Last week’s sales under $10 million …
Icon Realty Services Inc. announced the sale of 3760-3762 Boston Road, Bronx. Hayel Shaban represented the seller and buyer in this transaction. The property is a single story building compromising of 5 stores, approximately 3,820 s/f. The $872,000 sale prices equates to a price per suqare foot of $228.
Royal Properties, Inc. announced the sale of two buildings in Westchester County:
• 210 North Avenue, New Rochelle, was sold to a local developer. The building was home to a local publisher who will be relocating to a smaller office in Mamaroneck. The 8,678 s/f building has 2 floors of retail/office space, a lower level and a 15-car parking lot. Lou Klein was the sole broker and he will be handling the leasing of this building
• 322-338 South Broadway in Yonkers, is a strip of six retail stores north of McLean Avenue. The property has a 30-car parking lot. John Williams represented the seller and Michael Mishkin of Stillman Management represented the buyer.
Marcus & Millichap announced the following sales:
• 190 Morgan Avenue, Brooklyn, a 14,875-s/f industrial property, sold for $3,500,000. Jakub Nowak and James McGuckin represented the seller, a private investor, and the buyer, a limited liability company.
• 516 12th Street, Brooklyn, a 6-unit partially vacant, rent stabilized apartment property, sold for $3,800,000. Derek Bestreich, Lucien Sproviero, and Adam Lobel, represented the seller, a limited liability company, and the buyer, a private investor.
• Executive Plaza, a 28,000 s/f office property in Old Bridge, NJ, sold for $2,100,000. David E. Thurston and Charles Loccisano, represented the seller, a partnership and user-investor.
• 5th Avenue South Slope Vacant Mixed Use Assemblage, a retail property sold as a redevelopment site. The site offered the buyer an opportunity to build a 22,500 s/f mixed-use property in Brooklyn. The asset sold for $7,500,000. Jakub Nowak and Matthew Rosenzweig, represented the seller, a private investor, and the buyer, a private investor. At $333 per buildable square foot, the transaction marks a record for any development site in South Slope. Since 1979 the buildings at 626-630 5th Ave have been the home of Eagle Provisions, a supermarket offering a unique mix of Polish specialties.
• 153 Eagle Street, Brooklyn, a 6-unit apartment property sold for $1,700,000, which equates to 22x the rent roll. The three story building contains approximately 6,375 s/f. James Saros handled this transaction alongside Shaun Riney and Michael Salvatico of The Riney Team.
Houlihan-Parnes Realtors, LLC, announced the following sales:
• Ed Graf arranged for the acquisition of a 160-unit garden style apartment complex at 319 E. Bloomfield Street, Rome, New York. The all-brick complex sits on seven acres and contains one, two, and three bedroom apartments. The purchase price was $3,800,000. The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P.
• 2275 Morris Ave. l in the University Heights neighborhood in the Bronx, sold for $2,750,000. The property is a five-story, walk-up apartment building containing 25 apartment rental units and five retail units on the ground floor. The property was sold to a Great Neck, Long Island Real Estate Holding Company. Jeremiah A. Houlihan handled the transaction. The buyer facilitated his acquisition with a loan secured by a 1st Mortgage from a local Savings Bank at a 5-year fixed interest rate of 3.5% on a 30-year amortization schedule.
Ahmadu Ahmed, Larry Stryker and Josh Goldflam of Highcap Group, announced the sale of 212 Saint Anns Avenue, Bronx, NY, in the Mott Haven neighborhood of the Bronx for $1,150,000. Goldflam represented the buyer and Ahmed and Stryker represented the seller. The 5-story walkup building was originally built in 1931 and consists of 8,835 gross square feet. It has 9 apartments and 1 retail store. The rent stabilized units are 100% occupied. The sale price represents $104,545 per unit, a rent roll multiple of 9.3 and a Capitalization rate of 7.6%.
Whitestone Realty Group, Inc. announced the $1,200,000 purchase of 3415 Farragut Road, Brooklyn. The property is a one family house located on an irregular 8,000 s/f lot. Nathan Blatter intends to build a 40,000 s/f foot apartment building for rentals consisting of 38 one bedroom apartments. The sale price equates to less than $45.00 psf.
Time Equities Inc. (TEI), in partnership with Pioneer Acquisitions, announced the purchase of the Ashland and Devon Portfolio, comprised of two properties in Chicago’s Rogers Park neighborhood, for $8.3 million. Aaron Medeiros of TEI, and Jayson Lemberg, of Pioneer Acquisitions made the announcement. Brian Semel of Kiser Group brokered the deal on behalf of the seller, AM Realty Group LLC and Devon Apartments LLC. In-house counsel, Phil Brody, represented TEI while David Chaiken of Canmann & Chaiken, represented the seller.
Thor Equities sold 463 86th Street in Bay Ridge, Brooklyn, for $5.7 million. Thor signed Chipotle Mexican Grill to a long-term lease for the three-level, 4,475 s/f building in September 2014, after purchasing it in 2012 for $2.82 million.
TerraCRG announced the sale of 806 Macon Street, a six-unit multifamily building in the Bedford Stuyvesant neighborhood of Brooklyn. Matthew Cosentino and Eric Satanovsky represented the seller and sold the property for $1,235,000, almost $400,000 over the previous sale price. The four-story brick building consists of all two-bedroom units and the half of the building was delivered vacant at the time of sale. The sale price equates to $289 psf.
Alpha Realty announced the sale of 702 Rockaway Avenue in the Brownsville section of Brooklyn for $4,275,000. Lev Mavashev represented the buyer and Adam Traub represented the seller, both local private investors. The 1930’s constructed building has 18 apartments and 4 retail tenants. The sales price equates to $238 psf and $194,318 per unit.
Northeast Private Client Group announced the sale of four buildings in lower Westchester County. Edward Jordan, JD, CCIM, and Steven Dambrosio, exclusively represented the sellers and sourced the buyers:
• 106 Locust Hill Avenue, a 42-unit multifamily property located in Yonkers, NY. The seller, JAM 3 Property LLC of Bedford, NY, transferred to the property to a Yonkers-based investor for $4,550,000. This price equates to a price per unit of more than $108,000 and a capitalization rate of 7.6% on the current net operating income.
• 6 East Sidney Avenue in Mount Vernon, NY. The 27,000 s/f property includes six stores and 24 apartments. The seller, Trion Real Estate Management of Yonkers, NY, transferred to the property to a Bronx-based investor for $3,150,000. This price equates to a price per square foot of more than $116 and a capitalization rate of 7.7% on the current net operating income.
• Trion Real Estate Management sold 5 West 4th St in Mount Vernon, NY. The 34,000 s/f property, comprising three stores and 36 apartments, was sold to a Bronx-based investor for $3,200,000. This price equates to a price per square foot of more than $94 and a capitalization rate of 7.9% on the current net operating income.
• A nine-unit multifamily property located at 259 Webster Avenue in New Rochelle, NY. The transaction closed on January 30 between two private Westchester investors at a price of $850,000. This price equates to a price per unit of more than $94,000 and a capitalization rate of 6.5% on the current net operating income.