Cornerstone announced the following sales:
• 202 East 110th Street, a six-story elevator mixed-use apartment building with 10 apartments and a candy party business in the retail. The building was built in 2010 and sits next door to a public school as well as being a block away from the 6 train on Lexington Avenue. The property sold for $5,000,000 at a 6% cap rate. Edmond Levy
was the broker in this transaction.
• 257 West 29th Street which is encumbered by a 4-tory vacant building. The two blocks from the north side of 28th Street to the South side of 30th Street between 7th Avenue and 8th Avenue were re-zoned earlier this year to M1-6D allowing to up to 9.00 FAR residential as of right. The zoning floor area of the site allows for a development of approximately 22,000 square feet above grade. The purchaser plans to develop an apartment building. The property sold for $6,250,000. Edmond Levy was the broker in this transaction.
Benchmark Real Estate Group announced the purchase of 63 Montague Street, Brooklyn Heights. The purchase price was $5,650,000, which represents a six per cent cap rate. Jordan Vogel, co-founder of Benchmark Real Estate, made the announcement.
Ralph Michel, senior vice president at HK Group, recently sold John Dough’s Pizza, Tim’s Philly Steaks and Backstreet Restaurant:
• John Dough is a 3,300 s/f restaurant and bar located at 77 North Main Street in South Norwalk. The buyer, Sweet Lucy Lynn’s, will make renovations before opening for business.
• Tim’s Philly Steaks is a 1,400 s/f free-standing, highly visible building on US-1 at 336 Westport Avenue in Norwalk. Royal Guard Fish & Chips is currently making renovations to the space and will open their new concept to the public.
• Backstreet Restaurant is a 1,500 s/f space located at 22 Center Street in Darien. The new owners, The Third Rail Restaurant, has renovated the interior and outdoor dining space and have already re-opened.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• Powers Street, a 6-unit apartment property located in Brooklyn, sold for $1,500,000, which represented approximately $363 psf. Shaun Riney, Michael Salvatico and Jim Saros represented the seller, a private investor. The buyer, a fund manager, was secured and represented by Salvatico, Riney and Saros.
• 328 Madison Street, an 8-unit apartment property located in Brooklyn, sold for $1,200,000 which represented approximately $141 psf. Derek Bestreich, Lucien
Sproviero and Shaun Riney, represented the seller, a private investor. The buyer, a private investor, was secured and represented by Riney, Bestreich and Sproviero.
• 818 Humboldt Street, a 6,000 s/f industrial property located in Brooklyn, sold for $1,520,000 which represented approximately $253 psf. Jakub Nowak, Shaun Riney and Michael Salvatico, represented the seller, a limited liability company. The buyer was secured and represented by Salvatico, Nowak and Riney. The sale of the single story 6,000 s/f warehouse achieved $20,000 dollars over the original asking price.
• 361 7th Street, a 7-unit apartment property located in Brooklyn, sold for $2,650,000 which represented approximately $330 psf. Jakub Nowak represented the seller. The buyer, a private investor, was secured and represented by Nowak. The sale prices represented a 2.35% CAP rate.
DelShah Capital, LLC, closed on 69 Gansevoort Street in the Meatpacking District for $8.6 million. DelShah received financing of $6.5 million from Berkadia Commercial Mortgage for the purchase. The existing building at 69 Gansevoort Street is 2,950 s/f with 7,160 s/f of additional air rights, for a potential total of 10,110 s/f. It contains 25 feet of frontage on Gansevoort Street, around the corner from the Standard Hotel. DelShah will lease the retail space to a subsidiary of The Line Group, an operator of multiple entertainment venues across Manhattan, while plans and construction are completed to utilize the building’s air rights.
NAI James E. Hanson announced the sale of a 3,000 s/f office property at 140 Route 17 North in Hackensack, N.J. The sale price was $512,500. Vice president Anthony J. Cassano and associate vice president Dominic Fittizzi represented the seller, Samani Enterprises, LLC. The buyer was Chris & Kikis Real Estate, Inc., which is relocating from a location in Fairview. The property, located at the corner of East Pleasantview Avenue, has 12 parking spaces on a lot totaling 5,380 s/f.
Massey Knakal announced the following sales:
• A mixed-use building at 316 Lexington Avenue in Murray Hill sold for $4,325,000. The five-story plus penthouse building contains approximately 5,985 s/f. It consists of a retail store on the ground floor and nine apartments above. The sale price equates to $723 s/f and an in-place capitalization rate of 3.3%. John F. Ciraulo handled this transaction.
Besen & Associates announced that Dan Shapiro has been retained to sell 413 East 72nd Street located in Manhattan. This 4-story mixed use elevator building has 11 apartments and 1 office. The asking price is $6,700,000.
Tarter Stats O’Toole has been retained as exclusive leasing agent for 587 Fifth Avenue. This 10-story building centrally located between 47th and 48th Streets in Midtown, is close to the B, D, F and M subway lines and the 4, 5, 6, 7 and shuttle at Grand Central Terminal. Neighbors include Rockefeller Plaza, St. Patrick’s Cathedral and The New York Palace Hotel. Each column-free floor is 4,300 s/f and features high ceilings and tenant-controlled air conditioning. Catherine O’Toole is marketing three contiguous floors totaling 12,900 s/f in addition to targeting tenants who are looking for a full floor identity. Asking rents in the building are in the high $50’s psf. O’Toole and colleague Gregory Gang are representing ownership.
Eastern Consolidatedhas been retained to sell a 30,000 s/f development site, improved by a two-story 11,896 s/f retail building occupied by Rent-A-Center until 2015.
The asking price is $5.9 million. Situated on the northwest corner of Third Avenue and 120th Street, 2202-2210 Third Avenue in Harlem is ripe for the development of up to 30,000 s/f. Adelaide Polsinelli, Chad Sinsheimer and Gary Meese are marketing the property, which offers in-place income until 2015 with the near-term potential of constructing a mixed-use building nearly three times the size as the existing structure.The property close to Hunter College’s newly built School of Social work and neighbors include Costco, Target, Bob’s Discount Furniture and PetSmart.
Massey Knakal Realty Services announced the following exclusive assignments:
• A development site at 4 and 6 West 37th Street in Midtown neighborhood. The asking price is $22,000,000. The site is 43 feet wide and consists of two adjacent 6-story commercial loft buildings. 4 West 37th Street contains approximately 12,120 s/f and 6 West 37th Street contains approximately 11,798 s/f. Both buildings can be delivered vacant. The site is within the C5-3 (R10) equivalent avenue zoning district which allows for approximately 12,590 buildable square feet of commercial, hotel, and residential use, while the remaining 34.5 feet is situated within the M1-6 district which allows for approximately 34,069 buildable square feet of commercial, hotel, light manufacturing, and community facility use. Combined, the 4,246 s/f footprint with an as-of-right total buildable square footage of approximately 46,659 would make for a unique groundup development opportunity.
• Six attached newly constructed apartment buildings, located at 954 Fteley Avenue, 955 Croes Avenue, and 1685, 1687, 1691, and 1695 Banyer Place, in the Soundview neighborhood of the Bronx. The buildings total approximately 53,610 s/f with 48 residential units and have an asking price of $8,700,000. Built in 2008, the properties are all four-story, eight-unit walkup buildings. Currently benefitting from 421a tax abatements. Curb cuts in place. Nick Burns, David Simone, and Andrew Essick are handling the assignment.