AGENTS
Shallini Mehra and Amit Doshi of Besen & Associates have been retained exclusively to market 344 Cabrini Boulevard in the Hudson Heights section of Upper Manhattan. The 4-story, 7,228 s/f walkup apartment building is situated between West 190th Street & West 187th Street and is comprised of eight residential units. Built in 1915, it was gut renovated in 1997 and is in turn-key condition. Lower level and first floor units have large patios and all rear units have views of the Hudson River and the New Jersey skyline. The Property is located just north of the George Washington Bridge and well served by public transportation. The building is comprised of one two-bedroom unit, four one-bedroom units, and three studios. With an average monthly rent of $1,900. Asking price has been reduced from $4,500,000 to $3,995,000.
SALES
Marcus & Millichap announced the following sales:
• 1327 Madison Avenue, two retail condominiums located beneath the Carnegie Hill Tower on the corner of 94th Street and Madison Avenue on the Upper East Side, sold for $7,400,000. Scott Plasky, Joseph Koicim and Peter Von Der Ahe of Marcus & Millichap’s Manhattan office and Michael Cimino of Marcus & Millichap’s Brooklyn office represented the seller, a private investor and procured the buyer, a limited liability company. This condo has 20 feet of frontage on Madison Avenue, and it is leased to Pink Lemon Nail Studio.
• 442 East 78th Street, a 20-unit apartment building on the Upper East Side, was sold for $6,575,000. The sale price equates to $731 psf and a Cap Rate 3.20%. Sumagli Realty was the seller. The buyer was Crest Realties. The deal was brokered by investment sales specialists Peter von der Ahe, Joe Koicim, Danny Handweiler and David Lloyd. Located between First and York, the property is 60 percent rent stabilized. It is the first change of ownership in 50 years.
• 2886 Briggs Avenue, a 31-unit apartment property located in Bronx, sold for $4,960,000. Marco Lala, Jack Lala and David Raciti of Marcus & Millichap’s Manhattan office, represented the seller, a private trust and procured the buyer, a limited liability company. The team achieved nearly $2,000,000 profit in sale since the property was purchased less than two years prior to listing with the firm. The mid-block, six story walkup achieved almost 13 times the rent roll. The professionally managed property is situated on the east side of Briggs Avenue just south of East 199th Street.
•••
Ariel Property Advisors facilitated the sale of 91-95 Diamond Street, a development site/residential building assemblage located in the Greenpoint section of Brooklyn. The property sold for $5.855 million, or $390 per buildable square foot. The development site at 91-93 Diamond Street and two-family home at 95 Diamond Street, which together have frontage of 75 feet, were delivered vacant. Zoned R6B, the site’s 2.0 floor area ratio allows 15,000 buildable square feet, as-of-right, for residential use. Located between Norman and Nassau Avenue, the assemblage is a short distance from the G train. Exclusive agents Daniel Tropp, Michael A. Tortorici and Jonathan Berman represented the seller and procured the buyer.
•••
EPIC Commercial Realty announced the sale of 418 Bryant Avenue, a commercial building in Hunts Point, Bronx. Located between Oak Point Avenue and East Bay Avenue, thE one-story commercial building has a triple net lease in place. Sitting on a 12,500 s/f site, the property is built full, with total air rights of 25,000 ss/f. Adam Waters represented the seller, a West Coaster offloading the last NYC property in his portfolio, and the buyer, an established local landlord. 418 Bryant Avenue sold for $2,190,000.
•••
Sean Lefkovits and Rami Polinsky of HPNY closed on the off-market sale of 1170 Nostrand Avenue for $1,700,000. The property is located in the Prospect Lefferts Garden section of Brooklyn. The three-story, walkup building has six apartments and two stores and is located between Fenimore and Rutland Street. The building is built approximately 5,200 s/f and traded for roughly $325 per foot. The seller was the 1170 Nostrand Avenue LLC. The purchasing entity was 1170 Nostrand LLC. Lefkovits and Polinsky of HPNY represented both sides of the transaction.
•••
Redwood Realty Advisors announced that its New York team successfully closed three separate sales in Yonkers, NY. The three transactions included a total of 42 apartment units and one commercial space that sold for a combined purchase price of $5 million. Investment Associates Michael Scrima and Thomas Gorman spearheaded the three deals for Redwood Realty.
• A 23-unit portfolio, including three separate buildings in central Yonkers, sold for $2.9 million. The team found a buyer who was capable of purchasing the three properties at one time, as well as taking over a business located in one of the buildings. The final purchase price was higher than the client’s original expectations.
• A 10-unit apartment building that sold for $1 million. The team was able to uncover a buyer who was willing to pay an aggressive price and close within 30 days. Showings for the property were extremely discrete as the long-time owner did not want to alert the tenants to the sale until after the transaction was complete.
• A 9-unit apartment building that sold for $1.1 million. In this case, the team worked closely with Redwood’s New Jersey team to identify various replacement properties so the seller could complete a 1031 Exchange within a 90-day window.
•••
Gebroe-Hammer Associates arranged the $7.5 million sale of 148 units at Summit Place, a recently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold, NJ. Vice President Adam Zweibel represented the seller, ARD Lindenwold LLC, and procured the buyer, a private investor, in the transaction. Situated in southwest New Jersey on the Pennsylvania border, Lindenwold has evolved into an emerging bedroom community offering close proximity to Center City, Philadelphia, just 17 miles away, and the Trenton/Ewing/Hamilton corridor, with its high concentration of New Jersey State offices and 72,700 government jobs. uilt in 1971, Summit Place recently underwent comprehensive capital improvements.
•••
Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates announced that the firm brokered the sale of 737-739 White Plains Road, Scarsdal. Lisa Daniel represented both seller and buyer. The 2,600 s/f building will be the new home to Pet Pantry Warehouse. This will be their 7th location. The highly visible site is across from The Vernon Hills Shopping Center and Lord & Taylor.
