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Deals & Dealmakers

ON THE SCENE: Commercial sales and exclusives under $10 million

AGENTS

ERG Property Advisors announced the following exclusive assignments:

• 109 Beaver Dam Road is a vacant lot. The property has 284ft of frontage on Beaver Dam Road. The lot is next to Bellhaven Nursing Home. It within minutes from the Brookhaven Hospital. The property is a half a mile from Bellport Train Station
and is an easy access to Montauk and Sunrise Highway. Ryan Lewis is handling the assignment. Asking price is $2,500,000

• 879-885 Yonkers Avenue in Yonkers, New York. The property is a four-unit taxpayer located in a commercial strip across Empire City Casino with parking spaces and wide frontage that provides convenient access to a high-capacity urban road. Asking price is $1,999,999. Matthew Murphy is handling the assignment.

• 2208-2212 Jericho Tpke, Garden City Park, NY is located in the center of Nassau County. With 75 feet of frontage on Jericho Tpke, these 3 contiguous lots have 32,000 VPD. This 8,900 s/f lot is perfect for redevelopment or an owner occupied investor seeking maximum visibility. 2 lots have an existing 3,000 s/f 2-unit single story structure with 3,000 s/f of sub grade space for storage. It boasts a brand new roof as well as a 580 s/f detached brick garage. The current building can be developed to accommodate an additional 6,000SF while the attached vacant lot can support another 3,600 s/f structure allowing for up to 12,600 s/f. Asking price is $1,500,000. Ryan Lewis is hanlding the assignment.

• 38-11 10th Street, Long Island City, NY. For sale is a 25 x 85 lot proximate to the intersection of 38th Ave and 10th Street. The property is zoned M1-3 with an FAR of 5.0. The property is currently a vacant lot. Property taxes are $5,333. Asking price is $1,500,000. Matthew Murphy and Irene Uy are handling the assignment.

• 41-39 Palisade Avenue is Downtown Yonkers. For sale is a two lot assemblage with 75 feet of frontage on Palisade Avenue. Lots are in the D-MX district with a permitted maximum height of 100 feet. Currently there is a vacant 3500 SF, one story building on the site. Asking price is $1,499,000. Matthew Murphy and Irene Uy are handling the assignment.

• 147 Oliver Avenue and 47 William Street in Yonkers. 147 Oliver Avenue is a four unit multi family building with two 1 BR and two 3 BR apartments. Adjacent to this is 47 William Street with three 2.5 BR apartments. Asking price is $750,000.

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Rakow Commercial Realty Group has been retained to represent The KABR Group, LLC in the leasing at 465 Columbus Avenue, Valhalla, NY, a 98,000 s/f, Class A office building located on a landscaped campus, with covered parking, renovated atrium, cafeteria and a conference center. Rick Rakow, principal / Broker, at Rakow Commercial Realty Group made the announcement.

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TerraCRG announced the following exclusive assignments:

• The sale of three adjacent mixed-use buildings in the Bushwick section of Brooklyn – 373, 375 and 379 Knickerbocker Avenue. Marketing the property at an asking price of $9.95 million, are lead brokers Matt Cosentino, Vice President, Eric Satanovsky, Senior Associate and Fred Bijou, Associate. The three-building 16,390 s/f portfolio consistsof three ground-level retail stores and four residential apartments. The ground floor is built full consisting of 7,450 commercial s/f, while the above two stories consist of 8,940 s/f – 3,000 s/f which is already residential and another 5,940 s/f that can be converted to residential. The property also has significant air rights with approximately 7,450 s/fof additional buildable residential SF (or 8,940 additional buildable commercial s/f). All three retail stores are being occupied by tenants paying below market rent.

• Dan Marks, Partner and Team Leader, and Mike Hernandez, Associate Vice President, are marketing 58 Grattan Street, a commercial development site in East Williamsburg, Brooklyn with an asking price of $2 million. The M1-1 zoned property is being delivered with BSA-approved plans for a gross 10,475 s/f, four-story retail and office building.

