THIS WEEK’S SALES UNDER $10 MILLION
Besen & Associates announced the sale of 45-35 Parsons Boulevard (AKA 147-01 Hawthorne Avenue), in Queens. This was the first sale in over 30 years, and was spearheaded by Jackie Himmelstein and Greg Corbinof Besen &
Associates who exclusively represented the seller and also procured the purchaser. The property was sold for $3,238,000, which equates to $162,000 per unit, a capitalization rate of 4.6% and 12.5 multiple of the rent. Built in 1927, this 4-story walkup apartment building has 20 apartments and 15,600 s/f. The seller was doing an out-of-state 1031 and wanted a quick closing.
Ariel Property Advisors has announced the sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem for a total of $30.5 million. Shimon Shkury, Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba served as exclusive agents for the sellers, real estate investment firms.
• Five attached walk-ups at 265-273 West 146th Street, between Adam Clayton Powell Jr. and Frederick Douglass Boulevards in Central Harlem, sold for $11.1 million. Spanning 125 feet of frontage, together these five-story buildings consist of 47,500 s/f and contain 100 residential units.
• A five-story, mixed-use walk-up at 950 Columbus Avenue, between West 106th and 107th Streets on the Upper West Side, sold for $5.1 million, which translates to more than $600 a square foot. The 8,350 s/f turn-key property contains 14 residential units and two commercial units. Jeffrey Tanenbaum, of Halstead Property, represented the buyer, a local owner, on this transaction.
• A six-story, mixed-use building at 88 East 111th Street, between Madison and Park Avenues in East Harlem, sold for $5 million. The 19,884 s/f walk-up includes 28 residential units and two commercial units.
• A six-story, corner mixed-use walk-up at 1661 Park Avenue at East 117th Street in East Harlem sold for $4.8 million. The 22,436 s/f building features 34 residential units and one retail unit.
• A six-story walk-up at 524 East 119th Street between Pleasant Avenue and the FDR Drive in East Harlem sold for $4.5 million. The 50-foot-wide, 21,100 s/f building includes 35 residential units and two rooftop antennas.
Brick Realty Capital LLC, through an affiliate entity, has added another non-performing mortgage and note to its loan portfolio. Located in the Greenpoint section of Brooklyn, the collateral for the mortgage is secured by a five story multi-family apartment building with retail on the ground floor. Phil Ragone and Nadeem Haque, of Friedman-Roth Realty Services LLC, were the brokers in the transaction.
Cornerstone Real Estateannounced the sale of 424 West 55th Street between Ninth and Tenth Avenues in New York City. The property is a 4,400 s/f plot encumbered by a 2-story commercial building that was originally built as a church and then was converted into the Woman’s Theatre. Delivered vacant, the
property was sold as a ground-up development site with 18,500 s/f buildable above grade. The property sold for $8,160,000. Edmond Levyrepresented the purchaser in the transaction. Lipa Lieberman with Eastern Consolidated represented the seller.
The CPEX Mixed-Use Investment Sales Team announced the sale of 8612 3rd Avenue in Brooklyn. The three-story mixed-use building consists of one commercial and one residential unit, both of which were delivered fully occupied. The sale price was $1,275,000, or $356 psf, a 6.1% cap rate and 14 times the gross rent roll. Scott Burk, Andre Sigourney and Luis Tamara, represented the seller and procured the purchaser. National retailer Carvel is the tenant.
Eastern Consolidated announced the sale of a three-building package of Murray Hill apartment buildings at 216 and 218 East 36th Street. The sale price was $5.6 million. Adelaide Polsinelli and Paul N. Nigido acted on behalf of the seller, Zareno Limited Partnership, in the sale of the properties, which together comprise over 12,000 s/f. Totaling 20 rental apartments, of which 14 are rent stabilized, the portfolio garnered significant attention from investors. Attorneys in the transaction were Ira Nesenoff Esq. of Miltenburg & Nesenoff, Arthur J. Israel Esq. and Charles David Golin Esq.
Marcus & Millichap Real Estate Investment Services announced the sale of two apartment buildings in Troy, NY. Both assets commanded a sale price of $1,175,000. Chip Collins, an investment specialist in Marcus & Millichap’s New Jersey office, represented the sellers and the buyers. J.D. Parker assisted in closing these transactions.
