AGENTS
Richard Torres of Besen & Associates has been exclusively retained to market 844 & 846 Morris Park Avenue, Bronx, NY. The property is a 2,074 s/f, 2-story mixed use building with two apartments and two stores, originally built in 1931. Property also includes 2,500 square foot adjacent lot.
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Massey Knakal Realty Services has been retained to sell an office and retail building at 6 Gramatan Avenue in Mount Vernon, Westchester County. The asking price is $10,500,000. The six-story building contains 72,705 s/f on a 1.51 acre lot, with 17 office units and 10 stores. Originally constructed in 1912 as a Vaudeville theater, it was upgraded in 1996 and again in 2004 with new HVAC systems, bathrooms, lobby, and mechanicals. With the exception of the top floor and a small office suite, the building is fully occupied. James Nelson and Matthew Nickerson are handling the assignment. Ricky Aryeh, director of sales at Mortgage Equicap is advising on the sale.
SALES
Benchmark Real Estate Group announced its purchase of 117-119 East 7th Street, New York. The price was $13,700,000. the 19,460 s/f property contains 28 apartments and three stores. The 40 ft. wide building on 7th Street between 1st Avenue and Avenue A was purchased for a 5% cap of 13.5x GRM.
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CPEX New York Multi-Family Investment Sales Team announced the sale of 108 Gates Avenue in Brooklyn. Located between St. James Place and Cambridge Place in Clinton Hill, the property is a five-story brownstone with four units totaling 4,000 s/f. The building was delivered with two units occupied. The buyer plans to renovate and rent the two vacant units. The sale price was $1,550,000, or $388 per square foot. CPEX’s Stephen Safina and Michael Pallas, represented the seller and procured the buyer.
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Griffin Land & Nurseries closed on the sale of 90 acres of undeveloped land in Windsor, CT, for $9 million. The land is part of a 268-acre parcel that straddles Windsor and Bloomfield, Connecticut. Griffin Land and the buyer will each construct roadways connecting the land parcel sold with existing town roads. At closing, the proceeds were placed in escrow for the potential purchase of a replacement property under a Section 1031 like-kind exchange.
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Houlihan-Parnes Realtors announced the following sales:
• A partnership that includes members of Houlihan-Parnes Realtors has purchased the remaining 12 unsold condominium apartments at the Classic Condominium in Stamford, CT, located at 25 Forest Street. The purchaser was represented by Rob Ocko of Harrington, Ocko & Monk, LLP. Some of the newly purchased apartments are under renovation. They will eventually be marketed for sale.
• Houlihan-Parnes Realtors has sold 50 unsold co-operative apartments in a bulk sale. The apartments are located at 310 – 330 Lenox Road in Brooklyn, a block from Downstate Medical Center. The units were sold in an all cash sale to a local investor. Houlihan-Parnes was represented by Michael Cuniberti and Craig Weitz. Stacey Anagnostopoulos of Goldberg Weprin Finkel Goldstein, LLP represented the seller.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• 615 East 189th Street, a 14,000 s/f mixed-use property located in Bronx. The sale price was $2,645,000. Marco Lala represented the seller, a limited liability company, and the buyer, a private investor. The five-story walk-up building consists of 25 residential units and one retail storefront.
• 192 Grand Street, a 5,849 s/f mixed-use property located in Little Italy, New York, sold for $5,350,000. Peter Von Der Ahe, Scott Edelstein and Michael Helpern, represented the seller, a private investor, and the buyer, a private investor, The four story, mixed-use building was privately owned by a local family for over 50 years. It has four residential units and one commercial restaurant space and is designated as a landmark building.
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Massey Knakal Realty Services announced the following sales:
• 80 Forsyth Street on the Lower East Side, a townhouse occupied by the late Pat Passlof, a painter, who was married to the late Milton Resnick, also an influential painter at the forefront of the Abstract Expressionist movement. The three-story building contains 7,055 s/f and has pointed-arch windows, a fireplace, multiple skylights. The buyer intends to use and occupy the space as a gallery/studio while the seller, The Estate of Pat Passlof, intends to use the proceeds from the sale towards the creation of The Milton Resnick and Pat Passlof Foundation. Michael DeCheser exclusively handled this transaction with CEO Paul J. Massey, Jr.
• A multifamily townhouse building at 412 East 50th Street in Midtown East sold for $3,700,000. The five-story, ten-unit building contains 5,100 s/f. The sale price equates to $725 psf. Guthrie Garvin exclusively handled this transaction with Clint Olsen.
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Besen & Associates announced the sale of 545-555 East 82nd Street, in the Canarsie/East Flatbush section of Brooklyn. The property sold for $2,400,000, which equates to a GRM of 6.8, a cap rate of 7.6%, and $130.7 per square foot. Lev Mavashev of Besen & Associates represented the buyer and Aaron Jungreis of Rosewood Realty represented the seller. Built in 1968, the 4-story walkup is comprised of 26 apartments and 24 parking spaces, with approximately 18,366 s/f.
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Ariel Property Advisors announced the sale of two investment properties in Brooklyn and Upper Manhattan.
• Jonathan Berman, Mark Spinelli and Daniel Tropp sold a 77.45 ft. wide development site at 991 Ocean Avenue in the Prospect Park South section of Brooklyn for $1.25 million. The property features 23,254 buildable square feet as of right and currently contains a two-family house. The team represented the seller, a private owner, and procured the buyer, an investor/developer.
• Michael A. Tortorici, Victor Sozio, Daniel Tropp, and Marko Agbaba sold a 7,467 s/f four-story walk-up at 347 East 105th Street between First and Second Avenues in East Harlem for $1.675 million. The property features one community facility and six residential units. The team represented the seller, a private owner, and procured the buyer, a private investor.
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Marcucio Garden Center at 480 New Haven Avenue, Derby, CT, was sold for $695,000. The buyer was Master One, LLC of East Haven. Although the total size of the parcel is 7.5 acres, only slightly more than one acre is usable and zoned for retail use. The location, adjacent to Lowes and close to other big name retailers, is a highly desirable retail site. Master One, LLC plans to demolish the garden center and construct a new Town Fair Tire Center on the site. Alan M. Fischer, CCIM, SIOR, of Fischer Real Estate Inc. represented both the buyer and the seller in this transaction.
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Franco Fellah, executive vice president at HK Group, finalized the sale of the 29 Imperial Avenue Westport, CT, for $800,000. The rediential / medical condo property was renovated by the seller prior to the sale. The buyer is Dr. Efren Cortes, DDS. Fellah represented Dr. Cortes. Kathleen Fazio, Kate Schwartz and Al Mirin of Cushman & Wakefield represented the seller, MCP Imperial Ave LLC.
