Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Avison retained to sell condo

AGENTS

CARTER LOVEJOY

The Tri-State Investment Sales Group at Avison Young has been retained to sell a triplex penthouse office condominium at 20 West 33rd Street in Midtown South (pictured top). The team is currently accepting bids. James Nelson, along with Associates David Lawrence and Carter Lovejoy, is marketing the office space consisting of nearly 34,000 s/f across floors 11 and 12, in addition to a 6,000 s/f top floor office penthouse and a 5,180 s/f two-floor outdoor roof deck. The 11th and 12th floors consist of roughly 14,000 s/f and 20,000 s/f of office space, respectively, with three sides of natural light, while the 6,000 s/f penthouse unit offers four sides of natuFral light. The existing office installation is built to the highest showroom standards with wood-panel walls, floor-to-ceiling windows and a spiral staircase connecting the 12th floor to the penthouse. The outdoor roof deck spans two floors of 3,000 s/f and 2,180 s/f. The space is currently unutilized, giving new ownership the option to create a tenant amenity. The property, located on 33rd Street between Fifth Avenue and Broadway, is near Penn Station, Herald Square, the Port Authority, Grand Central Terminal, the PATH and 16 subway lines.

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MAURICE SUEDE

Cushman & Wakefield has been retained to sell 128 Mulberry Street, a mixed-use, multifamily building in Lower Manhattan. Robert Burton, Maurice Suede, Bobby Carrozzo and Dan Soyak will be leading the marketing efforts on behalf of the property’s seller, Assa Properties. 128 Mulberry Street is a seven story, mixed-use multifamily building located on the southeast corner of Mulberry and Hester Streets in Little Italy. The building is currently occupied and is comprised of five free market residential units and one retail unit. The retail is occupied by Little Italy Famous Gift Shops and is leased through May 2024.The property has an additional 1,686 s/f of air rights available.

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BROCK
EMMETSBERGER

JLL Capital Markets experts has been selected to sell 54 Seventh Avenue South in Greenwich Village. The seller is asking $11.95 million for the four-story, 5,715 s/f loft building. Brendan Maddigan, Vice Chairman, and Brock Emmetsberger, Managing Director, lead the JLL professionals handling the sale assignment for the private owner, Robert Stern. This is the first time the property has been offered for sale in 25 years. 54 Seventh Avenue South is a four-story, 5,715 s/f property with a private two-car driveway and a front yard. The property features a ground-floor retail showroom, one apartment on the second floor, and a residential duplex with a roof deck on the third and fourth floors. The property is located on Seventh Avenue South between Morton and Commerce streets.

SALES

Marcus & Millichap announced the following sales

JOHN BRENNAN

• 230 Saratoga Avenue, a 3,361 s/f mixed-use property located in Brooklyn, sold for $1,090,000. Shaun Riney and Daniel Greenblatt, investment specialists in the Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by the team.

• 518 46th Street, a 9-unit apartment property located in Brooklyn, sold for $2,200,000. Shaun Riney, John Brennan, Mark Zarrella and Adis Muminovic, investment specialists in Marcus & Millichap’s Brooklyn office, 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. 518 46th Street traded at a 4.5% cap rate and over $300 psf. The property was sold fully occupied to a 1031 exchange buyer who intends to hold for the long term.

• A 27,790 s/f mixed-use property located in Manalapan, NJ, sold for $3,400,000. Charles Loccisano and Michael Lombardi, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Charles Loccisano secured the buyer, a private investor. The property is located at 151 State Route 33 in Manalapan, NJ. and has access to Routes 9, 95 and 195 as well as the Garden State Parkway.

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B+E, the brokerage and technology platform for net lease real estate, announced the sale of the Dollar General property at 581 North Main St., Jamestown, KY, for $3,490,000. The buyer worked with B+E to find the property using 1031 Trade, B+E’s new trading platform for 1031 exchange buyers. The net lease retail property carries a cap rate of 7.13 percent with seven-plus years of remaining lease term. The buyer, City Gate Properties, LLC, was completing a 1031 exchange. Spencer Henderson, a B+E broker, announced the deal, which as executed byin conjunction with Michael Polk of Polk Properties.

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CBRE announced the following sales:

DANIEL KAPLAN
JUSTIN ARZI

• $8.7 million sale of 66 Clinton Street and an adjacent land parcel on the Lower East Side. The three-story, 4,340 s/f building and vacant lot were purchased by Vault Development and TLM Equities for planned development of a boutique residential property. The CBRE team of Daniel Kaplan and Justin Arzi represented the seller, New Life of New York City, a Lower East Side non-profit youth engagement organization. The property and adjacent empty land parcel can accommodate a new 16,348 s/f residential property. Latham & Watkins also assisted New Life New York through the successful sale process.

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Cervelli Real Estate & Property Management announced the sale of 246 Danforth Avenue, Jersey City, NJ, for $420,000. The buyer, RED LLC, plans to occupy the mixed-use investment property. Chris Cervelli and Gary Baez from Cervelli Real Estate brokered the transactions.

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Cushman & Wakefield announced the following sales:

ADDISON
BERNIKER

• 144 East 208th Street, a 36,800 s/f multifamily building in the Bronx, solf for $4,250,000. Stephen Preuss, Jonathan Squires, Kevin Louie, Eric Roth and Addison Berniker, represented the seller, Don Lou Realty. 144 East 208th Street is a five story, 36,800 s/f corner apartment building comprised of 28 units. The property is located on the Southwest corner of Bainbridge Avenue and East 208th Street in the Norwood neighborhood of the Bronx.

• 3 Alpine Court, 68,862 s/f industrial structure in Chestnut Ridge, NJ, was sold by CMS Holding Company Inc. to Weiss Real Estate Investments. Andrew Schwartz, headed the transaction with members of the commercial real estate services firm’s New Jersey-based investment sales team – including Andrew J. Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt – along with industrial specialists Stan Danzig and Stephen Elman. The property has 24 ft. clear ceilings, generous column spacing and a renovated executive office area. The 6.3-acre property sits 30 miles west of Manhattan, just north of the New Jersey border, minutes from I-287, Route 17, the Palisades Parkway and Exit 172 of the Garden State Parkway. Port Newark and all three major New York area airports are within a one-hour drive. Weiss plans to release 3 Alpine Drive as an opportunity for a single tenant or multiple users.

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Gorjian Acquisitions announced the following transactions:

JOEL J. GORJIAN

Joel J. Gorjian, CEO of Gorjian Acquisitions, has purchased the Eastside Shopping Center at 1322 Clinton Road in Fayetteville. The seller was a privately owned real estate investment firm. The deal was valued in excess of $1 million. Fayetteville is best known as the home of Fort Bragg, a major U.S. Army base, and Pope Air Force Base. The shopping center is 100 percent occupied . the 41,318 s/f one-story retail strip mall is situated on a 4.2-acre lot.

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RYAN KOSSOY

JLL Capital Markets experts have completed the $7.6 million sale of 242 Tenth Avenue, a corner mixed-use property in Chelsea. The group placed the sale with Greenwich Village Capital, a real estate private equity firm. Brock Emmetsberger, Managing Director, along with Danny Makovsky and Ryan Kossoy, Associates, led the JLL Capital Markets team handling the property sale. The four-story, mixed-use office and commercial building is located at the northeast corner of West 24th Street and Tenth Avenue. The building totals 5,620 s/f and includes six apartments and one ground-floor commercial unit with outdoor garden seating. The property features 24 ft. of frontage along Tenth Avenue.

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