THIS WEEK’S SALES UNDER $10M
The Besen Group announced the sale of 1 Main Street, Eatontown, NJ, by Monmouth County specialist Zachary Tuckman and managing partner Jonathan B. Horn. The property, on the intersection of Route 35 and Highway 71, is a five-story plus basement corner office building comprised of 74 units measuring 50,466 gross s/f. The property was sold for $1,500,000.The asset was 56% vacant at the time of sale.
Cervelli Real Estate announced the sale of 220 70th Street, a three-story brick apartment house located in Guttenberg, NJ. The property traded for $875,000, which represents an 8.4% capitalization rate, at $72,916 per unit.
CPEXhas announced the sale of four adjacent buildings in Brooklyn. Situated on the corner of 4th Avenue and 22nd Street in Greenwood Heights, the buildings share one tax lot and include a single-story retail building, a three-story mixed-use building, a carriage house, and a one-story garage. CPEX’s Mixed-
Use Sales Team, consisting of Scott Burk, Andre Sigourney, and Luis Tamara, represented the seller and procured the purchaser, both of whom are local investors. The sale price was $2,500,000 or $352 per square foot.
GHP Office Realty announced the acquisition of 81 Main Street, Dobbs Ferry, New York, for an undisclosed price. Built in 1923, the currently vacant bank building is approximately 5,000+ s/f with 36’ high ceilings. Andy Greenspan of GHP Office Realty & Houlihan-Parnes Realtors was the broker, leasing associates Bryan Houlihan and Brendan Hickey also worked on the deal. First States Investors TRS, L.P.was the seller.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• 348 East 51st Street, a 5-unit apartment property in Turtle Bay sold for $5,026,000. Peter Von Der Ahe, Joseph Koicim, and David Lloyd, along with Erik Lundberg, and John Brennan represented the seller. The buyer, a foreign fund, was also secured and represented by Von Der Ahe, Koicim, Lloyd, along with Shlomo Gelernter, and Scott Edelstein. The building was delivered vacant.
• A 7,872 s/f retail property located in Woodland Park, NJ,,for $2,125,000. Julienne Pape represented the seller. The buyer was secured and represented by Michael Lombardi.Woodland Park Plaza is a recently built 7,872 square foot retail center located in Woodland Park, midway between Route 46 and Interstate 80.
• CVS/pharmacy, a 16,893 s/f net-leased property in Millville, NJ, for $1,752,500. Michael Lombardi and Robin Rose David, represented the seller and the buyer. There were just under five years remaining on an original 20 year lease.
Rosewood Realty Group closed seven deals in the Bronx for a total of $42.5 million. They include:
• The $15.7 million sale of two apartment buildings at 1014 and 751 Gerard Avenue in Concourse. The total 163,699 s/f package consists of two, six story elevator apartment buildings that feature 135 apartments and seven commercial units. Aaron Jungreisrepresented both the seller, 751 Gerard Ave. Owner
LLC and 1014 Gerard Avenue Owner LLC and the buyer, Parkash 751 LLC.
• The $5.7 million sale of 213 West 238th Street in Kingsbridge. The 45,000 s/f five story walk-up apartment building features 59 apartments and two free employee apartments. Aaron Jungreis represented the seller, 213 West 238 LLC and the buyer, a local investor.
• The $5.3 million sale of 2675 Creston Avenue in Fordham Manor. The 65,250 s/f six story elevator apartment building features 49 apartments. Aaron Jungreis represented the seller, 2675 Creston Ave. Owner LLC and the buyer, a local investor.
• The $5.17 million sale of 711-715 East 231st Street in Wakefield. The 44,982 s/f six story elevator apartment building features 56 apartments. Aaron Jungreis represented the seller, 711 East 231 Owner LLC and the buyer, the Morgan Group.
• The $4.618 million sale of 2474 Valentine Avenue in Fordham Heights. The 44,590 s/f five story walk-up apartment building features 53 apartments. Aaron Jungreis represented the seller, 2474 Valentine LLC and the buyer, a local investor.
• The $4.2 million sale of 124 East 177th Street in Wakefield. The 39,360 s/f six story elevator apartment building features 42 apartments. Aaron Jungreis represented the seller, 124 E 177 St. Owner LLC and the buyer, the Morgan Group.
• The $1.85 million sale of 664 East 213th Street in Olinville,Bronx. The 17,000 s/f five story walk-up apartment building features 22 apartments. Aaron Jungreis represented the seller, 664 East 213 Owner LLC and the buyer, a local investor.
Rosewood Realty Completed the following transactions in Manhattan:
• The $22 million sale of four contiguous buildings at 351-57 West 45th Street in midtown. The total 39,735 s/f package consists of five, four story walk-up apartment buildings built in 1920 that feature 88 apartments. Aaron Jungreis represented both the seller, West 45th Street Venture LLC and the buyer, a local investor.
• The $10.5 million sale of two five story walk-up apartment buildings at 330 East 73rd Street and 309 East 93rd Street consisting of 30 apartments and seven large storage rooms. The 18,160 s/f package sold for 14.2 times the rent roll. Aaron Jungreis represented the seller 330 East 73rd LLC and 309 East 93rd LLC and Michael Kerwin and David Scheer represented the buyer, a local investor.
• The $2.4 million sale of 369 Ocean Avenue in Flatbush. The 11,036 s/f four story elevator apartment building features 16 apartments. Aaron Jungreis represented the seller, 369 Ocean Properties, LLC and Rafael Toledano of Weissman Realty represented the buyer, a local investor.
• The $1.35 million sale of 1297 St. Marks Avenue in Crown Heights. The 4,500 s/f three story walk-up apartment building features six apartments. It was built in 1910 and sold for 10 times the rent roll. Jake Blatter represented the seller, 1297 ST Marks 1LLC and Jonathan Birnbaum represented the buyer, 1297 St Marks LLC.
• The $1.3 million sale of 1802 Avenue U in Homecrest. The 5,940 s/f three story walk-up apartment building features four apartments and three stores. David Berger represented both the seller, 1802 Realty LLC and the buyer, a local investor.
Friedman-Roth Realty Services LLC announced the sale of 2330 Ryer Avenue for $3,15 million. Located just off the Grand Concourse in the Fordham Heights section of the Bronx, the 5-story apartment building contains 36 apartments and 26,095 s/f. Friedman-Roth’s David Gerstel represented the purchaser and George Niblock represented the seller.
CBRE Group, Inc. announced that it has sold the ground floor commercial condominium space at 545 – 547 West 20th Street to 120 Eleventh Ave. Retail LLC. 120 Eleventh Ave. Retail LLC has appointed CBRE as the exclusive leasing agent for the property, which includes 4,773 s/f on the ground floor and a 965-s/f basement storage space. CBRE’s Stuart J. Siegel, Matthew R. Bergey and Daniel A. Bodner represented the seller, and will market the property on behalf of the new owner. 545 West 20th Street is occupied by the well-known Elizabeth Dee Gallery.