Real Estate Weekly
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Deals & Dealmakers

On The Scene: Cush & Wake announce sales, Bussel brokers

Cushman & Wakefield announced the sale of a mixed-use building at 1190 Bedford Avenue, in Brooklyn’s Bedford-Stuyvesant neighborhood, for $3,500,000. The sale price equates to approximately $650 psf. The five-story, elevator-serviced building contains 5,383 s/f and is comprised of one ground floor retail unit and six residential units. The retail unit includes a cellar. The property sold at a record-breaking number for the North Central Brooklyn submarket, across all product types except for condos. Cushman & Wakefield’s Michael Amirkhanian exclusively handled this transaction.

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Bussel Realty Corp. (BRC) brokered the sale of 167 Black Horse Lane in South Brunswick, New Jersey, a 110,000 s/f industrial facility. The property was sold for $7.7 million to Bruce Supply Corp. BRC Senior Vice Presidents David Blitt and Robert Sager and Vice President Peter Anderson represented the seller, Les Sokoloff, in the transaction. Bruce Supply is a supplier to the New York metro area plumbing industry. It will use the facility to strategically service their growing clientele,” noted Blitt. The former owner, Federation Distribution, is expanding to a new, larger facility. 167 Black Horse Lane is in close proximity to Route 1, 130 and Exit 8A of the New Jersey Turnpike. The property has 4,000 s/f of offices, 24-foot ceiling heights, 1500 amps of electric power, nine tailboards and one drive-in, wet sprinklers and 204-car parking.

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Case Real Estate Capital, LLC finalized a $3.5 million purchase of three senior notes – two performing and one non-performing – secured by residential investment properties located in Manhattan and Hunterdon County, New Jersey. The purchase is part of Case’s new joint venture agreement with a N.Y.-based real estate credit fund. Sandy Herrick, founder and managing principal of Case, made the announcement.

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Denholtz Associates announced the purchase of a four-story, 83,258 s/f multi-tenant office building located in Franklin Township, New Jersey. The building, Somerset Executive Square II, is situated in the Route-287 submarket. The property was purchased from GE Capital. Somerset Executive Square II features newly renovated lobbies and corridors and sits on five-acres directly adjacent to The Somerset Marriott Hotel and within walking distance of a major conference center and hotels. Steven Denholtz, Chief Executive Officer of Denholtz Associates, made the announcement.

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EPIC Commercial Realty announced the following sales:
• 511 Lafayette Avenue, located between Bedford and Nostrand Avenues, Brooklyn, was sold for $1,825,000. It is a vacant lot consisting of 8,000 s/f of development rights. Shay Zach sold 511 Lafayette Avenue for the record price per square foot in the Bed-Stuy Area at $235 psf.
• 701 Lafayette Avenue, located between Tompkins and Throop Avenues, sold for $1,200,000. The vacant two-story home has 6,000s/fof development rights. The buyer intends on developing a four-story, eight unit residential building. Shay Zach brokered the sale.

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NAI James E. Hanson brokered the sale of a newly constructed 53,152 s/f industrial building in Carlstadt, N.J., to Loftex Logistics, LLC, a Chinese textile company. Loftex Logistics, LLC will use the property as its first fulfillment and distribution center in the United States. NAI Hanson’s Tom Vetter, SIOR and Jeff DeMagistris, SIOR represented the seller, Sitex Group. The newly constructed industrial building located at One Palmer Terrace was built with 32 ft. clear ceiling heights, 52 by 60 ft. column spacing, five loading docks with 30,000 lb. capacity levelers and one drive-in door. The warehouse also has state-of-the-art, energy efficient T-5 fluorescent lighting. There are 41 on-site parking spaces as well as a 130 ft. truck court with a 60 ft. concrete apron. Century 21 New Beginnings Realty represented the buyer.

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Highcap Group announced the sale of 385 Vernon Avenue in Brooklyn, NY, for $5,900,000. Josh Goldflam, managing principal, along with Michael Becker, Director of Finance arranged the sale. The seller was the Case Real Estate Partners, and the buyer was City Urban Realty. 385 Vernon Avenue is a 4-story walkup building built in 2007 with approximately 14,615 s/f and 65 feet of frontage on Vernon Avenue. The
building has 16 two bedroom apartments with one bathroom and the average rent is $1,959 per month per unit. The building also has a laundry room in the basement as well as bicycle storage area in the rear of the property.

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Redwood Property Group announced the sale of a commercial co0op at 450 West 31st Street. Jeff Berman represented the seller, James Lindner. The Real Deal Magazine purchased the fourth floor, 11,500 s/f space for $8.5 million. The building, originally built as a chocolate factory in 1918, is 115,000 s/f and situated within the Hudson Yards development. Renovations, designed by Mesh Architectures, should be completed by Spring, 2016. The publication will more from the 5,000 s/f office it currenlty leases at 158 West 29th Street. TRD was represented by EVO Real Estate Groups’ Todd Korren and Christopher Hagerup.

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Treetop Development has acquired a development site located at 121-129 East 144th Street on northeast corner of 144th Street and Gerard Avenue in the Mott Haven section of the Bronx. Located in a Special Mixed Use District zoning area (MX-13), the property has 68,326 buildable square feet, as-of-right with the option to develop up to 91,100 s/fby utilizing the inclusionary housing bonus. The company is now in the process of determining the best use for the site. The exclusive sales team of Jason M. Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael A. Tortorici of Ariel Property Advisors represented the seller, a private investor and procured the buyer.

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