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Deals & Dealmakers

ON THE SCENE: Barcel Group announces the sale of nine buildings totaling $18,500,000



Cushman & Wakefield has been retained to sell 1524-1526 Mayflower Avenue, a 6,000 s/f mixed-use property in Pelham Bay, Bronx. The asking price is $1.7 million. Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan are representing the seller in all marketing efforts. The three-story, mixed-use building located on the northeast corner of Wellman Avenue and Mayflower Avenue offers 6,600 s/f of space. the building contains seven total units: one four-bedroom apartment, one three-bedroom apartment, three ground floor commercial units and a contractor’s yard with three garages. The property is located four blocks from the Middletown Road subway station serviced by the 6 train.



Ariel Property Advisors has been retained to sell the Eastern Parkway Portfolio, a package of five walk-up buildings in the Ocean Hill/Crown Heights neighborhoods of Brooklyn. The asking price for the 61-unit portfolio is $12.5 million, or $170 psf. Ariel has also been hired to sell 162A Utica Avenue, a 3-story vacant and fully gutted mixed-use building in Crown Heights.

• The Eastern Parkway Portfolio spans 73,450 gross square feet. The fully occupied buildings are comprised of two studio, 32 one-bedroom, 23 two-bedroom, and three three-bedroom units. Of the apartments, 19 have preferential rents. The property package also includes one retail unit that rents for $3,700 per month. Jonathan Berman, Victor Sozio and James Meehan are representing the seller, a private investor group. Located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway, the properties offer two large dual boilers. Both the electric and gas for the units are individually metered.



Friedman Roth Realty announced that Joshua Banilivy is marketing 2500 Boston Road (aka 2501 Wallace Avenue) in the Bronx. the asking price is $3.5 milliopn. The property is a single story garage with 100 ft. of frontage along Boston Road and Mace Avenue. The corner real estate is occupied by a business that has been in existence in the neighborhood for 30-plus years.



CBRE has been retained as the exclusive sales agent for a portfolio of two renovated and fully leased mixed-use properties located in the West Village and Williamsburg, respectively. The two assets total nearly 14,000 s/f of commercial and residential space. Daniel Kaplan, Elli Klapper, Jay Gelbtuch and Justin Arzi will spearhead the marketing campaign on behalf of a private investment group.

• The first property is located at 239 Bleecker Street and is comprised of 6,300 s/f of commercial and residential space. The four-story property was built in 1929 and was fully gut-renovated in 2013.

• 258 Wythe Avenue in Williamsburg, Brooklyn, is a four-story, 7,000 s/f commercial property built it 1910 and renovated in 2012.


Admiral Real Estate Services Corp. completed the sale of an Elmsford bank building located at 37 East Main Street. The building was delivered vacant. The property is located just east of South Central Avenue and the Saw Mill River Parkway, two blocks from the U.S. Post Office. Delphi Commercial Properties, Inc. represented seller, Sterling National Bank. Admiral Real Estate Services Corp. represented the buyer, a preferred developer for a major national retail concept.


Ariel Property Advisors exclusively arranged the sale of 185-199 Conover Street & 135 Dikeman Street, a development site comprised of nine parcels in the Red Hook neighborhood. The assemblage sold for $8.1 million, or $295 per buildable square foot, the highest price ever paid for a multifamily development site in this neighborhood. Zoned R5, the assemblage provides 27,436 buildable square feet with a total lot area of 19,281 square feet. Located one block from Van Brunt Street, Red Hook’s main commercial thoroughfare, the sites’ large footprint and prime corner location made this development site very attractive to investors. Sean R. Kelly, David Khukhashvili and Jiani Zhou exclusively represented the seller, Red Hook Building Company, and procured the buyer, Diamond Development Group. The seller had owned the property since 1967.


Richard Cohen, president of Ashlind Properties, announced the sale of 250 Route 109, Farmingdale, NY for $1,825,00. Calvert Family Daniel Street, LLC was in the market due to the growth of their business. Cohen was able to broker the acqusition of the 8,540 s/f location that will house a state-of-the-art car servicing center.


Barcel Group announced the sale of nine buildings totaling $18,500,000:


• 452 E New York Avenue is a two-story walk-up building located in Lefferts Gardens, Built in 1930, the property features two residential apartments and two stores for a total of 3,000 s/f. It sold for $1,050,000. Marcel Fridman represented all parties in the off-market transaction.

