Houlihan Lawrence announced the sale of the former New York State Psychiatric Center on Route 9 in Poughkeepsie, New York for $4,000,000. Agents Tom LaPerch and Steve Salomone represented the sellers, Hudson Heritage, LLC. The buyer, Diversified Real Estate Advisors, represented by Kevin McGrath of McGrath Realty, has plans to use the site as a mixed-use property combining commercial, hospitality and residential projects. Built in the 1800s, the site served as several New York State Hospitals before it closed for good in 2001.
Massey Knakal announced the following sales:
• A multifamily building at 532 East 83rd Street, soldfor $4,500,000. The five-story walkup building consists of 11 residential units, of which ten are free market and one is rent controlled. The sale price equates to 3.9% cap rate, 13.7 gross rent multiplier and approximately $538 psf. It was purchased by a local investor with exchange funds. Thomas D. Gammino, Jr. exclusively handled this transaction.
• A commercial condominium in a building at 605-607 Manhattan Avenue, in Brooklyn’s Greenpoint neighborhood, was sold for $1,825,000. The triple-net-leased condo contains approximately 3,690 s/f on the ground floor with an additional finished lower level. It is occupied by a yoga studio, spa, and café. The sale price equates to $495 per square foot. Mark Lively exclusively handled this transaction with Brendan Maddigan.
Rosewood Realty Group announced the following sales:
• The $5.5 million sale of 635 East 6th Street, between Avenues A & B. A private investor bought the 8,860 s/f five-story 1910 East Village walk-up with nine apartments. Aaron Jungreis represented the buyer, 635 East 6th LLC and David Scheer, represented the seller 635 East 6th Street Realty Company LLC.
• A $2.8 million sale of 2530-2536 Foster Avenue, Brooklyn. The four-story, 23,060 s/f walk-up apartment building features 24 apartments. It was built in 1931. Aaron Jungreis represented the private investor seller and Raphael Toledano of Weissman Realty represented the buyer.
Besen & Associatesannounced the sale of 1041 Nelson Avenue, in the Highbridge section of The Bronx, for a price of $5,600,000. The property is a 6-story,
dual elevator art deco apartment building with 56 apartments and 5 stores. It was built in 1940 and has approximately 57,720 s/f. The retail spaces have been combined, and one is leased to a check cashing establishment while the other is vacant. The sales price represents $91,800 per unit, and $97 psf.The listing was marketed as a co-exclusive between Besen & Associates and Rosewood Realty, spearheaded by Amit Doshi, Lynda Blumberg and Aaron Jungreis. Doshi also represented the purchaser.
The CPEX New York Mixed-Use Investment Sales Team announceD the sale of 2960-2970 Richmond Terrace in Staten Island. Located between Bush Avenue and Coonley Court in the Mariners Harbor neighborhood, the two tax lots, which are approximately 4,327 s/f combined, feature a two-story mixed-use building. The building consists of three commercial spaces, four free market residential units, and a trailer, totaling approximately 5,599 s/f. The sale price was $625,000, or $112 psf. CPEX’s Mixed-Use Team, consisting of Scott Burk, Esq., Andre Sigourney, and Luis Tamara, represented the seller and procured the buyer.
TerraCRG announced that Matthew Cosentino closed on eight transactions with a combined total of $9.37 million.
• 125-127 Evergreen Avenue, two multifamily buildings in the Bushwick neighborhood sold for $2,650,000.
• 91 Macon Street, Bed-Stuy, is a 5,000 s/f building, delivered vacant. It sold for $1,500,000, equivalent to $364 psf. Cosentino and Eric Satanovsky of TerraCRG represented both the buyer and seller.
• 616 Halsey Street is a 6,750 s/f mixed use corner property in Bedford-Stuyvesant with six residential units and one ground floor retail space. It sold for $1,500,000, equivalent to $222psf.
• 332 Central Avenue is a 4,500 s/f mixed use building in Bushwick. The unrenovated free market property has four residential units and one ground floor retail space. It sold for $960,000, a 4.5% capitalization rate.
• 326 Stockholm Street, a 4,875 s/f building with six residential units in Bushwick, sold for $920,000, a 3.86% CAP rate.
• 297 Himrod Street is a 5,250 s/f three story multifamily building with six residential units in Bushwick. It sold for $675,000, a 5.3% CAP rate.
• 216 Malcolm X Boulevard, a 2,700 s/f five unit mixed use property in Bedford-Stuyvesant, sold for $660,000.
• 786 Knickerbocker Avenue, a 2,500 s/f mixed use building in Bushwick, sold for $505,000.