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ON THE SCENE: Avison Young team sells Bowery building

AGENTS

Crosstown Realty’s Ed Bruckstein has been appointed exclusive broker for the sale of a 22,000 s/f warehouse / office building in central Maspeth at 55-05 Flushing Ave. The warehouse has 18 ft. ceilings, a drive in, multiple loading docks and over 6,000 s/f of office space. Asking price is $ 7,975,000.
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GFI Realty Services has been named exclusive sales agent for 545 East 26th Street, a three-story, six-unit multifamily property in the Flatbush section of Brooklyn. Natan Safdieh will oversee the marketing of the property, with pricing targeted at $1.95 million. Constructed in 1935, the 5,760 s/f property features five two-bedroom units and one three-bedroom unit. All five apartments are rent stabilized. The building is well-situated in the heart of Flatbush, providing access to the B, 2, 3 and 5 trains. It is within walking distance of Prospect Park, Kings Theatre and Brooklyn College.
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Lee & Associates NYC announced that Kelly Koukou has been named the exclusive sales agent for the 52,517 s/fbuilding at 310 East Shore Road in Great Neck. The medical building has a new roof, updated corridors and restrooms, a renovated parking lot with 200 spaces, bulkhead and new HVAC units. Located directly on the Manhasset Bay waterfront, the location is convenient to the town of Great Neck and within close proximity of the Long Island Expressway, Northern Parkway, both the Manhasset and the Great Neck Long Island Railroad stations, as well as multiple bus lines.

SALES

The Tri-State Investment Sales Group for Avison Young announced the sale of 356 Bowery, a mixed-use building located on the west side of Bowery between Great Jones and East Fourth streets in the NoHo neighborhood of Manhattan. The property sold for $8,900,000. James Nelson and Brandon Polakoff arranged the sale of the building on behalf of the owner, Ultimate Realty, LLC. The 6,500 s/f residential and retail property will be delivered vacant. The building currently consists of five stories and a lower level, along with 20 feet of frontage that overlooks Bowery in the NoHo district. The seller secured Landmarks and DOB plans with developed design concepts to fully upgrade the building.
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Ariel Property Advisors facilitated the sale of 4477 Third Avenue, a development site in the Bronx

neighborhood of Belmont. The property sold for $3.9 million, equating to approx. $100 per buildable square foot as-of-right. Situated at the epicenter of Saint Barnabas Hospital’s campus, the 72.5 by 100 ft. asset is in an Inclusionary Housing Zone that permits a boost to FAR if developed with an affordable housing component. The existing structure is a 7,250 s/f one-story vacant building, which is built to lot size. The C4-4D zoning provides approx. 39,150 in buildable square feet as-of-right, with 72.5 feet of frontage on highly-trafficked Third Avenue. Marko Agbaba, Jason M. Gold and Michael A. Tortorici represented the seller, 9/25 Capital’s Jonathan Yunason and David Flusberg, and procured the buyer, The Sandhu Group, led by Tejpal Sandhu.
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Cushman & Wakefield arranged the sale of two properties located in Queens. 146-92 Guy R. Brewer Boulevard sold for a final closing price of $2.075 million. 23-23 Astoria Boulevard sold for $7.125 million. A

team led by Senior Managing Director Stephen R. Preuss represented the sellers.

• 23-23 Astoria Boulevard in Astoria is a 13,568 s/f seven-story, 13-unit elevator serviced luxury apart

ment building. The newly constructed building consists of 12 one-bedroom apartments and one three-bedroom apartment all with balconies and luxury condo finishes. The building features seven parking spaces, a laundry room and a common rooftop deck. The property is deemed eligible for 421-A partial tax exemption.

An ownership group of Tina Andrew, Ballis, Juuj Realty and Theopan Properties, LLCs, was represented by Cushman & Wakefield in the transaction and received a final closing price equal to a 4.9% capitalization rate and $525 per square foot for the property. 23-23 Astoria Boulevard was acquired by J&N Development.

