Real Estate Weekly
Image default
Deals & Dealmakers

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



TerraCRG has been tapped to sell 96 Ingraham Street, an industrial building in East Williamsburg, Brooklyn. Dan Marks, Partner and Team Leader, and Mike Hernandez, Associate Vice President, are marketing the property with an asking price of $2.85 million. The single-story, M1-2 zoned building has 5,238 s/f with an additional 5,238 s/f in air rights. A candidate for retail or office conversion, the property features an open layout, one drive-in with an interior loading dock, and 19-foot ceilings. The property is located between Knickerbocker Avenue and Porter Avenue, a few blocks from the L train stop at the Morgan Avenue Station.
RM Friedland secured exclusive listings for 18 retail, industrial and office properties for sale or lease throughout Westchester County, the Bronx and Connecticut in Q2. Key properties include:
• One North Broadway, White Plains: The team of Beth White and Lisette Aller are handling 11,000 square feet of retail space available for lease at One North Broadway, a 15-story high-rise building in downtown White Plains.
• 280 Ferris Avenue, White Plains: William Anson, managing director of RM Friedland’s industrial division, is overseeing the lease of a 9,100 s/f, single-story industrial building immediately off exit 6 on I-287 and close to Metro North.
• 145 Saw Mill River Road, Yonkers: Brokers Elias Everett and Daniel Landau are handling the lease of three industrial units ranging in size from 2,793 RSF to 8,592 RSF, totaling more than 15,000 square feet in this classic, loft-style building located in the Carpet Mills Arts District of Yonkers.
• 117 Boston Post Road, Waterford: Colleen Quinn, managing director of RM Friedland’s retail division, is overseeing the lease of 131,000 square feet of retail space in the Waterford Plaza in Connecticut, which features tenants Super Stop & Shop, Jo-Ann Fabrics, McDonald’s and Dollar Tree.
NAI James E. Hanson has been named the exclusive leasing and sales agent for The Hackettstown Medical Building, a 40,850 s/f medical office building located at 653 Willow Grove Street in Hackettstown, NJ. Darren Lizzack, MSRE, and Randy Horning, MSRE are the exclusive brokers on this assignment. Located on the campus of Hackettstown Medical Center, a member of the Atlantic Health System, the Hackettstown Medical Building has 19 medical office suites ranging from 1,085 to 5,539 s/f. The fully ADA compliant, two-story building features a modern and flexible design tailored to the specifications of today’s medical tenants with contemporary fixtures and ample parking. The property features easy access to Routes 46 and 58 and County Route 517 as well as the Hackettstown train station with service on the New Jersey Transit Morris-Essex and Montclair-Boonton lines.


GFI Realty Services announced the $3.95 million sale of 369 Ocean Avenue, a pre-war multifamily property located in the Prospect Park South section of Brooklyn. Senior Director Erik Yankelovich served as the exclusive agent for the property, and represented the seller and the buyer. The 11,036 s/f elevator building is comprised of 16 apartments, all of which are rent stabilized. The property also includes approximately 4,500 s/f of additional air rights, providing the asset with significant upside potential. The building benefits from close proximity to Flatbush Avenue and is two blocks away from Church Avenue.
American Investment Properties Inc. (AIP) arranged the sale of the 7,200 s/f Smith West Plaza retail center in Smithtown, NY, for $2,137,000.


