Cushman & Wakefield has been retained to sell 311 Church Street, an 8,740 s/f mixed-use building in TriBeCa. Robert Burton, Maurice Suede, Bobby Carrozzo, Daniel Soyak and Vinny Puzio will be leading the marketing efforts. The five-story, mixed-use building is located on the east side of Church Street, in between Lispenard and Walker Streets. It is comprised of a ground retail unit with a basement and four free market residential units. The retail unit has been occupied by Macao for 12 years, an established restaurant with a lease expiring in March 2023.
Marcus & Millichap announced the following sales:
• 1291 Saint Marks Avenue, a 3,120 s/f retail property located in Brooklyn, sold for $869,000. Matthew R. Peters represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Peters. 1291 Saint Marks Avenue was sold at a 4.8% CAP Rate with one commercial unit in place, which is currently occupied by the City of New York Community Board #8. The property is situated directly in front of the historic Hunterfly Roadhouses (pictured top), which are the only surviving and intact residences of Weeksville, a free African American Community built between 1840 and 1883 in Brooklyn.
• 108 King Street, a 4,125 s/f development site located in Brooklyn, sold for $950,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.
• 276 19th Street, a 6-unit apartment property located in Brooklyn, sold for $1,600,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay, investment specialists in Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by the team.
MVN Realty LLC and Cra Sa Bay Parkway LLC, both subsidiaries of Meridian Properties, Llc, have sold 8678 Bay Parkway, a 30-unit rental in the Bensonhurst section of the borough, to Bayville Arms, LLC for $7,225,000. The transaction was an all-cash sale. Meridian Properties acquired the asset in 2008 and has divested it as part of a 1031 Exchange. Michael Niamonitakis, co-founding principal of Meridian, made the announcement. The brokers representing both the sellers and buyers in the transaction were Erik Yankelovich and Shlomo Antebi of GFI Realty Services, LLC.
CBRE announced the sale of a vacant property at 757 Route 15 in Jefferson Township, Morris County, New Jersey. Originally housing a Pathmark grocery store, the site is being redeveloped into a Class A multi-service medical office center. The property was acquired by 757 Route 15 Realty, LLC for $1,866,000. The CBRE team of Thomas Mallaney and Denise Kokulak represented the buyer in the negotiations with the seller, Jefferson Sebastian-Parsippany, LLC. Situated on eight-acres, it is anticipated that completion will be in the summer of 2020.
Hudson Hill Partners announced the acquisition of five properties in Westchester County, NY, comprising 15 residential units, 3 retail units and a vacant warehouse. The properties were acquired for a total of $4.6M through three separate transactions. The buildings are all located in the downtowns of Tarrytown and Hastings-on-Hudson, each within a 10-minute walk of Metro North train stations.
• 17 North Washington St. in Tarrytown, NY. A vacant red brick warehouse building built in 1907, located around the corner from Main Street and a short walk to the Hudson River and train station. An unofficial historic landmark in the community, Hudson Hill Partners intends on restoring the property through a residential redevelopment project. Barry Synnott, Coldwell Banker, brokered the sale.
• 15 North Washington St, Tarrytown, NY. Barry Synntt, Colwell Banker, brokered the sale.
• 89 North Washington St in Tarrytown, NY. Michael Scrima and Thomas Gorman, Redwood Realty Advisors, brokered the sale.
• 38 Main St and 42 Main St in Hastings-on-Hudson, NY. Gordon Sokich, Luxor Investment Realty, brokered the sale.
R.J. Brunelli & Co. announced that senior sales associate Alan Gott brokered the sale of a 30,000 s/f building at 165 E. Front St. in downtown Plainfield, Union County, to Paramount Assets of Newark. Located two blocks away from the city’s New Jersey Transit train station, the vacant three-story retail and commercial building includes 10,000 s/f of space on each floor, plus a basement. Gott represented both Paramount and seller, Abeco Management, in the transaction.
Marcus & Millichap announced the sale of three multifamily properties in the Delaware Valley for $25.9 million. The three properties were all exclusively listed by Marcus & Millichap’s Andrew Townsend, Ridge MacLaren, Clarke Talone and Daniel Bernard and closed within four weeks of each other. The properties are:
• Farrand Village, 165 units, Wilmington, Del., $11 million;
• Northridge Townhomes, 87 townhouse-style units, Pleasantville, N.J., $8.3 million;
• 135-137 North 3rd St., 16 apartments and two retail spaces, Philadelphia, $6.6 million
Donald R. MacLaren, Jr. is Marcus & Millichap’s broker of record in Delaware, the firm’s New Jersey broker of record is Brian Hosey and Sean Beuche is Marcus & Millichap’s broker of record in Pennsylvania.