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Deals & Dealmakers

On The Scene: M&M in Little Falls, Besen and Associates retained

AGENTS

Besen and Associates announced the following:
•Shallini Mehra has been retained to sell 3 contiguous lots for development in Mott Haven with approximately 12,150 BSF. The properties are located at 413, 415, & 417 East 135th Street between Willis Avenue and Brown Place, right off the Major Deegan Expressway [Exit 2] toward the Willis Ave & 3rd Ave Bridge. Near the [6] subway trains. The asking price is $950,000.

GREG CORBIN
GREG CORBIN

•Greg Corbin, Miguel Jauregui and Saadya Notik have been retained to sell a Central Brooklyn 5-Building Package. The properties are located at 907 Nostrand Avenue, 237 Kingston Avenue, 739 Church Avenue, 1080-1082 Utica Avenue, and 196 Utica Avenue. The asking price is $11,000,000, which translates to a 6 percent capitalization rate. The buildings can be purchased individually or as a package.

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Marcus & Millichap announced the exclusive listing for 100-120 Industrial Avenue, Little Ferry, NJ, an approximately 100,000-square foot multi-tenanted industrial and office complex.

The parcel is approximately 9.3 acres, comprises three buildings, a large open yard area, plus a former marina with small out buildings, boat storage, and dock.
The asset has maintained a healthy occupancy north of 95 percent over the years and provides a stable and diverse tenant roster.  Future repurposing of this waterfront asset to a mixed-use residential community presents additional potential upside. Investment Specialists Steve Mariani, out of Marcus & Millichap’s New Jersey office, and Robert Filley, from Marcus & Millichap’s Washington D.C. office, are representing the seller.

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Cushman & Wakefield has been retained on an exclusive basis by Joe Sabbagh’s Ultimate Realty to sell two adjacent buildings at 123 East 12th Street and 126-128 East 13th Street, located between Third and Fourth Avenues in Manhattan’s Greenwich Village neighborhood. The properties are being offered as a package, or individually.

126-128 East 13th Street, a NNN leased three level, Beaux-Arts style loft building contains approximately 15,600 square feet on a 49.67’ x 103.25’ lot. The building is the former Van Tassell & Kearney auction mart and studio of renowned painter and printmaker Frank Stella. It features 13’ ceilings on the ground floor, 12’ ceilings on the useable lower level, and 16’ cathedral ceilings on the second floor. The space is currently leased to Peridance, New York’s premier dance center, at approximately

$40/per square foot, which is well below market.
Perdiance is owned in part by Capezio Ballet Makers Inc. a global manufacturer of dance shoes, apparels and accessories that was founded in 1887. The individual asking price is $18,000,000.

123 East 12th Street is a three-story, mixed-use townhouse that contains approximately 4,804 square feet on a 19.75’ x 103.25’ lot.

JAMES NELSON
JAMES NELSON

Recently renovated, the building consists of a ground floor retail unit with a lower level and a three-bedroom duplex featuring a private roof top above. The duplex unit was gut renovated in 2012 and features soaring 14’ ceilings, an eat-in chefs kitchen, stone counter tops, excellent lighting, and a private patio. The retail is currently leased to a Jiu Jitsu instruction school. The individual asking price is $8,500,000.
The properties are conveniently located less than two blocks from Union Square, providing access to multiple subway lines. Both buildings benefit from C6-2A – Third Avenue Corridor zoning.
The properties are being exclusively marketed by Cushman & Wakefield’s James Nelson and Matt Nickerson.

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Winick Realty Group’s Hal Shapiro has been named the exclusive broker marketing a prime retail and office availability in Midtown East on behalf of Equity Residential.
The retail at 755 Second Avenue, located between East 40th and East 41st Streets, features 3,167 square feet on the ground floor with high ceilings and 40 feet of valuable Second Avenue frontage. The ground floor can be expanded to 4,264 square feet by altering the current storefront, bringing it forward to be flush with the building.

