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Deals & Dealmakers

ON THE SCENE: Bestreich Realty Group sells Greenpoint building for $2.9M; Eastern Consolidated selling 168 Suffolk St on LES


Cushman & Wakefield announced the following exclusive sale assignments:

• The sale of 34 8th Avenue, also known as 324-326 West 4th Street. A combination of three properties on one lot, they are being offered for the first time in over 50 years. Ownership is requesting proposals for the properties, located on the east side of 8th Avenue between Jane and West 12th Streets. 34 8th Avenue is a five-story, mixed-use elevator building with retail on the ground floor and 13 apartments above. Anfora, a wine bar occupies the retail space through June of 2019. 324 West 4th Street is a four-story walk-up with four floor-through one-bedroom apartments. 326 West 4th Street is a recently renovated, two-story, owner-occupied townhouse configured as a one-bedroom two bathroom unit. James Nelson and David Shalom are marketing this property.

• The firm is currently taking offers for 696 Manhattan Avenue, a flagship commercial building in Brooklyn’s Greenpoint neighborhood. Executive Managing Director Brendan Maddigan, Director Ethan Stanton, and Associate Director Michael Gigante are marketing the proeprty, a corner building suited for conversion to a flagship retail or office asset. The masonry elevator building features 8,850 s/f across three stories with an additional 2,950 s/f basement. The site totals nearly 12,000 s/fin usable space. The building will be delivered partially vacant and with three tenants operating with expired leases and month to month agreements. With versatile mixed-use zoning, the property can accommodate boutique office, co-working space, multilevel retail and high-end residential.


Eastern Consolidated is selling a 10,050 s/f luxury apartment building at 168 Suffolk Street on the Lower East Side after repositioning its retail space by arranging a 10-year, 550 s/f retail lease with Alex Em Fine Art gallery on the ground floor. The asking price is $13,850,000 for the five-story building, which is being marketed for sale exclusively by Senior Director and Principal Peter Carillo. Carillo, along with Joe Robinson, Senior Director, and Adelaide Polsinelli, Senior Managing Director and Principal, also represented the owner in the lease transaction, while Matthew Steer of Keller Williams Tribeca represented Alex Em Fine Art. 168 Suffolk Street has a shared roof deck and lower level bike and locker storage. Apartment amenities include two bathrooms per unit, individual unit heating and cooling systems, and washers and dryers.


Delshah Capital hired Meridian Investment Sales to market its retail condominium at 170 Mercer Street in Soho for $7.5 million. The property is a two-story, 1,950 s/f newly renovated retail condominium with a triple net lease to Shamballa Jewels, a designer jewelry brand featured in 25 stores worldwide. The proeprty is close to the B, D, F, and M subway lines at the Broadway-Lafayette Street station, the R and W subway lines at the Prince Street Station, and the 4 and 6 subway lines at the Spring Street station. Meridian Managing Director Inbal Himelblau-Denman, Senior Executive Managing Director David Schechtman, Managing Director Abie Kassin, and Managing Director Lipa Liberman are marketing the 170 Mercer Street property.


Bestreich Realty Group announced eight recent Brooklyn closings totaling over $20 million. They include:

• The $5.25 million sale of 1191 Bedford Avenue in Bed-Stuyvesant. This is a 7,200 sq. ft. five story walk-up apartment building with six apartments and one store. Derek Bestreich, Luke Sproviero, Steve Reynolds and Tom Reynolds represented the seller and also procured the buyer.

• The $3.4 million sale of 447 Rogers Avenue in Prospect Lefferts Garden. This is 6,840 sq. ft. three story walk-up apartment building with six apartments and two stores. Erik Rodriguez, Derek Bestreich and Brian Underkofler represented the seller and also procured the buyer.

• The $2.975 million sale of 38 Driggs Avenue in Greenpoint. This is a 5,326 sq. ft. three-story mixed use property including five residential units and one store. Donal Flaherty, Luke Sproviero, Adam Lobel and Derek Bestreich represented the seller and also procured the buyer.

