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Deals & Dealmakers

On The Scene: LichtensteinRE retained, TerraCRG in Prospect Heights

AGENTS

LichtensteinRE has been retained on an exclusive basis to sell a multifamily apartment building located at 56 Groshon Avenue Yonkers, Westchester, New York. The asking price is $1,175,000 but offers at all prices are invited.

The property, built in 1965, is a three story walk-up building containing six residential 3 1/2 or 5 bedroom apartments totaling 36 rooms plus a large basement with 7 storage spaces that can also be rented. The 5,958 square feet building sits on a 2,612 square foot lot, is currently undergoing complete gut rehab renovations from the roof down. The building can be either delivered rented or vacant at the time of the closing.

Once renovations are completed, all apartments will have new hardwood flooring, sheetrock walls and ceilings, lighting, kitchens, bathrooms, appliances and fixtures and the building will have a new roof. The new buyer will enjoy an estimated of 10.3% return of investment/Proforma cap rate and an annual net ordinary operating income of $121,070.

The building is located in a desirable Yonkers location between Vark Street and Herriot Street. It has beautiful views of the Hudson River and scenic bluffs of the NJ Palisades Park and Preserve. It is only blocks away from the city line and it has easy access to Manhattan through the Metro North railroad and the Westchester Bee-Line connecting to MTA buses and the #1 subway. It is close to the Cedar Place Elementary school, St. Mary School and St. Peter School.

The property is being marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.

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TerraCRG announced that they have been retained exclusively to sell a development site at 373 Prospect Place, located in Prospect Heights. The site will be delivered with approved plans. Ofer Cohen and Dan Marks, along with their team, are marketing the site. Ownership is requesting proposals.

Situated between Washington and Underhill Avenues, the irregular 3,857 SF site contains a mix zoning of R6A/C2-4/R6B, allowing for a total buildable of approximately 13,380 SF.

The site is positioned near a number of neighborhood attractions including the Brooklyn Museum, Brooklyn Public Library, Brooklyn Botanic Garden and Prospect Park. Additionally, it benefits from proximity to Vanderbilt Avenue, which has been recognized as a true retail destination, featuring over 20 food establishments with some of Brooklyn’s most trendy restaurants.

Over the last decade, Prospect Heights has seen a tremendous transformation, including luxury condo developments, strong retail and a robust brownstone sales market that is rivaling neighboring Park Slope, with some brownstones fetching over $1,000/SF. The lack of condo inventory in Prospect Heights has created a surge in condo pricing over the last few months, with recent pricing reaching above $1,200/SF.

The site is located near four express trains, allowing for a quick commute to Manhattan in just 15-25 minutes. It is also only a few blocks from the Barclays Center, offering access to multiple trains and the LIRR.

SALES

NAI James E. Hanson announced the sale of a 134,790-square-foot industrial building located at 701-705 Jefferson Road in Parsippany, N.J. to Hudson News, the world’s largest operator of airport newsstands. NAI Hanson’s Scott Perkins represented the seller, Jofra Realty, in the transaction.
701-705 Jefferson Road sits on 8.3-acres and boasts 18 loading tailgates, six drive-ins, 122 parking spaces and 22-foot ceiling clear height allows for large companies to maximize their operations. The property offers direct access to Interstates 287 and 80, as well as convenient access to Routes 46 and 202.

Bonnie Heller of Cushman Wakefield represented Hudson News. NAI Hanson does not disclose pricing in their news releases.

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Cignature Realty closed the following deal: The sale of 541 West 144th Street in Hamilton Heights, Manhattan (Between Broadway and Amsterdam Avenue) for $4.55 million.This is a 14,190 sq. ft. five-story walk-up apartment building with 20 rental apartments. It sold for 18.5 times the rent roll and has a cap rate of 2.6 percent.

Cignature Realty’s Peter Vanderpool and Lazer Sternhell represented both the seller, 144 Street Properties, LLC. and the buyer, a local real estate investor.

