SALES
Friedman-Roth Realty Services announced the following sales:
• Two adjacent four-story Midtown East walk-up buildings at 988 Second Avenue and 990 Second Avenue (between East 52nd and 53th Street) for $11.1 million. Jim Mann and Lily Ren of Friedman-Roth represented the private investor buyers. Richard Libbey of M.A. Salazar represented the sellers. Together, the 40 ft. wide triple-net leased property features five residential apartments and a neighborhood sushi restaurant. This is the first sale of the 9,180 s/f mixed-use property since 1956.
• A West Harlem apartment building located at 2071 Adam Clayton Powell Boulevard sold for $1.9 million. Located between West 123rd Street and West 124th Street, the four-story building contains three apartments and a retail store. Friedman-Roth’s David Gerstel represented the seller and managing partner George Niblock represented the purchaser in the transaction.
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Massey Knakal announced the following sales:
• A development site at 76 Ainslie Street, between Keap Street and Union Avenue in Williamsburg, sold for $3,944,300. The site currently consists of a single-story factory with an MX8 zoning and buildable square footage of 13,662. The sale price equates to $289 per buildable square foot. Mark Lively exclusively handled this transaction with Brendan Maddigan.
• A multifamily townhouse at 181 Lincoln Road in the Prospect Lefferts Gardens neighborhood of Brooklyn, was sold for $1,575,000. The four-story building contains 4,133 s/f and consists of four free market units. Michael Amirkhanian handled this transaction with Edward Gevinski.
• A mixed-use building at 666 East 233rd Street in the Wakefield section of the North Bronx sold for $8,500,000. The six-story elevator building contains approximately 63,480 s/f and sits on a 150’ x 100’
lot. It consists of seven commercial units, and 68 residential units. The sale price equates to approximately $134 psf. Karl Brumback represented the seller with chairman Bob Knakal. The buyer was represented by Rosewood Realty Group.
• A townhouse at 105 Riverside Drive sold for $6,150,000. This five-storyElizabethan Revival townhouse was designed and constructed by Clarence F. True in 1898 and features both south and west facing facades with views of the Hudson River and Riverside Park. The property was designated as a landmark in 1991. In addition to a side courtyard, there is a rear garden and two terraces on the fifth floor. The house was converted to a multifamily in 1953 and is presently configured as 11 apartments. Hall Oster exclusively handled this transaction with Paul Smadbeck.
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Ariel Property Advisors has announced five Upper Manhattan transactions totaling $20.95 million. The properties include:
• Twelve walk-up buildings on Manhattan Avenue sold for $14.5 million. The sales team of Shimon Shkury, Victor Sozio, and Michael A. Tortorici represented the seller and procured the buyer, both real estate investment firms.
• A five-story, 10,705 s/f building with 14 units at 160 West 141st Street in Central Harlem sold for $2.45 million. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller and procured the buyer, both local real estate investors.
• A five-story, 4,500-square-foot SRO building at 137 West 111th Street in Central Harlem sold for $2.1 million. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller and procured the buyer, both private investors.
• A five-story, 4,500-square-foot SRO building at 137 West 111th Street in Central Harlem sold for $2.1 million. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller and procured the buyer, both private investors.
• A vacant lot with approximately 9,992 buildable square feet at 10 West 132nd Street in Central Harlem sold for $925,000. Exclusive agents Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba represented the seller, a religious institution, and procured the buyer, a private developer.
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Kalmon Dolgin Affiliates (KDA) has arranged the sale of a three-story commercial property at 6923 18th Avenue in Bensonhurst for $1.98 million. Jeffrey Unger negotiated on behalf of the buyer, Cheng Shi, and the seller, 6923 Operating Company. The buyer is planning renovations that include the expansion of the retail offerings, and new medical offices. The 5,000 s/f corner property will feature two new ground-floor retail spaces and medical and dental offices on the second and third floors.
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Klosed Properties, in partnership with Namdar Realty Group, announced the closing of the retail condominium at 80 John Street. The 8,000 s/f condo enjoys 150 ft. of wraparound frontage. Current tenants are UFC Gym and a dry cleaners, both paying below market rents creating future upside. The sale price was $7 million.
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Gerry McCloskey and Robert Dell of New York Commercial Real Estate completed the sale of a 13,500 s/f office building located at 220 Roanoke Avenue in Riverhead, NY. McCloskey and Dell represented the property owner, Independent Order of the Odd Fellows. The buyer, Raymond Castronovo of Xenith Professional Plaza, LLC, was represented by Laurence Oxman of East End Commercial Real Estate. Pplans are underway for the building to be renovated and then leased. Additionally, the new owner is planning to operate his contracting business at the location.
