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Deals & Dealmakers Featured

ON THE SCENE: Latest middle market sales

141 DANBURY ROAD

CBRE announced the following sales:
• A vacant flex office/industrial property located at 141 Danbury Road in Wilton, CT. A joint venture of Fuller Development and Spinnaker Real Estate Partners acquired the 47,040 s/f single-story building for $3.7 million and has applied to reposition the property for residential development. The CBRE team of Louis Zuckerman, Tom Pajolek and Pat Colwell represented the seller. CBRE also procured the buyer. Built in 1965 and renovated in 2006, 141 Danbury Road sits on 4.34 acres in central Fairfield County. The property is less than three miles from the Merritt Parkway, five miles from I-95 and two miles from the Wilton Metro-North train station.
• 103 Grove Street, a transit-oriented development site in Montclair, NJ. BB Capital LLC acquired the 0.73-acre parcel from Peptco and plans to develop a self-storage facility at the site. Charles Berger, Elli Klapper and Mark Silverman represented Peptco. The parcel is proximate to a flourishing neighborhood near New Jersey Transit’s Walnut Street Station and within a C-2 zone, which permits an array of commercial development opportunities.

548 WEST 164TH STREET

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Cignature Realty brokered the sale of a six-story multifamily elevator building at 548 West 164th Street for $9,250,000. The property has a total of 54 residential units and is located between Broadway and Saint Nicholas Avenue in Washington Heights. The 56,634 s/f building sold for approximately $163 psf. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller.

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Cushman & Wakefield announced the sale of 511-515 Roseville Avenue, a 21-unit multifamily asset located in Newark, for $2,155,000, equating to $102,619 per unit. Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller and procured the buyer. The three-story property features 21 one-bedroom units and is fully occupied. It is located less than a half mile from the Bloomfield Avenue Light Rail Train Station.

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JLL Capital Markets announced the sale of a 10-acre industrial development site in Hauppauge, New York. Marc Duval, Jordan Avanzato, Jose Cruz, Andrew Scandalios, Tyler Peck and Michael Kavanagh, along with Doug Omstrom and Ray Ruiz, represented the seller, Dunkirk Realty. Link Logistics Real Estate purchased the asset. Located at 88 Parkway Dr. South and 90 Davids Dr. within the Hauppauge Industrial Park Overlay District’s Light Industrial (LI) zone, the location is less than one mile to the Long Island Expressway junction and just off the Northern State Parkway, providing accessibility to Manhattan within a 40-minute drive and allowing future tenancy to reach 9.1 million people within a 60-minute drive. The site’s Light Industrial zoning allows an investor to construct up to 184,107 s/f with a 35-foot maximum building height and accretive setback requirements. The property is currently improved by two buildings containing both office and light industrial space.

1065 MADISON AVENUE

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Judson CRE announced that Reka Darida Foundation has purchased 1065 Madison Avenue for $10,200,000. Located between East 80th and 81st Streets near the Metropolitan Museum of Art, the five story building was delivered vacant and had an asking price of $12,500,000. The mixed-use building spans approximately 5,880 s/f, offering 20 feet of street frontage on Madison Avenue with retail spaces on the ground and second floor. Upper levels include three full-floor apartments consisting of 1−3 bedroom units. The property lies within the C5-1 Madison Avenue commercial overlay, permitting it to be converted into a completely commercial building. Nicholas Judson represented the buyer while the seller, 1065 Madison LLC, was represented in-house by its managing agent, Judson Realty.

209 WEST 20TH STREET

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Marcus & Millichap announced the following sales:
• 120 Riverdale Avenue, a 6,000 s/f mixed-use property in Brownsville, Brooklyn, NY, sold for $1,290,000. Matthew R. Peters represented the seller and secured the buyer. The corner brick building has five free-market residential units and one commercial unit. It is located three blocks from the Saratoga Avenue 3 train line and sits on a 25 by 100 ft. lot with frontage on both Riverdale Avenue and Amboy Street.
• 209 West 20th Street in Manhattan’s Chelsea neighborhood sold for $6,750,000. John J. Stewart, Nicholas Biedron, Joshua Bluestein and Shlomo Manne represented the seller, Chelsea 209 W 20th Street LLC. The buyer, Sean Lefkovits and David Lloyd’s Davean Holdings, was secured and represented by Joshua Bluestein, John J. Stewart and Nicholas Biedron. John Krueger, Broker of Record of the Manhattan office, assisted in closing. The free-market, 12-unit elevator building was delivered with one vacancy.
• 258 Wadsworth Avenue, a 49-unit apartment property located in Washington Heights, New York, sold for $7,800,000. Jacob Kahn and Seth Glasser represented the seller, 258 Wadsworth Associates. The buyer, 258 Wadsworth Realty LLC, was secured and represented by Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser. John Krueger assisted in closing the transaction. The purchaser was in a 1031 exchange from a different asset class.

