CPEX Real Estate Services announced the sale of 351 Franklin Avenue in Clinton Hill, Brooklyn. The property is a newly constructed residential building which includes an elevator and ten apartments delivered fully occupied. The sale price was $7,000,000, or $524 ps/f, representing a 5.25% capitalization rate and a gross rent multiplier of 15.11. CPEX’s Multi-Family Sales Team, Brian T. Leary, Stephen Safina and Michael Pallas, represented the seller. Ryan Condren, of CPEX’s Retail Leasing Team, also assisted with the transaction.
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Silvershore Properties purchased 331 Hicks Street in Brooklyn Heights for $3 million. The mixed-use building has two stores and four apartments and is located directly across the street from Long Island College Hospital. Silvershore plans keep the 7,888 s/f building as a rental. The seller was a long term owner.
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Itzhaki Properties announced the sale of 247 East 52nd Street. Amir Aframian represented both the seller and buyer. The property is a five story, 8,130 s/f apartment building with 14 studios, two one-bedroom apartments, and two two-bedroom duplexes. The property sold for $5,850,000.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• 108 Calyer Street, a 8-unit apartment property in Brooklyn, sold for $2,200,000, or $272 psf. Shaun Riney, Michael Salvatico and Jim Saros, represented the seller and the buyer.
• 450-452 S. 5th Street, a 2,900 s/f mixed-use property in sold for $1,100,000, or $379 psf. Michael Salvatico, Shaun Riney and Jim Saros, represented the buyer and the seller.
• 204 Park Place, a 5-unit apartment property in Brooklyn, sold for $3,608,000, or $649 psf. Robert Hunter, Lucien Sproviero and Derek Bestreich represented both buyer and seller. The sale marks a new record price per square foot for a Prospect Heights commercial property.
• 580-582 5th Avenue, a 3,380 s/f retail property in Brooklyn sold for $1,653,000, or $489 psf. Jakub Nowak and Matthew Rosenzweig represented both buyer and seller. The transaction required negotiating the waiver of a tenant’s right of first refusal.
• 115 Atlantic Avenue, a 5,370 s/f mixed-use property in Brooklyn, sold for $3,400,000, or $843 psf. Shaun Riney, Joe Koicim and Peter Von Der Ahe represented the seller. The buyer, a private investor, was secured and represented by Shaun Riney and Patxi Colbern.
• Crab Shack Restaurant, a 7,784 s/f net-leased property located in Rochester, N.Y., sold for $1,352,000.
Preet Sabharwal and Steven Stoehrer represented both buyer and seller.”
• 597 Park Place, a 8-unit apartment property in Brooklyn, sold for $1,480,000, or $247 psf. Matthew Fotis, Shaun Riney and Steve Grassl represented the seller. The buyer was secured and represented by Riney and Fotis.
• 1661 Topping Avenue, a 17-unit apartment property in Bronx, sold for $1,417,500. Marco Lala represented the seller and buyer. It was the first sale of the cour-story walkup in 47 years and sold at approximately 95 percent of the asking price.
• 251 Bushwick Avenue, a 6,350 s/f mixed-use property in sold for $1,700,000. Said Boukhalfa, secured and represented the buyer, an out-of-state developer, of the seven-unit property. The current owners plan to find a new tenant for the almost 2,000 s/f retail unit.
