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Deals & Dealmakers

On The Scene: EPIC retained, Gebroe-Hammer completely four transactions

AGENTS:

TerraCRG has been retained exclusively to sell a multifamily building at 340 14th Street, located between Sixth and Seventh Avenues in Brooklyn’s Park Slope neighborhood. Adam Hess, along with his team, Eddie Setton and Kirill Galperin, are marketing the property.

The asking price is $5,250,000. The four-story multifamily building contains eight units, of which seven will be delivered vacant. The seven vacant units are currently being gut renovated and will consist of one approximately 1,300 SF ground floor duplex with outdoor space and six approximately 790 SF apartments with open floor plans, exposed brick and condo level finishes.

Additionally, there will be access to an outdoor roof deck for the fourth floor apartments. Originally slated for development as condos, there are approved plans for an occupied condo conversion.

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EPIC Commercial Realty has been retained on an exclusive basis to broker thesale of 195 Sullivan Place in Crown Heights, Brooklyn.

Located on Sullivan Place, between Ludlam Place and Rogers Avenue, the site is within a short walking distance of the Sterling Street [2,5] train station, Brooklyn Botanic Garden and Prospect Park Zoo. The site is a vacant lot with approved plans and permits for a 19-unit residential building with 13,100 square feet of gross area. It is subject to 421A tax abatement. According to EPIC Commercial Realty CEO Yona Edelkopf, “This development site offers a tremendous opportunity for an investor to develop a large residential building with ample rental income and 421A tax abatement in one of Brooklyn’s up and coming neighborhoods.”

Crown Heights is one of Brooklyn’s fastest growing neighborhoods with its retail, commercial and hospitality corridors constantly expanding. The neighborhood is home to many of Brooklyn’s museums and borders the eastern half of Prospect Park.

195 Sullivan Place is being listed at $3,900,000 by EPIC Commercial Realty CEO Yona Edelkopf and Investment Sales Associate Baruch Edelkopf.

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GFI Realty Services, LLC announced that it has been named the exclusive sales agent for 1424 Avenue J, a mixed-use property in the Midwood section of Brooklyn, New York. GFI Realty Director of Investment Sales Shulem Paneth and Eli Matyas, also of GFI, will oversee the marketing of this asset, with pricing targeted at $3.975 million.

The four-story building is comprised of six apartments and four stores, all of which are currently occupied. The retail tenants include the iconic Di Fara Pizza, which has been located at the property since 1965.

“This property has a great deal of prominence because of Di Fara Pizza, which has been acclaimed by countless critics as having the best pizza in New York City,” Paneth said. “With its location on the corner of Avenue J and 15th Street, the building will be in great demand among investors looking to acquire quality retail holdings with stable tenants on the burgeoning Avenue J corridor.”

The property is ideally situated near Walgreen’s, several banks, and a variety of retail and dining establishments. Just steps away from the Q train, the building is easily accessible to many Manhattan and Brooklyn neighborhoods, and is within walking distance of Brooklyn College.

“The buyer of this property will have significant opportunity to add value by increasing its cash flow,” Matyas said. “Residential and retail spaces are in increasing demand throughout Midwood, and this mixed-use asset will be an excellent pickup for an investor who chooses to capitalize on the neighborhood’s continued growth.”

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Ariel Property Advisors has been exclusively retained to sell 445 Gerard Avenue, a development site in the Mott Haven section of the South Bronx. Located in a Special Mixed Use District zoning (MX-13), a developer can construct approximately 54,000 square feet as-of-right or can build up to 72,065 buildable square feet with an inclusionary bonus. The property is being marketed without an asking price, and it is currently owner occupied but will be delivered vacant.
Exclusive agents Jason M. Gold, Scot Hirschfield, Victor Sozio and Marko Agbaba are representing the seller, a private investor.

“445 Gerard Avenue is an outstanding opportunity for developers to participate in the incredible transformation underway in The South Bronx,” said Jason M. Gold, Vice President at Ariel Property Advisors.

As several adjacent sites were recently purchased by Treetop Development, including the recent sale of 121-29 East 144th Street for approximately $88 per buildable square foot, the neighborhood surrounding 445 Gerard Avenue is poised to see rapid growth in the near future.

445 Gerard Avenue is a short distance from the 2, 4 and 5 subway lines at 149th Street as well as the Major Deegan Expressway, providing immediate access to Manhattan and all outer borough locations.

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EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of 81-83 Vanderveer Street in Bushwick, Brooklyn.

Located on Vanderveer Street, just off of Bushwick Avenue, the properties are within a short walking distance of the Bushwick Avenue/Aberdeen Street L train station. Each building contains three legal residential units for a total of six free market units combined.

The properties are two-stories in the front which then drop to a single story in the rear. The front units are one bedroom duplexes and the rear units are ground floor units with skylights in each room. According to EPIC Commercial Realty Investment Sales Associate, Marcus Jecklin, “These properties offer a unique opportunity for a user or investor to own a cash-flowing asset in the Bushwick neighborhood with significant future redevelopment value.”

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.

