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Deals & Dealmakers

On The Scene: M&M and C&W announce assignments


Marcus & Millichap announced the following exclusive assignments:
• The sale of a warehouse facility located at 154 Scott Avenue in East Williamsburg, Brooklyn. The property is located between Scholes and Randolph Streets. The listing agents are Jakub Nowak and Jim McGuckin. The property will be delivered vacant and features 99,940 s/f of rentable space. The building stands on a M3-1 zoned, 21,048 s/f lot. It has 14ft ceilings, multiple loading docks, two freight elevators and heavy power throughout.

Cushman & Wakefield announced the following exclsuive assignments:
• The sale of a waterfront property at 7-9 Bank Street on the north side of Bank Street between Jersey Street and Westervelt Avenue in the St. George section of Staten Island. The asking price is $3,750,000.
The property consists of two lots that combine for 46,950 s/f and measure 150 ft. x 313 ft. They are situated at the tip of the Northshore Waterfront Esplanade, approximately a half-mile from the Staten Island Ferry Terminal and the new proposed New York Ferris Wheel and retail mall. The site holds up to approximately 46,950 buildable square feet. This property is being marketed exclusively by Cushman & Wakefield’s James Nelson and David Shalom.
• The sale of a development site at 41-05 29th Street, on the corner of 29th Street and 41st Avenue in Long Island City. The asking price is $6,900,000. The property consists of a two-story building on an approximately 75’ x 51’ lot. Situated within M1-6/R10/LIC zoning districts, it features a total development potential of approximately 27,000 buildable square feet, as of right. David Chkheidze is exclusively marketing the site with Conrad Martin.

EPIC Commercial Realty announced the following exclusive sale assignments:
• The sale of 980 Rogers Avenue and 165-171 Veronica Place in Flatbush, Brooklyn, a block-through development opportunity housing a vacant lot and a garage. The lots consist of 16,870 s/f of development rights. The property has a FAR of 3.0 for the first 100 feet, leaving the remaining 17 feet with an FAR of 2.2. The properties are situated three blocks from the Beverly Road 2 & 5 train station. Yona Edelkopf, CEO, Baruch Edelkopf and Yuriy Ustoyev are representing the seller, who has the properties listed for $2,050,000.


EPIC Commercial Realty announced the following sales:
• 932 Grand Street & 315 Maujer Street in East Williamsburg, Brooklyn. The block-through development opportunity, located between Waterbury St and Morgan Avenue, currently houses a single-story commercial building on Grand Street and the vacant lot behind it on Maujer Street. While being delivered vacant upon closing, the commercial tenant was on a month-to-month lease and covered all costs and expenses except for real estate taxes. As a development site, the properties boast 17,840 s/f of development rights on a M1-2 zoned block. 932 Grand and 315 Maujer streets are located just two blocks from the Grand St L train station. EPIC Sales Associates Seth Peyser and Justin Zeitchik, who were the exclusive agents along with Yona Edelkopf, CEO, represented the seller in the $4,200,000 sale.
• 3198 Cambridge Avenue, Riverdale, was sold for $820,000 by EPIC senior broker Shay Zach. The lot consists of 8,850 s/f translating to $92/bsf, and is located on the corner or Cambridge Ave and West 232nd street, next to Ewen Park.
• 55-13 Metropolitan Avenue, a vacant, mixed-use building in Ridgewood, Queens, was sold for $595,000. The two-story, walk-up came with DOB approved plans and was exclusively listed by EPIC Sales Associates Baruch Edelkopf and Mike Rybinskov.
Yona Edelkopf, Baruch Edelkopf and Mike Rybinskov brokered the sale of 2017 Fulton Street in Brooklyn for $775,000. The vacant Ocean Hill building stands three-stories tall, housing one ground-floor retail unit and two floor-through apartments above. The building is 19.5 ft. wide and 50 ft. deep on an irregularly shaped lot.
Baruch Edelkopf and Mike Rybinskov brokered the sale of their exclusive listing 647 Sheffield Avenue with associate Marcus Jecklin representing the buyer. The property consists of a vacant, two-story, single-family home on a 59 ft. wide lot. The development opportunity provides 12,366 s/f of commercial and residential air rights with its C1-3/R6 zoning. The listing sold for $750,000, which converts to $60/bsf.

