Azad Property Group’s senior associate Donna Padula, who has represented and managed properties for Arnold Industries LLC, closed on amixed-use property owned by the family at 50 Spring Street in Soho, NY. The property is 5,242 s/f with four fair-market apartments, a carriage house (duplex) and 3 retail stores and was sold for $7.5 million, or $1,430 psf to Crosby Street Partners. Padula was the manager and exclusive broker of the property and after 24 other offers she managed to have the 25th offer accepted.
•••
GFI Realty Services Inc., announced the sale of 1657 8th Avenue, Park Slope, Brooklyn, for $3,500,000, which translates to thirteen times the rent roll. The four-story mixed-use building consists of 14 apartments and two ground floor commercial units totaling approximately 10,596 s/f. Roni Abudi represented the seller, a local investor. Shlomo Antebi represented the buyer, a local investor. One of the commercial units is leased to Giovanni’s, a popular local restaurant. The new owners are intent on keeping the building as a long term investment property.
•••
Marcus & Millichap Real Estate Investment Services announced the following sales:
• 27 Pelton Street, an 8-unit apartment property in Yonkers, sold for $750,000. Harry Delany, senior associate, represented the seller, a large banking intuition. The buyer, a private investor, was also secured and represented by Delany.
• Panera Bread, a 4,000 s/f net-leased property located in Menifee, CA, sold at a cap rate of 5 percent for $2,175,000. Glen Kunofsky, executive vice president investments, and Don McMinn, senior associate from the firm’s Atlanta office, represented the seller, a private investor. The buyer, a private investor, was secured and represented by Ron Duong, vice president investments, in Marcus & Millichap’s Newport Beach office. Kent Williams, the broker of record and senior vice president, from the firm’s San Diego office, assisted in closing this transaction. Built in 2012, the subject property sits on roughly 0.92 acres of land and is an outpad to a dense retail center. The tenant entered in a brand-new, 15-year triple-net sale leaseback with the purchaser upon close of escrow.
•••
Massey Knakal announced the following sales:
• A mixed-use building at 859-861 Ninth Avenue, in the Special Clinton District of Midtown West, was sold to the retail and mixed-use investment firm Trevi Retail for $17,000,000. The six-story building contains approximately 28,782 s/f and consists of a ground floor restaurant space, 40 one-bedroom Rent Stabilized apartments, and one super’s unit. The sale price equates to approximately $591 psf. Paul Smadbeck exclusively handled this transaction with Christoffer Brodhead.
• A townhouse at 27 East 11th Street, in Greenwich Village Historic District, sold for $11,800,000. This five-story townhouse is 7,050 s/f and is currently configured as four free market units. The sale price equates to approximately $1,674 psf. The propERty was resold at a profit by James P. Nelson.
• A mixed-use building at 316 Lexington Avenue, in Manhattan’s Murray Hill neighborhood, sold for $4,325,000. The five-story plus penthouse building contains approximately 5,985 s/f and consists of a retail store on the ground floor and nine apartments above. The sale price equates to approximately $723 psf and an in-place capitalization rate of 3.3%. John F. Ciraulo exclusively handled this transaction.
•••
Red Pine Capital Partners, led by Michael K. Federman, paid approximately $7 million for a commercial condominium at the building known as The Cocoa Exchange at One Wall Street Court. The condominium is comprised of 7,100 rentable square feet, including ground-floor, mezzanine and lower level. urrently, the sole tenant of the retail condominium is Haru, a restaurant serving Japanese fusion cuisine and sushi. In 2006, the Cocoa Exchange was converted into a full-service, boutique residential condominium with 15 floors, 126 apartments and two commercial units. This is the second commercial condominium acquisition in the Financial District for Federman and Red Pine Capital Partners, who acquired a retail condo in 2010 at 111 Fulton Street in partnership with The Klein Group. The retail condo at 111 Fulton, on the corner of William and Fulton Streets is leased to Chipotle Mexican Grill. James Ventura and Glen Kunofsky of Marcus & Millichap represented the seller in the transaction and Lorico Real Estate Investment Services represented Red Pine Capital Partners.
