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Deals & Dealmakers

On The Scene: Lee & Associates’ Rockaway Beach assignment, Eastern Consolidated marketing Village space

AGENTS

Lee & Associates NYC announced that Garry Steinberg, Harris Bulow and Jaime Schultz hold the exclusive agency for a 60-foot by 85-foot development site at 166 Beach 116th Street, in Rockaway Beach. The vacant site includes 60 feet of frontage and holds an R7A zoning, allowing for as is building heights up to 80 feet.  Nearby restaurants and businesses on Beach 116th Street include Paul’s Bicycle Shop, Blue Bungalow, Cuisine by Claudette, Rock-a-Pup, Rockaway Surf Snack’s, Pickles & Pies Food Market Deli, Belle Harbor Steak House and Garden’s Best. The two-block strip spans from Rockaway Beach to Beach Channel Drive.

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Photo by Celynek/ Flickr
Photo by Celynek/ Flickr

Eastern Consolidated has been selected as the exclusive leasing agent to market a long-term lease for a 4,000 s/f, corner commercial space in the Brevoort, a landmarked co-op at 11 Fifth Avenue in Greenwich Village. Adelaide Polsinelli is marketing the property on behalf of the co-op along with Ryan Reszelbach and Jon Kamali. The ground floor space is suited for a financial institution, dental/medical office, home goods store, or educational center.

  • Eastern’s leasing team also is marketing a separate, 700 s/f in-line commercial space on the Eighth Street side of the Brevoort. The Fifth Avenue corridor between 14th Street and Washington Square Park is well-known for its luxury residential properties. The Brevoort also benefits from its close proximity to New York University with more than 25,000 undergraduates, and subway transportation at 14th Street-Union Square, West Fourth Street and Washington Square, and Eighth Street.

SALES

BEB Real Estate, a real estate and investment company controlled by Bert E. Brodsky & Associates, announced its purchase of a 41,924 s/f residential indoor parking garage in Long Island City for $7.2 million. The garage, located at 27-28 Thomson Avenue, is situated at the Arris Lofts condominium building at One Court Square, across the street from CUNY School of Law and the Citicorp building. The parking garage allows for more than 200 spaces, and is operated under a long-term lease by MTP Parking, which runs parking facilities in Long Island City, New York City and Williamsburg. The seller was represented by Massey Knakal, now part of Cushman & Wakefield. BEB was represented by Northeast Equity.

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Houlihan & O’Malley Real Estate Services announced the sale of 855-861 Yonkers Avenue. The building has 6,000 s/f of retail space on the ground level with an additional 2,250 s/f of storage and office space on the second floor. The building is on a 13,000 s/f lot with 16 parking spaces. It is located directly across from Yonkers Raceway Casino on Yonkers Avenue. There were two separate businesses, All World Beverage and Fergies’s Warehouse Wine and Liquor that closed simultaneously with the real estate. The buyers were Kella Westchester 2015 Corp., Wholesale Beer and Beverage Mark & Mike, LLC and Mark and Mike Warehouse Wine & Liquors, Inc. The sale price of the real estate was $1,900,000. The sale price of the beer and liquor stores were not disclosed. Gerry Houlihan and Dan Houlihan with Houlihan & O’Malley, represented the sellers. The sellers’ attorney was James Veneruso with Veneruso, Curto, Schwartz and Curto. The buyers were represented by Yovendra Mangel with DelCarmen & Mangel, PC. The deal was financed by Sterling National Bank. Tom Goff was the loan officer.

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Ariel Property Advisors have announced the sale of two multifamily properties in Northern Manhattan for a total of $9.4 million. The properties are located at 532 West 152nd Street in Hamilton Heights and 273 West 140th Street in Central Harlem. Exclusive agents Victor Sozio, Michael A. Tortorici, Josh Berkowitz, Matthew Gillis and Samuel Atlas represented the owners and procured the buyers for both sales.