81-83 Vanderveer Street are being listed at $850,000 each or $1,700,000 combined by EPIC Commercial Realty Investment Sales Associates, Marcus and Madeline Jecklin.

SALES: 

Gebroe-Hammer Associates has completed four separate trades involving a total of 126 units. Senior Vice President Stephen Tragash spearheaded each of the transactions.
In Elizabeth’s Elmora neighborhood, Tragash exclusively represented the sellers and identified the buyers of 209-215 Rahway Ave., and 13-25 Stiles St. Combined, the 24-unit complexes were sold for $4.25 million.

Tragash and Debbie Pomerantz, vice president, also arranged the $3.075 million sale of 416-424 and 430-436 East Jersey St., near the New Point Road district. Located less than a mile from the Elizabeth city center, the three-story buildings total 44 units .

In Sparta, Sussex County, Tragash teamed up with Sales Associate Adam Zweibel to arrange the $4.45 million sale of Seasons at Sparta, located at 84 Sparta Dr. The 55+ active-adult complex, which includes a mix of studio and one- and two-bedroom units, was acquired by the seller in 2012 in a trade arranged by Tragash.

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Marcus & Millichap announced the sale of two mixed-use properties totaling approximately 18,412-square foot located in the Chinatown section of New York, NY, according to J.D. Parker, regional manager of the firm’s Manhattan office. The assets sold for a total of $9,200,000.

Barbara Dansker, Zachary Ziskin and Steven Lusby, investment specialists in Marcus & Millichap’s Manhattan office along with Jeff Troy and Alan Miller of Five Points, had the exclusive listing to market the properties which have been owned by the same family for nearly 50 years. The buyer, a NYC investor, was also secured and represented by Dansker, Lusby and Ziskin, of Marcus & Millichap’s Manhattan office and Troy and Miller of Five Points.

The subject properties are located at 40 Market Street on the southwest corner of Madison Street and 42 Market Street on the southeast corner of Madison Street. The properties consist of 5 stores and 19 residential units and offer a combined rentable square footage of 18,412. “These properties have rents that are far below market and presented the buyer with an excellent upside opportunity. The area properties have experienced a tremendous growth in value over the past few years as both the apartments and the retail are in high demand.”

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Redwood Realty Advisors announced that it has successfully completed the sale of the Chatham Arms in Chatham, N.J. for $7.2 million. The 31-unit apartment building sold for $232,000 per unit and a 4.9 percent cap rate.

“The existing owner took advantage of strong buyer demand and favorable pricing to pull equity out of an asset that they had owned for a number of years,” says Kevin McCrann, a managing partner at Redwood Realty. “At the same time, the new buyers recognize the opportunity to make improvements to the asset in order to achieve higher rents.” Quad Realty, LLC sold the property to a joint venture between Stolar Capital and Vertical Realty Capital. “We are thrilled to add Chatham Arms to our growing portfolio and to partner once again with Jake and Joe Feldman from Vertical Realty,” says Peter Brosens, co-founder of Stolar Capital along with Kyle Petrelli.

The Redwood Realty Advisors’ team who worked on this transaction included the following:
Thomas McConnell, CCIM, Managing Partner, Kevin McCrann, Managing Partner, Matthew Sandelands, Investment Associate, Jeremy Wernick, Investment Associate.
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TerraCRG announced the sale of 82 16th Street, a 16-unit multifamily building located in the Park Slope/Gowanus neighborhood of Brooklyn. Adam Hess, along with his team, Eddie Setton and Kirill Galperin were the sole brokers in this transaction. The property sold for $3.575 million, which equates to a 4.7 percent cap rate and $572 per SF.

“The rental market in the South Slope/Gowanus area offers tremendous potential for growth as residents from surrounding neighborhoods like Park Slope and Carroll Gardens seek more affordable rents with access to the same high-end amenities,” said Adam Hess, Partner at TerraCRG.
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CPEX Real Estate’s Brooklyn Multi-Family Investment Sales Team recently sold a multi-family property located at 292 Howard Avenue in Bedford-Stuyvesant, Brooklyn. The property is comprised of five residential buildings located on a 75’ x 50’ lot. The building was sold to an end-user who plans to convert the property into a live/work educational facility.
The sale price was $1,700,000, or $285 per square foot. CPEX’s Brooklyn Multi-Family Sales Team, consisting of Associate Director Stephen Safina and Associates Alyona Chystyakova and Thomas Ryan, represented the seller and procured the purchaser.

“Our extensive marketing campaign allowed us to secure an end-user to purchase 292 Howard Avenue,” said Safina. “The buyer’s plan to convert the property to an educational facility will benefit the local community and further improve the neighborhood.”

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Cushman & Wakefield handled the $2.55 million, all cash sale of 41-22 49th Street in Sunnyside, Queens. Thomas A. Donovan, Vice Chairman, along with Tommy Lin, Eugene Kim and Robert Rappa exclusively brokered this transaction.

The team set a record sales price for a walk-up of this nature, which equates to a 4.5 percent capitalization rate and about $493 per square foot. The three-story walk-up measures approximately 5,169 square feet and consists of six residential units and a finished basement.

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