in 1968, 91 North Franklin Street has housed a variety of stable businesses. It is comprised of 16 units, 14 of which are occupied. The property provides over 25 parking spaces on the parcel adjacent to the 91 North Franklin Street (both parcels are included in the sale). Matthew Murphy represented the seller.

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Friedman-Roth Realty Services announced the following sales:
• An East Village apartment building located at 112-116 Avenue C, between East 7th Street and East 8th Street, sold for $16,700,000. The six-story walk-up has 22 residential units and 2 retail stores. The building encompasses 19,830 s/f and is the first sale of the building in nearly 20 years. The seller was represented by George Niblock and the purchaser was procured by Joseph Arnold Smith.
• A Brooklyn apartment building located at 300 Lincoln Roadsold for a price of $2,375,000. The property, located in the Lefferts Gardens, features 12 residential units. he three-story walk-up was constructed in 1931 and contains a total of 6,075 s/f. Mark Singer represented both the buyer and the seller in this transaction.

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Silvershore Properties announced it has acquired a three-story walk-up building for $1.9 million. The 5,000 s/f residential apartment building is located at 1022 47th Road in Long Island City. It features six units. It sold for 16 times the current rent roll, according to Silvershore’s David Shorenstein.

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Ariel Property Advisors has announced the sale of a 36 unit mixed-use building and a corner development site in East Harlem for a combined total of $11.775 million.
• The first transaction was a six-story mixed-use property at 124-28 East 107th Street that sold for $9.15 million. The 50 ft. wide, 20,395 s/f building contains 34 residential units, two commercial units and two super’s units. Delivered with extensive internal and external capital improvements in place, the sales price translates to $449 psf and represents a 140 percent increase from the $3.81 million sales achieved when the property last sold in 2012. Exclusive agents Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis represented the seller, a private real estate firm, and procured the buyer, a private investor.
• 2282 Second Avenue, a 22 x 81 ft. corner development site, sold for $2.625 million. With R8A/C1-5 zoning providing approximately 12,191 total buildable square feet (as-of-right) for mixed-use development, the sales price translates to $215 per buildable square foot. Michael A. Tortorici, Victor Sozio, Matthew Gillis, Josh Berkowitz and Samuel Atlas represented the seller, a private real estate firm, and procured the buyer, a private investor.

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CPEX Real Estate’s Multi-Family Investment Sales Team sold a 16-unit multi-family building located at 194 Bay 22ND Street in Bath Beach, Brooklyn. The 13,940 s/f property is located on an approximately 5,051 s/f lot. The building was delivered fully occupied with 12 free market apartments and four rent-stabilized apartments. The sale price was $3,100,000, or $193,750
per unit. Stephen Safina, Alyona Chystyakova and
Thomas Ryan, represented the seller and procured the purchaser.

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Besen & Associates announced the sale of a four-building multifamily portfolio including 723 Oakland Place, 2078 Vyse Avenue, 2408 Webster Avenue and 2420 Webster Avenue. Besen & Associates exclusively represented the seller, Prana Investments, and also procured the purchaser. The 36,918 s/f portfolio consists of four walkup apartment buildings containing 34 apartments and 177 rooms. The transaction was completed for $4.5 million by Amit Doshi and Richard Torres, who represented both parties. The sales price equates to $146,764 per unit and $120 per square foot.

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