Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Chinatown building listed; Flatbush development site for sale; Gohari buys retail condo

AGENTS

Eastern Consolidated has been retained as the exclusive agent to market for sale a two-story commercial building at 49 Market Street in Chinatown. The asking price for the 4,400 s/f building is $6.75 million. The building is suitable for investors seeking in-place tenancy and income, but also retains 4,000 s/f of unused development rights. The property can be redeveloped as-of-right to 8,300 s/f or used as a component for a future assemblage. Gabriel Saffioti and Nicole Rabinowitsch represent the seller, P. Zaccaro Co., Inc, a third generation Owner Operator.
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Massey Knakal Realty Services has been retained for the following exclusive assignments:
• The sale of a retail condominium at 2606 Broadway. The asking price is $2,500,000. The ground floor unit contains 717 s/f with 16.5 ft. ceilings and 19 ft. of frontage. The basement contains 1,100 s/f. The unit is leased to The Shoe Club. Hall Oster is marketing this property with James P. Nelson.

James Nelson
James Nelson

• A commercial building at 184 Main Street, Port Washington, Nassau County. The asking price is $569,000. The single-story building contains 1,025 s/f on the ground floor and a 600 s/f finished lower level. It is suitable for retail or office space. The property is currently leased but could be the future home of an owner-user. The property is being marketed by Benjamin Efraimov.
• A mixed-use building at 258 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The asking price is $7,300,000. The four-story walkup contains 6,444 s/f and consists of a ground floor commercial unit, occupied by a restaurant, and three vacant full-floor loft units above. This property is being marketed by James Nelson, Mark Lively and Brendan Maddigan.
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TerraCRG announced the following exclusive assignments:
Matthew Cosentino has been retained as the exclusive agent for the sale of the multifamily building located at 201 Macdonough Street in Stuyvesant Heights section of Brooklyn. The asking price is $1,450,000. The four-story brownstone consists of four residential units and has a 1,100 s/f backyard.
• A development site at 1191 Ocean Avenue on the Flatbush/Ditmas Park border of Brooklyn. Ofer Cohen, Melissa DiBella, Peter Matheos, Dan Marks and Michael Hernandez are representing the seller. The asking price is $1,950,000. The site will be delivered with approved plans for over 24,000 gross buildable SF. The plans are for a seven story residential building with 27 units.

SALES

Advance Realty Co. announced the 1031 tax free property exchange for Realty Center Associates, Inc.The sale involved the North Main Plaza, Marion, South Carolina. The shopping center is anchored by a 33,000 s/f Food Lion Supermarket. The sale price was $2.61 million. Gerald L. Berman of Advance brokered the sale with Richard Carmon, Curland & Carmon Real Estate Co.. The exchange property was the Freshway Market Center, Byron, GA. This shopping center is anchored by a 34,200 sq.ft. Freshway/Piggly Wiggly Supermarket. The purchase price was $3,500,000. Gerald Berman brokered the sale with Zachary Taylor, Marcus & Millichap, Atlanta, GA.
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Marcus & Millichap announced the sale of a 34,944 s/fretail property anchored by a Walgreens Pharmacy located in Groton, Conn. The sale price was $5,150,000. Seth J. Richard, from Marcus & Millichap’s Manhattan office, and Laurie Ann (L.A.) Drinkwater, from the firm’s Boston office represented the seller and the buyer, The Simon Konover Companies.
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DANIEL GOHARI
DANIEL GOHARI