• 146-92 Guy R. Brewer Boulevard in Jamaica is a six-unit retail strip with five tenants and one vacancy with leases in negotiation. The existing tenants operate as a deli, event space, beauty salon and storage, with leases in place through 2020 and 2023. The building was renovated in 2008. The 5,800 s/f property features approximately 120 ft. of frontage on Guy R. Brewer Boulevard and 104 ft. of frontage on 147th Avenue. The property is in proximity to JFK Airport and the AirTrain, as well as multiple major roadways including Rockaway Boulevard and the Belt Parkway which see an average of over 22,000 cars passing daily.
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Fischer Commercial Real Estate announced the off-market sale of 456 Main Street in Monroe, CT, for $1,500,000. The property was sold by The Florence G. Knees Revocable Trust to Jambs, LLC. The one-acre commercial property is 100 percent leased to Alliance Energy, LLC, which operates a Buck Stop gas station/C-store and auto repair facility. Alan M. Fischer represented both the seller and the buyer in this transaction.
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GFI Realty Services announced the $1.975 million sale of 503 Grandview Avenue, a four-unit multifamily building in the Ridgewood section of Queens. Yehoshua Shamel represented the seller and buyer, both of whom are local investors. Constructed in 1921, the two-story building totals approximately 3,000 s/f and is composed of two three-bedroom apartments and two four-bedroom apartments. The property was recently fully renovated, and the apartments given modern finishes.
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HPNY closed on the off market sale of 510-512 E 6th Street in the East Village for $7,000,000. The property is located between Avenue A & Avenue B. The five-story residential walkup consists of 20 apartments with 50 feet of frontage. The total built square footage is 13,850 s/f, which equates to $505 per built foot. The selling entity was an estate which owned the property since the early 90’s. Purchasing entity was 510 E 6th Street LLC. Kevin Esh of HPNY represented both sides of the transaction.
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Marcus & Millichap announced the following sales:
• 818 Stuyvesant Ave, a multifamily building located in Irvington, NJ, sold for $1,650,000. Kevin Taub, an investment specialist in Marcus & Millichap’s New Jersey office, exclusively represented the seller, a limited liability company, and the buyer, a private investor. The multifamily building is located at 818 Stuyvesant Ave in Irvington. The property is a 23-unit corner brick building that has had extensive recent capital improvements.
• 1001 39th Street, a 3,500 s/f mixed-use property located in Brooklyn, old for $1,280,000. John Brennan and Samuel Finkler represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
• 45-24 Pearson Street, a 2,700 s/f development site with 13,500 buildable square feet located in Long Island City, sold for $6,450,000. Jakub Nowak and Jonathan Eshaghian, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team having worked with them previously in 2017. The deal set a new price record for 300 per buildable square feet.
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NAI Mertz announced that senior vice president Jonathan Klear brokered the sale of 308 Connecticut Drive, a 46,000 s/f warehouse in Burlington Township, New Jersey. Burton Real Estate acquired the property for an undisclosed price. The seller, Merchant & Evans Industries, will remain as a tenant in the building for several years, taking advantage of its 21-foot clear height and its location alongside Interstate 295. The property features several loading docks and drive-in doors and is located within close proximity to Interstate 295 and Exit 5 of the New Jersey Turnpike.
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Redwood Realty Advisors announced that managing partner Kevin McCrann and investment associate Jeremy Wernick, facilitated the sale of Gillette Towers in Sayreville and Wilson Manor in Sussex in two separate transactions.

• Gillette Towers is an 80-unit seniors (55+) property that has approvals in place to build an additional 56 units. The project is in the final phase of construction with projected lease-up beginning in May. The property sold to a Manhattan buyer for $13 million. The property is located beside the New Jersey Garden State Parkway and is in close proximity to a proposed $2.5 billion waterfront project.

• The 68-unit Wilson Manor sold for $9.5 million and a 5.5 cap rate. Built in the 1960s, units are spread across seven, two-story buildings that sit on nearly seven acres. The well-maintained property was sold by a long-term owner.

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