Highcap Group announced the sale of two development sites in Williamsburg. Christen Portelli, managing principal, and Guy Bazanos, sales associate, represented both the buyer and seller of 625-629 Driggs Avenue on the corner of North 4th Street and 658 Driggs Avenue on the corner of Metropolitan Avenue.The properties sold for $9,250,000, which equates to a record breaking $315 per buildable square foot. The purchaser was an active Williamsburg developer. The seller, the Puccio family, owned operated their Puccio Marble & Onyx business there for over 30 years. The buyer closed in less than 30 days, following a bidding war, and purchased the marble and stone inventory. Across the street, the entire stretch of properties between Bedford and Driggs Avenue and North 3rd and North 4th Street recently traded. The block will soon be a retail destination.
Massey Knakal announced the following sales:
• An elevator apartment building at 27-37 27th Street, in the Astoria section of Queens, sold for $11,500,000. The four-story building contains 40 residential units, 18 parking spaces, a laundry room, and it is located a few blocks from the Q Train. The sale price equates to approximately $376 psf, or $287,500 per unit. Evan J. Daniel handled this transaction with James P. Nelson.
• An apartment building at 14 Highland Avenue, in the Yonkers section of Westchester County, sold for $2,000,000. The five-story, 22-unit walkup building contains 10,970 s/f and had been under the same ownership for over 20 years. The buyer was an upstart REIT looking for higher yield, stable multifamily assets. Karl Brumback exclusively represented the seller in this transaction.
• A retail building at 243-06/10 Merrick Boulevard, in the Rosedale neighborhood of Queens, sold for $1,075,000. The one-story building contains approximately 4,500 s/f and consists of three retail/commercial spaces. The sale price equates to approximately $239 psf. Brian J. Sarath represented the seller with Stephen R. Preuss.
Rosewood Realty Group announced the following sales:
• A $9 million sale of 50 Orange Street (between Hicks and Henry Street) in Brooklyn Heights. An investor bought this five-story building with 20 apartments. The 15,355 s/f building, built around 1900, has storage areas and a roof deck. It sold for 15 times the rent roll. Michael Guttman and Devin Cohenof Rosewood represented the buyer, Orange Acquisition LLC and the seller, 50 Orange Street Residences LLC.
• A $6.65 million sale of 14 Maujer Street (between Lorimer Street and Union Avenue) in South Williamsburg, Brooklyn. An investor bought this four story, 1920 walk-up with 16 apartments. The 12,994 s/f building sold for 12.5 times the rent roll. Michael Guttman and Devin Cohen of Rosewood represented the buyer, Maujer Acquisition, LLC and the seller, 14 Maujer Realty LLC.
Marcus & Millichap Real Estate Investment Services announced the following sales:
• Family Dollar & Mosaic Spa, a 13,082 s/f retail property located in Avenel, NJ. The asset sold for $2,900,000. Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, represented the seller, a developer. Lombardi also represented the buyer, a private investor. The store building at 1392 St. Georges Avenue was recently renovated in 2012.
• 142 Fourth Avenue, a 4-unit apartment property located in Brooklyn, NY, sold for $1,450,000. Matthew Fotis, vice president investments, represented he seller, a private investor. The buyer, a private investor, was also secured and represented by Fotis. The building was delivered vacant at closing price $200,000 above the next highest offer.
Cohen Real Estate announced the sale of Cascade Citi Center, a 110,000 s/f retail center located at 590 Cascade Avenue, Atlanta, Georgia. The sale price was $9,750,000, which represents a 6.75% cap rate. Helen Putterman, president of Cohen Real Estate represented the seller, a private company. The buyer transacted the deal as part of a 1031 exchange.
Bussel Realty Corp. (BRC),brokered the sale of 1771 W. Edgar Road in Linden, New Jersey, a 43,726 s/f retail and industrial property. The property was sold in excess of $2,800,000 to Sunkris Realty LLC, a.k.a. Wine Zone, a wine retailer. Herb Zimmerman and James Hodgkins represented the buyer and seller in the transaction. John Burke, president of Coastal Commercial Group, provided the financing for the transaction. Burke also serves as vice president of business development at BRC.
President Chuck Lanyard of The Goldstein Group announced the sale of a 5,400 s/f free standing building in Freehold, NJ, to Ray Catena Motor Car Corporation for $1,600,000. The seller was Cortese Properties, LLC. Mark Handwerker of The Goldstein Group represented both the buyer and seller in the transaction. Catena recently received approvals to build a 72,000 s/f Audi dealership on the adjacent property. The purchase of the 1.82 acre property will afford the additional expansion for their dealership.
NAI James E. Hanson announced the sale of a 14,352 s/f retail and production building at 883 Clinton Avenue. in Irvington, New Jersey. W. Joshua Levering and Russell Verducci represented the seller, 4-Share Inc., a N.J.-based family partnership. The current tenant has been in the building for over 15 years and was seeking larger facilities. The new owners intend to convert the building to a multi-tenant retail property.