  • 532 West 152nd Street. The 41 ft. wide, 14,010 s/f five story walk-up property sold for $6.7 million. The building is comprised of 20 residential units; one one-bedroom unit, eight two-bedroom units and 11 three-bedroom units. The transaction price translates to approximately $478 per square foot and $335,000 per unit.
  • 273 West 140th Street. The 25 ft. wide, 9,345 s/f five story walk-up building sold for $2.7 million. The property is comprised of 10 residential units; six one-bedroom and four two-bedroom apartments. The sale price translates to approximately $289 per square foot, $270,000 per unit and a gross rent multiple of over 15 times.

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Besen & Associates announced the sale of 131 West 80th Street, between Amsterdam Avenue and Columbus Avenue in Manhattan’s Upper West Side. Besen & Associates broker Robert Koda represented the seller and Hilly Soleiman represented the buyer. The property sold for $5 million to a local private investor. The pre-war Brownstone is a 4-story multifamily building comprised of nine apartments. Constructed in 1900 and renovated in 1998, it has 6,425 s/f and is built on a 21 x 102.17 ft. lot. The average rent per month is $1,789. The sale price of $5,000,000 equates to a capitalization rate of 2.1% and $778 per square foot. The purchaser has future plans to convert the property into a townhouse. This landmark building previously sold for $2.8 million in 2008. Attorney Sander Srulowitz, Esq. of Sonnenschein, Sherman & Deutsch represented the seller. The buyer was represented by Mark A. Chapman, Esq. of Law Offices of Chapman & Associates, PLLC.

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EPIC Commercial Realty announced the following sales:

  • A vacant three-story, walkup located at 303 Harman Street in Bushwick, Brooklyn, sold for $1,800,000. The frame apartment building features six two-bedroom, railroad–style units and is located one block from M train station and down the street from P.S. 86 The Irvington School. Justin Zeitchik represented the seller. EPIC CEO Yona Edelkopf represented the buyer.

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NAI James E. Hanson brokered the sale of a 25,600 s/f office building located at 360 Route 24 in Chester, N.J. Young Bakerin Reality acquired the property and will relocate from its existing office in Flanders, NJ. NAI James E. Hanson Sales Associate Joseph F. Vindigni, represented the seller, 360 Rt. 24 Chester, LLC and the buyer in the transaction. The three story building is situated on more than 7 acres of picturesque grounds with indoor and outdoor event space and parking for up to 100 vehicles.

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Icon Realty Services Inc. announced the following sale:

  • 1871 2nd Avenue, Manhattan, sold for $3,675,000, which translates to $1,042 psf. Hayel (Sammy) Shaban represented the seller and buyer in this transaction. The property is a NNN leased single story commercial building with McDonald’s tenant compromising of approximately 3,500 s/f.

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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the $3 million sale of a 15,000 s/f development site at 113-02/10 Atlantic Avenue in the Richmond Hill section of Queens, NY. KDA brokers Dmitri Gourianov and Neil Firtle represented the seller, James Messineo, and the buyer, a local construction and development company LK and Zoria LLC. The 15,000 s/f development site includes a 2,000 s/f building. The lot’s former life was as a used car sales lot. The buyer, LK and Zoria LLC, plans to build a mixed-use development with retail, commercial space, and residential units. The property at 113-02/10 Atlantic Avenue has frontage on two streets, with 160 feet of frontage on Atlantic Avenue, and is zoned C2-3/R6A.