The property, 1041 W. Jericho Tpke., constructed on one acre in 1987, was sold to Summit Blossom LLC, of Flushing, as part of a 1031 exchange, by Smith West Plaza LLC. The price amounted to $205 per square foot with a cap rate of 6.4 percent, based on actual income. AIP president Ron Koenigsberg represented both the seller and the buyer. He said he marketed the site to past clients and 1031 exchange buyers who could close without financing.
Besen & Associates announced the sale of 1142 College Avenue in the Concourse Village neighborhood of the Bronx. Greg Corbin, Shallini Mehra, and Miguel Jauregui represented all parties in this transaction. The sale price of $5,700,000 was achieved. The five-story walk-up building with 68 feet of frontage features 30 residential units, with approximately 25,925 s/f. The building was constructed in 1922 with 15 of the 30 units fully renovated. The sales price equates to a gross rent multiplier of 11.25 and a 5.5 percent capitalization rate. It is $220 a foot and $190,000 per unit. Average prices in the area are $165 per square foot and $160,000 per unit. The property is walking distance to the 167th Street and 167th Street subway lines, neighboring the Yankee Stadium, and Mullady Park.
Bestreich Realty Group announced the sale of four Brooklyn buildings located in Williamsburg, Bushwick and Flatbush where the Brooklyn-based brokerage firm has completed numerous deals. The recent sales include:
• A two-building portfolio sale of 1222 Rogers Avenue and 2617 Newkirk Avenue in Flatbush for $3.1 million. 2617 Newkirk Avenue is an eight-unit property and 1222 Rogers contains six residential units over three retail stores on a full lot. Derek Bestreich, Erik Rodriguez, and Brian Underkofler represented the buyer Rogers & Newkirk LLC and the sellers were 2617 Newkirk LLC and 1222 Rogers LLC.
• 209 Jackson Street in Williamsburg sold for $2.25 million. This is a tear-down development site whose lot measures 25 ft. by 100 ft. and is zoned R6B. The lot offers approximately 5,000 buildable square feet. Derek Bestreich, Luke Sproviero, Adam Lobel, Hakeem Lecky, and Donald Flaherty represented both the buyer Jackson & Sons, LLC and the seller, Vito Luongo.
• 37 Schaefer Street in Bushwick, Brooklyn, sold for $1.45 million. This is a five-unit, 4,200 s/f three-story building. Derek Bestreich, Steve Reynolds, Tom Reynolds, Greg Rhodes, and Brian Davila represented the buyer, 37 Schaefer St LLC and the seller, Jose Garce and Michael Harrington.
Colliers International Group Inc. arranged the $9.1 million trade of a 138,266 rentable-square-foot office property in Piscataway. 15 Corporate Place LLC purchased 15 Corporate Place South from Corporate Place Partners, LLC; the four-story asset is 98 percent occupied by approximately 75 tenants. Built in 1983 and renovated in 2013, 15 Corporate Place South sits on six acres and features
40,000 s/f floor plates. The recent capital improvements and an aggressive leasing program contributed to the building’s high occupancy at the time of the sale. Colliers’ Jacklene Chesler orchestrated the sale with Matthew Brown and Jack Callahan of the firm’s Parsippany office.
Eastern Consolidated announced the following sales:


• Senior director Rubin Isak arranged the sale of a 24-unit, multifamily property at 25-65 32nd Street in Astoria, Queens (pictured top) for $7.25 million, or $302,083 per unit and $462 per square foot. Isak represented the out-of-state seller whose grandfather Francesco “Frank” Pallante built the property over 77 years ago. He also procured the buyer, a local investor. The 15,687 s/f four-story, walk-up building at the corner of 28th Avenue has 120 feet of frontage on 32nd Street, a new roof, and boiler. Of the 24 apartments, five are studios, 15 are one bedroom units, and four are two bedrooms.
• The $8.9 million sale of a free-standing Walgreens with a long-term NNN lease. The property is located on 1.3 acres at 504 Kings Highway North in Cherry Hill, NJ. Evan Street and Matthew Leist represented the buyer, a private investor, in the 1031 exchange. Horvath & Tremblay represented the seller, Phoenix Realty Group. Cherry Hill, NJ, is the largest municipality in South Jersey, five miles south of Philadelphia.
TerraCRG announced the sale of 87 Luquer Street, a u live/work building in Carroll Gardens, Brooklyn. Dan Marks, Partner and Team Leader, and Mike Hernandez, Associate Vice President, along with their sales team, brokered the deal with a closing price of $2.875 million. The three-story, approximately 6,875 s/f building offers an attractive and unique a façade. The property also benefits from a certificate of occupancy that allows for a combination of uses including semi-industrial on the ground floor, offices on the second and residential on the top. Zoned R6B, the property can also be completely rehabilitated for residential use. 87 Luquer Street, is a few blocks from Smith and Union Streets, in close proximity to the F & G subway lines and also easily accessible by vehicle, providing a quick commute to Manhattan via the Hugh L Carey Tunnel.
Capital Property Partners announced the following sales:
• 215 East 163rd Street and 941 Sherman Avenue in Concourse Village neighborhood of the Bronx, NY, was sold for $1,200,000. The development site consists of two adjacent lots that have 5,317 square feet in total land area. The lots are zoned for 18,290 buildable square feet with potential to increase to 25,521 buildable square feet with the facility bonus. The new owner plans to develop a building with 23 units including a community facility on this site. Located just a short walk from Yankee Stadium and Concourse Plaza, this offering is an excellent opportunity to develop in a rapidly growing Bronx submarket.
• 18-26 George Street and 868 Woodward Avenue in the Ridgewood neighborhood of Queens, NY, was sold for $3,850,000. The package consists of 18-26 George Street with six residential units and 868 Woodward Avenue comprised of 12 residential units. In total, the rent stabilized buildings consist of 18 units, of which only one unit is currently vacant. The buildings are located within walking distance of the M and L subway lines. Nearby establishments include Planet Fitness, TD Bank, Evergreen Park, and GNC.


Related posts

Birch Group Reaches 90% Occupancy at 700 Alexander Park in Princeton


The McBride Cohen Company, Cantor Fitzgerald & Silverstein Properties Announce the Closing  of a $223M Construction Loan for Multifamily Development in Tempe, Arizona 


Post Brothers Purchases 2100 M Street Office Building for $66.77 Million