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Cushman & Wakefield has orchestrated the acquisition of 701-705 Jefferson Road, an industrial facility in Parsippany, by Hudson News Distributors. The buyer was represented by Bonni Heller, East Rutherford, N.J.-based associate director for the commercial real estate services firm. Seller Jofra Realty was represented by Scott Perkins of NAI Hanson.

Prior to the acquisition, Hudson News, an operator of airport newsstands, was a full-building tenant of the property. The acquisition caps a process that began in 2013 when Heller, who has represented the company’s real estate interests for more than two decades, arranged the lease at 701-705 Jefferson Road, a transaction that marked the relocation of Hudson News’ wholesale distribution headquarters to the site from North Bergen, N.J. Heller simultaneously teamed with colleagues Richard Baumstein, and Cushman & Wakefield Metropolitan Area Capital Markets Group team members Andrew Merin and Gary Gabriel – all based in the firm’s East Rutherford, N.J., office, in the sale of the former location.

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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of a 13,200-square-foot property at 394 Hendrix Street in the Brownsville/East New York neighborhood of Brooklyn, NY for $1.85 million. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement.

KDA served as the exclusive agent for the building. Allison Chambers of KDA represented the seller, NY PCC, while Joel Kohn and Avrum Lieber of KDA represented the buyer, HRS NY Realty, in the transaction.

The building at 394 Hendrix Street was previously used as a school and, more recently, as healthcare offices. The buyer plans to renovate the existing building for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system.

The property is located on Hendrix Street between Belmont and Pitkin avenues. Transportation options include the C, J and Z subway lines, B14, B20, B83 and Q24 bus routes, Atlantic Avenue and the Jackie Robinson Parkway.

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Klosed Properties is pleased to announce the purchase of 507 Myrtle Ave, Brooklyn, NY for $3,200,000. The subject property is a 3,800 Square Foot Mixed Use Building, located in Clinton Hill. The property consists of 2 Stores, 4 Apartments, and features a total buildable of 10,000 SF.

This closing marks the company’s first acquisition of 2016, while they are currently under contract to purchase six additional properties.

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NAI Mertz, a full-service commercial real estate firm serving southern New Jersey and greater Philadelphia, recently completed the sale of a 76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township, NJ. Scott Mertz, SIOR, president of NAIMertz, represented the seller, Corporate Enterprises, Inc. The buyer, J.G.Petrucci Company., Inc., plans to construct a state-of-the-art industrial facility on the parcel.

The site is the location of the former Logan Township airport, and is minutes from two exits of I-295 and the Commodore Barry Bridge, providing access to the City of Philadelphia, Philadelphia International Airport and I-95. The ability to connect to the region’sinterstate highway network has long attracted distribution and manufacturingoperations to Pureland and its immediate surroundings. Amazon and

Home Depot are among the national retailers with operations in the park; and the ability to provide quick deliveries to a large population has also led to a concentration of food manufacturers and distributors to take space in the park.

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Rakow Commercial Realty Group, Inc. sells All Westchester/Saw Mill Multiplex Cinemas, Hawthorne, NY. KBT Theatres, LLC was the seller. The sale price was $9,600,000. There were no other brokers.
In a contract that was signed December of 2014, the All Westchester Multiplex Cinemas and its +/- 10 acre lot were sold to Danbury Audi, a division of the Weeks Automotive Group.

Audi plans to open a 65,000 SF state of the art Audi dealership facility by summer of 2017. Audi is the first luxury car line to move to the Hawthorne area and should attract buyers from all over the

Westchester, Putnam and the surrounding areas, according to Bruce Wenig who, along with Rick Rakow, were the brokers representing both buyer and seller.

