Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: David Pinkhasov, Jeff Geoghegan, Matthew Consentino

AGENTS

EPIC Commercial Realty announced the following exclusive assignments:

• The sale of 3011 12th Street, a vacant three-story building on the northeast corner of 12th Street and 30th Avenue, Astoria, Queens. The large development opportunity is zoned R6B and holds 34,700 s/f of development rights. The property comes with plans for a five-story, 38 unit apartment building with parking below. David Pinkhasov has listed the property at $8,000,000.

James Famularo
James Famularo

• 55-13 Metropolitan Avenue, on the Ridgewood/Maspeth border of Queens. The property is vacant, gutted and has new electric; it is ready for renovation with approved plans to keep the current layout of the structure. There is a two-story, walk-up, mixed-use building consisting of one commercial unit and two apartments. Mike Rybinskov and Baruch Edelkopf have listed the property at $800,000.

• 2361 & 2367 31st Street in Astoria are separated by a building in-between them and can be purchased as a package. Both properties allow for 7,650 s/f of development rights and are zoned C4-3. 2361 31st Street is a vacant two-family home, where as 2367 31st Street is a vacant lot with DOB approved plans. The plans call for a six-story, elevator, mixed-use building consisting of ground-floor retail, eight one-bedroom apartments and one two-bedroom apartment and will include washing machines and dryers in the basement. David Pinkhasov has listed the properties at $3,600,000.

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Eastern Consolidated has been retained as the exclusive agent to market for sale a development site at 1339 River Road in Edgewater, New Jersey, for $7 million. Located directly on the Hudson River waterfront in Bergen County, the site is situated along River Road approximately 1.5 miles south of the George Washington Bridge. The development site is currently occupied by Von Dohln Marina, which has been in operation for 106 years and contains 44 licensed boat slips. The property is positioned in between two newer construction condominium townhouse developments, Vela Townhomes and The Moorings. Zoning permits residential development on the site on an as-of-right basis and could accommodate approximately 20 units. The development site is divided into two sections —the “upland” owned outright with an area of 31,922 square feet, and the formerly flowed “riparian” section of 43,284 square feet. The riparian area includes boat storage, parking and outbuilding. The site’s total area is 75,202 square feet. Senior Director James Famularo, who along with Associate Director Jeff Geoghegan exclusively represents the seller, the von Dohln family.

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TerraCRG announced the following exclusive assignments;

• Matthew Cosentino has been retained to sell the mixed use building located at 406 Tompkins Avenue in the Bedford Stuyvesant, Brooklyn. Cosentino and Associate Eric Satanovsky have listed the property at $2,200,000. The four story, eight unit brick building is located between Jefferson Avenue and Hancock Street. The building has rent potential of approximately $195,000 annually with a projected CAP rate of 7.3%

• Ofer Cohen, Adam J. Hess, Melissa Warren, Dan Marks, Mike Hernandez, and Sam Shalumov are representing the sellers of the 47 unit portfolio on Eighth Avenue in Park Slope. The buildings are located at 719-723 Eighth Avenue and 704 Eighth Avenue, a block from Prospect Park. The assets total 45,000 s/f, 45 residential units, two office spaces and a cell tower. 22% of the units are rent regulated and the rents for these units are 70% below market.  Most free-market units have been gut renovated.

• Adam J. Hess has been retained as the exclusive agent for the sale of the multifamily building located at 30 Third Street between Smith Street and Hoyt Street in the Carroll Gardens neighborhood of Brooklyn. The 8,436 s/f building is over 27 ft. wide and is located two blocks from Whole Foods. The property is comprised of eight residential units, four of which will be delivered vacant. The remaining four units are rent stabilized, paying an average of $950/month or $10/SF.

SALES

Michael Ferrara and Jeff Weiss of Highcap Group, arranged the sale of 401 East 57th Street in Manhattanfor $6,100,000. The purchaser, represented by Ferrara is a private local investor and the seller, represented by Weiss, was a long term family ownership. The property is a 4,064 s/f mixed use building with 6,000 s/f feet of air rights. With a C1-5/R10 zoning, the property can accommodate residential use on the top two floors and commercial and retail use for the 2nd and ground floor respectively.

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