Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Latest middle market sales, exclusives

SALES

Avison Young announced the sale of two four-story residential properties in the East Village neighborhood of Manhattan. 349 East 13th Street was acquired for $3,500,000 while 405 East 6th Street (pictured top) was acquired for $4,000,000. The same family had owned the properties for over 25 years. Brandon Polakoff represented the seller and buyer in both transactions.

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Bestreich Realty Group (BRG) announced the closing of 417 3rd Street in Park Slope, Brooklyn for $4,700,000. The multifamily property has four apartments which total approximately 5,208 s/f priced at $902 psf. The property 21 by 62 ft. and the lot dimension is 21 by 95 ft. It is zoned R6B and FAR 2.0. The seller was Kenneth Nicholds and the buyer was William Chang. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates, and Daniel Shawah facilitated both sides of the transaction.

CHRISTEN PORTELLI

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Highcap Group announced that Ty Gallishaw and Christen Portelli have completed the sales transaction of 128 Montague Street in Brooklyn Heights, New York (aka 193-201 Henry Street). This was the first sale in over 30 years. The property was family owned and operated since the 1990’s. The mixed-use building has over 8,000 s/f and 86 ft. of wraparound frontage with two commercial spaces and nine apartments. Pinto Restaurant is on the ground floor, a well-known modern Thai restaurant having locations in Chelsea, Manhattan and Brooklyn Heights and the 2nd floor retail space is currently vacant. The apartments are a mix of rent stabilized and free market; five units were delivered vacant. The property traded for $2,800,000. The purchasers saw long term opportunity and have the ability to carry the building while they reposition and add value.

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Friedman-Roth Realty Services announced the sale of a 260 Brook Avenue (aka 508 East 139th Street) in the Mott Haven section of the Bronx. The six-story walk-up apartment building has 25 apartments and 4 retail spaces. The property features 90 ft. of frontage on Brook Avenue and was constructed in 1915. The selling price was $5,000,000. George Niblock procured the purchaser.

347 EAST 4TH STREET

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Cushman & Wakefield arranged the sale of two multifamily properties located at 347 East 4th Street and 340 East 9th Street. Michael DeCheser and Bryan Hurley represented the sellers in both transactions.
• 347 East 4th Street is a three-story community facility consisting of offices in the cellar and ground floor and four units on the upper two levels. The 3,212 s/f property was delivered vacant and will be converted to a multifamily building. The asset was sold by Community Access, a not-for-profit organization, for $2,385,000, equating to $742 psf.
• 340 East 9th Street is a 7,300 s/f multifamily walk-up consisting of 10 two-bedroom/two-bath units. Renovated in 2005, new ownership plans to renovate units as they become vacant. The property was sold by Shimon Avadi for $5,975,000, equating to $818 psf.

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The Metro North Investment Sales Team of Northeast Private Client Group (NEPCG) announced the sale of Castle Place Townhomes located at 241-251 Castle Avenue in Fairfield, Connecticut. Jeff Wright and Rich Edwards represented the seller in the $2,675,000 transaction, equating to a $445,833 price per unit and a 5.4% cap rate. Castle Place Townhomes consists of six 1,856 s/f three-bedroom, 2.5-bath townhomes with individual driveways and two-car garages. Built in 2007, the property is 50 miles from New York City. The property was sold to a New Haven County investor in a 1031 exchange.

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Five Point Real Estate announced the sale of 159 W. Main Street, Patchogue, NY, to ABH Realty Group Inc., for $2.04 million. The 10,000 s/f, two-story building constructed in 1930 has been home to Bargain Bilge Marine Supply for more than three decades. ABH plans to redevelop the site for a national retailer. Situated on more than a half-acre directly opposite the Anheuser-Busch-owned Blue Point Brewery, the building had been on the market for six months. Five Point Real Estate’s Guy Canzoneri and Jerry Mancini represented the seller, George Emerick.

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NAI James E. Hanson announced the sale of vacant 15,390 s/f bank building at 181 Boulevard in Hasbrouck Heights, NJ. Joan Cenicola and John Schilp represented the seller. Bogota Savings Bank was the purchaser. The two-story building’s prior use is suited to Bogota’s needs for a new corporate headquarters and bank branch.

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Private equity investment firm Tryko Partners has acquired the Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, PA. The facility – renamed Markley Rehabilitation & Healthcare Center – is slated for an immediate $3.5 million investment in physical plant renovations and specialty programming enhancements. Uri Kahanow, director of acquisitions, made the announcement. Located on five acres at 550 E. Fornance Street, Markley sits within densely populated and affluent Montgomery County, approximately 12 miles northwest of downtown Philadelphia. It is within a 10-mile radius of nine short-term acute-care hospitals. The facility, which was previously owned by a faith-based nonprofit organization for 50 years, maintains a four-star rating for quality measures from the Centers for Medicare and Medicaid Services (CMS). IDB Bank provided purchase financing for the acquisition.

AGENTS

Keller Williams NYC announced that Julia Maksimova and David Workman have been retained to sell 122-01 22nd Avenue in College Point, Queens. The asking prices is $5.6 million. The 17,143 s/f, three-story, mixed use, elevator building was constructed in 2011 by Chon Property Corp. It is currently housing a laundromat, offices and two three-bed apartments and enjoys private and street parking. The property has an ICAP tax abatement until June 2027 and can be delivered fully vacant.

122-01 22nd Avenue
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