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Deals & Dealmakers

ON THE SCENE: Newest middle market exclusives

RUBIN ISAK

Development Site Advisors has been retained to arrange the sale of 2403 Third Avenue, Bronx, NY (pictured top). The approximate 48.88 by 191 ft. lot is improved by a 38,850 s/f, 5-story, dual elevatored warehouse building with a 12 ft. frontage driveway. The 5-story building was originally constructed for J.L. Mott, the individual Mott Haven was named after. The building is currently owned and operated by Beethoven Pianos, which will be relocating in the area and plans to deliver the building vacant at closing. The Property also has a Billboard in place with income on a month to month basis. The site is zoned M1-3/R8 within the Special Harlem River Waterfront District (HRW) rezoning area. This zoning allows for a total of 55,067 square feet of Residential ZFA, 59,458 Facility ZFA and 45,737 Commercial ZFA. 2403 Third Avenue is situated directly in-between RXR Realty’s recently purchased development site with plans filed to construct a new 297 feet tall, 27-Story, 165k SF, 200-unit apartment building; and Brookfield Properties’ mega-development dubbed Bankside which will bring 1,350 apartments, retail, an educational and community center and feature a public waterfront park and promenade. The asking price on the property is $11,500,000. Rubin Isak is handling the assignment.

JORDAN SUTTON

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Cushman & Wakefield has been retained to sell 57, 59 and 61 East 129th Street, three adjacent, vacant walk-up redevelopments totaling 10,320 s/f in East Harlem. Jordan Sutton and Robert Shapiro represent the seller, Storefront Academy Harlem. The three adjacent properties are located within a qualified Opportunity Zone. Each is three stories in height with an additional garden level basement and cellar space below. The properties have air rights put in place for the potential owner to add an additional 7,662 s/f to the existing structures, while offering developers the opportunity to build on an R7-B site, permitting approximately 17,892 buildable square feet.

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JLL Capital Markets has been retained by PR 121 East 37 LLC to sell 121 East 37th Street in Murray Hill. The 9,124 s/f residential building includes 11 apartments. The owner is asking $10.25 million for the property. Located between Park and Lexington Avenues, the five-story building offers one studio, one two-bedroom unit and nine one-bedroom apartments. It was constructed in 1920 and underwent an extensive renovation in 2019. The renovation included high-end condo style finishes, and several of the apartments have private outdoor spaces or mezzanine loft spaces. The building has an elevator, and all of the units have high ceiling heights. The fully free-market property will be delivered vacant. The JLL professionals overseeing the sale assignment include Clint Olsen, Brock Emmetsberger and Directors Josh Gruber, Albert Mamiye, Stephen Godnick, Ryan Kossoy and Reed Waggoner. Max Herzog will offer financing assistance.

JAMES NELSON

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Avison Young is marketing a long-term lease and redevelopment opportunity at 132 West 14th Street, a seven-floor, 57,478 s/f office building located in the Greenwich Village neighborhood of Manhattan. James Nelson, Todd Korren, Jon Epstein and David Lawrence, are marketing the property. The building includes 75 ft. of frontage on 14th Street. The area also benefits from one of the highest concentrations of college and university students in the city. The 132 West 14th Street property is a short walk to Union Square, the High Line and an array of popular restaurants, retail, cultural institutions and other amenities.

STEPHEN PREUSS

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Cushman & Wakefield has been retained to arrange the sale of four properties located in the Sunnyside, Hollis, Jackson Heights and Bayside neighborhoods of Queens. Stephen R. Preuss, Andreas Efthymiou, Rani Bendary, Kevin Schmitz, Kevin Louie and Charlie Dupont will lead marketing efforts.
• 51-02 Roosevelt Avenue is a 124,589-buildable-square-foot corner development site in Sunnyside. The property features a 26,000 s/f lot with over 300 ft. of frontage on Roosevelt Avenue and 51st Street. The property’s seller is HW LIC One, LLC.
• 206-02 to 206-24 Hillside Avenue is a 20,8000 s/f retail strip in the Hollis neighborhood of Jamaica. Located on the corner of a highly-trafficked intersection, the single-story retail strip features on-site parking, air rights and the ability to increase rents in the near term. The property has a total of seven commercial units, of which six are currently occupied. The property is located a quarter of a mile from the Clearview and Grand Central Parkway, with the Queens Village LIRR station approximately one block away. The property is being sold by Hillside Avenue Partners, LLC. The asking price is $7.95 million.
• 3711-3713 74th Street is a 19,400 s/f retail and office property in Jackson Heights. The three-story commercial building is comprised of 18 commercial units with numerous long-term tenants. The property’s seller is E&R Kim, LLC. The asking price is $22.7 million.
• 217-14 Northern Boulevard is a 6,711 s/f retail and office property located in Bayside. The two-story, mixed-use has an additional 1,457 s/f of remaining air rights. The property is currently leased to nine commercial tenants with below market leases that expire in the near future. The property’s seller is 217-14 Realty, LLC. The asking price is $3.9 million.

SAADYA NOTIK

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Saadya Notik, president, MAVRIK Property Group, has been retained to sell 1137 Dean Street in Brooklyn, a renovated five-family property. he asking price is $2.8 million. Built in 2019, the property is a vacant, completely gut-renovated 5-unit multifamily building, with new systems, individual metered, laundry and storage in the cellar. Oak wood flooring and 10 ft. high ceilings. Four of the five units have at least one private terrace. (The 5th floor duplex has two.) The garden level duplex has private access to a large backyard and all units have access to the rooftop.

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