AGENTS
EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of 860 East 35th Street, 1098 Madison Street and 65 Woodbine Street in Brooklyn.
•860 East 35th Street is a vacant three-family property with 8,800 square feet of development rights. The property is located in East Flatbush, within walking of the Flatbush Avenue – Brooklyn College [2,5] train station and the commercial and retail hubs along Flatbush Avenue.
Neighboring Flatbush and Ditmas Park, East Flatbush is a primarily residential neighborhood with easy access to the Kings County Hospital and Brooklyn College. Property values continue to increase as the neighborhood becomes more developed. The B, Q, 2 & 5 trains act as the local public transportation links for the 65 Woodbine Street and 1098 Madison Street are both in Bushwick, just off of the Gates Avenue J & Z train station. 65 Woodbine Street is a vacant lot with 5,500 square feet of development rights and approved plans for a four-story, eight unit residential building. 1098 Madison Street is a vacant lot with 5,500 square feet of development rights and approved plans for an eight unit residential building. Both lots can be sold together or individually.
With Williamsburg becoming one of the most expensive neighborhoods in New York City, Bushwick has undergone a massive investment and development process over the past few years. With new retail shops, restaurants and nightlife areas continuously opening up around the neighborhood, Bushwick has become one of the most desirable areas of Brooklyn.
860 East 35th Street is listed at $1,075,000 while 65 Woodbine Street and 1098 Madison Street are listed at $1,300,000 each. Epic’s Shay Zach is handling the listings.
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Cushman & Wakefield has been named exclusive agent for the sale of a vacant development site with coveted 421-A tax benefits at 4002 10th Avenue (4001 New Utrecht Avenue). The property is located between 40th and 41st Streets on the cusp of Brooklyn’s Sunset Park and Borough Park neighborhoods.
The asking price is $12,750,000 or $159 per buildable square foot. Cushman & Wakefield’s Jeffrey A. Shalom is exclusively marketing this property with Aaron Warkov.
The triangular shaped lot measures approximately 15,293 square feet and sits within an R6/C2-3 zoning district. Benefits are in-place for the 421-A Tax Exemption Program as well as the ICAP Tax Abatement Program.
SALES
Cushman & Wakefield announced that a mixed-use development site at 420-426 53rd Street, located between Bergenline and Palisade Avenues in New Jersey’s West New York neighborhood, was sold in an all-cash transaction valued at $2,150,000.
The lot contains approximately 17,105 square feet and is currently improved by a two-story, mixed-use building that contains approximately 13,000 square feet. The lot benefits from two direct access points on 53rd and 54th Streets and features 21 legal parking spaces. The sale price equates to approximately $165 per square foot.
The property is located within four blocks from the Bergenline Light Rail stop and is only a mile away from the Lincoln Tunnel.
C&W’s Fahri Ozturk exclusively handled this transaction.
This deal marks the team’s eleventh transaction totaling over $40 million since 2015.
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Ivan Hakimian’s HPNY has closed on roughly $75 million in Manhattan deals in the month of March.
•In the East Village, a five-story walkup located on E. 6th Street between 1st and 2nd Avenue, built 9,000 square feet with 20 apartments, closed for $7.2 million.
•An Upper West Side Development site located on Broadway in the West 80’s closed for $51 million. The site will be constructed into luxury condominiums with prime retail located at the base.
•In Brooklyn Heights, a two-building package on Montague Street in the heart of Brooklyn Heights closed for roughly $14 million. The combined buildings were mixed-use residential buildings with retail at the base.
•On the Upper East Side, a two-story walkup with two stores and one apartment located on E. 78th Street off of York Avenue closed for $2.25 million.
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Certes Partners purchased a Madison Avenue retail condominium for $2.85 million.
The retail condo, at 127 Madison Avenue, between 30th and 31st Street, is located on the ground floor of the 13-story luxury condominium, M127.
It is 1,272 square feet with a 500 square foot basement. The building was designed by Shop Architects. The original building was built in 1920 and in 2009, a developer added floors and converted it to a condominium.
Anand Melwani of ARM Real Estate Group represented both the buyer, Certes Partners and the seller, Huang Long L.L.C. in the off-market transaction.
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New York Commercial Real Estate LTD announced the following sales:
•Jack Jawdat, president, closed the $5,600,000 sale of a 40,000 sq. ft. 3-story, class A office building located at 1200 Veterans Memorial Hwy, Hauppauge, NY 11788. Jawdat represented the seller, Brewran Islip Associates and Duckjae Lee of Remax Universal Real Estate, represented the buyer, a private investor.
•Consultant Alvin Bray completed the $750,000 sale of a 5,000 sq. ft. medical office building located at 5 Wicks Rd, Brentwood, NY 11717. Bray represented both the seller, Francesca V. Erale Esq. and the buyer’s, Dr. Ahmed Elkoulily & Lamiaa Elkoulily.
•Consultants Gerry McCloskey and Scott Roth completed the $675,000 sale of a multi-use commercial building located at 78-88 Park Avenue, Bay Shore, NY 11706. McCloskey and Roth both represented the seller, TC III Enterprise and the buyer, Davis Main St. LLC, who will be using the property as an investment.