• 598-600 is a three-story walk-up in Clinton Hill. The vacant property consists of six residential units. Built in 1920, the 6,300 s/f property sold for $3,100,000. Marcel Fridman represented all parties.

• 620 Myrtle Avenue is three-story walk-up building located in Clinton Hill. The vacant property consists of four residential units and two stores. The property was built in 1905 and is a total of 6,250 s/f. Marcel Fridman brokered the $3,100,000 sale.

• 325 Putnam Avenue is a three-story walk-up building located in Bedford-Stuyvesant. The vacant six-unit building was built in 1931 and is 4,875 s/f. The property sold for $2,150,000. Marcel Fridman was the sole broker.

• 18-62 Cornelia is a three-story walk-up building located in Ridgewood. The vacant 6-unit building was built in 1930 and is 5600square feet. The property sold for $2,350,000. Marcel Fridman was the sole broker on this transaction.

• 1354 a 3-story walk-up building located in Bushwick. The vacant 3-unit building was built in 1930 and is 3000 square feet. The property sold for $1,350,000. Marcel Fridman was the sole broker on this transaction.

• 2018-2034 Bedford Avenue is a 1 story walk-up retail building located in Prospect Lefferts Gardens, the property consists of 8 stores. The building was built in 1930 and is a total of 6240 square feet. The property sold for $4,300,000. Marcel Fridman represented the buyer in this off-market transaction.


EXP Realty Advisors has arranged the sale of The Hub Shopping Center located at 7604 Milwaukee Avenue, Lubbock, TX 79424. The HUB Shopping Center is a 50,196 s/f center on a 5.49-acre tract of land. Anchored by a one million square foot regional power center one mile to the north and Walmart one-half mile to the south, The HUB is located along Lubbock’s fastest-growing commercial corridor. Andrew Greenberg of EXP Realty Advisors represented the purchaser of the property, a Texas based real estate investor who needed to complete a 1031 exchange.


Marcus & Millichap announced the sale of 1509 Rocky Point Road, an industrial complex located in Middle Island, NY. The asset sold for $5,300,000. The transaction was brokered by Michael Tuccillo and Michael Kook of Marcus & Millichap’s Manhattan office. The duo represented both the seller, BK Holdings, and the buyer, Steve Dorf Properties. The site is on 4.8 acres and consists of seven buildings. The facility overall has over 40 tenants, both office and industrial.


Meridian Investment Sales announced the following closings:

• 144 Willow Street in Brooklyn Heights sold for $8.3 million. Shallini Mehra of Team Doshi spearheaded the marketing process and represented the seller, Benchmark Real Estate Group. Kim Skarvelis of Cast Iron Real Estate Corporation represented the buyer. The property is a free market building that underwent extensive condo-like renovations in 2018 and benefits from a tax class 2B status. The 8,230 s/f turnkey building sold for $1,009 per square foot, $830,000 per unit, a cap rate of 4.5%, and 17.3x GRM.

• Seth Levine, Shallini Mehra and Amit Doshi brokered the sale of 995 East 173rd Street in the Crotona Park East neighborhood of the Bronx for $3.7 million. Levine represented the seller, Highwater Tower Corp, while Mehra and Doshi represented the buyer, Wavecrest Equities. The property is a 25,065 s/f walkup building with 30 apartments and one store. The building sold at a cap rate of 7.2%, $115,000 per unit, $148 per square foot and 7.4 times GRM.


JLL Capital Markets announced the $11.05 million sale of The Mount Laurel Office Center, an 83,216 s/f office portfolio located at 530, 532, and 534 Fellowship Road in Mount Laurel, New Jersey. JLL represented the seller, Pennmark Properties, and procured the buyer, a private investor. The JLL Capital Markets team representing the seller was led by Brett Segal, Doug Rodio and Brett Grifo.The Mount Laurel Office Center is fully leased to six tenants and is anchored by the various uses of the United States Government’s General Services Administration (GSA), representing 64 percent of the portfolio’s rentable square footage. The property has visibility from Route 73 and convenient access to many of the area’s primary thoroughfares, including Routes 38 and 70, Interstate 295 and The New Jersey Turnpike. The asset is surrounded by an amenity-rich submarket.

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