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Deals & Dealmakers

On The Scene: Besen’s Saadya Notik selling Fort Greene apartment building; Marcus & Millichap closes three Brooklyn sales

AGENTS

Besen & Associates announced the following exclusive assignments:

  • Saadya Notik has been retained to sell 42 South Oxford Street, a 5-story walkup building in Fort Greene, Brooklyn. The building has 5,500 s/f with 10 apartments and was built in 1930. Asking price is $5,250,000.

    SAADYA NOTIK
    SAADYA NOTIK
  • Saadya Notik, of The Corbin Group, has been retained to sell 264 Saratoga Avenue, a vacant 3-story residential building with 3 floor-through apartments in Bedford-Stuyvesant, Brooklyn. The property has 3,600 s/f. $100,000 of work has already been completed, including all plumbing and electric. Asking price is $950,000.
  • Matthew Garcia and Richard Torres have been retained on an exclusive basis to sell the retail condominium properties at 941-951 Hoe Avenue, Bronx, in the Longwood neighborhood. Built in 2005, the three condominiums feature a combined total of 65,021 s/f consisting of two retail condominiums and subterranean parking garage condominium which is located beneath The Northrose, a residential condominium building. The retail condos have 9,205 s/f within two stores, and the parking garage has approximately 55,816 s/fwhich is licensed for 250 parking spaces. The retail units are leased to a Laundromat and 99 cent store, occupying 4,500 and 4,705 s/f. The retail rents for the stores average approximately $16 per square foot.

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EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 346 Stanhope Street in Bushwick, Brooklyn. It is a vacant two-family home with 4,400 s/f of development rights and located across the street from the Wyckoff Heights Medical Center. 346 Stanhope Street is listed at $1,300,000 by EPIC Commercial Realty’s Director of Investment Sales Yagnesh Vangala and Ryan Winchester.

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JEFF KINZER
JEFF KINZER

Royal Properties, Inc. has been retained to exclusively lease North Salem Center located at 56-62 June Road in North Salem, NY. The center has on-site parking of 116 spaces, excellent visibility and is in close proximity to I-84, I-684 and other local arteries.  Co-Tenants include the United States Post Office, M&T Bank, a Pizzeria, Yoga Studio, Exercise Studio and more. The current availability in the center is a 1,250-2,000 s/f freestanding retail/office building with 28 ft. of frontage. The property is adjacent to the North Salem Police Station and Town Offices. Jeff Kintzer will be handling this assignment on along with Scott Meshil on behalf of Royal Properties, Inc.

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Prime Manhattan Residential has just listed 319 East 90th Street, a 20-unit apartment building located on the Upper East Side/Yorkville with an ask price of $8.975 million. The 8,961 s/f property, which has a maximum buildable square footage of 10,068 s/f, is close to both the 86th Street Second Avenue subway stop and Asphalt Green. Built in 1915, this pre-war building is five stories and includes 10 studios and 10 one-bedroom apartments, all with new amenities and features. The top floor duplex units also have private outdoor space. Robert Dankner, president of Prime Manhattan Residential, is handling the assignment.

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LichtensteinRE has been retained on an exclusive basis to sell a package of two adjacent apartment buildings located at 71 and 74 West 174 Street in the Morris Heights section of the Bronx, New York. The asking price is $3,285,000. The properties consist in two three-story walkup apartment buildings totaling 10 two bedroom residential units. These 9,569 usable square feet buildings were completely rebuilt in 2009. Both properties are 100 percent free market. Additionally, the properties have 24,533 unused unbuilt buildable square footage, or potential to demolish and reconstruct a 34,102 s/f apartment building with up to 44 to 73 apartments in this R7-1 3.44 FAR zoning. Andrew Lichtenstein is the seller’s broker.

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DAN MARKS
DAN MARKS

TerraCRG has been retained exclusively to sell a vacant, mixed-use building at 128 India Street, located between Manhattan Avenue and Franklin Street in Brooklyn’s Greenpoint neighborhood. Dan Marks and lead broker Dave Algarin are marketing the property. The asking price is $2,950,000.The four-story vacant building contains approximately 3,880 s/f and consists of three, floor-through three-bedroom apartments. The property features an additional 700 s/f ground level retail space, which can be extended using the available air rights.

