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Deals & Dealmakers

On The Scene: Besen announces assignments, Eastern Consolidated tabbed

AGENTS

Besen announced the following exclusive assignments:
•505 Central Avenue
Jeorge Mealha has been retained to sell 505 Central Avenue, a collection of 14 co-op units with active leases located in White Plains, New York. The units are within an 8-story co-op building, Tompkins Manor, which is on the southeast corner of Central and Battle Avenues. Each unit includes access to one parking space. The property is close to Hartsdale, and is a short within commuting distance from Manhattan. Asking price is $1,980,000.
•1893 Amsterdam Avenue
Matthew Garcia and Richard Torres have been retained to sell 1893 Amsterdam Avenue, a 3-story commercial building in the Sugar Hill neighborhood of Northern Manhattan. The property has been operated as a funeral parlor and will be delivered vacant. The previous owners invested in the expansion of the ground floor retail and the second floor, as well as the remodeling of the upper floors for use as office space. An opportunity currently exists, as of right, to convert the upper floors to residential units. Projected stabilized cap rate of 6-7 percent. Asking price is $1,695,000
•1425 Prospect Place
Jackie Himmelstein has been retained to sell 1425 Prospect Place, a 3-family Crown Heights residential building with parking. The building, which was constructed in 2004, has 3,600 SF and three residential units along with a basement and a backyard. All of the apartments have two full bathrooms.
1425 Prospect Place is located between Utica Avenue and Rochester Avenue, down the street from the retail corridor along Utica Avenue. It presents an excellent opportunity for both investment purposes and residential use. Asking price is $1,200,000.

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Cushman & Wakefield announced the following exclusive assignments:
The sale of a two-building property at 335 South Fourth and 324 South Third Avenue in Mt. Vernon, New York. The asking price is $1,500,000. Formerly the Trinity Episcopal Church, the property is comprised of a church and a rectory. The church, designed by English architect Henry Dudley, was built in 1859, with additions in 1892 and 1909. The rectory was built in 1893. The two buildings combine for 15,700 square feet and sit on a 200’ by 210’ lot. They sit within a multi-family residence zoning designation that allows for a total of 50,400 square feet to be built. Both buildings will be delivered vacant upon sale. Bill Eisenhut is exclusively marketing this property with Hall Oster, Teddy Galligan and Bryan Smadbeck.
185-189 Hester Street in Manhattan’s Special Little Italy Historic District. Ownership is requesting proposals. The three, contiguous, mixed-use properties combine for approximately 34,892 buildable square feet. They currently consist of four ground-floor retail units with street frontage and 33 residential units divided into ten rent-stabilized, four rent-controlled and nineteen free market units.
189 Hester Street contains one full building while 185 and 187 Hester Streets have two structures on each (a front building adjacent to the street and a rear building with a small courtyard in between). Puglia, an Italian, family-owned, culinary treasure founded in 1919, occupies one of the retail units. Robert Burton is exclusively marketing this property with Keegan Mehlhorn.
A retail condominium at 231 Tenth Avenue. The property is located between 23rd and 24th Streets in Chelsea. Ownership is requesting proposals. The condo contains 3,797 square feet and boasts 24 feet of frontage on Tenth Avenue. It features a column-free layout at the base of Vista 24, a 14-story condominium building. Brock Emmetsberger and James Nelson are exclusively marketing this property.

SALES

Eastern Consolidated has been selected as the exclusive agent to market a renovated, four-story residential building at 111 West 128th Street that could be reconfigured as an owner’s triplex with rental units or remain a multifamily. The asking price is $4.15 million for the property, which is located just off Lenox Avenue in West Harlem.
Exclusive Eastern Consolidated brokers Ronda Rogovin, Senior Director and Principal, and Jamie Rogovin, Associate Director, are marketing the property. Wade Hazelton, Director, Financial Services, is the analyst for the deal.
The walk-up contains four, free market apartments, one of which is a duplex; ±6,000 square feet above grade; ±1,320 square feet of finished space on the lower level; ±2,593 square feet of unused development rights; and a landscaped garden.
Fully equipped with a sprinkler system through all common areas and apartments, the property also features six separate heating zones that allow for individual temperature settings.
The building is ideally located between Adam Clayton Powell Jr. Boulevard and Lenox Avenue, half a block from Sylvia’s, Red Rooster, and Chez Luciénne on Harlem’s Restaurant Row, and just a few blocks from shopping along 125th Street including the new Whole Foods set to open at Lenox Avenue and the 2, 3, A, C, B, and D trains.

