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ON THE SCENE: Latest middle market sales

JLL Capital Markets announced the $13.75 million sale of a 96,600 s/f light industrial facility at 303 Smith St. in Farmingdale, New York (pictured top). JLL marketed the property on behalf of the seller, Siegerman’s Furniture, which bought the property from the New York Times, which used it for its newspaper delivery operations, in 2003. 303 Smith St. is situated on four acres and less than two miles from the Long Island Expressway. The property contains 76,000 s/f of warehouse and less than 20,000 s/f of office space. The multi-tenant facility is 92 percent leased and features clear heights up to 24 ft. with two drive-in doors, 10 tailgates, freight elevator and ample parking. The seller has made significant capital improvements, including installing solar power and a new roof. The JLL Capital Markets team representing the sellers was led by Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh and Nick Stefans, along with Andrew Scandalios.


Ariel Property Advisors has arranged the $3.5 million sale of 597-601 Second Avenue, a three-unit, mixed-use building on 33rd Street in Kips Bay. The sale was arranged by Howard Raber, Sean Kelly and Jack Moran. The 2,700 s/f walkup building consists of one retail and two residential units. The retail space is currently leased to Dunkin’ and additional revenue is generated for the owner by a Verizon cell tower on the building.


Michael Sherman, founder of Baseline Real Estate Advisors. announced the $1.95 million sale of 143 North Seventh Street, Williamsburg, Brooklyn. Built in 1920, the three-story building comprises 6500 s/f and contains eight one-bedroom apartments. The buyer, 143 N 7th h Street LLC, was represented by Sherman. The seller, Z Port LLC, was represented by Trademarko Realty.


Marcus & Millichap announced the sale of 171 Morgan Avenue, Brooklyn, a 10,000 s/f industrial property, sold for $4,150,000. Jakub Nowak, Jason Grunberg and Jason I. Moskowitz represented the seller and secured the buyer. The sale price equates to $415 psf. Located within the North Brooklyn Industrial Business Zone on the corner of a high traffic street, the property features two large roll-up gates and three medium roll-up gates. The property also features 200 feet of frontage, 14-foot-high ceilings, and was delivered vacant at closing.

Franco Fellah, executive vice president at HK Group, and Jacqueline Novotny, senior vice president at CBRE, announced the sale of the 468 Post Road East in Westport, Connecticut. The seller was B & D Properties, LLC and the buyer was P9 Holdings, LLC. The price was $1,275,000. Burke Construction arranged for a sale with lease-back provisions. The two story 4,593 s/f office building constructed in 1987 includes 200 feet of frontage on the Post Road (US-1) and has been renovated multiple times. It sits on a 0.37 acre lot zoned General Business District.Fellah represented the seller; Novotny, represented the buyer.

Schuckman Realty announced the sale of 47 Withers Street in Williamsburg, Brooklyn. The 5,000 s/f mixed-use building is comprised of six free market apartments and one ground floor retail unit. The property sold for $4,085,000, or $817 psf. Joseph Rosenfeld and Baruch Edelkopf represented the seller.

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