Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Crown Heights site hits market; Silvershore buys two more Brooklyn buildings

JONATHAN BERMAN
JONATHAN BERMAN

AGENTS

This week’s sales and exclusive assignments valued at under $10 million:

Ariel Property Advisors has been retained as the exclusive agent to sell 1 Sullivan Place, a development site in the Crown Heights section of Brooklyn that offers unobstructed views of Prospect Park. The asking price is $5,000,000.The sales team of Jonathan Berman, Mark Spinelli, Daniel Tropp, and Michael A. Tortorici is marketing the property. Located on the corner of Washington Avenue and Sullivan Place, the development site is near the Franklin Avenue transportation hub for the 2, 3, 4, 5, and Shuttle trains and the Q, B, and Shuttle at the Prospect Park station. In addition, the Brooklyn Botanic Garden, Brooklyn Museum, Brooklyn Public Library, and retail corridors are a short distance away.
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EPIC Commercial Realty, formerly Itzhaki Properties, has been retained on an exclusive basis to broker the sale of 171 Bay 17th Street in Bensonhurst, Brooklyn. The four-story mixed-use building is situated on the South East corner of Bay 17th Street and Bath Avenue. The building, which is fully occupied, houses 18 apartments, Nicky’s Pizzeria and Tanjia Café & Bar, as well as a fully finished basement. 171 Bath 17th Street is listed for $3,300,000 by EPIC Sales Associate Chris Kim and CEO Yona Edelkopf.
•EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 1751-7 Bedford Avenue in Prospect-Lefferts Gardens, Brooklyn. The property, found on the southeast corner of Bedford Ave and Empire Blvd, is comprised of a vacant lot and warehouse with 17,940 sq ft of development rights. Located down the street from the Sterling St 2 & 5 and the Prospect Park B,Q & S train station as well as being within walking distance of Prospect Park, one of New York City’s largest parks, this is a corner that is subject to heavy foot traffic. 1751-7 Bedford Avenue is listed for $4,300,000 by EPIC sales associates Baruch Edelkopf, Heshie Goldfein and EPIC CEO Yona Edelkopf.
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GFI Realty Services, Inc. announced that it has been named the exclusive sales agent for 378 Central Avenue, a three-story mixed-use building located in Bushwick, Brooklyn, and consisting of retail and residential components. GFI Realty broker Max Koshkerman is responsible for the marketing of the property, with pricing at approximately $1.45 million.
Constructed in 1931, the property includes over 4,000 square feet of retail and residential space, which is comprised of four, four-bedroom apartments and two stores. Conveniently located near mass transit, the property is just a few minutes away from the J, Z and M subway lines.

SALES

CBRE Group, Inc. announced that it has arranged the sale of 189 Jacobstown New Egypt Road, in North Hanover Township, N.J., for approximately $1.4 million. The 9,333 s/fproperty is fully net-leased to Dollar General. Charles Berger and Elli Klapper of CBRE’s Investment Properties Group served as the exclusive agents for the seller The buyer, an out-of-state investor, offered an aggressive capitalization rate for the asset and plans to hold the corporate guaranteed property for investment purposes.
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Eastern Consolidated has arranged the sale of a commercial condominium at 116-24 Metropolitan Avenue in Kew Gardens, Queens for $10.2 million. Eastern represented both the buyer and the seller in the transaction in a 45-day closing from contract signing. The 6,584 s/f, single-tenant, ground-floor unit of the Park Lane Condominium is currently occupied and net leased to one of the ten largest U.S deposit banks, TD Bank. Gabriel Saffioti along with Nicole

RONDA ROGOVIN
RONDA ROGOVIN

Rabinowitsch exclusively represented the seller, Park Lane Commerce LLC, in the transaction. Ronda Rogovin exclusively represented the buyer, 255 3rd Avenue Corp. Raymond Cohen, of The Cohen Law Firm, LLP, was the attorney for the buyer. Joseph Tepfer and Herbert Tepfer, of Tepfer & Tepfer PC, were the attorneys for the seller.
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Marcus & Millichap announced the folliwng sales:

*  1301-1303 Greene Avenue, a 3,376 s/f of land located in Brooklyn, N.Y.. The asset sold for $1,010,000. The buyer, a private investor, was secured and represented by Shaun Riney, Thomas Shihadeh and Dan Greenblatt  of Marcus & Millichap’s Brooklyn office.
•  759 Seneca Avenue, a 5-unit apartment property located in Ridgewood, N.Y. sold for $2,000,000. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Bestreich, Sproviero and Reynolds.
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Silvershore Properties purchased two Brooklyn buildings in Boerum Hill and Bushwick to add to the firm’s growing portfolio.
•208 Hoyt Street in Boerum Hill, a 3,500 sq. ft corner mixed-use building, purchased for $1.72 million.
•590 Bushwick Avenue in Bushwick, a 5,500 sq. ft. corner mixed use building, purchased for $1.35 million.

