WHAT’S SOLD AND FOR SALE IN THE UNDER-$10 MILLION MARKET
Cushman & Wakefield announced the following exclusive assignments:
• A gallery condominium located within the Metal Shutter Houses at 524 West 19th Street in Chelsea, which is asking $8,950,000. The ground floor unit contains 3,537 s/fd is leased to Shchukin Gallery until November, 2023. Brock Emmetsberger is exclusively marketing this property.
• A conversion or development opportunity at 25 Bleecker Street. The property is located between Lafayette Street and Bowery in the NoHo East Historic District. Ownership is requesting proposals. The property currently consists of a vacant four-story building for which current ownership already has LPC approval for a redesigned façade and mixed-use conversion of the existing square feet. James Nelson is exclusively marketing this property
• A warehouse and office building at 11-02 37th Avenue in the Long Island City, Queens. The two-story building contains approximately 15,000 s/f with 7,500 s/f of workshop space and 7,500 s/f of office space. It has a roll up loading dock, 20 ft. ceilings, elevator, executive offices, restrooms, full conference room, and administrative space. David Chkheidze, Daniel Abbondandolo and Conrad Martin are marketing the property.
New Street Realty Advisors, LLC has been appointed exclusive leasing agents for a new development in Washington Heights, at 446 West 167th Street. The site is located between Amsterdam Avenue and Edgecombe Avenue and will be available for occupancy in the 4th quarter of 2016. The space, which is deemed for community facility purposes only, is comprised of 5,500 s/f space on the ground floor, 2,300 s/f on the second floor and 2,500 s/f in a usable lower level. The property is close to New York Presbyterian Hospital, Columbia University School of Nursing, Russ Berrie Medical Science Pavilion, Columbia University College of Physicians and Surgeons. Josh Kaufman, Joshua W. Gettler and Matt Gorman are handling the assignment.
EPIC Commercial Realty announced the sale of a development opportunity located at 730 East 32nd Street in Farragut, Brooklyn. The site, situated between Glenwood Road and Avenue H, contains a vacant two-story house, consisting of 12,000 s/f of development rights. It is located two blocks from the Flatbush Avenue/Brooklyn College 2 and 5 train station. The property is currently built at 2,573 s/f and has additional air rights of 9,427 s/f. Shay Zach, senior associate broker at EPIC Commercial Realty, was responsible for the sale for $995,000.
Alpha Realty announced the following sales:
• 105 Boerum Place in Boerum Hill, sold for $2 million, or $457 psf. Alpha Realty’s Glenn Raff and Jacob Aronov were the brokers.
• 145 Somers Street in Ocean Hill sold for $1.15 million, or $208 psf. Lev Mavashev and Scott Schwartz represented both buyer and seller of the property. The buyer added to his already existing Ocean Hill portfolio.
Ariel Property Advisors announced the sale of three multifamily properties in the Bronx totaling $4.77 million. The properties are located in the Morrisania, Parkchester and Hunts Point neighborhoods. Exclusive agents Jason M. Gold, Scot Hirschfield, Michael A. Tortorici and Marko Agbaba represented both owners and procured the buyers.
• 868 Faile Street, a four-story, 21-unit walk-up building located on the South-East corner of Seneca Avenue and Faile Street in Hunts Point, sold to a private investor for $2.75 million, which translates to approximately $150 psf and over $127,000 per unit.
•614 East 168th Street in Morrisania, is a 27.5 ft. wide, four-story multi-family building spanning approximately 7,912 s/f containing eight two-bedroom residential units. Mixed use zoning affords new ownership the potential to convert the ground floor to retail use. The property sold for $1.265 million, which translates to approximately $160 per square foot and $158,000 per unit.
• 1744 Merrill Street, a three-story, walk-up building located on the corner of Merrill Street and Rosedale Avenue in the Parkchester section of the Bronx. The building consists of three one-bedroom units, four two bedroom units and a two car garage. The sale price of $830,000 translates to $165 per square foot and roughly $119,000 per unit.
Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties, in collaboration with Philip Heilpern of the CBRE Long Island office, closed on the sale of 1305 Walt Whitman Road in Melville, New York. The CBRE team represented 1305 Walt Whitman Road, SPE LLC, and also procured the buyer, Feil 1305 Whitman LLC, and entity controlled by The Feil Organization based in New York City. 1305 Walt Whitman Road is 165,310 s/f and located on the Suffolk/Nassau border in Melville, New York, 100 yards from the Long Island Expressway. Currently 83 percent leased, tenants include the American Institute of Physics, Merrill Lynch, RUI Credit Services, and KPMG.
Cushman & Wakefield announced the following sales:
• An apartment building at 316 68th Street, in Brooklyn’s Bay Ridge, sold for $3,700,000. The four-story, walk-up contains 15,390 s/f and consists of 20 units, of which 19 are rent stabilized and one is rent controlled. The sale price equates to approximately $240 psf. Brendan Maddigan exclusively handled this transaction along with Aaron Warkov.
• A mixed-use building at 1902 Church Avenue, in Brooklyn’s Flatbush neighborhood, sold for $3,300,000. The three-story building contains 9,250 s/f. The unit mix consists of nine rent stabilized apartments and three commercial units. The sale price equates to approximately $357 psf. Richard Velotta exclusively handled this transaction.
• A development site at 213-215 20th Street, in Brooklyn’s Greenwood Heights neighborhood, sold for $3,000,000. The approximately 50 x 100 ft. site consists of two contiguous parcels located in an R6B zoning district. The site currently consists of two, two-family buildings which were delivered vacant. It holds approximately 10,000 buildable square feet, with the sale price equating to approximately $300 per buildable square foot. Aaron Warkov exclusively handled this transaction.
• A development site at 263 Union Avenue in Brooklyn’s East Williamsburg neighborhood, was sold for $1,880,000. Located in a R6 zoning district, the site holds approximately 6,204 buildable square feet. Previous ownership submitted plans to the DOB and MTA to build a seven-story, six-unit residential building. The sale price equates to approximately $303 per buildable square foot. Brendan Maddigan handled this transaction.
Marcus & Millichap announced the following sales:
• 2325 Foster Avenue, a 27-unit apartment property in Brooklyn, sold for $4,850,000. Derek Bestreich, Lucien Sproviero and Erik Rodriguez from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the team.
• 270-274 East 2nd Street, a 12-unit apartment property located in Brooklyn, sold for $3,600,000. Derek Bestreich, Erik Rodriguez and Seth Schiffman represented the seller, a private investor. The buyer, a REIT, was also secured and represented by the team.
The two adjacent gut-renovated six unit buildings sold at an approximate five percent cap rate, a record price for Kensington.
Rosewood Realty Group announced the following sales:
• The $11.4 million sale of 181& 182 Prospect Park West in Park Slope, Brooklyn. These two contiguous four story walk-up apartment buildings feature 34 apartments. The 15,000 s/f (combined) property, was built in 1921. Michael Guttman and Chaim Cahane represented the seller and Terra CRG represented the buyer, a local investor.
• The $16 million sale of 3750 Broadway, a six story elevator apartment building that features 36 apartments and four commercial spaces. The 47,163 s/f building was built in 1906 and sold for 18 times the rent roll. Michael Guttman represented the seller and also the buyer, a private investor.
• The $3.4 million sale of 2709 Clarendon Road in Flatbush, Brooklyn. The four-story walk-up apartment building features 23 apartments. The 16,080 s/f building, that was built in 1926 and sold for 12 times the current rent roll. David Berger represented both the buyer and the seller.