Besen & Associates announced the following sales:
• 415 Lincoln Avenue, 361 Miller Avenue, and 2883 Atlantic Avenue, all located in Brooklynwere sold for a total of $6,140,000. 415 Lincoln Avenue, a four-story walkup apartment building with 30 units, was sold for $2,450,000 and was completed by Lev Mavashev and Amit Doshi. 361 Miller Avenue, a 4-story walkup building consisting of 20 apartments, was sold at the price of $1,850,000, and 2883 Atlantic Avenue, a 4-story corner apartment building with 14 large apartments and 2 stores, at $1,840,000, both of which were brokered solely by Lev Mavashev.
• 29 West 84th Street, between Central Park West and Columbus Avenue, sold for $7,000,000 ($750,000 over the asking price), which equates to a GRM of 17.9 and a cap rate of 3.3%. David Bess represented the seller, Carlton Management. Cathy Connolly of Vandenberg, Inc. procured the purchaser, a private foreign investor. Built in 1900, 29 West 84th is a pristine 5-story brownstone walkup building comprising of 17 apartments. The building has a J-51 program in place which runs until 2019 on all 17 units. Five apartments are currently stabilized, but are rented at or above $2,500 per month.
•••
ERG Property Advisors announced the sale of a single-tenant Joe’s Crab Shack in Ann Arbor, Michigan. The tenant has an absolute triple net lease with 14 years remaining for a 7,945 s/f building on a 142,454 s/f lot. The lease is guaranteed by Ignite Restaurant Group (IRG), who operates three restaurant businesses including Joe’s Crab Shack, Brick House Tavern + Tap, and Romano’s Macaroni Grill. The property sold for $2,980,000, which represents a cap rate of 7.3%. Andrew Greenberg, senior director of retail, and Evan Street, senior associate of ERG Property Advisors, exclusively brokered this transaction.
•••
Ariel Property Advisors has announced the sale of five properties in Brooklyn and Upper Manhattan totaling more than $6.65 million.
• A vacant warehouse at 635-639 Classon Avenue in the Prospect Heights section of Brooklyn sold for $1,970,000. The 7,574 s/f property is zoned M1-1 and is located between Pacific and Dean Streets. The sales team of Jonathan Berman, Shimon Shkury, Michael A. Tortorici, and Victor Sozio represented the seller, a local investor, and procured the buyer, also a local investor.
• A 3,332 s/f, vacant shell at 315 West 112th Street in Central Harlem sold for $1,675,000, which translates to $503 a foot. The 16.67-foot-wide, four-story building between Manhattan and Morningside Avenues will require a complete gut renovation. The sales team of Jesse Deutch, Victor Sozio, and Michael A. Tortorici represented the seller, a private investor, and procured the buyer, a private developer.
• A five-story, mixed-use, corner property at 2299 Adam Clayton Powell Jr. Boulevard in Central Harlem sold for $1,412,500. The 8,585-square-foot building features 14 units, including three retail units, of which two are occupied and one is vacant. The sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, Jesse Deutch, and Daniel Tropp represented the seller, a private investor, and procured the buyer, a private real estate investment firm.
• A warehouse at 105 Dobbin Street between Meserole and Norman Avenues in the Greenpoint section of Brooklyn sold for $850,000. The 25-foot-wide, one-story, 2,500-square-foot building is zoned M1-1. The sales team of Jonathan Berman, Michael A. Tortorici, and Daniel Tropp represented the seller, a private owner, and procured the buyer, an owner/investor.
• A 25-foot-wide development property at 2238A Amsterdam Avenue in Washington Heights sold for $750,000. The 2,500-square-foot lot contains a 750-square-foot garage, but zoning allows for the construction of a 10,000-square-foot building. The sales team of Victor Sozio, Michael Tortorici, and Jesse Deutch represented the seller, a private investor, and procured the buyer, a private real estate investment firm.
•••
Massey Knakal announced the following sales:
• A development site at 330-334 St. Marks Avenue, in Brooklyn’s Prospect Heights neighborhood, sold for $2,200,000. The approximatel site is in a R6B zoning district, and consists of 10,000 buildable square feet. It contains a one-story warehouse. The sale price equates to approximately $220 per buildable square foot. Stephen P. Palmese handled this transaction.
• A development site at 8 East 132nd Street, in East Harlem, sold for $1,325,000. Located within an R7-2 zoning district, which allows for a 4.0 FAR as-of-right, it contains approximately 13,988 buildable square feet. Robert Shapiro handled this transaction with Lev Kimayagarov.
• A triple-net-lease has been secured for a site at 2960 Victory Boulevard, in the Willowbrook neighborhood of Staten Island. The site, which is over an acre, contains a 4,857 s/f building which includes 1,677 s/f of mezzanine space. The space was previously used for a bank and is fully equipped with drive-thru access. There is parking available for 25 vehicles. The site will be occupied by Circle Urgent Care, an urgent care facility. The remaining bulk of vacant land will be utilized for future commercial development. Michael Schneider represented the owner in this transaction with CEO Paul J. Massey, Jr.
•••
Jones Lang LaSalle represented Forsgate Industrial Partners LP in the company’s purchase of 125 North Street in Teterboro, N.J. The investor acquired the 158,000 s/f light industrial building from Global Experience Specialists Inc., a division of Viad Corp., for an undisclosed amount. JLL’s David Knee, managing director, and Blake Chroman, senior vice president, represented Forsgate in the off-market transaction. The seller, Viad, was represented by its in-house real estate team.
•••
Gebroe-Hammer announced three transactions involving 64 units that sold for a combined $4.375 million. Each trade was orchestrated by Gehane Triarsi, sales representative, who exclusively represented the sellers:
• In Plainfield, N.J., Triarsiarranged the sale of a 33-unit complex at 821 Central Ave., for $2.55 million, or $77,272 per unit. The property was sold by the estate of the late owner.
• Also in Plainfield, the brokerage team of Triarsi and David Jarvis orchestrated the $625,000 sale of 1348 West Front St. The three-story building, which was constructed in 1930, is comprised of 13 units, which were fully occupied at the time of sale.
• In Union County’s southeastern city of Linden, an 18-unit studio apartment complex at 612 Ziegler Ave., sold for $1.2 million. The property traded at a 6.8 percent capitalization rate. The sale was part of the seller’s portfolio disposition, according to Triarsi.