Cohen Real Estate announced the off-market sale of a retail condominium at 49 East 21st Street in Manhattan for $6.5 million. The property sits at the base of 43 luxury condos off Park Avenue South. It encompasses 50 ft. of street-level frontage and totals 6,500 s/f which is leased to Daltile, a high-end tile company, through February 2015. Michael Cleeman represented the buyer, The Xerxes Group, a real estate investment and acquisition firm founded by Arash Gohari and Daniel Gohari in partnership with Infinity Real Estate, LLC – and the seller, a private investor.
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Colliers International arranged the sale of the 330,000 s/f Morris Business Campus at 1000, 1100, and 1200 The American Road in Morris Plains for $6.85 million. The multi-tenant office building was sold to local real estate investor and developer, JMF Properties Group. The campus encompasses more than 28 acres of land and is comprised of three interconnected Class B office buildings that were renovated in 2001. Jacklene Chesler represented the seller.
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HFF announced the sale of Ridge Plaza, a 114,964 s/f grocery-anchored retail center in Jefferson, New Jersey. HFF represented the seller, Kite Realty Group Trust. ACRE Group represented the buyer. In addition, HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment sales team was Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein arranged the financing for the buyer.
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Itzhaki Properties announced the sale of a mixed-use building at 5823-25 Myrtle Avenue in Ridgewood, Queens. The sale price was $3,250,000. Yona Edelkopf represented the buyer. Mike Rybinskov and Baruch Edelkopf represented the seller. The 4,264 s/f property has 11,688 of buildable square feet and will be delivered vacant. The three-story building currently consists of five residential units and five commercial units.
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Massey Knakal announced the following sales:
• A mixed-use building at 102 Norfolk Street on the Lower East Side sold for $11,000,000. The six-story building contains a bar and a restaurant on the ground floor and 25 apartments on the upper floors. The sale price equates to $688 psf. Michael DeCheser exclusively handled this transaction. The seller was Jeff Harmatz of East Side Management Enterprises.

Michael DeCheser
Michael DeCheser

• A commercial building at 345 East 104th Street in East Harlem sold for $6,750,000. The five-story elevator building has been owner-occupied for multiple generations and was previously used as a combination of storage and office space. The building is configured as two retail units on the ground floor and commercial space on floors two through five. The sale price equates to approximately $280 psf. Hall Oster and Lev Kimyagorov represented the seller.
• A package of 43 co-operative units situated within a building at 1717 Avenue in Brooklyn’s Midwood neighborhood sold for $5,700,000. The units combine for 39,160 s/f situated within a 90,000 s/f, six-story elevator co-op. The sale price equates to approximately $146 psf. Nick Mahedy exclusively handled this transaction with John Ciraulo. The package was sold at a 4.47% cap rate.
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Rosewood Realty Group announced the $7.4 million sale of 213 West 28th Street in Chelsea. The five story walk-up apartment building features 16 apartments, a basement storage and one store. The 10,171 s/f building was built in 1901. It sold for 13 times the current rent roll. Rosewood’s David Berger and Michael Kerwin represented the seller, 213 West 28th Street LLC, a private investor. The buyer, 28 Street Holdings LLC, is also a private investor.
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Silvershore Properties has purchased 27 East 20th Street for $3.3 million. The 5,200 s/f four-story walk-up building, between Park Avenue South and Broadway, features Rohm Thai Restaurant on the ground level and Bove Hair Salon on the second floor. Two floor-thru apartments fill the two top floors. The property includes an additional 4,000 s/f of air rights. The seller was AY & Associates, which owned the building for over 30 years. Silvershore’s David Shorenstein said plans are to keep the property as a rental
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Houlihan & O’Malley Real Estate Services announced the sale of 134 Mamaroneck Avenue in White Plains. The current tenant, M&T Bank will remain in place. The building is 4,900 s/f with a full finished lower level. The building has direct access to the Court Street Municipal Parking Lot. The sale price was $2,715,000. Gerry Houlihan represented the seller, Keating Charitable Remainder Unitrust. Eileen Rivilis of Seville Realty, LLC represented the buyer, 134 Mamaroneck Associates, LLC.
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Sheldon Stahl of Houlihan Parnes Realtors, along with Jesse Bailey, handled the sale of two garden apartment complexes in Rochester, New York. The Northgate Manor Apartments consists of 224 units and is located opposite the new Wal-Mart Supercenter on Dewey Avenue, Greece, New York. The Grecian Garden Apartments is located at 72 Grecian Garden Drive, Greece, New York and consists of 267 units. Northgate and Grecian were owned by affiliated entities of Houlihan Parnes for 10 years and 7 years respectively. Both properties were sold to a single buyer and were represented by O’Connell Moore RE.

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