THIS WEEK’S SALES UNDER $10 MILLION:
Cignature Realty Associates announced the following recent sale:
• A $6.325 million sale of 547 West 157th Street between Broadway and Amsterdam Avenue in Hamilton Heights, Manhattan. The six-story elevator apartment building with 48 apartments sold for approximately 10.7 times the current rent roll. The 52,896 s/f building was built in 1912. Cignature Realty associates Lazer Sternhell and Peter Vanderpool represented the buyer, 547 West 157th Street Holdings LLC, a private investor from Florida, and the seller, 547 Associates Inc., a local real estate owner.
The CPEX New York Multi-Family Investment Sales Team announced the sale of 86 16th Street, in the Gowanus and Sunset Park in Brooklyn. 86 16th Street is a four-unit, 2,680 s/ multi-family building which was delivered fully occupied. The R6B zoning permits for approximately 2,314 s/f of additional air rights. The sale price was $1,200,000, or $448 psf and $240 per buildable square foot. CPEX’s Multi-Family Sales Team Stephen Safina and Michael Pallas, represented the seller and procured the buyer, who plans to renovate the building and may utilize the additional air rights.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• Burger King, a 2,307 s/f net-leased property located in Cedar Grove, NJ, sold for $1,300,000. Michael Lombardi in New Jersey office represented the seller, a private investor. A 1031 exchange buyer ultimately purchased in an all cash transaction. The property is located at 330 Pompton Avenue in Cedar Grove, NJ. Burger King has operated in this location since 1971.
• 648 Manhattan Avenue, a 2,195 s/f mixed-use property located in Brooklyn, sold for $1,425,000. Said Boukhalfa represented the seller, a private investor, and the buyer, a private investor who paid $75,000 above the listing price. The 2-unit mixed-use investment opportunity sold for $615 s/f.
• 2476 Cambreleng Ave., a 17-unit apartment building in Bronx, N.Y., sold for $1,475,000. Marco Lala represented the seller, a private investor, and the buyer, a private investor. The property was sold by the team about 18 months ago. The new owner decided to capitalize on the interest rate environment and re-sold at a profit inside of two-years
• 25-88 34th Street, a 17-unit apartment property located in Astoria, N.Y. sold for $3,334,000. Matthew Fotis, Lazarus Apostolidis and Zachary Golub represented the seller, a private investor, and the buyer.
Massey Knakal announced the following sales:
• A mixed-use building at 975 Second Avenue in sold for $5,100,000. The four-story building contains 4,400 s/f. The ground floor is configured as a bar/restaurant, with five free market residential units above. The sale price equates to approximately $1,159 psf. The buyer plans on opening a restaurant and bar. Clint B. Olsen handed the deal.
• A mixed-use building at 3060 Third Avenue, in the Melrose neighborhood of the Bronx, sold for $1,100,000. The three-story building contains 7,905 s/f and consists of one retail and four residential units, which have been individually metered for heat and hot water. The sale price equates to approximately $139 psf. David Simone exclusively handled this transaction with James P. Nelson.
Daniel T. Enterprises announced the closing of 87-15 Britton Avenue, Elmhurst, Queens. The 4-story walk-up building has 16 residential units totaling 16,160 s/f. It sold for $3,575,000 million ($221 psf), the highest price per square foot paid for comparable investment properties in Elmhurst for this year. Tamir Daniel, president and CEO of Daniel T Enterprises, represented both the seller, Chick-Teri Corp, and the purchaser, 8715 Britton Avenue LLC in the transaction.
Cornerstone announced the sale of 424 West 55th Street between Ninth and Tenth Avenues in New York City. The property is a 4,400 s/f plot encumbered by a two story commercial building that was originally built as a church and then was converted into the Woman’s Theatre. Delivered vacant, the property was sold as a ground up development site with 18,500 s/f buildable above grade. The property sold for $8,160,000. Edmond Levy represented the purchaser in the transaction, and Lipa Lieberman with Eastern Consolidated represented the seller.
Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of a 69 unit, multi-family property, located at 475 West Broadway, Monticello, New York. The asset is composed of 10 two-story, brick-row-house style buildings. The complex was constructed in 1965. New ownership has an extensive capital investment program planned for the newly minted Woodlands Village. The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P.