Real Estate Weekly
Image default
Deals & Dealmakers

ON THE SCENE: Eastern Consolidated tapped to sell retail condo in Flatiron, RKF marketing retail at 9 Times Square

AGENTS

Eastern Consolidated has been retained by Toll Brothers City Living to sell a vacant 5,106 s/f retail condominium at the base of a Morris Adjmi-designed luxury residential condominium development at 55 West 17th Street in the Flatiron District. The asking price is $9.75 million for the retail condo, which features 50 feet of frontage and over 12 foot high ceiling heights. Ron Solarz is exclusively marketing the property. Chris Matousek, Director Financial Services, is the analyst. Eastern Consolidated’s Retail Leasing Division is currently marketing the retail space for lease.

•••

RKF is exclusively marketing 8,991 s/f of divisible retail space occupying two stories at 9 Times Square. Vice Chairman Ariel Schuster, Managing Director Jackie Totolo, Associate Thomas Cholnoky and Associate Jordyn Comras are marketing the opportunity on behalf of the owner, American Realty Capital New York City REIT, Inc.. The retail space includes 5,136 s/f for lease on the ground floor and 3,855 square feet of retail space on the lower level of a 21-story office building featuring brand-new retail storefronts and LED signage, as well as 130 feet of wraparound frontage. There is also 12,818 square feet of additional space that can be made available on the second and third floors of the building.

•••

Greysteel has been named exclusive advisor and agent by a private local investor for the sale of 185 Prospect Park West, an attractive 10-unit multifamily property located in Brooklyn, NY. Senior investment associates Michael Stimler and Ari Azarbarzin are marketing the property. 185 Prospect Park West, built in 1920, consists of 10 units and is located along one of the most desirable blocks in Brooklyn. Tenants enjoy a host of original, turn-of-the-century architectural features, as well as rooftop access which provides unparalleled views of Prospect Park and Greater New York City.

•••

CBRE announced the following exclusive assignments:

• The CBRE team of Richard Karson, Joshua Kleinberg and Elli Klapper has been appointed the exclusive agent for a 90-year net lease, joint venture or lease assignment opportunity in Long Island City at 9-03 44th Road. The well-located land parcel boasts water views and is zoned for M1-4 redevelopment. Given Long Island’s growth into one of the most desirable residential areas in the city, the site is ideally positioned for the creation of the medical/hospital facility. The flexibility provided by this site is quite unique for Long Island City as it can be developed in such a way to combine various uses that can total up to approximately 275,000 square feet of mixed-use facilities, including a combination of commercial, school, community and entertainment.

• The CBRE team of Ben Shapiro, Mindy Lissner and William Waxman has been named the exclusive leasing agent for the Midpoint Logistics Center, the 700,000 s/f Class A industrial property being redeveloped at 152 U.S. Route 206 in Hillsborough, New Jersey. The property is owned by Industrial Realty Group (IRG), a national commercial real estate development and investment firm based in Los Angeles. The facility can be divided to accommodate multiple users, and the first phase of the redevelopment is slated to be ready for occupancy in the fourth quarter of 2017. Midpoint Logistics Center is located at 152 U.S. Route 206 in Hillsborough. Its location offers direct transportation access to the region’s major highways, including Interstates 287, 78 and 80.

•••

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is exclusively offering for sale Greenport Commons, a 430,218 s/f regional shopping center shadow-anchored by a Walmart Supercenter and co-anchored by Kohl’s and Lowe’s in Hudson, New York. The property is offered on an open-bid basis. Current market fundamentals suggest bids yielding a 6.75 percent to 7 percent unleveraged return. IPA’s Dean Zang, Joseph French, Jr., Mark Taylor, David Crotts and Thomas Dalzell, are representing the seller, The Widewaters Group. Presently 98 percent leased, a new owner will have the ability to immediately increase income by leasing three available spaces that total 5,358 square feet.

•••

Cushman & Wakefield has been retained to arrange the sale of 1683 George Street, a 15,744 s/f walk-up apartment building in the Ridgewood section of Queens. The asking price is $5.5 million. The four-story, 17-unit property – which is currently fully occupied – is comprised of eight one-bedroom units and seven two-bedroom units, as well as two retail stores on the ground floor. Thomas A. Donovan, vice chairman of Cushman & Wakefield, is marketing the property along with Eugene Kim, Tommy Lin and Robert Rappa.

SALES

Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of 1125 Route 22, a 95,620 s/f fully-leased office building in Somerset County, New Jersey. HFF marketed the property on behalf of the seller, KBS Realty Advisors and procured the buyer, a partnership of Atkins Companies and Capital Solutions, Inc. 1125 Route 22 consists of two separate wings and is occupied by two tenants: Bank of America and MidJersey Health Corporation (a joint venture of Hunterdon Healthcare System and Atlantic Health System). It was recently updated with improvements to its roof, landscaping, ibuilding management system and parking lot. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.

•••

Ariel Property Advisors has facilitated the sale of 3188-3192 Villa Avenue, a residentially zoned development site in the Bedford Park section of The Bronx. The property sold for $1.465 million. Zoned R8, the vacant lot permits for 36,644 buildable square feet as-of-right and 39,566 buildable square feet if a community facility is incorporated. Exclusive agents Marko Agbaba, Jason M. Gold, Michael A. Tortorici and Christopher Gillis represented the seller and procured the buyer.

•••

Capital Property Partners announced the sale of a mixed use property located at 1733 Second Avenue, New York, NY for $8,000,000. Nir Mor of Capital Property Partners represented the purchaser, a private investor, in the transaction. Eric Goodman of Eric Goodman Realty Corp represented the seller, Simon Sellman. The 8,000 s/f five-story multifamily walk-up building between east 89th and east 90th street consists of 14 apartments and one ground floor retail unit occupied by a laundromat.

