Cassidy Turley negotiated the sale of 1760 New Durham Ave. in South Plainfield, NJ, for $8 million. Doug Bansbach represented the seller, USLR. Joseph Santoro, owner of RE/MAX Commercial Real Estate represented the buyer, Restaurant Depot. Restaurant Depot will be relocating from its offices at 140 South Ave. in South Plainfield.
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GHP Office Realty has acquired 120 New Canaan Avenue, Norwalk CT as part of a 1031 tax exchange. The property is a one-story 24,732 s/f shopping center with on-site parking. The building is right off of exit 38 on the Merritt Parkway and is close to Route 7 and Interstate 95. The principals of GHP, Andrew Greenspan and James J. Houlihan, saw this acquisition as an opportunity to and add value through capital improvements The center is currently occupied by eight tenants.
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HFF announced the sale of Signature Place, a 25.37-acre, fully-approved multi-housing development site in Neptune, New Jersey. HFF marketed the property on behalf of a partnership between Highview Homes and Chase Partners. The property sold for an undisclosed amount free and clear of debt. The site is located just off Exit 100 on the Garden State Parkway. Once completed, the development will include 272 luxury apartment units, 8,142 s/f of retail space and parking. The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn along with senior managing director Jose Cruz and real estate analyst Marc Duval.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• Three United States Post Offices, located in Normandy Beach, Roselle Park, and Florence NJ, sold for a combined price of $1,450,000. Michael Lombardi, director of the Net Leased Properties Group, and Julienne Pape, an associate, both in Marcus & Millichap’s New Jersey office, had the exclusive listing to market all three properties as part of a larger portfolio of post offices on behalf of the seller, a private investor. Lombardi and Pape also represented the buyer in the sale of the Normandy Beach post office.
• 123-127 Lafayette St., a partially vacant six-story elevator office building located between Canal Street and Howard Street in Lower Manhattan, sold for $10,850,000, or $663 per square foot. Barbara Dansker represented the seller, an owner/user, and the buyer, Stellar Management, a New York-based developer.
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Massey Knakal announced the following sales:
• A loft building at 209 West 18th Street, Chelsea, sold for $9,000,000. The five-story building contains 11,000 s/f and
a large commercial elevator shaft. The building was delivered vacant, and the sale price equates to approximately $818 per square foot. Guthrie Garvin represented the seller in this transaction with Brock Emmetsberger.
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Northeast Private Client Group announced the sale of the Valley View Apartments, a 28-unit garden-style apartment complex located at 209 Wolcott Street in Waterbury, CT. Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,350,000 transaction. The Connecticut-based buyer, 209 Wolcott Waterbury LLC, purchased the Valley View Apartments property for a price that equates to more than $48,000 per unit, which represents a capitalization rate of 9.3 per cent on the current year’s net operating income. The seller, ROI Valley View LLC of Waterbury, CT, will focus on new projects moving forward.
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Silvershore Properties has closed on the purchase of three new properties in separate transactions totaling $5 million over the last month
• 41 Henry Street in Manhattan, is a 22-unit walk-up building in the Lower East Side. The 27 ft. wide property is approximately 12,000 s/f and was built in the early 1900’s.
• Two other properties include the purchase of 364 Butler Street in Park Slope and 121 Irving Avenue in Bushwick.
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Besen & Associates announced the following sales:
• 558 West 193rd Street, between Audobon and St. Nicholas Avenues, in Washington Heights, sold for $3,915,000, which equates to a capitalization rate of 5.3%, $126,290 price per unit, $161 psf and 10.6x rent roll. Lev Mavashev and Jacob Aronov represented both the buyer and seller in this transaction. This 6-story residential elevator building is comprised of 31 apartments.
• 159-161 West 85th Street on the Upper West Side sold for $6,750,000, which equates to a GRM of 18.2, a cap rate of 3.2%, and $568 per square foot. Matthew Garcia exclusively represented the seller and also procured the buyer and in this transaction. Built in 1900, this 5-story walkup building is comprised of 20 apartments and consists of approximately 11,880 s/f with a highly unusual 35 feet of frontage. The building predominantly consists of rent stabilized units.
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CPEX announced the sale of 96 3rd Avenue in Brooklyn. The property currently consists of one three-story mixed-use building totaling approximately 3,740 square feet. It includes one ground-floor retail space, which was delivered vacant, with four free market residential units on the upper floors, all of which are occupied. Zoned C2-4/R7A, the site has a maximum floor area ratio (FAR) of 4.0, for a total of 10,000 buildable square feet. The sale price was $1,900,000, an all-cash transaction for the buyer to complete a 1031 exchange. Scott Burk, Andre Sigourney, and Luis Tamara, represented the seller and procured the purchaser. Ryan Condren, Kristina Triglia and George Danut of CPEX’s Retail Leasing Team also assisted.