SALES

Ivan Hakimian’s HPNY closed on roughly $75 million of Manhattan deals in the month of March 2016. The transactions included:

  • A five-story walkup located on E6th  Street between 1st & 2nd Avenue, built 9,000 square feet with 20 apartments closed for $7.2 million.
  • Upper West Side Development site located on Broadway in the West 80’s closed for $51 million. The site will be constructed into luxury condominiums with retail located at the base.
  • Brooklyn Heights: 2 buildings package on Montague Street in Brooklyn Heights closed for roughly $14 million. The combined buildings were mixed use residential buildings with retail at the base.
  • Upper East Side: 2-story walkup with 2 stores and one apartment located on E78th  St off of York Avenue closed for $2.25 million.

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Marcus & Millichap announced the following sales:

  • 321 Malcolm X Boulevard, a 9-unit apartment property located in Brooklyn, sold for $3,250,000. Shaun Riney from the Brooklyn office represented the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Riney.

    SHAUN RINEY
    SHAUN RINEY
  • 405 Himrod Avenue, a 6-unit apartment property located in Brooklyn, sold for $1,325,000. Shaun Riney, Thomas Shihadeh and Daniel Greenblatt represented the seller, a limited liability company. The buyer, a private investor, was also secured and represented by the team.
  • 248 Boerum Street, a 1,978-square foot industrial property located in Brooklyn, sold for $1,250,000. Jakub Nowak and Jim McGuckin represented the seller, a private investor, and the buyer, a limited liability company. The team achieved a new price record of approximately $630 psf for a commercially zoned warehouse in the East Williamsburg/Bushwick submarket.

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Redwood Realty Advisors announced that director Steven Matovski has completed four apartment sales during March with a combined purchased price of nearly $10 million. All of the assets were located in high-demand New Jersey markets, including Bayonne, Jersey City and Hasbrouck Heights. The recent transactions included:

  • A mixed-use property in Hasbrouck Heights, N.J. with 32 apartments and 8 commercial spaces, sold for $5,400,000, at a cap rate of 5.5%
  • A mixed use asset in Bayonne, N.J. that includes 8 apartments and 4 office units, sold for $1,750,000, a cap rate of 7.7%.
  • A 3-building portfolio in Jersey City, N.J. that includes 21 units, sold for $1,625,000, a cap rate of 7.74%
  • A 7-unit apartment in Jersey City, N.J. was sold by Oval Capital Management for $630,000.

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TerraCRG announced the sale of 310 12th Street, a 20-unit multifamily building located in Park Slope. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin were the sole brokers in this transaction. The property sold for $9,200,000, which equates to a 4.2% cap rate and $628 psf. The five-story building contains approximately 14,644 s/f and features an additional 4,644 s/f of air rights.

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Ariel Property Advisors has closed the sale of 2703 East Tremont Avenue, a Wendy’s triple net leased investment property with future development potential in the Westchester Square neighborhood of The Bronx. The property sold for $6.675 million, which translates to a 4.94% capitalization rate. Scot Hirschfield, Jason M. Gold, Michael A. Tortorici, Victor Sozio and Marko Agbaba represented the seller, a private investor, and procured the buyer, an affiliate of Rockfarmer Properties, a New York City real estate investment group led by John Petras and George Michelis. 2703 East Tremont Avenue is a 16,825s/f lot improved by a 2,772 s/f Wendy’s restaurant and a 21-space parking lot, leased to an experienced operator until 2035.

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DANIEL ABBONDANDOLO
DANIEL ABBONDANDOLO

Cushman & Wakefield announced the sale of a mixed-use building at 200-212 Sunrise Highway, in Long Island’s Rockville Centre, for $3,775,000. Daniel A. Abbondandolo exclusively handled this transaction on behalf of DAMI LLC. The buyer is 200 Sunrise Associates LLC. The three story building contains approximately 8,650 s/f and 173 feet of wrap-around footage. It contains six ground-floor retail tenants and office space on half of the second and third floors. The other half contains eight renovated two-bedroom apartments. The final sale price equates to approximately $198 per square foot featuring a 6.9 percent cap rate.

