AGENTS
Ariel Property Advisors has been exclusively retained to sell 961 42nd Street, a multifamily building in the prime Borough Park section of Brooklyn. The asking price for the four-story property is $9 million.
The walk-up building, which is 110’ wide and spans an impressive 35,320 square feet, is located on the north side of 42nd Street between 9th and 10th Avenues, one of Brooklyn’s most idyllic areas as it sits on the border of Borough Park and Sunset Park. The property contains 35 one- and two-bedroom units, all of which are rent stabilized. Of the 19 two-bedroom units, 10 are completely renovated with condo-like finishes, including stainless steel appliances, maple wood cabinets, and granite countertops.
Exclusive agents Jonathan Berman, Victor Sozio, Alexander McGee, and McNally Lee are representing the seller.
Over the past three years the building’s ownership has replaced the roof, skylights, dual boiler, basement sewer, water lines, security cameras, and all of the roof and basement doors. The entire building was water proofed and repointed.
The property is a short walk from major attractions, such as Sunset Park, Prospect Park and Brooklyn’s Chinatown, and boasts an abundance of public transportation options, with the D train located four-blocks from the building.
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Buchbinder & Warren is exclusively representing five new retail locations for lease.
These retail listings include 551 Hudson St. (approx. 1,600 s/f), 264 Bowery (approx. 1,425 s/f),
359 Bleecker St. (approx. 810sf) , 343-5 Bleecker St. (approx. 714 s/f), and 172 Attorney St. (approx. 500 s/f).
For further information, please contact William Abramson at Buchbinder & Warren Realty Group, who represents the landlord.
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Ariel Property Advisors has been exclusively retained to sell 768 Bergen Street, a vacant loft building in the Prospect Heights section of Brooklyn. Ownership is requesting proposals for the three-story property.
The elevator building, which is 100.5’ wide and spans an impressive 36,290 square feet, is located on the south side of Bergen Street between Washington and Grand Avenues in Prospect Heights, one of the most desirable neighborhoods in the borough. The property boasts 15’ high ceilings on the ground floor, and 12’ high ceilings on the 2nd and 3rd floors.
Exclusive agents Jonathan Berman, Michael A. Tortorici, and McNally S. Lee are representing the seller.
The property is encircled by new construction residential properties, including 280 St. Marks Avenue, 765 Bergen Street and 760 Bergen Street. Neighborhood amenities include Washington and Franklin Avenues’ shopping and nightlife, the Brooklyn Museum, Brooklyn Botanical Gardens and the Brooklyn Public Library.
There is also an abundance of public transportation, with the 2, 3, 4, 5, C, and S trains all within a short walking distance from the building.
SALES
American Investment Properties Inc. (AIP) announced that it has arranged the all-cash sale of a 11,725-square-foot property in downtown Floral Park for $1 million. The property, 266 Jericho Tpke., which houses two stores and several small offices, was sold by 266 Jericho Tpke. Corp. to 266 Jericho Realty LLC. The price amounted to $85 per square foot. AIP president Ron Koenigsberg, represented the seller. Frank Posillico, of Alliance Real Estate Corp., represented the buyer, who plans to renovate the property and increase rents in the future.
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Jon Angel, President, Angel Commercial, L.L.C., announces the sale of an industrial building located at 53 Warfield Street in Milford, CT, for $550,000.00. The property, owned by GNN Realty Inc. in Greenwich, CT, consists of a 6,050 s/f one-story building on .53 acres. The new owner is TP Warfield Properties, LLC, who will be leasing the property to T-Dev, Inc., a construction company that supplies and delivers landscaping materials.
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CBRE announced that its Tri-State Investment Properties team has completed three property sales across several asset classes, including multifamily, retail and office, in Hudson County, New Jersey. Charles Berger and Mark Silverman of CBRE’s New Jersey office, and Elli Klapper of the firm’s Long Island City office, represented the seller and procured the buyer in all three Hudson County transactions.
• In Jersey City, the team facilitated the $1.4 million sale of a nine-unit fully-stabilized multifamily property located at 21 Gray Street within the Journal Square submarket, with an aggressive cap rate and price per unit. The three-story brick building features spacious one- and two-bedroom apartments, and had been well maintained by the previous owner. Journal Square has become a highly sought-after neighborhood of Jersey City, and the building had below market rents at the time of the sale.