• The $2.95 million sale of 128-130 Courtelyou Road in the Kensington section of Brooklyn. This is a 6,335 sq. ft. two- story walk-up mixed use property featuring four residential units and two stores. Derek Bestreich, Erik Rodriguez, Luke Sproviero and Brian Underkofler represented the seller and also procured the buyer.

• The $2 million sale of 442-444 Pulaski Street in Bed-Stuyvesant section of Brooklyn. The property is a 50 ft. x 100 ft. development site zoned R6. Tom Reynolds, Steve Reynolds and Luke Sproviero represented the seller and buyer
• The $1.8 million sale of 1275 Nostrand Avenue in Prospect Lefferts Gardens. This is a 4,500 sq. ft. three–story walk-up apartment building with six residential units. Erik Rodriguez, Derek Bestreich and Brian Underkofler represented the seller and the buyer.

• The $1.2 million sale of 2104 Fulton Street in Bed-Stuyvesant, a 4,460 sq. ft. three story walk-up apartment building with four residential apartments and one commercial store. Steve Reynolds, Derek Bestreich and Tom Reynolds represented the seller and buyer.

• The $725,000 sale of 840 Hancock Street in Stuyvesant Heights. This is a 2,250 sq. ft., three-story walk-up apartment building built in 1901 with three apartments. Luke Sproviero, Steve Reynolds and Derek Bestreich represented the buyer and seller.


CPEX Real Estate’s Mixed-Use Investment Sales Team recently sold a three-story mixed-use building located at 451 Irving Avenue in Bushwick, Brooklyn. The property sold for $1,650,000, or $367 per square foot. Managing Director Lawrence Sarn and Associate Bryan Hurley represented the seller and procured the buyer. Located on the corner of Irving and Jefferson Avenues, the 4,500-square foot mixed-use building consists of two ground floor commercial units, three residential apartments on the second and third floors, and three 200 s/f garages.


Cushman & Wakefield announced the following sales:

• MSN Pharmaceuticals purchased 20 Duke Road. The 203,674 s/f building will house the company’s new United States R&D and manufacturing operation; its regional administrative offices will relocate to the property as well. MSN is a manufacturer of active pharmaceutical ingredients and finished dosages in India. JLL’s Joel Lubin and Chad Hillier represented the seller, Penwood Real Estate. Cushman & Wakefield’s Shawn Straka represented the buyer.

• Somerset Therapeutics acquired a 67,000 s/f facility at 300 Franklin Square Drive. Founded in 2015, the sterile pharmaceutical company manufactures and markets injectable and ophthalmic drugs for the U.S. marketplace. Fahri Ozturk of Marcus & Millichap represented the seller, Candela Properties, in the sale. Shawn Straka represented the buyer.

• Long Beach Gardens, an apartment complex located at 421-433 East Broadway in Long Beach, NY, sold for $3,800,000, or $146,153 per unit, and a 6.45 cap rate. Director Daniel Abbondandolo and Associate Kevin Schmitz exclusively represented the seller. The asset was 93% occupied at closing. Long Beach Gardens is a 26-unit, two-story apartment complex. The 14,000 s/f property is comprised of 21 studio apartments, four one-bedroom units and a two-bedroom unit. The building has recently undergone capital improvements.


Emerald Equities closed on the sale of 1184 Walton Ave in the Bronx for $7,700,000. The building is a 46,000 s/f five-story walk-up consisting of 41 residential units. Emerald purchased this property in March 2016 as part of a $140,000,000 38-building portfolio. The purchaser, a Bronx based investment group believes in the long-term ownership in the Bronx and took advantage of the attractive existing debt. Steven Vegh of Westwood Realty represented both sides on this off-market transaction.


EPIC Commercial Realty announceD the sale of 936 East 169th Street, a mixed-use building in Foxhurst, Bronx, for $1,450,000. Adam Waters represented both the seller and the buyer. The four-story mixed-use building is comprised of two retail units and six apartments. Sitting on a 2,107 s/f corner site, the property is built to 8,000 s/f fully utilizing the potential FAR of R7-1 zoning. The building shares the block with a police precinct, and is one block from the Simpson Street [2, 5] train station.