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JLL completed the sale of 41-65 Doremus Avenue in Newark, N.J., for Vineland Construction Co. Realterm NAT acquired the Class A, 38,072-square-foot transportation maintenance and repair facility for an undisclosed amount.
Dean Brody, senior vice president, with JLL represented both the buyer, Realterm NAT, and the seller, Vineland Construction, in the transaction. Realterm NAT plans to lease the space to companies that share in the business of maintaining and repairing transportation vehicles.The transportation maintenance and repair facility at 41-65 Doremus Avenue sits on 5.5 acres of land and comprises approximately 18,000 square feet of workshop space, 8,500 square feet of office space and 11,500 square feet for parts storage. The building also offers a total of 37 overhead bay doors, with clearances between 14 feet and 17-1/3 feet.
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Andrew Lichtenstein, president of LichtensteinRE, announced the culmination of a development assemblage site in Brooklyn after selling a site at 3018 Brighton 5th Street in Brighton Beach for $680,400.
This site was added to the contiguous property at 3016 Brighton 5th Street, also sold by LichtensteinRE December 2015, allowing the buyer to more effectively develop on a combined double lot for maximum FAR developments rights. The purchase price of both sites combined was $1,455,400. 3018 Brighton 5th Street has 7,776 buildable square feet and a lot size of 2,880 square feet.
Both lots are located in a R6/OP zoned multifamily residential zone. Andrew Lichtenstein recommended the investor to apply for and construct up to 19 one bedroom apartments. The sale price of the assemblage represents $110 per buildable square foot and $76,600 per buildable unit if the buyers build 19 apartment units.
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Marcus & Millichap announced the sale of a 25,152-square feet of land located in Brooklyn, NY, according to J.D. Parker, regional manager of the firm’s Manhattan office. The asset sold for $3,300,000.
Matthew Fotis, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Matthew Fotis
The property is located at 1470-1474 Ocean Avenue in Brooklyn’s Midwood section. The subject offering includes two, three story residential buildings with 50 contiguous feet of frontage on Ocean Avenue.
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Cushman & Wakefield New Jersey announced that a 23-unit Plainfield multifamily property has traded for $2.35 million – the highest per-unit price realized in the local market in more than four years.
Alexander McGee of the firm’s East Rutherford office, brokered the sale of 909 Park Avenue, representing the seller, a private owner, and procuring the buyer, a New York-based equity fund.
The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.
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Marcus & Millichap announced the following sales:
•The sale of a 49-unit apartment property located in Bronx, NY, according to J.D. Parker, regional manager of the firm’s Manhattan office. The asset sold for $7,700,000.
Marco Lala and Chris Wynne, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an institutional investor, was also secured and represented by Lala and Wynne
The subject property is located at 1072 Woodycrest Avenue located in the Highbridge section of the Bronx.
“Highbridge, the walking bridge and neighborhood’s namesake, was recently reopened adding to the investor appeal that already exists in this area,” says Lala. “The Bronx is being simultaneously elevated as a hotspot for capital and one of New York City’s last pockets of affordable housing, our purchasing investor was fortunate enough to get in on the ground floor a booming marketplace.”
•The sale of 291 Essex Street, a 14-unit apartment property located in Brooklyn, N.Y., according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $1,500,000.
Eric Eckhardt and Matthew Peters, from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
•The sale of 1077-1081 Atlantic Avenue, a 11,500-square foot industrial property located in Brooklyn, N.Y., according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $4,650,000.
Jakub Nowak and Jason Grunberg, 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, a limited liability company, was secured and represented by Nowak, Grunberg, and Jim McGuckin also from Marcus & Millichap’s Brooklyn office.
“The sale of 1077-1081 Atlantic Avenue at $404 per square foot represents a historical price record for a multi-story industrial property on this stretch of Atlantic Avenue. The buyer purchased the building in an all-cash transaction as part of a 1031 exchange and plans to reposition the asset as a retail property in the near future. This record setting sale is a tell-tale sign of the soaring demand for value-add commercial opportunities in central Brooklyn,” says Nowak.
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Cushman & Wakefield announced the following sales:
•An industrial office building at 14-29 112th Street, located on the corner of 112th Street and 14th Road in the College Point neighborhood of Queens, was sold in an all-cash transaction valued at $4,200,000.
The two-level building contains approximately 21,058 square feet and sits on a 140’ by 135’ irregular lot. The property is within an M1-2 zoning district and features approximately up to 14,002 square feet in air rights.
The sale price equates to approximately $200 per square foot.
The property benefits from close proximity to the Whitestone and Cross Island Expressways as well as the College Point Shopping Center.
Cushman & Wakefield’s Stephen R. Preuss sold the building on behalf of RJB Realty LLC. The buyer was Excavators Union Local 731.
“We received a strong amount of interest during our marketing period for this warehouse and office property which is located in the heart of the College Point industrial area. Despite a few drawbacks with the property, we were still able to achieve favorable pricing of approximately $200 per square foot,” said Preuss.
“Through our comprehensive marketing efforts we were able to identify the ideal buyer who will use the entire property for their own business. We continue to see a high demand for industrial properties in Eastern Queens due to the continued development and transition of these types of properties in the Western Queens areas.”
