Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Cushman sells Astoria property, RKF names agent for New Jersey tavern

AGENTS

RKF announced that it has been named the exclusive retail leasing agent for Maxwell’s Tavern, located at the southeast corner of Washington and 11th Streets in Hoboken, New Jersey.

The RKF leasing team of Managing Director Jerry Rockoff and Associate Director Robert Mackowski are marketing the opportunity at 1039 Washington Street on behalf of the landlord. The 3,565 s/f space benefits has 147 feet of wraparound frontage, and the nationally-recognized name of this long-standing pillar of the Hoboken music community. Nearby tenants include Sorelina Kitchen & Wine Bar, BWE Cafe, M&T Bank, Amanda’s Restaurant, Augustino’s Restaurant.

 

SALES

Cushman & Wakefield announced the following sales:

• 25-79 31st Street, a 19,715 buildable s/f development site in Astoria, Queens. The final closing price is

The building will consist of one commercial/community facility space, and 23 residential units. The residential units are made up of a mix of eleven 1-bedroom, ten 1.5 bedroom and two 2-bedroom units. The building will be complete with below grade private parking, a sky deck, gym, bike storage and private outdoor space in every unit.

$4,600,000, or $233 per buildable square foot. Cushman & Wakefield’s Stephen R. Preuss represented the seller, 31st Street South, LLC, in the transaction. The property was purchased by Joseph Grgas. The property has fully approved plans in place for a seven-story mixed-use building of approximately 29,204 gross building s/f and approximately 19,715 s/f of ZFA.

• 48 Clinton Street, a 5,467 s/f mixed-use building located in Manhattan’s Lower East Side. The final closing price was $5.4 million, equating to approximately $988 per gross square foot and $534 per buildable s/f Cushman & Wakefield’s Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley led the marketing efforts on behalf of the seller, the Blue Man Group. The property was purchased by Arani Bose. The four-story, 5,467 s/f property contains approximately 4,653 s/f of air rights and can hold a maximum of 10,120 buildable s/f for residential or mixed use. Formerly known as the Loho Studios, the building currently features a recording studio on the ground floor with a double height ceiling. The second floor offers front and back mezzanine spaces for office or additional studio use. The third floor is currently used as a workshop and the fourth floor contains additional office space with a terrace.

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Brax Realty announced the sale of a 340 West 48th Street for $4,750,000 that was handled off-market. The property is located between 8th and 9th Avenues and contains 15 apartments. Alan Stenson, senior director at Brax Realty, represented the seller, 340 West 48th Street LLC, and this was the first time in over 44 years the building traded hands. The property was built in 1920 and is comprised of 15 apartments with 25-feet of frontage. 14 of the 15 apartments are studios and the remaining unit is a 1 bedroom. Out of the 15 apartments, 6 of them were vacant which provided the buyer the ability to immediately add value by renovating these units.
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EPIC Commercial Realty announced the sale of 720-722 East 216 Street, two contiguous parcels consisting a large development site in Williamsbridge, Bronx for $2,700,000. Located between White Plains Road and Barnes Avenue, each of the two lots contains a residential building. Altogether the property offers development opportunity for an 8-story residential building with 66 units. The proposed plans call for 40 studios and 26 one-bedroom. Providing a total of 44,721 s/f of development rights, the two lots form a big development site with a 60-feet frontage. EPIC Commercial’s Emmanuel Ukah, represented both the sellers and the buyer.

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