Klosed Properties announced the closing of 211 Nassau Avenue, a five family mixed-use building in Greenpoint, Brooklyn. The sale price was $2.2 million. Both apartment and retail rents were below market. Ryan Powers-Tapp, director of acquisitions, and principal Steven Kachanian made the announcement.

Marcus & Millichap announced the following sales:
• An 8-unit apartment property in Long Island City, NY. The asset sold for $2,475,000. Matthew Fotis, Zachary Golub and Lazarus Apostolidis, represented the seller, a private investor, and the buyer, a private investor. The property is located at 34-27 37th Street.
• An 8-unit apartment property located at 90 Lake Street in Jersey City, NJ, sold for $970,000, which equates to a price of $121,250 per door and over $141 per square foot. Andrew Helfst, a Hudson County investment specialist in Marcus & Millichap’s New Jersey office, represented the seller and the buyer. The four-story apartment building is situated in the Heights section of Jersey City and consists of eight three-bedroom one-bathroom units.

Weissman Realty Group announceD the closing of 8 & 12 Fairview Place, a 2-lot development site with 16,200 buildable square feet in the Prospect Lefferts Gardens neighborhood in Brooklyn, NY for $1,725,000. Weissman Realty Group represented both sides in this transaction.

ARM Real Estate announced the following sales:
• A residential building in Ridgewood, Queens for $1.6 million. ARM ‘s Anand Melwani and Harrisson Zavala represented both sides in the off-market sale of 17-01 Stanhope Street, a three-story, six-unit, walk-up apartment building at the corner of Cypress Avenue. The 5,150 s/f property (built in 1930) was sold by a long-term owner. The buyer was Stanhope Purchaser LLC., a local investor who focuses on the Ridgewood/Bushwick market.
• A 1,500 s/f retail leasehold at 28 East 22nd Street in the Flatiron District was sold for $950,000. Located across the street from the luxury glass condominium tower at 45 East 22nd Street, being built by Bruce Eichner, the space is currently occupied by Green Cleaners until 2023. Anand Melwani represented the buyer, 22nd Street Retail LLC, a private investor who focuses on retail investments. Keller Williams NYC agents Michelle Siegel and Maura Jarach represented the seller, ASA Associates.

Besen & Associates announced the following sales:
Greg Corbin, Miguel Jauregui and Ronnie Shaban sold 354 East 116th Street in East Harlem for $2.2 million, OR $500, psf, almost double the average price per foot of walkups in North Manhattan. Corbin & Jauregui exclusively represented the seller and Shaban procured the buyer. The property was delivered vacant. It is a 4-story mixed use building consisting of one retail space and three floor-through apartments. Each apartment is a three bedroom, one bath. The property is approximately 4,390 s/f.
Jack A. Cohen sold 1597 & 1601 Pitkin Avenue, also known as 45-53 Amboy Street in Brownsville, Brooklyn. The property, located on the Northeast corner of Amboy Street and Pitkin Avenue, was delivered vacant and includes two retail units with office space. Cohen represented both buyer and seller in the transaction. The pair of commercial properties sold for a total of $2,500,000, amounting to $419 psf. The subject property, including two retail units and office space, was built in 1930 and has approximately 3,530 retail square feet and 5,964 square feet in total. It has a pro forma cap rate of 8.4%.

Cignature Realty Associates announced the $7.04 million sale of a five-story, walk-up apartment building at 718 West 171st Street, in Washington Heights, across from Columbia University’s Medical Center dormitories, Heritage Realty Services, a Manhattan-boutique real estate management/investment company, was the buyer. The 21,735 s/f property contains 22 apartments with an average rent per apartment of $1,490 per month. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller, Haven Holding LLC., a local investor.

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