SALES

American Investment Properties Inc. (AIP) arranged the sale of three adjacent mixed-use buildings totaling 41,000 s/f at an intersection in downtown Franklin Square, Long Island, for $7,146,800. The transaction included 942-966 Hempstead Turnpike and 4-18 New Hyde Park Rd., which were sold by JGS Realty LLC, of Franklin Square, whose principals own two nearby businesses, Custom Monogram Shoppe and a State Farm insurance agency, and who no longer wished to manage the properties. The buyer was Nu-Place Realty LLC, of Forest Hills, which owns other local properties. The sale price translates to $174.31 per square foot and will provide the buyer with a cap rate on actual income of 7.73 percent. AIP President Ron Koenigsberg represented both the buyer and the seller in the transaction. The properties, which include 15 retail store fronts, 19 apartments and a small catering hall, have their own parking and back onto a large municipal lot. The average daily traffic count for the intersection is 36,750 vehicles.

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EPIC Commercial Realty announced the sale of 354 East 89th Street, a residential building on the Upper East Side, for $5,310,000.Located between 1st Avenue and 2nd Avenue, the building is one block from the 86th street train station entrance. The five-story apartment building has ten vacant units, with all additional air rights sold to the development next door. All current three-room apartments are configured as open studios; they can be reconfigured as one-bedroom units. The property can be converted to a single family mansion or a rental property, with the option to duplex the front ground floor unit. Senior Associate Broker Shay Zach and Investment Sales Associate Shy Galor, represented the seller, who intends to renovate and keep the building as a rental property.

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HPNY announced that Sean Lefkovits and Rami Polinsky closed on the off-market sale of 1170 Nostrand Avenue for $1,700,000. The property is located in Prospect Lefferts Garden section of Brooklyn. The 3-story walkup consists of six apartments and two stores is located between Fenimore and Rutland Street. The building is built approximately 5,200 s/f and traded for roughly $325 per foot. Seller of the property was the 1170 Nostrand Avenue LLC. The purchasing entity was 1170 Nostrand LLC. Lefkovits and Polinsky of HPNY represented both sides in the transaction.

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of a four-property, 274-unit multifamily portfolio located in greater Albany, New York. The sales price is confidential. Victor Nolletti, who leads the Northeast for IPA’s Northeast and Florida team, along with Steve Witten, Eric Pentore and Wes Klockner represented the seller, GGMW LLC and procured the buyer, ROCO LLC. The properties are:

• Willowbrook Luxury Apartment Homes, 80 units, constructed in 2003
• Greenbush Terrace, a 55-plus community, 73 units, constructed in 2005
• Maplewood Estates, 20 units, constructed in 1999
• Greenbush Station, 101 units, constructed in 1960 and renovated in 2008.

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Proteus Capital Management, LLC, a Midtown Manhattan-based real estate private equity firm, announced the acquisition of 451 Irving Avenue in Bushwick, Brooklyn, NY. 451 Irving Avenue is a corner mixed-use property featuring three apartments, two stores and three car garages. The property is located close to the border of Ridgewood, Queens. Mariner’s Bank of Edgewater, NJ provided first mortgage debt for the building’s acquisition. CEPX represented the seller, Joseph and Claudette Chin. Quantierra Advisors represented the buyer. Ariel Property Advisors was the mortgage broker. The sale price was $1.65 million.

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RKF arranged the $6 million sale of a 5,697 s/f mixed-use building at 330 Grand Street on the Lower East Side of Manhattan. The building will be replaced by a new structure of 11,900 s/f comprising modular steel residential condominium units. RKF Vice President Brian Segall and Associate George Martinecz represented the buyer, JTD Builders, while Vice Chairman Jeff Fishman and Associate Andrew Jacobs represented the seller, a private investor. Located on the North block between Orchard and Ludlow Streets, 330 Grand Street will be developed as a mixed-use property.

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Rosewood Realty Group reported these recent sales:

• The $2 million sale of 2600 Decatur Avenue in the Fordham section of the Bronx. The five story walk-up apartment building features 11 apartments and super’s unit. It is 10,721 s/f and was built in 1910.It sold for 11 times the current rent roll at a six percent cap rate. Aaron Jungreis represented both the buyer, a private investor and the seller, 2600 Decatur LLC.

• The $2.875 million sale of 497 Dean Street in Brooklyn’s Prospect Heights neighborhood. The four story walkup features eight apartments. It is 7,152 square feet and was built in 1930. It sold for 16.55 times the current rent roll at a 4.88 percent cap rate. Michael Guttman represented the seller, 497 Dean Street Residences LLC and Jonathan Brody represented the buyer, a private investor.

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