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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield arranges sale of 200 Connecticut Avenue, Norwalk, CT

SALES

Alan Stenson, senior director of brokerage firm Brax Realty, has sold a 6,250 s/f mixed-use building in Chelsea where he retail space is currently used as the production set for the upcoming season of Sesame Street.

ALAN STENSON

The property, 220 West 16th Street, between 7th Avenue and 8th Avenue sold for $6,480,000.

Stenson exclusively represented the seller, a long time family ownership and procured the buyer, a private investor who was in a 1031 exchange. This was the first time the property traded hands in over 35 years.

The building is also steps from Google’s offices. 220 West 16th Street consists of eight apartments and one retail tenant. Out of the eight apartments, three are rent stabilized with the remaining five of free market status. The property is tax class 2B and ownership had recently put in all new electric and a new gas boiler. The building sold for a 3.2 percent cap and $1,036 psf. There are an additional +/- 4,000 s/f of available air rights that could be utilized in the future.

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Michael Ferrara, managing principal of Brax Realty, has arranged the sale of a roughly 10,835 s/f two-story warehouse in Bushwick.

MICHAEL FERRARA

The property, 21-27 Garden Street, located between Flushing Avenue and Bushwick Avenue, sold for $5,650,000. Ferrara represented the seller in this transaction and this was the first time the property traded hands in over 48 years. The property is a two-story warehouse located on the border of East Williamsburg and Bushwick that was delivered 100 percent vacant at closing.

With a lot size of 7,900 s/f and a zoning of R6A, the property allowed an as of right development of 23,400 buildable s/f. Ferrara was able to negotiate with neighboring properties to acquire and assemble their additional air rights to increase the total buildable square footage of the development site.

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Cushman & Wakefield has arranged the sale of 133-11 35th Avenue and 133-27 35th Avenue, a pair of adjacent industrial buildings totaling 15,800 s/f in Flushing, Queens. The final closing price is $9,800,000, equating to approximately $620 psf.

STEPHEN PREUSS

Cushman & Wakefield’s Stephen R. Preuss represented the seller, Samrich Realty, LLC, in this transaction. The building was purchased by East River Realty Corporation. In addition to the two buildings already in place, the property allows for 31,598 buildable s/f as-of-right.

The properties are situated within minutes from the Flushing waterfront with close access to both I-678 and the Cross Island Parkway. The 7 subway can be accessed at the Flushing Main Street Station located within a ten-minute walk from the properties.

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SHAUN RINEY

Marcus & Millichap has arranged the sale of 1248-1252 Flatbush Avenue, an 8,415-s/f mixed-use property located in Brooklyn, a John Horowitz, First Vice President – District Manager of the firm’s Brooklyn office, announced. The asset sold for $3,200,000.

Shaun Riney, Michael Salvatico, Daniel Greenblatt and Zalman Yarmush, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

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Marcus & Millichap has announced the sale of 397 East 49th Street, a 34-unit apartment property located in Brooklyn, according to John Horowitz, first vice president – district manager of the firm’s Brooklyn office. The asset sold for $2,900,000.

Shaun Riney, Daniel Greenblatt and Zalman Yarmush, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

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Marcus & Millichap has announced the sale of 790 Liberty Avenue, a 4,000 s/f development site located in Brooklyn. The asset sold for $882,000.

Jakub H. Nowak and Thomas Brennan, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

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JLL Capital Markets has closed the sale of a two-building office portfolio totaling 166,979 s/f in the suburban Philadelphia area of Cherry Hill, New Jersey.

STEVE SIMONELLI

JLL marketed the property on behalf of an institutional client.

The portfolio comprises 5 and 6 Executive Campus, which are just off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are located within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop.

The 66,703-s/f 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-s/f building that opened its doors in 1982.

The JLL Capital Markets team representing the seller included Steve Simonelli, Brett Grifo, Jose Cruz, Doug Rodio, Brett Segal and Nicholas Stefans.

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Cushman & Wakefield has arranged the sale of 200 Connecticut Avenue located in Norwalk, CT. The property was sold for $8,500,000.

AL MIRIN

A Cushman & Wakefield team of Al Mirin, Kate Schwartz and Matthew Torrance represented the seller in the transaction.

200 Connecticut Avenue is a multi-tenant office building. The seven-story structure is on Route 1 at Exit 14 off Interstate 95. This location is less than two miles from the Route 7 Connector, which connects with the Merritt Parkway (Route 15) and links the area’s diverse regional labor market and the affluent neighboring residential communities in the towns of Darien, New Canaan, Wilton and Westport.

The property’s excellent location provides its tenants with direct access to an abundant selection of retail, restaurants and hotels, as well as being within minutes of historic South Norwalk (“SoNo”) including the new SoNo Collection Mall.

200 Connecticut Avenue has undergone a recent multi-million-dollar capital improvement upgrade including façade, mechanicals, lobbies, common areas and amenities. The full amenity package includes a fitness center with locker rooms, a café with indoor and outdoor seating, parking and views extending to Long Island Sound. The 7th floor features dramatic 16’ foot ceilings and a private elevator to the penthouse level.

AGENTS

Avison Young has been named exclusive agent for sale of multifamily building at 565 West 173rd Street in Washington Heights.

SAM SCHERTZ

New York City–The Tri-State Investment Sales Group for Avison Young is exclusively marketing the sale of the five-story, 16-unit, 12,740-s/f apartment building. Team members are Sam Schertz, associate director, Frederick Richter, associate director, and Allan Fries, associate, have been engaged by ownership to market the asset with an asking price of $4,500,000.

The renovated 565 West 173rd Street property is comprised of seven free market units, seven rent stabilized and two rent controlled units. The property is situated on the north side of West 173rd Street between St. Nicholas Avenue and Audubon Avenue. 565 West 173rd Street is also a block away from Highbridge Park and near the High Bridge, the oldest bridge in New York City.

The property is within walking distance of several mass transit options, including the A, C and 1 subway lines.

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The Tri-State Investment Sales group for Avison Young is marketing two four-story residential properties near Prospect Park at 2500 Bedford Avenue and 390 East 21st Street in the Flatbush-Ditmas Park neighborhood of Brooklyn. The asking prices for the two properties are $4,500,000 and $2,600,000, respectively.

FRITZ RICHTER

Avison Young’s Tri-State Investment Sales group led by Associate Director’s Sam Schertz and Fritz Richter and also including Associate Allan Fries are representing the seller.

The two properties include 39 total units for a combined 28,920 s/f. The larger 2500 Bedford Avenue, situated between Clarendon Road and Avenue D, has 24 units and measures 17,400 s/f while 390 East 21st Street, between Beverly Road and Cortelyou Road, holds the remaining 15 units across 11,520 s/f.

The properties are in close proximity to the area’s main thoroughfares and within walking distance of the Q, 2 and 5 subway lines.

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Cushman & Wakefield announced has been retained on an exclusive basis to arrange the sale of 2265-2267 Second Avenue, two mixed-use developments totaling 8,000 s/f in Harlem. The properties are equipped with R9A zoning with a maximum FAR of 8.50 and 23,800 buildable s/f as-of-right.

JORDAN SUTTON

A Cushman & Wakefield team of Jordan Sutton and Robert Shapiro will represent the seller in all marketing efforts.

2265-2267 Second Avenue contains two vacant, four-story, free market structures on 116th and 117th Streets in the newly-rezoned section of East Harlem. The buildings are configured as two separate three-family homes with a commercial space underneath both. 2265 Second Avenue already has approved plans for three, three-bedroom apartments with one commercial store.

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