•••

Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the recapitalization of The Woodmere Club from its membership to a joint-venture real estate investment entity. Weiss Properties and 2020 Acquisitions purchased the 110-acre Woodmere Club, which sits on the south shore of Long Island in the Nassau County hamlet of Woodmere. Located at 99 Meadow Drive, the club features an original, 1908 colonial clubhouse, 18 award-winning holes of golf, six hard-tru tennis courts, an elevated swimming pool complex complete with sweeping golf course and bay views, a newly renovated fitness center, and a variety of dining options. Andrew Merin headed the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd. The new ownership’s long-term vision for the property centers on positioning it for high-end residential development.

•••

Griffin Industrial Realty closed on the previously announced sale of approximately 67 acres of undeveloped land for approximately $10.25 million in cash, before transaction costs. The land sold is in Bloomfield, Connecticut, and is located in Phoenix Crossing, an approximately 268 acre business park master planned by Griffin that straddles the town line between Windsor and Bloomfield, Connecticut. At closing, the sale proceeds were placed in escrow for the potential purchase of a replacement property under a like-kind exchange under Section 1031 of the Internal Revenue Code. If a Section 1031 like-kind exchange is not completed, the escrowed funds would be returned to Griffin. Griffin expects to record a pretax gain of approximately $8.0 million on this transaction.

•••

NAI James E. Hanson announced the sale of the following proeprties:

• A 0.8-acre, 34,622-square-foot lot at 820 Bloomfield Avenue in West Caldwell, N.J. NAI James E. Hanson’s Joshua Levering, SIOR, and Gary Sauerborn represented the seller, Lourenco Service Center, LLC, and the buyer, Manzo-Doren Organization of West Caldwell, LLC in this exclusive listing. Previously occupied by a Shell gas station, the lot offers a premier location with 200’ of frontage on Passaic and Bloomfield Avenues, two of West Caldwell’s busiest thoroughfares with 23,966 cars passing the property daily. The heavily traveled intersection is zoned for a wide range of uses which made it a highly desirable property. The Manzo-Doren development company of West Caldwell completed the purchase for redevelopment. It is approved for a free-standing retail bank with drive-thru.

• A 9,730-square-foot office building located 354 Route 206 in Flanders, N.J. NAI Hanson’s Joseph Vindigni and John Schilp represented the owner, J.P. Morgan Chase NA, in the sale to Karen Rossilli-Keifer and John Keifer. Newmark and Associates represented the buyer in the transaction. This is the third time NAI Hanson has sold this property. 354 Route 206 is a 9,730-square-foot, two-story office building on 2.5 acres with 66 parking spaces. The buyers, Karen Rossilli-Keifer and John Keifer, are the owners of TeamPAR, a flooring and interior design company with an office in Morristown. N.J. They will occupy 35 percent of the space as their second location and will immediately look to renovate the entire building to help attract quality tenants as the remaining 6,465 s/f will be available for lease. The purchase will allow the new owners to develop the property as a value-add opportunity while securing a steady cash flow from the lease of the remaining space.

• A 27,248-square-foot industrial/flex building located at 6 Aspen Drive in Randolph, NJ. Barry Cohorsky, SIOR, Josh Levering, SIOR, and James Kenah represented the seller, Aspen-smith, LLC, in the transaction. The buyer, RN Foster Associates, was represented by Nicholas DePaolera and Josh Levering, SIOR. RN Foster is a HVAC contractor and will be relocating from their current location in Elmwood Park NJ. A longtime customer of NAI Hanson, this acquisition is part of multiple transactions between the parties. Built in 2009, 6 Aspen Drive is a single-story industrial/ flex building with 4,100 s/f of office space, six loading docks, 25 ft. clear ceilings and truck and car parking. L The building will provide the buyer, R.N. Foster Associates, with the flexible space required to meet their current expansion needs.

•••

NAI Mertz announced the sale of Lakeside Professional Campus, a 45,000 s/f professional office building located at 190 North Evergreen Avenue in Woodbury, New Jersey. The NAI Mertz team of Rebecca Ting, SIOR and Julie Kronfeld, SIOR represented the seller in this transaction. The buyer, First National Realty Partners LLC, will continue to retain NAI Mertz as the exclusive leasing agent for the complex. Lakeside Professional Campus offers modern Class A office space that is ideal for professional or medical users, along with off-street parking and signage. Currently, 8,405 square feet in six units is available for lease. Units range from 274 square feet to 5,805 square feet on the first and second floors. Storage space is also available on site for tenants.

•••

Highcap Group announced that Daniel Hakimian, Investment Sales Associate, sold the building located at 240 East Tremont Avenue in the Mount Hope section of the Bronx for $1,300,000. Hakimian represented both the buyer and seller in an off-market transaction which recently closed. The subject property is a 4-Story; 12,160 s/f mixed use building with 6 apartments and 1 commercial space. The building has 38’ of Frontage on East Tremont Avenue and is conveniently located 1 block from the B and D trains at Tremont Avenue.The property sold for $1,300,000 which represents a sales price of $185,714 per unit, a rent roll multiple of 10.5 X and a capitalization rate of 5.6%.

(Visited 1 times, 1 visits today)

Related posts

CBRE Announces $26 Million Sale/Partial Leaseback of 500 & 540 White Plains Road in Tarrytown, New York

REW

Ariel Property Advisors Closes $12.8 Million Sale of Development Opportunity in Downtown Brooklyn

REW

Columbia Pacific Advisors Provides $115 Million in Loans to Dynamic Star for Three New York City Developments

REW