• The first property is located at 75-79 11th Street. It is a 22 unit complex that is comprised of three apartment buildings. Two of the three buildings were constructed in the mid 1970s and all units were updated. The complex is located at the end of a dead-end street and parking is available in its own private lot. The asset was sold for $880,000.
• The second property is located at 1329 15th Street. It contains 10 studio apartments. All units are separately metered and have been upgraded with new kitchens and baths. It has a rear parking lot and is close to Rensselaer Polytechnic Institute. The asset was sold for $295,000.
Massey Knakal announced the following sales:
• A garage condominium, located within the Bowery Savings Bank Building at 110 East 42nd Street, sold for $5,600,000. The garage condo is 10,400 s/f and contains 77 legal spaces (58 on the ground and 19 on hydraulic lifts). The property also has direct elevator access to the above 18-story office building. The garage benefits from its close proximity to Grand Central Terminal. The sale price equates to approximately $72,727 per space, a 5.5% capitalization rate and $538 per square foot. Bob Knakal and John Ciraulobrokered the sale.
• Two contiguous apartment buildings at 770 and 780 Garden Street, in the Belmont neighborhood of the Bronx, sold for $8,700,000. The six-story, elevator buildings total approximately 96,344 s/f and consist of 113 units. 770 Garden Street is a 52-unit building containing 48,172 s/f. 780 Garden Street is a 61-unit building containing 48,172 s/f. The sale price of the two buildings equates to approximately $90 per square foot. Karl Brumback handled the sale with Bob Knakal and David Simone.
Newmark Grubb Knight Frank (NGKF) has completed the sale of 781 Eighth Avenue in Manhattan, a four-story commercial building with 9,000 s/f of leasable space, formerly the home of Gotham Video. Located between 47th and 48th Streets in the theater district, the asset traded for $6.85 million, or more than $760 per rentable square foot. Jonathan Krivine and Dennis Karr arranged the sale on behalf of the owner, principals of City Knickerbocker Lighting, which had previously occupied the entire building for 50 years. They were assisted by Lewis A. Kerman, president of LK Allen Inc. Brandon Eisenman of RKF represented the buyer, 781 Eighth Avenue Owner, LLC. The building is currently vacant and is situated for a restaurant or café on the ground floor with offices on top.
RKF has arranged the $8.7 million sale of a 3,513 s/f retail condominium at the base of 127 Seventh Avenue in Chelsea. A team of RKF Investment Sales & Advisory Services professionals that included Jeffrey Fishman, Jonathan Butwin, Robert Goldman and Andrew Jacobs represented both the buyer, 127 Seventh Holdings, LLC, and the seller, 127 Seventh Avenue Associates, LLC. The retail condominium occupies space at the base of the Yves condominium, a 14-story residential building. It consists of 2,063 s/f on the ground floor and 1,450 s/f on a lower level, is leased to CORE Marketing Group.
Friedman-Roth Realty Services LLC announced the sale of a West Harlem apartment building located at 551 West 152nd Street. The 8-unit building consists of four stories and encompasses 3,230 s/f. The property sold for a price of $750,000. Eric Lupo and George Niblock, both of Friedman-Roth, were the brokers.
Weichert Commercial Brokerage, Inc. senior vice president Mark Calabro recently completed the sale of 65+ acres to Toll Brothers. The property, located at Burnt Mill Road in Branchburg, NJ. The tract of land had final approvals to build 50 single-family homes on one acre lots. Calabro represented the seller, Branchburg Buildings, LLC, and introduced the property to the buyer, Toll Brothers.
Gebroe-Hammer Associates orchestrated three transactions. Gehane Triarsi represented the sellers.
• In Plainfield, N.J., Triarsi arranged the sale of a 33-unit complex at 821 Central Ave., for $2.55 million, or $77,272 per unit.
• Triarsi and David Jarvis orchestrated the $625,000 sale of 1348 West Front St. in Plainfield.
• In Union County, an 18-unit studio apartment complex at 612 Ziegler Ave., sold for $1.2 million, a 6.8 percent capitalization rate.