•••
Rosewood Realty Group closed the following sales:
• The $4.9 million sale of a six-story elevator apartment building featuring 53 apartments at 458-468-East 51st Street in East Flatbush, Brooklyn. Aaron Jungreis represented the seller, 458 Realty LLC and the buyer, Rockaway Capital. It sold for 8.5 times the current rent roll. The 43,020 s/f building was built in 1940.
• The $6.1 million sale of a five-story walk-up apartment building featuring 13 apartments at 418 East 9th Street in the East Village. The building, that sold for 13.5 times the current rent roll, was built in 1900. Samuel Kooris represented the seller, East Village Associates LLC, and David Scheer represented the buyer, a local investor.
• The $4.9 million sale of a six-story elevator apartment building featuring 53 apartments at 458-468-East 51st Street in East Flatbush, Brooklyn. Aaron Jungreis represented the seller, 458 Realty LLC and the buyer, Rockaway Capital. It sold for 8.5 times the current rent roll. The 43,020 s/f building was built in 1940.
•••
Friedman-Roth Realty Services LLC announced the sale of a four-story walk-up apartment building located at 227-229 Kingsland Avenue, Brooklyn. The Greenpoint building, situated between Driggs and Nassau Avenues, is built on a 35 X 100 foot lot and features 18 residential apartments. The 12,000 s/f property was sold for $2,681,000.00. Eric C. Roth represented the buyer and David Gerstel represented the seller.
•••
DelShah Capital, LLC, announced the sale of 2523 13th Street NW in Washington, D.C. to Aria Investment Group for $3.6 million. The condominium building includes 23 units and 11,210 s/f of rentable space. The Greysteel Company in Bethesda, Md. represented DelShah. Aria Investment Group represented itself in the transaction. DelShah is also selling the Embassy of Georgia building at 2209 Massachusetts Avenue, its last asset in D.C., which is being marketed by Greysteel.
•••
Silvershore Properties has purchased 141 Meserole Avenue in Greenpoint, Brooklyn. The 7,500 s/f, four-story, 1928 apartment building features eight apartments. It was the first sale of the building in 27 years. Jason Silverstein, co-principal of Silvershore Properties, along with David Shorenstein, made the announcement.
•••
Sitar Realty Company, Iselin, New Jersey, sold a 32-unit apartment complex at 197 Parker Avenue in Manasquan, NJ. Ronald Schrader, Jr. represented both the seller, Thomas Saboy, and the purchaser, Manasquan Village Apartments, LLC, which has begun extensive renovations to the property.
•••
The Hampshire Companies announced the sale of a 12,000 s/f retail building located at 99 Chestnut Street in Oneonta, New York, to QB Associates, LP. The building is fully leased to Walgreens. Robert Schmitt, a Fund Manager of The Hampshire Companies, made the announcement.
•••
The Kislak Company, Inc. announced the sale of five multifamily properties in central New Jersey totaling $9,390,000. The transactions include:
• The $5,350,000 sale of Colonial Gardens, a 98-unit property in Trenton, NJ. Barry Waisbrod represented the seller and Robert Squires represented the purchaser;
• The $2,375,000 sale of Riverside Towers and a building on Bruce Park Drive, totaling 50 units in Trenton. Barry Waisbrod represented the seller and the purchaser;
• The $840,000 sale of a 12-unit property in Perth Amboy. Barry Waisbrod represented the seller and the purchaser;
• The $825,000 sale of a 36-unit building in Trenton. Barry Waisbrod represented the seller and the purchaser. This was an all-cash transaction and part of a Section 1031 exchange.
•••
Marvin Hartman, executive vice president at Pliskin Realty & Development brokered a $1 million sale of a 7,500 s/f office building located at 631 Commack Road, Commack, NY. Hartman represented the owner, 631 Commack Realty Group, a private investor, while Michael Rosenfeld of The Rochlin Organization represented the buyer, a private investor/user who will be occupying the first floor of the building for his orthodontic practice.
