Real Estate Weekly
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Deals & Dealmakers

On The Scene: Eastern Consolidated in Central Harlem, M&M list Brooklyn site

AGENTS

Eastern Consolidated has been selected as the exclusive agent to sell a six-story, mixed-use corner building at 2866 Frederick Douglass Boulevard, aka 270 West 153rd Street, in Central Harlem. The asking price is $6.5 million. Eastern brokers Jonathan Schwartz, Associate Director, Gabriel Saffioti, Director, and Nicole Rabinowitsch, Director, are marketing the property. Chris Matousek, Director, is the analyst for the project. The 17,750 s/f walk-up apartment building features two occupied and two vacant retail spaces on the ground floor, and 25 apartments, of which more than half are free market.

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Marcus & Millichap announced the listing of 157-159 Wythe Avenue, a 3,000 s/f development site in Brooklyn. The asset is priced at $10,950,000. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office, along with Peter Von Der Ahe, Joseph Koicim and Scott Edelstein of the company’s Manhattan office, have the exclusive listing to market the property on behalf of the seller, a private investor. The property is situated in the Williamsburg section of Brooklyn between North 6th Street and North 7th Street. The existing structure is a 50-foot-wide residential building consisting of six apartment units, all of which are currently vacant. The property is zoned M1-2/ R6A/ MX-8, which allows for a FAR of 2.7 and offers potential investors a wide array of redevelopment options.

SALES

personal family photography
personal family photography

Ariel Property Advisors announced the sale of 5255 Kings Highway and 2-24 Preston Court, an industrial facility consisting of four industrial properties in the East Flatbush neighborhood of Brooklyn. The properties sold for $6.4 million, which translates to $188 per square foot. Jonathan Berman, Mark Spinelli and Daniel Tropp and Michael A. Tortorici represented the seller, Zeluck Corporation, and procured the buyer, a private investor. The facility, which consists of four buildings and a vacant lot, spans approximately 34,396 s/f. The properties facing Preston Court include eight roll-down gates and one loading dock. The buyer purchased the properties as an investment to rent out and generate income.

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Marcus & Millichap announced the sale of 9020-9024 5th Avenue, a 24,829 s/f office property located in Brooklyn. The asset sold for $7,500,000. Mark Zarrella and John Brennan and from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was also secured and represented by the team. The sales price equates to $302 per square foot.

NAI James E. Hanson arranged the sale of 144 and 148 Route 4 East located in Paramus, NJ. Totaling 7,700 s/f and sitting on a 34,023 s/f lot contiguous to Bergen Town Center, the properties are both highly visible retail locations. Dominic Fittizzi, Associate Vice President of NAI Hanson represented the seller, Meyn Trust and the buyer, Urban Edge Properties in the sale. The buyer plans to use the building as a short-term investment. Both buildings are currently fully leased to Cleopatra Tile & Bath and Paramus Furniture and Dinettes.

SHALLINI MEHRA
SHALLINI MEHRA

Besen & Associates announced the sale of:
• Five Guys Burgers and Fries located in Groton, CT. Classic aluminum diner style which was constructed in 2007 and remodeled for Five Guys in 2012. It is 2,935 s/f plus a full basement, on 0.88 acres of land with parking. The lease benefits from tremendous rent growth over the lease term. This property, which is just off the I-95 exit ramp is located on Gold Star Highway, a main retail thoroughfare, at a signalized intersection across the street from a Walmart. Shallini Mehra successfully represented the buyer in this transaction. Daniel de Sa’ of EXP Realty Advisors exclusively represented the seller.

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