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LEV MAVASHEV
LEV MAVASHEV

Alpha Realty announced the sale of 11-27 Nameoke Street in the Far Rockaway section of Queens for $1.75M. Lev Mavashev and Jacob Aronov, successfully negotiated this deal in an off market transaction. The four story, 13,912 square foot building, has 17 apartments. The seller was a private long-term owner and sold it to a private investor from Brooklyn, who is now expanding into Queens. The sale price of $1,750,000 equates to a 8.5X Rent Roll and $102,941 price per unit.
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The CPEX New York Mixed-Use Investment Sales Team announced the sale of 225 Greenwood Avenue in Brooklyn. The property is a three-story, walk-up mixed-use building that totals approximately 3,120 gross square feet.  The sale price was $1,050,000, and included financing by the seller. The building sold for $337 per square foot. CPEX’s Mixed-Use Sale Team, consisting of Managing Director Scott Burk, Esq., and Associates Luis Tamara and Keat Chew, represented the seller and procured the buyer in the transaction. Andre Sigourney, Associate Director of CPEX’s Retail Sales Team, also assisted with the transaction.
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Fischer Real Estate Inc. announced that two contiguous parcels of undeveloped land, one fronting on Putnam Avenue measuring 2.34 acres and the other fronting on Gallagher Street measuring 2.67 acres, were sold and closed simultaneously for $350,000 each by their owners, 466 Putnam Realty LLC and CLC Realty LLC, respectively. The one buyer, Philmor REI Hamden LLC plans to develop a self storage facility on the combined 5-acre site. Alan M. Fischer, CCIM, SIOR, of Orange-based Fischer Real Estate Inc. represented both the buyer and the two sellers in this transaction.
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Charles Chang, associate broker, of Manhattan based investment sales firm, Highcap Group, exclusively represented the seller of a 3 building package located on 184th Street in Hollis, Queens along with Investment Sales Associate, Michael Ferrara. The property was family owned for over 20 years and sold for $7,200,000 to a local investor represented by Lev Mavashev. The two story garden apartment complex extends the entire block from Henderson Avenue to 104th Street with 620’ of frontage on the south side of the block and 324’ of frontage on the north side of the block. The properties consist of a total of 74 rent stabilized units with a majority being two bedrooms plus a parking garage. The purchase price represented a capitalization rate of 7 percent.
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Steve McCulloch of Houlihan Parnes Realtors represented the buyer in the sale of 301 Sixth Avenue, Verplanck, NY. This property consists of approximately 5.5 acres of land with 350 feet of frontage on the Hudson River and 2 buildings which total 6,000 square feet of industrial space. The buyer, one of the largest school bus operators in the region intends to use the site as a staging area for his bus operations in the northern part of Westchester County. The property sold for $1,300,000 with the seller taking back a mortgage.
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HK Group  announced that Matthew F. Keefe, President of HK Group was the sole broker in the sale of 25 Research Parkway, Wallingford, CT. The sellers were Sivan Wallingford, LLC from New York and Benerofe Wallingford, LLC of White Plains. The buyer was Baker-Properties Limited Partnership from White Plains. The asset was largely leased by AT&T and GreyBar, two multibillion dollar credit companies. Keefe said it is a superlative warehouse facility with 30 foot clear ceilings and super flat floors that have a ¼ inch variance from one corner of the building to the other.
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Weissman Realty Group announced the following closings:
•16-89 Gates Avenue in Ridgewood, Queens. The property features 6 three bedroom apartments and closed at $1,000,000 (13.2 x rent roll). Nate Lieberman  brokered this transaction.
•1729 Pitkin Ave in Brooklyn. The property has 6 apartments and 1 store and closed at a price of $900,000 (7.7 x rent roll).

 

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