HAL SHAPIRO
HAL SHAPIRO

Currently Med Scan, the ground floor can be leased alone or in combination with 10,944 square feet of office space on the second floor and 9,666 square feet of office space on the third floor. Two elevators are already in place.
One striking feature of the retail site is that the second floor includes 800 square feet of patio space, a rare amenity for Manhattan. According to Shapiro, this feature makes this space particularly well suited for schools or tech offices that are looking for outdoor seating.

SALES

Savanna, the New York-based real estate private equity and asset management firm, is pleased to announce the sale of 210 Bedford Avenue in Williamsburg, Brooklyn to an affiliate of Status Capital LLC. Brendan Maddigan of Cushman & Wakefield represented Savanna in the sale transaction.
210 Bedford is a 3,219 square-foot, 3-story retail and residential building located on Bedford Avenue in the heart of Williamsburg. The property is less than two blocks from the L train’s Bedford Avenue stop, which connects Williamsburg to Manhattan, and a few blocks from the East River waterfront.
Savanna acquired 210 Bedford in 2013 and leased the ground floor retail space to Juice Generation. Savanna also converted the residential space on the second and third floors into a luxury duplex townhome. Amy Zhen of Jones LaSalle led leasing efforts at the property.
The Williamsburg retail market has grown significantly in the past several years as national brands such as Urban Outfitters and J. Crew have migrated to the neighborhood and others such as Whole Foods, Anthropologie and Apple have announced plans to open outposts. Williamsburg is also home to Brooklyn Bowl, Brooklyn Brewery, Williamsburg Music Hall, and numerous other attractions.
The residential market has also boomed in recent years, with the recent completion of numerous new developments to meet increasing demand, including luxury condominiums along the waterfront.

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Cushman & Wakefield announced the following sale:
•A development site at 97-19/29 64th Road, located on the corner of 98th Street and 64th Road in the Rego Park neighborhood of Queens, was sold in an all-cash transaction valued at $11,500,000.
The site, consisting of two contiguous lots which combine for approximately 14,000 square feet, is currently improved by a two-story, income-producing retail/office building totaling approximately 20,771 square feet. The property benefits from approximately 140’ of frontage on 64th Road and 100’ on 98th Street. Situated within a C4-2 zoning district, it features a commercial FAR of 3.4, equating to approximately 47,600 buildable square feet. The site also allows for a maximum FAR of 4.8 with community facility bonus, equating to approximately 67,200 buildable square feet of as-of-right development potential. All leases contain demolition clauses, posing a prime development opportunity.
The property is just two blocks from the 63rd Drive – Rego Park subway station, with the M and R subways providing access to Midtown Manhattan in 25 minutes. It is located one block from Queens Boulevard, within walking distance to the Rego Center Mall, and less than a mile from the Queens Place and Queens Center Malls. The site is also in proximity to the Long Island Expressway, Grand Central Parkway, and Van Wyck Expressway.
Cushman & Wakefield’s Thomas A. Donovan exclusively marketed this property with Eugene Kim, Tommy Lin and Robert Rappa.

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Cushman & Wakefield announced the following sales:
•Two contiguous mixed-use properties at 1703-1705 Second Avenue, located between East 88th and East 89th Streets on Manhattan’s Upper East Side, were sold in an all-cash transaction valued at $22,250,000.
Previously home to the famous Elaine’s restaurant, the two five-story buildings are approximately 15,350 gross square feet and sit on a 50’ x 75’ lot. The buildings contain one store and 16 residential units, of which 14 are free market and have been gut renovated. The renovations include stainless steel appliances, new hardwood floors, washer-dryers, new windows and new electric service. The sale price equates to approximately $1,498 per square foot.
Cushman & Wakefield’s Thomas D. Gammino Jr. exclusively handled this transaction.