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Abe Cohen’s Conway Capital has purchased two mixed use buildings located at 178 – 180 Atlantic Avenue in Brooklyn for $7,000,000. Nir Mor Real Estate Investment and Advisory was the broker on both transactions. Both properties had been previously owned for 40-plus years by their respective families. The properties were delivered partially vacant.
• 178-180 Atlantic Ave is located in Cobble Hill neighborhood of Brooklyn, between Court and Clinton Street next to Trader Joe’s and Urban Outfitters.
• 180 Atlantic Ave, built in 1873, features the only cast iron façade on the block.

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Bestreich Realty Group (BRG) announced the sale of a two-building Bushwick package. 266 Wyckoff Avenue and 242 Jefferson Street sold for $2,900,000. The buildings feature 11 apartments and 1 store (6 free market, 5 rent stabilized, and 1 store). The seller was Bushwick Holdings LLC. The buyers were Icer Properties, a partnership of Joseph Jemal and Morris Sabbagh’s KSR Capital. Derek Bestreich, Steve Reynolds, Brian Davila and Tom Reynolds facilitated both sides of the transaction.

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Fischer Real Estate announced the sale of 101 Massirio Drive, a 27,363 s/f industrial building in Berlin, CT. for $1.7 million. Situated on 2.92 acres, the property, was previously used as a manufacturing facility and is licated close to Route 9. Alan M. Fischer, CCIM, SIOR, of Fischer Real Estate, represented the seller, MW Massirio Holdings, LLC. Nick Morizio, CRE, SIOR of Colliers International, represented the buyer, Hills Realty, LLC.

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Franco Fellah, executive vice president at HK Group, announced the sale of 1032 Post Road East in Westport, CT, for $3,700,000. The 6,343 s/f property was built in 2015 by Milton Development and sits on a 0.43 acre parcel zoned Highway Service District. It was fully leased to a medical tenant at the time of closing. The seller was 1032 PRE, LLC. The buyer was a Fairfield County investment firm.

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The Sudler Companies announced it has acquired two properties totaling 120,000 s/f located next to Tampa International Airport for $11.5 million. John Heald from CBRE represented Sudler in the acquisition. The seller was Bina Kumar Irrevocable Trust. The two adjacent properties are a 100,000 s/f light manufacturing facility located at 6005 Benjamin Road, and a 20,000 s/f flex-use warehouse at 6001 Benjamin Road. The larger location was constructed in 1988 with an addition in 2010. It sits on 8.75 acres and is fully air conditioned. Sudler plans to rehabilitate the smaller building located at 6001 Benjamin Rd as part of Hillsborough County’s Targeted Redevelopment Program. Kris Courier, Tom Quinlan, and John Heald from CBRE will handle the leasing assignment.

106-20 CORONA AVENUE

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B6 Real Estate Advisors announced the sale of 106-20 Corona Avenue in Corona, Queens, for $3.16 million. Located across the street from the renowned Park Side Restaurant, the property consists of three retail spaces, two of which are restaurants that remained opened through the pandemic – Don Alex & Paraiso Colombiano – and the clothing shop, Irene’s Fashion. Thomas Donovan, Tommy Lin, Eugene Kim, Robert Rappa and Bradley Rutkin, all of B6, represented the seller, Chris Valsamos. The buyer was Simko Aranbayev.

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Robert Martin Company announced the sale of 555 White Plains Road in Tarrytown to an undisclosed purchaser. The sale price was $8.85 million. The five-story office building, which is located on 4.2 acres of property, was previously occupied by Tappan Zee Constructors LLC during the construction of the Mario M. Cuomo Bridge. The building, which was built in 1971, has been vacant since August 2020. Robert Martin acquired the building in May 2017 for $5.48 million. RM Friedland brokers Chris O’Callaghan, John Barrett and Jillian Reiner represented Robert Martin in the transaction.

555 WHITE PLAINS ROAD

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Northeast Private Client Group announced the sale of Saint Augustine and Saint Peters School Redevelopment Portfolio located at 20 Clifford Street and 11 Charter Oak Place in Hartford, Connecticut respectively. Senior Associate Taylor Perun and Investment Associate Alex Burr represented the seller and procured the buyer in the $3,750,000 transaction.
• Saint Augustine School is a fully approved 47-unit redevelopment opportunity. This 60,786 s/f property was built in 1939 and sits on 1.79 acres of land. The project breakdown is 29 one-bedroom units and 18 two-bedroom units.
• Saint Peters School, a 53-unit redevelopment opportunity, was built in 1913. It is a 56,296 s/f building on 1.93 acres of land. This property is made up of 11 studio, eight one-bedroom, and 33 two-bedroom units. Saint Peters Church was also included in this sale.

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