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Northeast Private Client Group announced the sale of Killingworth Village, a bank-anchored retail property located at 184 Route 81 in Killingworth, CT. David Almeida represented the seller exclusively in the $3,250,000 transaction. The property, 4.5 miles north of the Clinton Crossings regional outlet center and I-95, comprises five buildings with nearly 20,000 s/fof leasable retail, office and residential space. The property is anchored by net-leases with TD Bank and Subway. The seller, Southport Holdings LLC of Trumbull, CT, held the asset for nearly a decade and is now refocusing on private real estate lending. The buyer, Anderson Family Trust of Tampa, FL, acquired the Killingworth property as part of an IRS 1031-exchange strategy from the sale of multifamily properties in East Hartford, CT.
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Marcus & Millichap announced the following sales:
• 1215 Myrtle Avenue, a 7,920 s/f mixed-use property located in Brooklyn, sold for $2,450,000 which represented approximately $309 psf. Derek Bestreich, Shaun Riney, Dan Greenblatt and Thomas Shihadeh represented the seller, a private investor. The buyer, a private investor, was secured and represented by Riney, Bestreich, Greenblatt and Shihadeh.
• 829 Willoughby Avenue, a 3-unit apartment property located in Brooklyn, NY, sold for $900,000 which represented approximately $267 psf. Dan Greenblatt, Michael Salvatico, Shaun Riney and Aryaan Azarbarzin represented the seller, a private investor. The buyer was secured and represented by Greenblatt, Salvatico, Riney and Azarbarzin.
• 147 Leonard Street, a 8-unit apartment property located in Brooklyn, NY, sold for $2,300,000 which represented approximately $411 psf. James Saros, Michael Salvatico and Shaun Riney represented the seller and the buyer. This price point is a price record for an eight family in East Williamsburg and $400,000 higher than previous asking price.
• Union Plaza, a 9,900 s/f retail property located in Barnegat, NJ, sold for $1,100,000. Michael Lombardi, had the exclusive listing to market the property on behalf of the seller, a private investor. he buyer was represented by Julienne Pape, an investment specialist in Marcus & Millichap’s New Jersey office.
Union Plaza is located at 575 North Main Street in Barnegat, NJ.
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GFI Realty Services, Inc. announced the following sales:
• 205 St. James Place, a four-story walk up apartment building consisting of 8 units located in Clinton Hill, Brooklyn, traded for $3.95 million or $494,000 a unit, which translates to 17.5 times the rent roll. Shlomo Antebi and Joseph Landau represented the buyer. The 9,316 s/f building was constructed in 1930 and is within close proximity to Barclays Center, Fort Greene Park, and Pratt Institute.
• A package of unsold condo units in 2781 Ocean Avenue, a seven-story elevator building in the Sheepshead Bay section of the Brooklyn, sold for $6.5 million or $155,000 a unit. The package included 42 unsold residential condo units, 3 community facilities, a laundry room, an antenna and 11 parking spaces. There are 20 free market units and 22 rent stabilized. Erik Yankelovich represented the buyer and seller in this transaction, both of whom are local investors.
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Delta Commercial Real Estate announced the sale of 18-04 Troutman Street, Ridgewood, NY, for $3.8 million, or $246.75 psf. Cheryl Weiss, of Apple Restoration, purchased the property from Jay Wang, of Cabinet Depot. Delta’s president Adrian Langsner-Smilovici, along with Meron Langsner, PhD represented both the buyer and the seller. The property is close to the arts district in Bushwick, and the new owners are examining options to use the property in the artistic activities. They are enlisting Langsner-Smilovici and Langsner in these efforts.
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TerraCRG announced the following sales:
• Matthew Cosentino closed on the sale of 65 Irving Avenue in Bushwick. The 5,906 s/f four story building consists of five free market apartments and a 1,500 s/f renovated ground floor commercial space. Matthew Cosentino and associates Eric Satanovsky and Robert McDonald exclusively represented the seller. The sale price was $2,550,000, which equates to $432/SF and $425,000/unit.
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Andrew Lichtenstein, president of LichtensteinRE, exclusively represented the long term family ownership to sell their Brooklyn property for $4,000,000. The property is a 4-story walk up apartment building containing 23 prewar units located at 129 Ocean View Avenue in Brighton Beach. It was built in 1926. This price sets a new record paid per unit, per square foot, gross rent multiplier and cap rate for walkup properties of its age. The price represents $173,913 per unit and $221 psf. The buyer’s purchase satisfied its 1031 tax deferred exchange requirements.
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Delmhorst & Sheehan, Inc. represented Pilot Pen Corporation of America in the sale of the company’s former headquarters complex located at 60 Commerce Drive in Trumbull, CT. The 83,487 s/f facility was purchased by Cambridge Hanover, Inc. for $4,450,000. The complex is roughly 50 percent industrial and 50 percent office. The new owner will subdivide the space to meet tenant needs. The purchaser was represented by Sean Cahill of Avison Young.
