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Deals & Dealmakers

On The Scene: Eastern Consolidated marketing retail condo in NoLiTa, C&W announce sale in TriBeCa

AGENTS

Eastern Consolidated is marketing a vacant 4,121 s/f retail condominium at 381 Broome Street in NoLiTa. The asking price is $6 million. Evan Papanastasiou is marketing the property with Jonathan Schwartz. The condominium consists of 2,494 s/f on the ground floor and 1,456 s/f on the lower level, suitable for a ground floor restaurant and basement prep area. The property is located at the base of an eight-story residential condominium.

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Terra CRG announced the following exclusive assignments:
• Team Cohen/Warren has been retained to sell the residential development site at 219 South Third Street in Williamsburg, Brooklyn. Ofer Cohen, Melissa Warren and team, are marketing the proposed 13,126 s/f buildable square foot site for $3,750,000. The site is zoned R6 for 6,600 BSF, and the addition of a community facility will allow for 14,000 BSF.

Matt Cosentino, along with his team Eric Satanovsky and John Bataille, are representing the sellerof the buildings located at 240 St. Nicholas Avenue & 315 Melrose Street in Bushwick. Asking price for the package is $5,950,000.
• 240 St. Nicholas Avenue is a five-unit, brick corner property that has been entirely gut-renovated and is configured as one 2,300 s/f duplex; two 2-bedroom units, one with a private roof terrace; two one-bedroom units and a two -car garage.
• 315 Melrose Street is located on one of the most developed blocks in Bushwick. There are new luxury condo projects across the street at 326 Melrose Street and around the block at 38 Wilson Avenue, as well as a number of luxury rental buildings completed or under construction, including 319, 323, 325, 327, 337 and 338 Melrose Street. The 25 ft x 55 ft, six-unit property is comprised of three two-bedroom apartments, three one-bedroom apartments and has also undergone extensive renovation.

SALES

Cushman & Wakefield announced the sale of a retail condominium at 51 Warren Street in TriBeCa for $3,850,000. The condominium contains 2,000 s/f on the ground floor and features an additional 2,500s/f of lower level and subbasement storage space. The property was delivered vacant and the sale price equates to approximately $1,925 psf. Will Suarez handled this transaction.

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Friedman-Roth Realty Services announced the following sales:
• An East Village mixed-use building location at 42.5 St. Marks Place. The 4-story building, located just East of Second Avenue, features a commercial space on the ground floor with residential use upstairs. The property encompasses 3,325 s/f and was delivered vacant at closing. The selling price was $3,375,000. Eric Lupo was the exclusive broker for the property and represented both the buyer and seller.
• An Upper East Side apartment building located at 410 East 88th Street was sold for $6,700,000. The five-story walk-up is located between First Avenue and York Avenue and contains 17 residential units and encompasses a total of 8,465 s/f. This is the first sale of the building in over 30 years. George Niblock and Eric Lupo represented the seller in this transaction.

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Rosewood Realty Group closed the following recent deals:
• The $12.5 million sale of 360 Central Avenue in Lawrence, Long Island. This is the sale of 41-sponsor co-op units, out of 129 units in a luxury co-op apt. building (168,360 s/f built in 1973.) Aaron Jungreis represented both the buyer and the seller.
• The $4.6 million sale of 90 Clermont Avenue in Fort Greene, Brooklyn. The six-story elevator apartment building features seven apartments. It is 7,648 s/f and it was built in 2008. It sold for 16.3 times the current rent roll and cap rate was 6 percent. Michael Guttman represented both the seller, 90 Clermont Avenue LLC, and the buyer.
• A $3.65 million sale of 66 West 138th Street, Harlem. The property is a five-story, walk-up apartment building with 20 apartments. It is 10,955 s/f and was built in 1900. It sold for 12.8 times the rent roll and the cap rate was 4.8 percent. Aaron Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor.
• A $3.25 million sale of 134 17th Street in Greenwood Heights, Brooklyn. The property features a four-story walk-up apartment building with eight apartments. It is 7,140 s/f and was built in 1908. It sold for 14.1 times the rent roll and the cap rate was 5.78 percent. Michael Guttman represented the seller, 134 17th Street Residences LLC, and the buyer, 134 17th Partners, LLC.
• The $2.25 million sale of 632 Throop Avenue in Bedford Stuyvesant, Brooklyn. The four story walk-up apartment building consists of eight apartments. It is 6,480 s/f and it was built in 1905. Michael Guttman represented the buyer and David Scheer and Bijan Djafari represented the seller, 632 Throop Ave Corp.
• A $1.7 million sale of 852-854 Rogers Avenue in Flatbush, Brooklyn. The property features a three-story walk-up mixed-use building with four apartments and four commercial units. It is 7,670 sq. ft. and was built in 1931. It sold for 10.79 times the rent roll and the cap rate was 6.9 percent. Aaron Jungreis represented the seller, 852-854 Rogers Avenue LLC and Jonathan Birnbaum represented the buyer, a private investor.

