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Deals & Dealmakers

On The Scene: Jauregui, Ariel active in Bronx

AGENTS

Besen & Associates announced that Miguel Jauregui has been retained to sell 408-414 Soundview Ave in The Bronx, a 10,950 s/f property consisting of two block-through parcels with a total of 112 ft. of frontage with 4 stores and 7 fair market townhouses (four 3-bedroom and three 4-bedroom units). With over $500,000 in renovations done in 2015 alone, average rents substantially under market, zero violations and a stable long-term tenancy, this makes for an excellent investment with untapped upside. The asking price is $1,975,000.

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Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 78-06 Queens Boulevard. The property is located on the southeast corner of Queens Boulevard and Hillyer Street in the Elmhurst neighborhood of Queens. The asking price is $8,500,000. Located within a C4-2 zoning district, the site holds 49,335 buildable square feet and sits on a 80 x 123 ft. irregular lot. The site has approved plans for a mixed-use hotel building to include 94 hotel rooms, 21 residential units, commercial space, and on-site parking. The property is being exclusively marketed by Cushman & Wakefield’s Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa.

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TerraCRG has been retained to sell the development site at 1127-1129 Flatbush Avenue in Flatbush, Brooklyn. Ofer Cohen and Melissa Warren, along with their team, are marketing the site with approved plans in place for a mixed-use development that qualifies for 421a tax abatement, with an asking price of $5,000,000. Ownership has since acquired additional air rights for the total of a 28,650 gross s/f development. The site, located between Clarendon and Cortelyou Roads, has 37.5 ft. of frontage along Flatbush Avenue, and is down the block from the newly restored Kings Theatre. The amended plans for this property call for an eight-story, mixed-use development consisting of 28 residential units, 2,717 s/f of retail and 400 s/f of community facility. New building permits are in place, as well as footings to qualify for the 421a tax abatement.

SALES

Ariel Property Advisors has announced the sale of 2070 & 2074 Arthur Avenue, a pair of contiguous multifamily properties in the Tremont section of the Bronx. The properties sold for $7,365,000. Exclusive agents Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba represented the owner, King Penguin Opportunity Fund, and procured the buyer, a private investor. The five-story properties have a total of 53 residential units and 42,256 s/f. The sale price translates to approximately $163 per square foot and $136,389 per unit. King Penguin acquired the properties for $4.32 million in 2013.

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Besen & Associates announced the sale of 512-514 West 180th Street for $4,000,000. Amit Doshi and Shallini Mehra represented the seller and Miguel Jauregui procured the buyer. Built in 1909, the property is located between Audubon and Amsterdam Avenues and consists of 20 apartments. The 21,950 total square foot, 5-story walkup building is built on a lot size of 50 x 100ft. Average rent per unit per month is $1,203 and average rent per room is $252. Layouts for the building by room count include 18 three-bedrooms and, 2 two-bedrooms. The sale price of $4,000,000 equates to a gross rent multiplier (GRM) of 12, $200,000 price per unit, $182 per square foot and a 4.5% capitalization rate. Legal representation on the transaction was by Adam Rothkrug, Esq. of Rothkrug, Rothkrug & Spector, LLP for the seller and Daniel Cohen, Esq. of Jeffrey Zwick and Associates for the purchaser.

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CBRE Group, Inc. arranged the sale of a 55,000 s/f former data center located at 1500 Queen Anne Road in Teaneck, N.J. The property consists of three buildings and features a fully-fenced property with electric gates on more than three well-landscaped acres. Elli Klapper, in New York, and Charles Berger and Bill Hassan, in New Jersey, brokered both sides of the transaction. The team worked with the seller, the town and the Board of Adjustment and Zoning to have the site approved for educational purposes. The buyer will begin construction later this month with plans to rehab the existing buildings, adding an additional floor to one building and creating 20 classrooms at the site. The school is slated to open in January 2016.

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CPEX Real Estate announced the following sales:
• A long-term ground lease with an operating hotel on the property located at 17 Seabring Street in Red Hook, Brooklyn. The Brooklyn Hotel Group purchased the existing lease for $9,550,000, or $118,000 per key. The four-story hotel was built ground-up in 2011 and opened that same year as the Comfort Inn Brooklyn Cruise Terminal. Renovated in 2013, the hotel has 81 rooms with 52 parking spaces, and over the past three years has an average occupancy of more than 75% at an average daily rate of approximately $106. The lease commenced in 2008. A team led by CPEX Managing Partner Brian T. Leary represented the seller, Sarifi LLC, and procured the buyer.
• 196 21st Street in Greenwood Heights, Brooklyn, was sold to Sterling Town Equities for $310 per buildable square foot, for a total sale price of $1,550,000. The property is adjacent to the development site at 186-190 21st Street that CPEX sold earlier this year, also to Sterling Town Equities, for $6 million. CPEX’s Development & Conversion Team, consisting of Sean R. Kelly, Esq., James O’Neill and Sean Sears, represented the seller and procured the purchaser in this transaction. Zoned R6B with a footprint of 2,500 s/f, 196 21st Street offers a total of 5,000 buildable square feet, and will be combined with the 20,000 buildable square feet from 186-190 21st Street as part of Sterling Town Equities’ plans for a condominium project on the site.