GFI Realty Services announced the $5 million sale of an industrial property at 237, 245 and 247 Kent Street, Greenpoint, Brooklyn. The site is comprised of three contiguous parcels. Associate Sasha Berg represented both the seller and the buyer, a local owner who plans to use the property as warehouse/office facility. Located two blocks away is the G train at the corner of Greenpoint and Manhattan Avenues. The property is also within blocks of the new East River Ferry service with connection to Midtown and Lower Manhattan.


The Hampshire Companies announced the sale of a 4,700 s/f free-standing convenience store located at 354 Kinderkamack Road in Emerson, N.J. to a private buyer. The single-tenant property is fully-leased to convenience store chain, QuickChek. The Emerson site is located on an outparcel to a Super Stop & Shop and Marshalls anchored retail center. Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies., made the announcement. Chris Bosworth, Executive Vice President, CBRE, represented The Hampshire Companies in the transaction.


NAI James E. Hanson negotiated the sale of a 5,800 s/f industrial building at 174 Union Street in Hackensack, N.J. Vice President Anthony Cassano represented the seller, Ninth Avenue Properties, in the sale to Petaks Kosher Foods Catering. He also negotiated a leaseback of 300 s/f of office space at the location on behalf of the seller. Located in Fair Lawn, N.J. Petaks Kosher Foods Catering has been in business since 1928. The sale of the property will allow them to expand their business to an additional locations. 174 Union Street is a two-story industrial/USDA processing plant with full cooking, preparation and refrigeration equipment as well as second-floor storage and six parking spaces. The building provides access to Intestate 80 as well as Routes 17, 46 and 4. The seller, Ninth Avenue Properties, will be leasing 300 s/f of office space in the building as part of the sale-leaseback agreement.


Levin Management Corporation (LMC) served as advisor to Levin Properties in its recent purchase of ACME Center in Manasquan. The two-acre property at 71 Taylor Ave. is home to a 19,000 s/f ACME supermarket. LMC identified the single-tenant asset as an investment target, spearheaded the due diligence process and worked with the seller to finalize the purchase. Now, under the new ownership, LMC has been named as the property’s exclusive leasing and managing agent. LMC’s Robert Carson made the announcement.


One Liberty Properties, Inc. has acquired, in a sale-leaseback transaction, a 224,749 s/f distribution facility/corporate headquarters on 16.41 acres located in Memphis, Tennessee for $8.0 million. The facility was renovated in 2014 and is net leased through 2027 to Dufresne Spencer Group Holdings, LLC, the largest licensee of Ashley Furniture Industries, Inc. The annual base rent during the initial year of the lease is approximately $573,000. Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, made the announcement.


Sitar Realty Company announced the following real estate sale transactions:

• The sale of a 36,408 s/f retail center at 3 Walter Foran Boulevard, Flemington, from Arnav Investments, LLC to Flemington Partners, LLC. The sale price was $5,600,000. Giorgio Vasilis was the salesperson in this transaction.

• An 80-room hotel at 2015 Burlington Mount Holly Road, Westampton, was sold by 2015 Burlington Mount Holly Road, LLC to Westampton Realty, LLC. The sales price was $3,750,000. Thomas Palumbo was the salesperson in this transaction.

• A 16,500 s/foffice building at 2121 Route 22, Bridgewater, New Jersey, was sold by Bridgewater East Associates to Capital Care BR, LLC. The sales price was $2,546,250. Gregg Nowell and Douglas Sitar brokered the sale.

• 3.7 acres of land at 1711 Route 34 in Wall Township, NJ, was sold by Wall Land LLC to New Jersey State Firemen’s Association. The sales price was $999,000. Robert JanTausch and Douglas Sitar were the salespeople.

• 11 acres of land at 300-500 Madison Avenue in Manalapan, NJ, was sold by Madison Exchange LLC to J&J Commercial Exchange LLC. The sales price was $950,000. Robert JanTausch brokered the sale.

• An 8,300 sq. ft. industrial building at 5007 Industrial Road in Wall Township from Fourkay Realty LLC to MAG Enterprises. The sales price was $792,000. Brian Schrader and Robert JanTausch were the salespeople in this transaction.

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