SALES
Mark Zborovsky announced the sale of a block of 106 Unsold Sponsor Units at Le Havre Co-op Corp, Whitestone, NY for $11 million. The vacant market value of the property is $32,000,000, according to Zborovsky.
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Friedman-Roth Realty Services LLC announced the sale of a Bronx apartment building located at 171 West Burnside Avenue (aka 1901-11 Loring Place). The six-story elevator building contains 60 residential units and 4 retail stores. The property was constructed in 1925 and encompasses 65,280 s/f. The purchase price was $7,600,000. It’s the first sale of the property in over 25 years. Friedman-Roth’s Guiseppe Inglese and George Niblock were the brokers in this transaction.
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Cushman & Wakefield announced the sale of 447 Monroe Turnpike, Monroe, Conn. The property is a one-story, 13,254 s/f retail building situated on 2.34 acres. Cushman & Wakefield represented the seller, Monroe Turnpike Associates, in the sale to Parkway Plaza, LLC, based in Norwalk, Conn. The property sold for $3,275,000 or $247/square foot. The sales team was comprised of Al Mirin and Kate Schwartz.
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The CPEX New York Development & Conversion Investment Sales Team announced the sale of a development site located at 368 Lenox Road in Brooklyn, less than a block from the SUNY Downstate Medical Center. The site consists of one existing two-family house, which was delivered vacant. The 4,725 s/f lot is zoned R7-1, permitting approximately 18,900s/f of buildable space “afor residential use. The sale price was $1,250,000, or $66 psf. Sean R. Kelly, Esq. and Matthew J. Dzbanek, represented the seller and the buyer, The Daten Group.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• 17-19 Madison Street, a 6-unit apartment property located in Ridgewood, NY, sold for $1,150,000, or $205 psf. Shaun Riney, Dan Greenblatt and Thomas Shihadeh represented the seller. The buyer was secured by Shihadeh, Riney and Greenblatt.
• 1222 Rogers Avenue, a 7,400 s/f mixed-use property in Brooklyn, NY, sold for $1,050,000, or $142 psf. Derek Bestreich and Erik Rodriguez represented the seller.
• A townhouse redevelopment site at 814 Dean Street, located in Brooklyn, NY, sold for $1,275,000. Derek Bestreich, Lucien Sproviero and Shaun Riney represented the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Bestreich, Riney and Sproviero.
• Nottingham Plaza, a 8,200 s/f retail property in Hamilton, NJ, sold for $960,000. Michael Lombardi and Julienne Pape represented the seller, a private investor. Pape also represented the buyer in this transaction.
• 151 Dupont Street, an 8-unit apartment property in Brooklyn, NY, sold for $1,890,000, or $378 psf. Shaun Riney, Jim Saros and Michael Salvatico represented the seller. The buyer, a limited liability company, was secured and represented by Saros, Salvatico and Riney.
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Massey Knakal announced the following sales:
• A retail building at 3556 Broadway in Hamilton Heights sold for $5,050,000. The two-story building contains 10,000 s/f on an L-shaped lot and is currently occupied by the triple net lease tenant, Payless ShoeSource. The sale price equates to $505 psf. Josh Lipton exclusively handled this transaction.
• A six unit condo package within 101 West 87th Street on the Upper West Side sold for $1,840,000. The rent stabilized units total 4,590 s/f with the sale price equating to $401 psf. The units are situated within a 12-story elevator building that recently underwent a full gutrenovation and conversion to a full-service luxury condominium. Hall Oster exclusively handled the sale along with CEO Paul Massey, Jr. and Teddy Galligan.
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TerraCRG announced that Adam J. Hess, Sam Shalumov and Chris Pechlivanides closed on the sale of 459 Bay Ridge Avenue, Brooklyn. The vacant 20-unit property sold for $4,300,000, or $330 psf. The buyer will be creating a high end rental project.
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John Barrett of Admiral Real Estate Services Corp. has sold a 2-story community use facility in downtown White Plains, NY. The property sold for $1,970,000, $165 psf. The property was sold to the Open Arms Housing Development Fund Company, an operator of a men’s homeless shelter at the site, 86-88 East Post Road. The seller was SWRS Associates, an insurance brokerage who formerly had offices on the second floor of the building. John Barrett originated this transaction while at Massey Knakal Realty Services. He represented the seller and the buyer.
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Besen & Associates announced the following sales:
• 1185 Lebanon Street, Bronx, NY, sold for $7,550,000. The property is a 73,000 s/f, 6-story elevator building containing 75 apartments, 7 stores and roof antenna. Amit Doshi represented seller, and Alex Frants represented the purchaser, a local private investor. The sale price was equivalent to a 8.1 GRM, 6.5 percent cap rate, $103 price per square foot. Mark Mandell of Mandell, Mandell, Edelman & Okin LLP represented the seller, and Mark Campbell, Law Office of Mark Campbell, represented the purchaser.
• Dix McBride Apartments, a garden/low-rise multifamily complex at 22-29 Dix Avenue in Far Rockaway, Queens, containing 130 apartments, sold for $8,520,000. The complex is comprised of 5 four-story buildings with 82,321 s/f of net rentable area and 155 parking spaces. It was 84 percent occupied at initial time of the sale. C-III Realty Services and Savills served as exclusive representation for seller J.P. Morgan Chase, and Lev Mavashev of Besen & Associates represented the purchaser, a local private investor. JP Morgan bought the note from CIBC, who were the original lenders to a private developer who built these buildings in 1998. They subsequently took the property back and put it back on the market. The selling price equates to $65,540 per unit, $103 psf. Winstead PC represented the seller, and Neil Kupferman of the Law Office of Neil Kupferman PC represented the purchaser.