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Cushman & Wakefield announced the following sales:
• A mixed-use building at 1481 York Avenue was sold for $7,350,000. The five-story building contains 7,500 s/f and sits on a 25 x 75 ft. lot. The unit mix consists of one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free market units were delivered vacant. Additionally, there are approximately 11,250 square feet of air rights remaining. The sale price equates to approximately $980 psf. Thomas D. Gammino Jr. exclusively handled this transaction with Brett Weisblum.
• A multifamily building at 267 9th Street was sold for $3,400,000. The four-story building contains 6,612 s/f and sits on a 25 x 90 ft. lot. The property currently consists of eight apartments, all of which are rent stabilized. The sale price equates to approximately $514 per square foot. Aaron Warkov exclusively handled this transaction along with Winfield Clifford.
• A mixed-use building at 20-22 Court Street in Hackensack, New Jersey, sold for $2,300,000. The four-story building contains 12,052 s/f and features ground floor retail space, office space on floors two through four, and 42 surface parking spaces. The retail space is occupied by Valley National Bank. The sale price equates to approximately $191 per square foot. The property was sold to an out-of-state investor at a 4.6 % cap rate. Dmitry Shaplyka exclusively represented the seller.
• A development site at 25-70 31st Street, in Astoria, Queens, sold for $1,280,000. The site contains 1,875 s/f and sits on a 25 x 75 ft. lot. Situated within a C4-3 zoning district, the site holds a development potential of 6,375 square feet as of right and currently benefits from a single-story garage. The sale price equates to approximately $683 per square
foot and $200 per buildable square foot. Stephen R. Preuss exclusively represented the seller along with David Chkheidze. The buyer was represented by Sal Crafasi of Crafasi Real Estate.

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GFI Realty Services announced the $8 million sale of a newly constructed NNN TD Bank located on a prime corridor in East Norwich, NY. The TD Bank has a 20 year lease with an in-place CAP Rate of 4.0%. Yisroel Pershin, an associate of GFI, negotiated both sides of this transaction. The seller is a local developer and the buyer is a 1031 investor. The property was sold at a 4.0% CAP rate.
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Tom Attivisimo of Greiner-Maltz Co. of Long Island represented the buyer of a 33,000 s/f industrial building at 45 Seaview Boulevard in Port Washington. Jeff Jurick of Premier Commercial Real Estate represented the seller. Kim & Bae Trading Corp., a hat distributor, plans to renovate the property and relocate his offices from Carlstadt, New Jersey. K&B imports and distributes fitted caps, beanies and other hats across the U.S. under the KB Ethos label.
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Jeff Weiss, senior director of Highcap Group, announced the sale of a 6,100 s/f mixed use building at 1169 Second Avenue, located between 61st Street and 62nd Street, for $8,125,000. Weiss represented both the buyer, Force Capital and the seller, a long-term family ownership. The property was built in 1920 and is situated near the Roosevelt Island Tram Station. With 27 ft. of frontage, the property has an additional13,100 s/f of air rights. The ground floor has two retail spaces, one of which is currently occupied by a nail salon. Floors two through four have two residential apartments per floor, six one-bedrooml units in total.
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Marcus & Millichap announced the following sales:
• 411 E 54th Street & 343 East 53rd Street, two 6-unit properties located in Brooklyn. The asset sold for $1,465,000. Derek Bestreich, Erik Rodriguez and Seth Schiffman represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
• 384 12th Street, a 5-unit apartment property located in Brooklyn, sold for $3,600,000. Derek Bestreich and Adam Lobel represented the seller, a limited liability company. The buyer, a private investor, was secured and represented by an outside broker.
• 202 Caton Avenue, a 8,000 s/f retail property located in Brooklyn, sold for $1,900,000. Jakub Nowak represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Nowak. The all-cash sale equated to $237 per square foot.
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RKF arranged the $5.75 million sale of a 3,200 s/f retail condominium at 147 East Houston Street, on the Lower East Side, to Premier Equities. Vice president Brian Segall and associate Chris Masi represented both the buyer, and the seller, Atkins & Breskin. The space offers 1,700 s/f of retail on the ground floor and 1,500 s/f in the basement. It has 50 feet of frontage on Houston Street and 75 feet on Eldridge Street. The property is located near the Second Avenue F train subway stop,. Sapphire Lounge, a nightclub and lounge, is located on the Ground Floor.
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TerraCRG announced the sale of 862 Knickerbocker Avenue, a six-unit multifamily property in Bushwick. Matt Cosentino, Eric Satanovsky and John Bataille, were the sole brokers. The gut renovated property sold for $2,700,000, achieving record pricing for a six-unit building in this sub-section of Bushwick. The property consists of six fully-renovated, free markert apartments. On the first floor there are two large duplexes with backyard access, and the remaining four units are all configured as 2-bedrooms plus office.

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