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Deals & Dealmakers

On the Scene: Cushman tackles 7 Queens properties, GFI closes $9M Flatbush deal

AGENTS

Cushman & Wakefield announced that the firm has been retained on an exclusive basis to arrange the sale of seven properties located in Queens. A team led by Senior Managing Director Stephen R. Preuss will represent the sellers in all marketing efforts.
• 31-79 Steinway Street in Astoria is a 2,250 s/f single story, plus basement, retail building. The property has an additional 4,500 s/f of air rights.It will be delivered vacant presenting an opportunity for an owner-use, investor, or developer. The asking price is $2.295 million.
• 87-14 Jamaica Avenue in Woodhaven is a 3,300 s/f fully occupied mixed-use building. The three-story building has one retail store and two three-bedroom apartments. The asking price is $1.5 million.
• 102-15 Liberty Avenue in Ozone Park is a 2,860 s/f corner, mixed-use building with one ground floor commercial/office unit and two residential units on the second and third floors. The property is situated across from abundant retail including Blink Fitness, Duane Reade, TD Bank, Modells and others. 102-15 Liberty Avenue is located across from the A subway line. The asking price is $1.55 million.
• 129-02 Northern Boulevard is a 93,065 s/f acre assemblage located in Flushing, with over 276,000 buildable square-feet as of right. The three adjacent lots equate to 3.17 acres. The site is currently improved by two buildings and owner-occupied but can be delivered vacant. LaGuardia airport is located less than ten minutes away.
• 134-35 Springfield Boulevard is a 20,200 s/f partially-vacant medical office building with on-site parking located in Laurelton. The lot benefits from an additional 29,449 s/f of as of right air rights for commercial or residential development. The LIRR and Belt Parkway are both in close proximity. The asking price is $7.5 million.
• Northern Bell Plaza located at 213-07 Northern Boulevard in Bayside is a fully-occupied three-story retail and office building with on-site parking. The building consists of seven tenants occupying eight commercial units. This is a prime location with over 34,000 vehicles passing daily and with the Bayside LIRR is located only two blocks away. The asking price is $15.5 million.

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GFI Realty Services has been named the exclusive sales agent for 1575 Dekalb Avenue, an eight-unit, walk-up apartment building in the Bushwick section of Brooklyn. GFI Senior Director Shlomo Antebi will oversee the marketing of the property, with pricing targeted at $2.2 million. Constructed in 1957, the four-story building totals approximately 8,060 ss/f and is composed entirely of three-bedroom units. The propertyhas 31 ft. of frontage on Dekalb Avenue and large unit layouts.

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RM Friedland announced that Marco Lalla has been retained to sell the following properties:
• 771 E 213th St, Bronx, a mixed-use building located on the northwest corner of Barnes Avenue and East 213th Street in the Williamsbridge section of the Bronx. This property consists of seven residential apartments and a corner retail storefront. The cell site lease was sold in the past year. Features include: intercom system, cameras throughout, steel door, steel and marble stairs, newer boiler, above ground 1,000 gallon oil tank & a silver coat rubber roof. The property is located steps away from the Gun Hill Road Train Station. Asking price is $1,500,000.
• 2110 Arthur Ave, Bronx, a 27 unit walk-up apartment building located on the east side of Arthur Avenue just north of 180th Street. The building is currently running on gas with dual fuel boiler. There is also a 1,500 gallon above ground and encased oil tank (#2 oil). 2110 Arthur Avenue’s features include: cameras, intercom system, silver coat rubber roof, glass door, steal and marble stairs, tile floor throughout lobby, new gas lines/meters, and new lintels. The roof top cell site’s income stream was sold off but will revert back to owner within the next four to five years. Transportation in the area includes the Tremont Metro North Station and local bus service along 180th Street.

SALES

Northeast Private Client Group recently announced the sale of three buildings located in Connecticut for $4.9 million. Brad Balletto, VP investments, Taylor Perun, senior associate, Rich Edwards, investment associate, Jeff Wright, investment associate, and Rob Fiamengo, junior associate, represented the sellers and procured the buyers in all three transactions
Brad Balletto and Taylor Perun closed the sale of 805 Main St, 28-68 Atwood Court, and 15-20 Pythian Ave, Watertown, Conn, a 28-unit multifamily portfolio. The seller, a private Connecticut-based investor, sold the property to another private Connecticut-based investor for $1,725,000. This equates to a price of $61,607 per unit with a capitalization rate of 8.2 percent on the current new operating income.
Taylor Perun and Rob Fiamengo closed the sale of 102 Wellswood Road, Amston, Conn. This 32-unit multifamily property traded for $2,080,000 to Spin Ghar Properties LLC. This equates to a price of $65,000 per unit and a capitalization rate of 6.8 percent based on the current net operating income. The seller, Hebron Properties, is based in Amston, CT.
Brad Balletto, Rich Edwards, and Jeff Wright closed the sale of 125 Granfield Avenue, Bridgeport Conn, a 16-unit multifamily property. The seller, a private Connecticut-based investor, sold the property to Birdseye Development for $1,175,000. This equates to a price of $73,437 per unit with a capitalization rate of 7.6 percent on the current net operating income.