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ERG Property Advisors announced the sale of 553 188th Street in the Belmont section of the Bronx, NY. The property is a five story walk up with 15 Class A residential units. It sold for $1,350,000. Matthew Murphy represented the seller in this transaction.
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Ralph Michel and Franco Fellah at Westport-based HK Group, have finalized the sale of the land at 3611 Post Road in Southport, CT for $1,000,000. The 0.5 Acre site has 170 linear feet of frontage on US-1 and it is zoned Designed Commercial, allowing a number of retail and commercial uses. The buyers are Jason and Paula Garelick of Garelick & Herbs, who plan to build a 4,000 s/f freestanding building for their specialty food store and market. The sellers are Jonathan and Christopher Woods.
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GA Keen Realty Advisors, LLC, the real estate division of Great American Group, Inc., announced the sale of a 44,333 s/f multi-family apartment building in Woodside, Queens. The seller, Strathmore Group, LLC, debtor-in-possession, filed for Chapter 11 bankruptcy in September 2013. The six-story building is located at 37-06 69th St. and includes 54 fully occupied units. Bliss Street, LLC was declared the winning bidder at a price of $10.45 million, thirty percent more than its stalking horse contract price, or $2.45 million.
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Cohen Real Estate arranged the off-market sale of a prime retail location at 2500 Coney Island Avenue in Brooklyn for $5.425 million. The property – a free standing, two-story commercial building – is 100-percent occupied, with JP Morgan Chase Bank serving as the anchor tenant. The transaction encompasses 7,200 square feet of retail space, as well as 12,000 s/f of parking. Michael Cleeman and Ric Kaiser represented both the buyer, Francman Realty, LLC, and the seller, 2500 Coney Island Avenue Associates, LLC.
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Lee & Associates arranged the sale of 1450 Route 22 West, in Mountainside, NJ, a 41,531 s/f medical office building (MOB) for $8.45 million, or $203 psf. Michael D. Staskiewicz represented the seller, ASC Mountainside Realty, a multi-specialty ASC owned by 36 physicians. The Punia Company, the original developer of the building, re-acquired the asset at the end of 2013, completing a 1031 exchange. Hayden Tiger, principal of The Punia Company, represented his firm in the transaction.
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A joint venture of principals of Robert Martin Company, LLC and MAG Real Estate Advisors, Inc. purchased a 32,000 s/f multi-tenant flex building located in Chestnut Ridge, New York. The fully-leased building, located at 70 Red Schoolhouse Road, was sold by PII Chestnut Ridge Realty, LLC. Tenants include Clemente’s Baseball and Softball Academy, Jade International Trading Co., and H&W Door & Hardware. Kenneth Lundberg of NAI James E. Hanson represented the seller and Jeff Kolodkin of Newmark Grubb Knight Frank represented the purchaser.
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Senack Real Estate announced the following sales:
• 227 Albany Avenue, Crown Heights, Brooklyn, a three-story walk-up comprised of 4 apartments and 3 stores, sold for $975,000.
• 167 Irving Avenue, Bushwick, Brooklyn. The three-story walk-up comprised 6 units, sold for $1,368,000.
• 92-594 Wyona Street in the East New York section of Brooklyn. Two adjacent three-story walk-ups comprised of 12 units, sold for $975,000.
• 273 Halsey Street, Bed-Stuy, Brooklyn, a four-story walk-up comprised of eight apartments, sold for $2,150,000. Anwar Sharhan of Halstead Property represented the seller.
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Simone Development Companies announced the acquisition of auto dealership properties on West Putnam Avenue in Greenwich. The purchase price was $5.2 million, according to published reports. Together, the four properties house two luxury car dealerships, including the local Mercedes-Benz and Cadillac franchises. 217 West Putnam Avenuehouses Cadillac’s Greenwich location; 252 West Putnam, which is the showroom for Mercedes-Benz of Greenwich; 261 West Putnam, dealership space for Mercedes-Benz; and 262 West Putnam, which is the Mercedes auto service building.
AGENTS
Norman Bobrow and Company is offering a 10-15 year lease at a six-story SoHo loft building at 182 Lafayette, (between Broome and Grand). the site of the former Children’s Museum of the Arts. Built in 1910, the six-story building is asking $125 psf or $375,000 approximate annual rent. The space is 3,000 s/f on the ground floor and a usable basement of equal size. The building owner is First New York Realty and the broker is David Tordjman of Norman Bobrow & Co., Inc.
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GFI Realty Services, Inc., has been named exclusive sales agent for 197 St. Marks Avenue, Prospect Heights, Brooklyn. The three-story building consists of six one-bedroom apartments and is listed for $2.4 million. Shlomo Antebi is overseeing marketing.
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TerraCRG has been retained as the exclusive agent for the sale of 570 Putnam Avenue in the Bedford-Stuyvesant neighborhood. The property is presented with an asking price of $1,800,000. The four unit building consists of a 1,800 s/f retail space, three large residential units and 800 s/f outdoor terrace space. Matthew Cosentino is handling the assignment.
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Eastern Consolidated has been retained as the exclusive agent to market for sale 234 East 7th Street, a 6,486 s/f walk-up building in the East Village. The asking price is $6.7 million. There are 20 apartments, half of which are rent stabilized. A number of the building’s systems were upgraded after Hurricane Sandy, including the installation of a new electrical system. The boiler was rebuilt and a gas burner was added. Marion T. Jones along with Stewart Davis are exclusively representing the seller.