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Marcus & Millichap announced the following sales:

  • A 49-unit apartment property located at 210-214 Franklin Street in Bloomfield, NJ, sold for $4,475,000. Nat Gambuzza and John Veniero, represented the seller, a private investor. The buyer, a private investor, was secured by Gambuzza and Veniero. The property was marketed with 24 vacant units that were destroyed by a fire. The strategy that netted the seller the most proceeds was to allow the purchaser to renovate and lease the apartments prior to taking ownership of the property, which needed to be carefully negotiated, said Gambuzza.
  • 910 Prospect Place, a 8-unit apartment property located in Brooklyn, sold for $2,580,000. Shaun Riney, Derek Bestreich and Lucien Sproviero represented the seller, a private investor. The buyer, a developer, was also secured and represented by Riney, Bestreich and Sproviero.
  • 252 Union Avenue, a 4-unit apartment property located in Brooklyn, sold for $1,417,000. Shaun Riney, Michael Salvatico and James Saros represented the seller, a private investor. The buyer, a developer, was also secured and represented by the team.
  • 137 Frost Street, 7,500 s/f of land located in Brooklyn, sold for $5,350,000. Shaun Riney, Michael Salvatico, and James Saros represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
  • 130 9th Street, a 8-unit apartment property located in Brooklyn, sold for $1,850,000. Shaun Riney and Eric Eckhardt represented the seller, an individual/personal trust. The buyer, a developer, was also secured and represented by Riney and Eckhardt.

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Northeast Private Client Group has announced the sale of two suburban multifamily properties located in Cheshire and Greenwich, CT.  Bradley Balletto, the firm’s regional manager, and David Almeida, senior associate in the firm’s Connecticut office, represented the sellers and the buyers.

  • The Cheshire, CT, property, located at 122 Country Club Road, comprises 16 two-bedroom apartment units and 10 garages with tenant-paid utilities. The seller was a private investor based in Norwalk, CT. The buyer is a private investor based in Shelton, CT. The property sold for $1,475,000, a price that equates to more than $92,000 per unit and represents a capitalization rate of 7.0% on the current net operating income.
  • The Greenwich, CT, property, located at 307 Hamilton Avenue, comprises five apartment units in two brick buildings with landlord-paid utilities. The seller was a New York-based real estate investment fund. The buyer is a private investor based in New York. The property sold for $1,400,000, a price that equates to $280,000 per unit and represents a capitalization rate of 6.1% on the current net operating income.

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TerraCRG announced the sale of the multifamily building located at 739 Quincy Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The property sold for $1,225,000. Matthew Cosentino, Eric Satanovsky and John Bataille were the sole brokers for this transaction. The four-story building, between Malcolm X Boulevard and Patchen Avenue was delivered vacant. The brownstone consists of four free market units, each with one bedroom. Two of the four have access to the backyard and one unit features a large terrace. The property also has an additional 534 s/f of buildable rights. A renovation in 2010 included a new roof, new electrical system a hot water heater and an updated interior for all units. When fully-occupied, the property has a projected income of approximately $82,000 per year.

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Cushman & Wakefield announced the following sales:

  • 116 Bedford Avenue was sold in an all-cash transaction valued at $5,200,000, or approximately $945 per square foot. The sale broke the highest price per square foot for an eight-family, walk-up building. Brendan Maddigan exclusively represented the seller.116 Bedford Avenue, located between North 10th and North 11th Streets, is a four-story, eight-family building that contain ing 5,500 s/f.
  • 210 Bedford Avenue was sold for $6,750,000, or approximately $2,689 per square foot, the highest price per square foot for any Brooklyn building. Brendan Maddigan exclusively represented the seller. 210 Bedford Avenue, located between North 5th and North 6th Streets, is a three-story, mixed-use building that contains approximately 2,510 s/f. Completely renovated, it consists of a vacant, luxury duplex apartment above an 88 s/f retail space occupied by Juice Generation. Brendan Maddigan represented Savanna in the sale.
  • The Hewlett Portfolio, consisting of two fully-leased commercial buildings in Hewlett, Long Island, was sold for $1,675,000. The two-story buildings are located at 1226 and 1234 West Broadway. Combined, the buildings total 6,261 s/f with 26 commercial units and one residential unit. The sale price equates to approximately $268 per square foot. Dan Abbondandolo handled this transaction with Michael DeCheser. The buildings are ideally located within a few blocks from the Long Island Railroad, Peninsula Boulevard, and the Southern State Parkway.
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