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Asset Commercial Realty Group announced the sale of 116-31 Sutphin Blvd, a corner retail property in the Jamaica section of Queens. The sale price was $1.175 million. The property consists of 3,430 s/f and is located down the block from the Q6 bus stop near numerous commercial retailers AssertCRG found an investor/operator who purchased both the building and the existing laundromat business operating at the premises. Albert Aranbaev, Yuriy Ustoyev and Mark Akilov, Esq. from AssetCRG represented both the buyer and seller , and represented the seller of the operating laundromat business. The buyer purchased the property along with the business and expanded into the next door adjacent vacant space.

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CBRE announced the $2.5 million sale of a 1.33-acre development site located at 366 Woodmere Boulevard in Woodmere, N.Y. The site, which is a part of Lawrence Woodmere Academy’s 10-acre campus, was sold by the private school to the Friedman Group. Elli Klapper, Charles Berger and Jay Gelbtuch of the Tri-State Investment Properties Team, along with colleague Daniel Brandel from the Advisory & Transaction Services Group, represented the seller in the sale. The team also procured the buyer.

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Gebroe-Hammer Associates has arranged three separate transactions in Plainfield, NJ, totaling 144 units sold for a combined $17.3 million. Vice President Adam Zweibel spearheaded each of the sales where the firm exclusively represented the sellers and procured the buyers.
• Netherwood Pointe, a newly constructed 25-unit apartment home community located at 916-926 South Ave., sold for $5.3 million – setting a new price-per-unit standard of $212,000. Built in 2014, the upscale three-story property features an array of amenities such as granite countertops, balconies and patios and in-unit washers and dryers. The seller of Netherwood Pointe was the original developer.
• The $5.65 million bulk sale of 42 fractured condominium units at 400 E. Front St., in the city. Originally built in 2009, The Monarch has a total of 63 units. The Monarch Apartments is a three-minute walk to rail service. Plainfield Station serves this neighborhood.
•Zweibel and Vice President Gehane Triarsi also arranged the $6.4 million sale of 57 units in Plainfield’s Randolph Road/Park Avenue neighborhood. The four-property portfolio had been acquired by the seller two-and-a-half years ago in a deal orchestrated by Gebroe-Hammer. The owner sold the East 7th Street and Park Avenue properties at a plus-50 percent appreciation rate.

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GFI Realty Services announced the $9.65 million sale of 757-765 Flatbush Avenue, a portfolio of four fully-occupied, contiguous, commercial properties in the Flatbush section of Brooklyn. The buyer and seller, both local investors, were represented by GFI Managing Director Yosef Katz. The four single-story properties are occupied by a total of eight retail stores, with lease expirations ranging from 2019 to 2024. With Flatbush continuing its upward trajectory, GFI successfully procured a buyer who plans to construct a mixed-use property upon completion of the retail leases.

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Hunt Corporate Services, Inc. announced that broker Andy Dorman arranged for the sale of a 9,500 s/f suburban office building located at 350 Veterans Highway, Commack to Maisey Property Management, an entity controlled by Sean Fredrickson, founder, and CEO of Universal Plumbing in Bay Shore. The sale price was $1,150,000 or $120 per square foot. Dorman was the sole broker for this transaction. Three law firms currently occupy the building, one since the building was constructed in the early 1980s. The building has three floors, two above ground, and one below grade. A complete renovation of the building is planned, including the relocation of one law firm from the ground floor to the second floor. The property was originally developed by Herman Udasin, who in recent years has been divesting himself of his many holdings. The building is located at the start of the Northern State Parkway.

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Marcus & Millichap announced the following sales:
• 129 Malcolm X Boulevard, a 8-unit apartment property located in Brooklyn, N.Y. sold for $1,067,500. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.
• 85 Quay Street, a 12,088 s/f mixed-use property located in Brooklyn, sold for $5,475,000. Shaun Riney and Michael Salvatico represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.

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