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CPEX Real Estate’s Retail Investment Sales Team has sold 443 7th Avenue, Commercial Unit 2 in Park Slope. The property is a retail condominium on the ground floor of a nine-unit mixed-use building, and offers approximately 324 square feet of ground floor space and an 80 square foot cellar. The property sold for $923 per square foot, with a total sale price of $299,000.
CPEX’s Retail Sales Team, consisting of Associate Director Andre Sigourney and Associate Harrison Balisky, represented the seller and procured the purchaser in the transaction.

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EPIC Commercial Realty is pleased to announce the sale of a package deal consisting of two vacant lots in the East New York section of Brooklyn. The two lots are located at 363 Wyona Street and 366 Bradford Street. The property forms an entire block on Sutter Avenue and provides 200 feet of frontage and 9,720 square feet of development rights.
The combined lots are situated four blocks from the Van Siclen A, C train station. The property sold for $450,000 by EPIC Sales Associate Marcus Jecklin, who represented both the buyer and the seller in this deal.

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Daniel Hakimian, investment sales associate of Manhattan based investment sales firm Highcap Group, has announced the sale of the building located at 2809 3rd Avenue in the Mott Haven neighborhood of the Bronx for $1,560,000 all cash. Hakimian represented both the buyer, Klosed Properties, and the long term seller of this property in an off-market transaction which recently closed.
The subject property is a 7,200 SF corner 4-story Mixed Use Building, located in Mott Haven, Bronx, nearby the HUB. The retail space is 1,800 SF and features 100 feet of frontage and incredible signage/branding potential. The sale marks the first time the property has traded hands in over 35 years.
The property sold for $1,560,000 which represents a sales price of $222,857 per unit, a rent roll multiple of 12 and a capitalization rate of 5.8 percent.

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Rosewood Realty Group announced the following recent deals:
•The sale of 342 East 55th Street in Sutton Place, Manhattan for $9.4 million. This 13,000 sq. ft. six-story elevator apartment building has 25 apartments and a laundry room. It was built in 1930 and sold for 15 times the current rent roll. Aaron Jungreis represented both the buyer, 342 East 55 Realty LLC and Sm 342 East 55 LLC and Sm 342 East 55 Tic 2 LLC and the seller, Momco Enterprises LLC
•The sale of 7510 Grand Central Parkway in West Forest Hills, Queens for $8.6 million. This 20,220 sq. ft. seven-story elevator apartment building has 37 apartments, a laundry room and a 10-car garage. It sold for 16 times the rent roll. It was built in 1964. It has 3,626 sq. ft of air rights. Aaron Jungreis repped the buyer and seller/Enterprise Asset Management.
•The sale of 4110 4th Avenue in Sunset Park, Brooklyn for $1.9 million. This 4,875 sq. ft. four-story walk-up apartment building has six apartments and one commercial unit. It was built in 1924 and sold for 19.5 times the current rent roll. Ryan Perkoski represented the seller, a private investor and Michael Guttman represented the buyer, also a private investor.

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Klosed Properties is pleased to announce the closing of 2809 3rd Avenue, Bronx NY. The subject property is a 7,200 SF corner 4-story Mixed Use Building, located in Mott Haven, Bronx, nearby the HUB. The retail space is 1,800 SF and features 100 feet of frontage and incredible signage/branding potential. It was formerly occupied by Blimpie and is currently being marketed by Albert Manopla of Kassin & Sabbagh Realty. This closing marks the firm’s 9th acquisition for 2015.

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Cushman & Wakefield announced the following sale:
•CenterPointe at Bridgewater has traded from subsidiaries of MetLife to American Real Estate Partners, following a high-demand offering orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The commercial real estate services firm conducted nearly 30 tours of the 332,000-square-foot, four-building office campus.
Located on Route 22 in Bridgewater Township, CenterPointe at Bridgewater came to market approximately 65 percent occupied. Cushman & Wakefield’s David Bernhaut represented the seller and procured the buyer with team members Andrew Merin, Gary Gabriel, Brian Whitmer, and Kyle Schmidt. Developed by Advance Realty and since owned by Glenborough Realty Trust, Normandy Real Estate Partners and subsidiaries of MetLife, the park has been well maintained.

 

 

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