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Silvershore Properties announced the recent purchase of seven buildings throughout Brooklyn and Queens in separate transactions over the last few weeks. They closed 2015 with the purchase of 29 buildings.
•1005 Broadway in Bushwick, Brooklyn for $1.15 million. This building has two residential apartments and one store.
•32 Seneca Avenue in Ridgewood, Queens for $1.35 million. This is a six-family, 5,400 sq. ft. residential building.
•623 Halsey Street in Bedford Stuyvesant, Brooklyn for $2 million. This is a eight-family, 10,000 sq. ft. residential building.
•1236 Union Street in Crown Heights, Brooklyn for $3.66 million. This is 16-unit 15,000 sq. ft. residential building.
•469 Central Avenue in Bushwick, Brooklyn for $1.2 million. This 4,500 sq. ft. building has four residential units and one store.
•234 Schenectady Avenue in Crown Heights, Brooklyn for $1.2 million. This is a six-family, 6,000 sq. ft residential building.
•20 Menahan Street in Bushwick, Brooklyn for $1.325 million. This is a six-family 5,400 sq. ft. residential building.

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Eastern Consolidated has arranged the sale of two mixed-use properties in the Greenpoint and Clinton Hill sections of Brooklyn for a total of $10.3 million.

In Greenpoint, a +10,394-square-foot, mixed-used building at 109-111 Franklin Street traded for $7.1 million, which translates to $683 per square foot.

Jonathan Schwartz, a Director in the Investment Sales Division of Eastern Consolidated, represented both the seller, a long-time owner, and the buyer, an international investor, in this off-market deal.

The four-story walk-up on the corner of Franklin Street and Greenpoint Avenue contains 16 units, of which 12 are two-bedroom apartments that are all rent stabilized and four are fully leased retail units. The Greenpoint Avenue subway station for the G train and the India Street/Greenpoint stop for the East River Ferry are a short walk away.

New York City rezoned the Williamsburg/Greenpoint waterfront in 2005, paving the way for dozens of new residential projects. In Greenpoint, developers are planning Greenpoint Landing, which will create 5,500 apartments, 9 acres of parkland, riverside walkways, and open spaces on 22 acres of waterfront property.

In Clinton Hill, a 25-foot-wide, 3,762-square-foot mixed-use property at 507 Myrtle Avenue between Ryerson and Grand Avenue sold for $3,200,000, or $851 per square foot.

Akil Rossi, an Associate Director in the Investment Sales Division of Eastern Consolidated, represented the seller, 507 Myrtle LLC, and procured the buyer, Klosed Properties, in this off-market deal.

The three-story building consists of two stores and four apartments, and offers a total of 10,000 buildable square feet for future development.

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NGKF Capital Markets is pleased to announce the sale of 2 University Plaza in Hackensack, New Jersey on behalf of GE Credit Equities (GE). The building, which was purchased by Venture Hackensack LLC for $10.25 million, is 72 percent occupied and consisted of 33 tenants at the time of the sale.
NGKF Capital Markets Executive Managing Director Steven Schultz, Managing Director Tony Georgiev and Director Josh Malka, along with Managing Director Blake Goodman, served as the leasing specialist rep.

2 University Plaza features 148,453 rentable square feet and comprises six stories of 25,000-square-foot floor plates, which is ideal for small or large tenants. The facility offers on-site management, a cafeteria, flexible build-to-suit and FIOS enabled suites, 24/7 card-key access and evening manned security.
The 6.12-acre property is separated into two lots by Temple Avenue, with the office facility on parcel one and 490 parking spaces on parcel two, 134 of which are shared with The Learning Center Childcare Center.

Centrally located in Hackensack’s primary office park and adjacent to Hackensack Avenue, 2 University Plaza provides easy access to New York and the entirety of New Jersey, through its proximity to the Anderson Street and Essex Street train stations. The property is also accessible from Routes 4 and 80, the Garden State Parkway, the New Jersey Turnpike and the George Washington Bridge.

With over 150 firms in the area, along with the Bergen County Justice Center and County Government buildings, the location is ideal for law firm tenants.

Neighborhood amenities include a variety of regional and national retailers such as The Shops at Riverside, anchored by Bloomingdales and Barnes & Noble.

The mall has claimed the title of North Jersey’s premier luxury shopping destination several times in its 38-year history. Dining options at The Shops at Riverside include The Cheesecake Factory, Houston’s, Maggiano’s, Morton’s The Steakhouse, P.F. Chang’s, Rosa Mexicana and The Oceanaire Seafood Room.

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