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Alpha Realty announced the sale of 1464 Ocean Avenue in the Midwood section of Brooklyn for $5.6 million. The deal achieved $209 psf, and equated to a rent multiple 15 times. Lev Mavashev represented the buyers, a Manhattan based investment fund, while Jacob Aronov represented the seller, a local private investor. The four-story building, located between Avenue I and J, is built to 26,800 s/f and consists of 28 apartments.

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Besen & Associates announced the sale of 377 First Avenue, located in Gramercy Park on the northwest corner of 22nd Street and 1st Avenue next to Peter Cooper Village. Joseph Friedman and Ishan Chhabra represented both the buyer and seller. The property sold for $6,250,000. The seller had owned the property for over 40 years. Constructed in 1910, this 5-story mixed use corner walkup building is comprised of 8 apartments and 2 stores. The property has 6,750 S/F built on a 24.67 ft. by 74.5 ft. lot. There is 1,500 s/f of retail space and 4,683 s/f of residential space.The sale price of $6,250,000 equates to a 2.8% capitalization rate, gross rent multiplier (GRM) of 22, $520,833 per unit and $925 per SF. Retail tenants include Lucky Chicken and Green Café. Legal representation on the transaction was Nicholas Kordas of Kordas & Marinis, LLP for the seller and Jerry Lewis Esq. of Law Office of Jerry Lewis Esq. for the purchaser.

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EPIC Commercial Realty announced the following sales:
• 55-03 Metropolitan Avenue, Ridgewood, Queens, is a vacant two-story mixed-use building consisting of one commercial unit and two residential units. The building is built at 2,492 s/f and has 1,508 s/f in additional air rights, totaling 4,000 s/f of development rights. The property is located adjacent to the Q54 bus station. Baruch Edelkopf and Mike Rybinskov sold 55-03 Metropolitan Avenue for $760,000.
• 2807-2811 Snyder Avenue, Flatbush, Brooklyn. The building is currently configured as a 960 s/f, two-story, mixed-use building consisting of two residential units. The lot area is 6,246 s/f and possesses a total of 13,741 s/f of development rights. The property is located two blocks to the Church Avenue 2 and 5 train stations. Heshie Goldfein acted as a dual agent and sold 2807-2811 Snyder Avenue for $1,400,000.

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KZA Realty Group, announced the following sales:
Kathy Zamechansky represented the seller, Stefano Scarogni, in the sale of a four-story walkup building at 772 East 149th Street in the Bronx. The 7,826 s/f space includes 12 residential units and one commercial unit on the ground floor, where the Venice Restaurant has been located for over 60 years. Martin Pike of Aamjay Realty represented the buyer, Abdo Abdulla, in the $1.5 million deal.
• Kathy Zamechansky represented the seller, The Young Israel of Moshulu Parkway, and the buyer, 3231 Steuben Associates LLC, in the $850,000 sale of a 5,740 s/f lot which has 10,480 s/f as built and 19,756 buildable square feet buildable at the former Shul building, 3231 Steuben Avenue in the Bronx.

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