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ON THE SCENE: Latest middle market sales

Marcus & Millichap announced the following sales:
• Centennial Plaza, a 158,792 s/f retail property at 560-566 W Main St in Meriden, CT, sold for $5,200,000. Joseph French Jr. and Kodi Traver represented the seller, Centennial Main, LLC, and secured the buyer, DealPoint Merrill. John Krueger, Broker of Record of the Westchester office, assisted in closing the transaction. The store contains 70,000 s/f of vacant box space the buyer is planning on occupying.
• 217-01 Merrick Blvd., a 3,471 s/f mixed-use property located in Queens, NY, sold for $1,320,000. Dwane Omar Jones represented the seller and secured the buyer. The property is located in mixed-use R5D, C2-3 zoning district and was built in 2003. There are two ground-floor retail tenants and three office units on the second floor.
• 119-02 97th Street, a rent stabilized 18-unit walkup apartment property in Queens, NY, sold for $2,300,000. Shaun Riney and Dylan Walsh worked in conjunction with Scott Plasky and Billy Stephan IV to market the property on behalf of the seller. The buyer was also secured by Riney, Plasky, Walsh and Stephan. The 18 units in the building are all one-bedroom apartments, with three delivered vacant at the time of sale.
• 496 11th Street, an eight-unit apartment building located in Brooklyn, sold for $2,750,000. Jesse Kay and Jakub H. Nowak represented the seller and the buyer. The asset is located two blocks away from the 7th Avenue “F” and “G” subway stations, as well as Prospect Park. The building consists of five free-market units and three rent-regulated units.


Avison Young’s Tri-State Investment Sales Group announced the sale of 29 Meserole Avenue in Greenpoint, Brooklyn for $7.95 million. The property was acquired by 688 Court Street, LLC. Currently operating as a food distribution facility, the 18,320 s/f industrial property includes approximately 1,500 s/f of mezzanine-level office space, 18 ft. ceilings, three cold storage units and multiple loading docks. James Nelson, Brent Glodowski, Frederick Richter, Chris Johnson and Alexandra Marolda represented the seller, Marc Jason Realty Co, INC. 29 Meserole Avenue is positioned within the North Brooklyn Industry and Innovation Plan Study Area as well as in an Industrial Business Zone (IBZ), which provides incentives for industrial and manufacturing companies operating in the area.

Bestreich Realty Group (BRG) announced the following sales:
• 548-550 Union Street in Brooklyn, NY. The redevelopment site is located in Gowanus between Nevins Street and 3rd Avenue. The lot dimension is 40 by 90 ft. with a current buildable square feet of 7,200. The current PPBSF is $278 and the current zoning is M1-2 with a FAR of 3.6. The sellers were 548 Union LLC and the buyers were Union Street Capital. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates, and Daniel Shawah represented both the buyer and seller.


• 568 Driggs Avenue in Williamsburg, Brooklyn, a six-unit mixed use building with five apartments and one store. It is approximately 5,250 s/f priced at $628 psf and $550,000 per unit. The corner building is rent stabilized. The seller was Larry Kessler and the buyer was Barry Wagschal from YBW Realty. Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky, and Corey Haynes handled both sides of the transaction.

AMS Acquisitions announced the purchase of 377 Summerhill Road in East Brunswick, NJ, for $5.1 million. The seller was HD Summerhill, LLC, a joint venture of the Hampshire Companies and Diversified Realty Advisors. AMS plans to construct four, three-story buildings with 96 rental apartments on the seven-acre development site. The community will consist of 24 affordable units, 72 free market one-and-two-bedroom units. The development is directly across from a Shoprite-anchored shopping center and adjacent to the Frost Woods, a protected forest with popular hiking trails and recreational activities. Brian Whitmer, Ryan Dowd, Peter Welch and the New York Metropolitan Area Capital Markets Team at Cushman Wakefield NJ, represented the seller and procured the buyer.

507-509 WEST 135TH STREET

Ariel Property Advisors announced the following sales:
• West 135th Street LIHTC Portfolio, a package of eight walk-up buildings located in West Harlem, sold for $11.6 million. The portfolio contains 111 residential units and three retails units, encompassing a total of 101,938 gross square feet. There are nine studio apartments, 30 one-bedroom units, 55 two-bedroom units, 17 three-bedroom units and one super’s unit. The portfolio was preserved as affordable housing and will remain as such for over 30 years. The sale was arranged by a team led by Victor Sozio.
• 235 East 96th Street, sold for $2.63 million. The 10-story, 25 ft. wide affordable housing multifamily elevator building on the northwest corner of 2nd Avenue and 96th Street comprises 16 residential units, all of which are two-bedroom apartments. The sale was arranged by a team including Victor Sozio, Mark Anderson and Daniel Mahfar.

Colliers arranged the sale of a multi-tenant medical and office property located at 71 Union Avenue in Rutherford, NJ. A team led by Jacklene Chesler along with Matthew Brown and Patrick Norris handled the transaction. The seller is a private entity affiliated with Aspen Advisors and the purchaser remains unnamed. 71 Union Avenue is a 32,226 s/f building within walking distance of the train station and downtown area that best accommodates smaller tenants.

493 Route 38 West, Maple Shade, New Jersey

Cushman & Wakefield announced the following sales:
• 200 Bruckner Boulevard and 715 East 136th Street, two industrial lots totaling 7,011 s/f, sold for $1,500,000, equating to $214 psf. Jonathan Squires and Joshua Neustadter represented the seller. Located in the Port Morris neighborhood of the Bronx, the lots allow for approximately 14,022 buildable square feet, while use of the community facility bonus allows for a maximum of approximately 33,652 buildable square feet.
• The Macy’s Furniture Gallery Store, a 72,625 s/f retail asset located at 493 Route 38 West in Maple Shade, New Jersey. The final sale price was $9,850,000. Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the seller and procured the buyer, Northbridge Partners. The property is a single-tenant, triple net long term leased asset backed by Macy’s Retail Holdings. Situated on 9.43 acres, the property was originally built in 1991 for Hechinger, but Macy’s has occupied the building since 2001. The tenant recently executed a 10-year lease extension.

Vanderbilt Realty announced the sale of 3285 Veterans Memorial Hwy, Ronkonkoma, NY on behalf of a Hackensack New Jersey partnership. The property spans over 71,000 s/f comprised of four buildings. The sale price was $11 million. Vanderbilt represented both the buyer, a limited liability company located in Garden City, NY. and seller. Lyle Alper, director of investment sales, made the announcement.

3285 Veterans Memorial Hwy, Ronkonkoma

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