Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: James P. Nelson, Mark Zubrovsky, Jeffery Unger

AGENTS

Ishan Chabra

Lev Mavashev and Ishan Chabra of Besen & Associates have been exclusively retained to market 110-24, 110-26, & 110-28 Merrick Boulevard, in the Jamaica section of Queens. The properties are three contiguous, 2-story mixed use buildings consisting of 3 apartments and 3 commercial units. Approximately 6,600 SF, priced at $1,700,000.

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Massey Knakal Realty Services announced the following exclusive assignments:

•The sale of a townhouse at 118 Washington Place in Greenwich Village Historic District. The asking price is $7,995,000. The four-story newly-renovated townhouse contains 3,106 s/f and consists of a one-bedroom garden unit, an owner’s triplex unit, and an almost 30 foot southern facing rear yard. James P. Nelson is exclusively marketing this property with Mitchell Levine.

• A waterfront development site at 151-45 Sixth Road between the Throgs Neck and Whitestone Bridges in the Whitestone neighborhood of Flushing, Queens. Ownership is requesting proposals. The assemblage site contains an aggregate 18 acres, which consists of 13 upland acres and five underwater acres. The upland site is a 13-acre waterfront development site, with approximately 1,000 feet of frontage along the Northern Queens waterfront in a residential area. City approvals were obtained for the development of 52 single-family residential lots on the site. Stephen R. Preuss is exclusively marketing this property.

SALES

Mansour Tabibnia

Mansour Tabibnia, partner at Azad Property Group, along with senior broker Dennis Gelin, represented both the seller, White Memorial Chapels, and a local developer in the sale of the development site at 882 Fulton Street in Brooklyn, NY. The property is six blocks away from Barclays Center, on the southwest corner of Fulton Street and Waverly Avenue. The site is a 106 foot x 107 foot vacant lot, located in a R7A/C2-4 zoning district which benefits from approximately 41,148 as-of-right build-able square feet.

In addition, there is an Inclusionary Housing bonus, which allows for a FAR of 4.60, giving the site an additional 13,316 build-able square feet for affordable housing development, totaling 54,864 build-able square feet. To date, the sale marks the highest PSF price in the area, according to Tabibnia.

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TerraCRG announced the following sales:

• A development site at 34 Conselyea Street between Lorimer Street and Union Avenue in the Williamsburg neighborhood of Brooklyn sold for $1,150,000, equal to $307 per buildable square foot. The 25 ft x 75 ft residentially zoned site has approximately 3,750 Gross Buildable s/f and is ideal for a townhouse or boutique condominium development. The TerraCRG team who handled the sale consists of Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez.

Melissa DiBella

• The development site at 269-271 Fourth Avenue in the Park Slope neighborhood of Brooklyn, sold for $4,400,000. The site spans two lots and has an irregular footprint totaling 4,353 s/f. There is an existing 3,964 SF industrial building on the site which was delivered vacant. The property neighbors several new construction and rental condominium buildings.

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Mark Zubrovsky announced the sale of a block of 10 Unsold Sponsor Units at 749 West End Avenue New York. According to Zubrovsky, the vacant market value was $8,300,000. The sale price was $3,100,000.

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Silvershore Properties acquired four Brooklyn buildings for over $7.225 million dollars in December. The buildings, with a mix of residential and retail units, comprise over 37,000 s/f in the neighborhoods of Greenpoint, Lefferts Garden, Clinton Hill and Sunset Park. The four recent Brooklyn purchases include:

• 314 50th Street in Sunset Park for $2.7 million. The 17,000 sq. ft. residential building features 20 units
• 167 Waverly Avenue in Clinton Hill for $2.2 million. The 9,600 sq. ft. building features eight units.
• 87 Java Street in Greenpoint for $1.4 million. The 4,500 sq. ft. four story-townhouse features four units.
• 954 Nostrand Avenue in Lefferts Garden for $925,000. The 6,000 sq. ft. building features two apartments and three retail shops.

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Eastern Consolidated announced the following sales:

Peter Hauspurg

• The $9 million sale of 154 East 23rd Street, the former headquarters of the Xavier Society for the Blind, At $562 per square foot, the sale achieved a new benchmark in pricing along East 23rd Street. Chairman and CEO Peter Hauspurg and principal David Schechtman, Esq. represented Xavier on an exclusive basis. Eastern Consolidated’s executive managing director Alan Miller represented the buyer, Omnia Group, Ltd. The property is a 25-foot-wide, 15,783 s/f building in Midtown South. It will likely be converted to a residential property.

• The sale of 1128 Third Avenue for $9.5 million. The 5,309 s/f Upper East Side property is anchored by ground floor tenant Starbucks, which recently signed a new long-term lease. Adelaide Polsinelli, senior director, arranged the transaction on behalf of the seller, Chicago-based real estate investment firm L3 Capital LLC. The attorneys who represented the seller were Joel D. Rubin and Joshua A. Kurtz of Seyfarth Shaw, LLP. Ronda Rogovin, senior director with Eastern Consolidated, represented the purchaser, a local investor. The attorney who represented the purchaser was Anthony J. Cornicello of Cornicello, Tendler & Baumel-Cornicello, LLP. The four-story, mixed-use building — also known as 168 East 66th Street — consists of one retail store, one commercial floor, and two residential free market units.

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The CPEX New York Mixed-Use Investment Sales Team announced the sale of a three-story mixed-use building located at 659 Washington Avenue in Brooklyn. The property consists of three units totaling 3,080 s/f. Zoned R6A with a C2-4 commercial overlay, the property also offers approximately 1,798 s/f of additional air rights. The sale price was $1,445,000, or $469 per square foot, or $296 per buildable square foot. Scott Burk, Esq., Andre Sigourney, and Luis Tamara represented the seller and procured the purchaser.

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Senack Real Estate announced the following sale;
• 897 St.John’s Place, a three-story walk-up in the Crown Heights section of Brooklyn comprised of 6 units with a $72,000 rent roll, sold for $1,045,000.

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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of a 7,200 square-foot property at 128-20 14th Avenue in the College Point section of Queens, NY for $1.25 million. Jeffrey Unger represented the buyer, Central Home Care, while Right Time Realty represented the seller, Manuptown Realty, in the transaction. Central Home Care, a major distributer of durable medical equipment, is relocating to 128-20 14th Avenue from the Long Island, NY town of Freeport. The company was looking for a larger, more efficient space to accommodate their rapidly expanding business.

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