• The same CBRE team, along with Bill Tourtellotte and Kenneth Zirk of CBRE’s Philadelphia office, facilitated the $2.7 million sale of a four-story office building located at 688-692 Broadway in Bayonne. Tthe team worked with CBRE’s Philadelphia office to negotiate a new lease with the State of New Jersey, which houses its Department of Human Services Division of Youth and Family Services within the building.
• In Hoboken, the same CBRE team closed on the $1.4 million sale of the 10,000 s/f property at 409 14th Street, which is triple net-ground-leased to Bow Tie Cinemas.
The CBRE team is in the process of exclusively marketing a mixed-use retail and office asset, located on prestigious 222 Washington Street in Hoboken. The property is anchored by GAP Clothing, which recently signed a five-year lease extension, and sits blocks away from the Hoboken Terminal Path Station.
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A 110,000 s/f industrial property in Cherry Hill traded this week in a $7.6 million sale arranged by Cushman & Wakefield. GTJ REIT, Inc. purchased the fully leased asset at 1938 Olney Ave. Following a long-term lease and local relocation of its primary distribution facility in 2016, the property’s sole occupant, Avalon Flooring, invested in various improvements to the building. Cushman & Wakefield’s Kyle Schmidt headed the sale assignment with Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer, Ryan Larkin and Andrew Schwartz – all members of the firm’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group. The team worked with Philadelphia-based capital markets specialists Robert Yoshimura, Joseph Hill, Eric Mattson, and Joe Hill Jr. in representing the seller and procuring the buyer.
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Westbridge Realty Group announced the following recent sales:
• $3.5 million sale of 417 Grand Avenue in Clinton Hill, Brooklyn. The building is located between Gates Avenue & Putnam Avenue. The vacant property spans approximately 8,000 s/f and the transaction equated to $500 psf. The property is a legal 2-family. Westbridge’s Hen Vaknin represented both parties in this off-market transaction. The seller, 411 Grand Ave LLC , was a local investor and the buyer, Grand Ave Suite LLC, is a local developer.
• A $3 million package of 30 unsold co-operative units at the Acropolis Complex in Astoria, Queens. The portfolio consisted of 30 rent-stabilized apartments, with break-even cash flow. The purchase price equates to $100,000 per unit. Westbridge Founder Steven Westreich was the sole broker involved in this off-market transaction.
• $1.88 million sale of 268 Fountain Avenue, a three-story, 9,450 square feet, 13-unit multi-family apartment building in East New York. The purchase price equated to $198 s/f or $144,000 per unit. Steven Westreich and Joseph Friedman of Blackshore Realty Group represented the buyer, while Scott Jacobs of NY Standard Realty represented the seller.
• The $1.735 million sale of 66 Steuben Street, a three-story, 4,125 s/f six-family building in Clinton Hill. The purchase price equated to $420 per square foot. Steven Westreich and Hen Vaknin represented both the seller, and buyer, Brooklyn-based landlord Duke Properties.
• $1.45 million sale of 119 Ralph Avenue, a four-story, 4,400 square feet, seven-family vacant building in Ocean Hill. The purchase price equated to $323 psf. Hen Vaknin and Ariel Benyacov represented both the buyer, Ralph 26 Holding LLC and seller, Ralph Avenue Estates LLC, a local Brooklyn landlord. The buyer plans to renovate the property into luxury rental apartments.
– The $925,000 sale of 1249 Dekalb Avenue, a development site in Bushwick, Brooklyn. The irregular lot is built 25 ft. x 91.67 ft. and contains 4,950 buildable square feet. The purchase price equated to $186 per buildable square foot.
Westbridge’s Hen Vaknin represented the buyer and Isaac Shrem represented the seller, 1249 Dekalb Avenue LLC. This transaction marks the tenth development site in Bushwick that Westbridge has sold in the last 10 months.
– The $ 630,000 sale of 363 East 197th Street, a 6,102 square foot lot which equates to 18,306 buildable square feet (FAR: 3.00). The existing building on the lot spans 5,220 square feet and contains three full-floor apartment units. The purchase price equated to $35 per buildable square feet. The property is located a short walk from Fordham University, the Bronx Botanical Gardens, as well as the 4, B, & D subway trains.
Westbridge’s Steven Westreich represented both the buyer, a Yaakov Lefkowitz of Lefko Capital Group, a developer active in the Bronx and Brooklyn, and the seller, Arlington Terrace Corp, a local Bronx investor.
“We closed the sale a week after we brought it to the buyer,” said Westreich. “The property’s proximity to Fordham University and mass transit makes it ideal for student or market-rate development.”
