EPIC Commercial Realty, formerly known as Itzhaki Properties, has been retained to sell 280 Linden Boulevard, between Nostrand and New York Avenues, in Flatbush, Brooklyn. The two-family home is listed for $1,100,000 with Shay Zach, associate broker at EPIC Commercial Realty. Currently a two-story walk-up, the property comes with 10,836 s/f of development rights. The building is located two blocks from the Church Avenue station of the 2 and 5 subway trains and is in close proximity to Kings County Hospital Center and Prospect Park.
GFI Realty Services, Inc. has been named exclusive sales agent for a four-level commercial building at 1926 Avenue U in Sheepshead Bay, Brooklyn. GFI Realty senior broker Erik Yankelovich is responsible for the marketing of the property. The property consists of approximately 18,600 s/f with tenants including Investors Bank anchoring the ground floor retail and medical practice tenants including New York Eye and Ear, and several radiology offices. Estimated pricing for the property is in the $12 million range, which translates to a cap rate well north of 5%.
Jeff Weiss, an investment sales associate with Highcap Group, announced two new exclusives:
• 1884 Park Avenue, between East 128th and East 129th streets, in Harlem, is a newly renovated, four story walk-up, including 4,000 gross s/f with three, free market units and one retail space on the ground floor.
• 1639 Broadway, between Eldert Street and Covert Street, also, a four story walk-up with 7,000 gross s/f and contains six rent stabilized units, all with large 1-bedrooms, and one retail space.
Massey Knakal Realty Services announced the following exclusive assignments:
• A redevelopment opportunity at 365-367 Atlantic Avenue in Boerum Hill. The asking price is $6,000,000. The property consists of two adjacent mixed-use buildings that combine for approximately 8,500 s/f, with five residential and two retail units. The site holds 8,500 s/f of air rights for a total of approximately 17,000 buildable square feet. Stephen P. Palmese is marketing this property with Winfield Clifford.
• An office building at 235 Main Street in Poughkeepsie, NY. The asking price is $2,700,000. The three-story elevator-serviced building contains 30,229 s/f and consists of ten units with retail space on the ground floor. This property is being marketed exclusively by Massey Knakal’s Robert M. Shapiro and Bill Eisenhut.
Eastern Consolidated has arranged the sale of an 18-unit, sponsor-held condominium package at 610 West 110th Street
on the Upper West Side for $9.65 million. The package was traded at a substantial discount to its vacant market value. Eastern Consolidated exclusively represented the sellers, a partnership of affiliates of Ares Management, Urban American Management, and Ramius LLC. The 15-story, over 100,000 s/f asset was originally constructed in 1922 and converted into 69 condominiums in 2008. The sponsor-held package consists of six one-bedroom units, eleven two-bedroom units, and one three-bedroom, including two vacant penthouses. Brian Ezratty, Deborah Gutoff and George Moss exclusively represented ownership. Gutoff also procured the buyer, JAMES Development Corporation.
EPIC Commercial Realty announced the sale of 264 Albany Avenue, a development site located between Sterling and St. Johns Places in Crown Heights, Brooklyn. The property was sold for $740,000. Yona Edelkopf, CEO of EPIC Commercial Realty, represented both sides of the deal. 264 Albany Avenue is currently a 3,067 s/f vacant lot comprised of 7,453 s/f of development rights. Currently, there are plans to develop a residential building on the site.
The Kislak Company, Inc. announced the $10,300,000 sale of Bradley Beach Village, a luxury rental property with 42 residential units and five retail spaces in Bradley Beach, New Jersey. Daniel Lanni represented both parties in the transaction. Matt Weilheimer provided transaction management and support. The sale of Bradley Beach Village is the largest sale of a multifamily property in Monmouth County, New Jersey in terms of price and price per unit since 2012 based on data available from CoStar. Financing was provided by Northfield Bank. At the time of closing, the residential units were fully occupied. One of the five retail spaces was occupied.
Marcus & Millichap announced the following sales:
• 75 MacDonough Street, a 8-unit apartment property located in Brooklyn, NY, sold for $3,150,000. Derek Bestreich,
Lucien Sproviero and Steve Reynolds represented the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich, Sproviero and Reynolds. The Stuyvesant Heights Historic District Renaissance Revival apartment building features eight four-bedroom box style apartments half of which were free market and half of which were rent stabilized.
• Dollar Tree, a 10,240 s/f net-leased property located in Middle Village (Queens), N.Y. sold for $4,600,000. Scott Plasky represented the seller, a New York-based retail developer. Dollar Tree is located at 78-02 Metropolitan Avenue. At $29 per square-foot, Dollar Tree is paying a slightly below-market rent, with comparable tenants on this stretch of Metropolitan Avenue paying rents in the $30-$50 per square-foot range.
• 536 East 96th Street, a 31-unit apartment property located in Brooklyn, N.Y.sold for $3,800,000. Derek Bestreich and Lucien Sproviero represented the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich and Sproviero. This 31 unit apartment building was the final property in a four-building portfolio that was sold between December 2013 and July 2014.
• VILLAGE COURT, a 30-unit apartment property located in South Orange, NJ, sold for $3,750,000. Thomas McConnell, CCIM and Kevin McCrann represented the seller, Village Court, Inc. McConnell and McCrann also represented the buyer Village Court Apartments, LLC. The asset has been owned and operated by the same family since the 1940’s. The family wanted to exchange out of multifamily into less management intensive net leased product.
Friedman-Roth Realty Services announced the following sales:
• 8798 21st Avenue, Brooklyn, New York. Located between Bath Avenue and Cropsy Avenues, the four story walk-up apartment, built in 1915, is comprised of 18,000 s/f and contains 16 apartments. The property sold for $2,575,000 and was the first sale of the property in nearly 20 years. Joseph Arnold Smith represented the seller and George Niblock represented the purchaser;
• 707 East 187th Street, Bronx, New York. Located in the Little Italy section of The Bronx, the five story walk-up apartment, built in 1911, is comprised of 22,000 s/f and contains 31 apartments. The property sold for a price of $2,700,000. Giuseppe Inglese represented both the buyer and seller;
• Two contiguous Bronx apartment buildings located at 1441 – 1451 Overing Street (aka 2522-24 Frisby Avenue). The buildings contain a combined total of 99,294 s/f comprised of 119 residential units. This off-market transaction was the first sale of the properties in 40 years and was sold for a price of $10,800,000. Giuseppe Inglese represented the seller and George Niblock procured the purchaser.
TerraCRG closed on the sale of the commercial loft building located at 73 Washington Avenue in the Clinton Hill / Navy Yard neighborhood of Brooklyn. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi sold the property for $2,500,000 which equates to $278 psf. The 9,000 s/f four story building is vacant and ideal for creative loft offices and studios. The property is located in the Brooklyn Tech Triangle.
Richard Pino of New York Commercial Real Estate completed the sale of a 2,400 s/f freestanding retail building with grand-fathered two bedroom accessory apartment on the top level. The property is located at 1044 Jericho Turnpike, Smithtown, NY. Pino represented both the seller, a private investor, and the buyer, Seven Gables Power Equipment. The property sale value was $392,000.
Radburn Plaza, a mixed-use building at 14-01 Plaza Road, Fair Lawn, NJ, was sold for
$8,000,000. The three-story office and retail building contains 37,000 s/ff and consists of 21 units. The property is on the New Jersey and National Register of Historic Places and it is within walking distance of local restaurants, shops, banks, and the Radburn train station. Massey Knakal’s Seth Pollack exclusively represented the seller in the transaction.