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GFI Realty Services, LLC announced the sale of 2571 East 17th Street, an office building located in the Sheepshead Bay section of Brooklyn. The property, a vacant three-story building totaling 13,014 square feet, traded for $3.4 million. The property is located in a prime area surrounded by several banks, including Chase and Bank of America, as well as numerous local retailers.
Erik Yankelovich, a senior director of GFI Realty Services, represented the seller, a local investor, and the buyer, Vasco Ventures, in this transaction. The property is located in proximity to major mass transportation and within blocks of the Belt Parkway.
•A mixed-use development site at 420-426 53rd Street, located between Bergenline and Palisade Avenues in New Jersey’s West New York neighborhood, was sold in an all-cash transaction valued at $2,150,000.
The lot contains approximately 17,105 square feet and is currently improved by a two-story, mixed-use building that contains approximately 13,000 square feet. The lot benefits from two direct access points on 53rd and 54th Streets and features 21 legal parking spaces. The sale price equates to approximately $165 per square foot.
The property is located within four blocks from the Bergenline Light Rail stop and is only a mile away from the Lincoln Tunnel.
This deal marks the team’s eleventh transaction totaling over $40 million since 2015.

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Jonathan Hakimian, an investment sales associate at the Manhattan-based firm Highcap Group, has arranged the sale of 277 Humboldt Street in the Williamsburg neighborhood for $2.2 million. Hakimian represented both the buyer and seller in the off-market transaction.
The four-story walk-up was originally built in 1920 and is located between Maujer and Grand Streets. The building consists of 8 apartments and totals 5,500 gross square feet.
This is the first time the property has changed hands since the 1970s. The sale was a win-win for both parties. With rents being below market, the purchaser was able to add an excellent asset with tremendous upside to his growing portfolio in the vibrant and up-coming neighborhood. While the seller was also able to achieve an aggressive price that equated to over 23 times the rent roll.

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Hunt Corporate Services, Inc. announced that Rugs America, a national wholesaler of designer rugs, has sold their 18,500-square-foot commercial building at 242 Broadhollow Road, Farmingdale. Andy Dorman, an associate broker at Hunt, represented the seller in a transaction worth $3,200,000.
Stickley Audi & Company, one of the nation’s best-known furniture retailers, purchased the building. It had been completely renovated both inside and out with 8,500 square feet of office and showroom space and 10,000 square feet of warehouse space.
Rugs America, founded 22 years ago, intends to move its warehousing operations to Georgia while keeping its executive offices on Long Island.

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CBRE’s Investment Properties team announced it has arranged the $1.37 million sale of an 8,400-square-foot mixed-use residential and retail complex in Cliffside Park, N.J. Located at 672-678 Anderson Ave., the property features four street-level retail spaces with four multifamily units above on its second story.
Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, represented the seller and procured the buyer. The property was purchased at the seller’s full asking price, with a five percent in-place cap rate.

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CPEX Development & Conversion Investment Sales Team has sold 309 Lenox Road, in Prospect Lefferts Gardens, for $1.94 million. Situated less than a block from the SUNY Downstate Medical Center, the lot has a 6,000 square foot footprint.
The property’s R7-1 zoning allows up to approximately 20,000 buildable square feet. Sean R. Kelly, Esq. and associates Sean Sears and James O’Neill, represented the seller in this transaction. CPEX also procured the purchaser, Gemstar.

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Cushman & Wakefield announced the following sales:
A multifamily building at 511 West 151st Street sold for $8,500,000 representing a Gross Rent Multiple of more than 18 times the rent roll. The five story building contains approximately 26,630 s/f.
The fully rent stabilized property features 31 units with an average unit size of 730 square feet. The sale price equates to $320 per square foot and $274,000 per unit Executive Vice President Robert M. Shapiro exclusively handled this transaction along with colleagues Clint Olsen and Josh Lipton. The team sold the building on behalf of Castellan Real Estate Partners who previously acquired the building for $4.3 million in 2013.
•A multifamily building at 331 East 89th Street sold for $7,325,000. The five-story, walkup building contains approximately 8,500 s/f above grade and features 11 residential units divided into eight free-market, two rent-stabilized and one rent controlled unit. In addition to the five levels, the building features a lower level with access to the rear yard and offers approximately 1,567 square feet of remaining development rights.
The sale price equates to approximately $862 per square foot. Thomas Gammino handled this transaction with Brett Weisblum. The team sold the property on behalf of E-Wei Tao. The buyer was ACNY Developers Inc.

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