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ON THE SCENE: Latest middle market sales

120 EAST 116TH STREET

Josh Goldflam, co-founder & principal of Highcap Group, along with broker Jeff Weiss, has arranged the sale of 120 East 116th Street for $4,050,000. The seller was the Abi-Hassoun family that has owned the property over 25 years. The buyer was a local private investor Flat Iron Realty Capital. Situated in Harlem between Park Avenue and Lexington Avenue, the building consists of nearly 9,800 gross square feet with eight apartments and one retail store. The retail had been home to a longtime tenant but was delivered vacant at closing. In the 1990s, the property was gut renovated and free market apartments created. The fully occupied property was very well maintained and continues to be in excellent condition. The sales price equates to a 5.6% Capitalization Rate and $413 psf.

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Marcus & Millichap announced the sale of 68 Middagh Street, an 11-unit apartment property located in Brooklyn, for $5,300,000. Michael Salvatico, Robbie Ferman and Shaun Riney represented the seller and secured the. The all-cash transaction closed in the mid four percent cap rate range. The property was built in 1900 and has five stories, with mechanical and structure in mint condition.

2265 UNIVERSITY PLACE

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Cushman & Wakefield announced the following sales:
• The $11.5 million sale of 2265 University Avenue and 85 McClellan Street, two multifamily co-op buildings in the Bronx. Eric Roth, Jonathan Squires, Joshua Neustadter, Tyler Signora and Harry James represented the seller. The buyer was Glacier Equities. The multi-family co-op spans 102,000 s/f. 2265 University Avenue is a six-story, 46,000 s/f co-op with 42 residential units (100% ownership of shares), 38 of which are market rate. 2265 University Avenue is located just north of Bronx Community College in University Heights. 85 McClellan is a six-story, 56,000 s/f elevator co-op with three commercial units and 48 residential units (97% ownership of shares).
• 90 Northern Boulevard, a 4,260 s/f freestanding retail asset in Great Neck, solf for $3,050,000. Daniel Abbondandolo, Joegy Raju and Melissa Naeder represented the seller in the transaction. The property is a two-story building that sits on a 10,759 s/f lot. Situated on the border of Nassau and Queens counties in the heart of Great Neck’s auto corridor, the property offers floor-to-ceiling windows and 10 surface parking spots, as well as a car lift to the second floor. The newly constructed asset was delivered vacant. Designed by Mojo-Stumer, the property is located on the corner of Northern Boulevard and Buttonwood Road, offering a short commute into New York City.

90 NORTHERN BOULEVARD

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Colliers arranged the $9.25 million sale of an industrial property at 44 Ramsey Road in Shirley, New York (pictured top). Jordan Baruch and Matthew Kucker represented the buyer while Jason Maietta, Tommy Rosati and Brandon Lichtenstein represented the seller. 44 Ramsey Road is a 61,916 s/f Class A industrial and office building situated on 6.35 acres of land. The buyer, Port Washington-based BEB Capital, purchased the property for $149 psf and is leasing the industrial space to Frank Lowe, a supplier of rubber products, for the next five years. The property was sold by Warco LLC, a real estate entity affiliated with Frank Lowe. Founded in 1988, Frank Lowe manufactures gaskets, packing, sealing devices and more. the property is situated 90 minutes from New York City directly off the Long Island Expressway at Exit 68 and William Floyd Parkway.

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CBRE announced the $10.62 million sale for three multifamily properties totaling 62-units in Northern New Jersey. The firm arranged the sale of 5-22 Carpenter Terrace in Belleville, 1499 Oak Tree Road in Woodbridge, and 43 Cottage Street in South Orange. The South Orange and Woodbridge properties sold for $289,500 per unit, and $158,695 per unit, respectively, and Belleville sold for almost $140,000 per unit. Jeremy Wernick, Charles Berger and Elli Klapper represented the sellers, all private investors, and procured the buyers, who were interested in entering those local markets and expanding their New Jersey portfolios.
• The Carpenter Terrace Apartments are comprised of 28 multifamily units located on Carpenter Street in Belleville. The complex features 22 one-bedroom homes and six two-bedroom units in five buildings within a densely populated and stable residential neighborhood.
• The property at 1499 Oak Tree Street is a 23-unit, garden style apartment building in the highly coveted Woodbridge area. The property consists of 11 one-bedroom apartments and 12 studios within a major shopping and dining corridor of Woodbridge. It is also within walking distance to NJ Transit’s MetroPark Station.
• 43 Cottage Street is an 11-unit apartment building which boasts a high walkability score due to its proximity to the NJ Transit South Orange Train Station and Seton Hall University. The property is 30 minutes from New York City via the Garden State Parkway, I-280 and I-78.

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Wynmor Management, LLC, a NY-based private equity investment firm, announced the purchase of Riverchase Apartments, an apartment complex in Oklahoma City, Oklahoma for $13.6 million. The multi-family property, located at 11239 N Pennsylvania Avenue features 10 three-story rental buildings totaling 252 units and an additional building that serves as an office. The complex contains 217,500 rentable square feet and was built in 1971. Wynmor plans to upgrade the majority of units at the property and implement institutional-style property management. The development features covered parking, a pool, basketball and tennis courts. The seller is a Texas-based company, Casa Claire Apartments, LP. Wynmor, along with its investment partners, invested its own equity while the remaining capital — $12.9 million required to acquire and renovate the property — came from Bedrock Capital Associates as an acquisition and renovation loan with a three-year term.

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The Rochlin Organization announced the sale of 181-189 Merrick Road in Valley Stream, New York for $1,325,000, or $235 psf. The building is a one-story, 6,250 s/f renovated property with all-new storefronts, interiors, bathrooms, and heating and air conditioning units. The site has a rear parking lot for 15-cars. The building has 90-foot frontage on Merrick Road. Elizabeth D. Holmes represented the buyer, WDK Realty, who will occupy the entire building for their electrical contracting company. Mike Ferra of Southgate Real Estate represented the seller.

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