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Ron Saracino, president of Bridgeport-based Road Ready Used Cars, has purchased the former Healey Ford auto dealership properties on the corner of Main Street and Healey Drive in downtown Ansonia. The two, 2-acre corner parcels are across the street from each other and include a 25,380 s/f showroom with repair bays, a 3,627 s/f auto body shop and a 1,859 s/f gas station. Road Ready will relocate to the site once Saracino’s extensive renovations are completed. The seller was Ford Motor Credit Company of Dearborn, Michigan. The purchase price was $1,525,000. Alan M. Fischer, CCIM, SIOR, of Fischer Real Estate Inc. represented both the seller and the buyer.

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Greystone Development has acquired 2 West Water Street in Sag Harbor for $4.94 million. The waterfront property, acquired from seller Bruce Davis, will be incorporated into the planned 11 total residences designed by architect Robert A.M. Stern.  Jeffrey Simpson, head of Greystone Development, made the announcement. Situated on 1, 3, and 5 Ferry Road and 2 West Water Street, Greystone’s Sag Harbor project will include a staggered row of single-family houses outfitted in New England Shingle Style with clapboard and cedar shakes.

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ED JORDAN
ED JORDAN

Northeast Private Client Group announced the sale of the 21,000 s/f retail property at 150-152 South Central Avenue in Hartsdale, NY. Edward Jordan, JD, CCIM, managing director in the investment real estate firm’s White Plains, NY office, represented the seller in the $8,840,000 transaction. 150-152 South Central Avenue comprises 21,000 s/f of multi-tenant retail space on 1.75 acres of land in lower Westchester County. It is currently occupied by national retailers Ethan Allen and Blinds To Go, each on ten-year net leases with rent escalations and option periods. The seller is a family trust.The buyer, a New York-based investor represented by broker Vijay Raghavan, purchased the property for a price that equates to approximately $420 psf, and a capitalization rate of 6.9%.

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Certes Partners, a Manhattan-based development company that is building a luxury condominium in NoMad next to the Roger Hotel, has purchased a Madison Avenue retail condominium around the block for $2.85 million. The retail condo, at 127 Madison Avenue, between 30th and 31st Street, is located on the ground floor of the 13-story luxury condominium, M127. It is 1,272 s/f with a 500 s/f basement. The building was designed by Shop Architects. Anand Melwani of ARM Real Estate Group represented both Certes Partners and the seller, Huang Long L.L.C. in the off-market transaction.

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New York Commercial Real Estate LTD announced the following sales:

  • Jack Jawdat, president, closed the $5,600,000 sale of a 40,000 s/f, 3-story, class A office building located at 1200 Veterans Memorial Hwy, Hauppauge, NY 11788. Jawdat represented the seller, Brewran Islip Associates and Duckjae Lee of Remax Universal Real Estate, represented the buyer, a private investor.
  • Consultant Alvin Bray completed the $750,000 sale of a 5,000 s/f medical office building located at 5 Wicks Rd, Brentwood, NY 11717. Bray represented both the seller, Francesca V. Erale Esq. and the buyers, Dr. Ahmed Elkoulily & Lamiaa Elkoulily.
  • Consultants Gerry McCloskey and Scott Roth completed the $675,000 sale of a multi-use commercial building located at 78-88 Park Avenue, Bay Shore. McCloskey and Roth both represented the seller, TC III Enterprise and the buyer, Davis Main St. LLC, who will be using the property as an investment.

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JLL completed the sale of 41-65 Doremus Avenue in Newark, N.J., for Vineland Construction Co. Realterm NAT acquired the Class A, 38,072 s/f transportation maintenance and repair facility for an undisclosed amount. Dean Brody, senior vice president with JLL, represented both the buyer and the seller. Realterm NAT plans to lease the space to companies that share in the business of maintaining and repairing transportation vehicles.The transportation maintenance and repair facility at 41-65 Doremus Avenue sits on 5.5 acres of land and comprises approximately 18,000 square feet of workshop space, 8,500 square feet of office space and 11,500 square feet for parts storage. The building also offers a total of 37 overhead bay doors, with clearances between 14 feet and 17-1/3 feet.

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