Real Estate Weekly
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Deals & Dealmakers

On the scene: Outer Boroughs retained in LIC, Ross and Zhu in Queens

AGENTS

The CBRE Outer Boroughs team of John Reinertsen and Joshua Kleinberg have been retained as the exclusive agents to market a multi-story commercial loft building in Long Island City. The 54,000-square-foot property at 47-01 Van Dam Street could be maintained as office space, converted to a hotel, or redeveloped for other uses. The three-story property has 15 ft. ceiling heights, passenger and freight elevators. Formerly serving as a printing building, it is one block away from a subway station.

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LARRY ROSS
LARRY ROSS

EPIC Commercial Realty has been retained to broker the sale of 684 Lorimer Street in East Williamsburg. The three-story mixed-use building is comprised of six apartments and one retail unit currently leased to a barber shop. All units are separately metered and the building comes equipped with a newly installed roof and gas boiler. 684 Lorimer St is being listed for $3,500,000 by EPIC Sales Associate Justin Zeitchik.

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Laurence Ross and Shihan Zhu of Highcap Group are marketing a two-story mixed-use corner property located at 87-48 78th Street in the Woodhaven section of Queens. The property is 100 percent leased and consists of a ground floor tavern/restaurant, four commercial spaces (including a karate and recording studios) plus two renovated two bedroom apartments. There is also a third floor attic which can be converted to a small apartment. This is the first sale in 26 years and ownership has set an asking price of $1,600,000.

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Lee & Associates, NJ, has been hired to exclusively handle the sale or lease of a 44,991 s/f office space in Piscataway. The asking price is $4,275,000 to purchase and $20 psf to lease. Located on a five-acre industrial plot, 20 New England Avenue is a two-story office building that offers outdoor space and parking, and a nearly 2,300 s/f shipping and receiving area with two tailboards with levelers. The open floor plan lends itself to the creative office user in tech, media, or entertainment, as well as healthcare or laboratory companies. There is an opportunity for the buyer to expand by an additional 33,009 s/f. Brian Lynch and Beth Chezmar are handling the assignment.

 

SALES

Friedland Realty Advisors, formerly NAI Friedland, announced the following sales:
Andy Grossman worked as the lead broker representing both the buyers and sellers, in the sales of 200 South 14th Avenue in Mount Vernon and 642 Saw Mill Rover Road in Ardsley. The 26,748 s/f Mount Vernon property, formerly owned by Palmbrite Realty Corporation, was sold to 200 South 14th Ave. LLC for $1,825,000. Grossman and team’s second property, located in Ardsley, was purchased by BRB Development Company from 642 Saw Mill Properties Inc. The 12,500-square-foot space sold for $1,325,000.
• Andy Grossman brokered the sale of .52 acres of land at 229 Saw Mill River Road in Elmsford for $900,000. Grossman represented the property’s former owner, Corporate Car RE, and the new owner, MTS Realty Corporation.
Tony Lembeck and Peter Cokin represented the buyer and seller during the sale of 252 C Lake Avenue in Yonkers. The deal included 43,000 square feet of space and 26,000 square feet of land. 716 Columbus LLC purchased the property from GEZCO Realty Company LLC for $1,170,000.
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Fischer Real Estate announced the following sales:
• An investment group from Ohio purchased a 2-story, 150,000 s/f industrial building situated on two acres at 150 Roosevelt Drive in Derby, CT. The buyer plans to demolish a portion of the building, completely renovate the rest and then re-introduce the property to the market for lease or sale. The seller was Derby Cellular Products, LLC. Alan M. Fischer, CCIM, SIOR, represented both the seller and the buyer.
• Danbury-based Kovacs Construction Corporation has purchased a 15,872 s/f industrial flex building on 3 acres at 321 Riggs Street in Oxford from 321 Riggs Street Realty, LLC. The purchase price was $975,000. Kovacs will relocate its corporate headquarters to the Riggs Street property. Alan M. Fischer represented the seller and the buyer in this transaction.
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Alpha Realty announced the sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn for $5,600,000. These corner buildings sit across the street from the other, situated on Avenue H and East 34th Street. The two pieces combined for 14,350 s/f with a total of 10 commercial units. Total buildable for the two lots is 52,000 s/f making it a future development play. The sales price equates to $390 psf. The buyer was a local investor looking for an established, high traffic retail property. Lev Mavashev represented both parties in this transaction.

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Halstead Property announced the sale of a 44,707 s/f property at 507 Osborn Street. Chris HalliburtonBrandon Himmel of Halstead and Neil Dolgin of KDA handled the sale of the industrial building which sits on a 291 foot x 100 foot lot. the sale price was $6,425,000. Halstead Property and Kalmon Dolgin Affiliates had the exclusive listing to market the property on behalf of the seller, Tuck-It-Away Self Storage. The new owner, Knights Collision Experts, Inc. plans to use the property as a parking facility.
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Marcus & Millichap announced the following sales:
• aHeritage Square, a 72,423 s/f mixed-use property in East Fishkill sold for $6,500,000. Nathan Pealer represented the seller, a subsidiary of a financial institution. The buyer was able to meet multiple 1031 requirements..
• A 20-unit apartment property at 26 Fort Charles Place in Marble Hill sold for $2,920,000. Peter Von Der Ahe, Scott Edelstein, Seth Glasser, and Rafi Moskowitz represented the seller, a private investor. The buyer, also a private investor, was also secured and represented by Von Der Ahe, Edelstein, Glasser and Moskowitz.
• 649 Grand Street, a 4-unit apartment property located in Brooklyn sold for $2,800,000. Shaun Riney, Michael Salvatico, and James Saros represented the seller, a developer.

MICHAEL AMIRKHANIAN
MICHAEL AMIRKHANIAN

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Cushman & Wakefield announced the following sales:
• A development site at 1875 Atlantic Avenue in Bedford-Stuyvesant sold for $7,300,000. The property contains an 18,620 s/f warehouse and holds approximately 80,967 buildable square feet. The sale price equates to $90 per buildable square foot. Michael Amirkhanian exclusively handled this transaction.

• A mixed-use building at 36-01 Vernon Boulevard, located on the corner of Vernon Boulevard and 36th Avenue in Long Island City, sold for $2,500,000. The four-story building contains 9,000 s/f and consists of one commercial unit and seven, three-bedroom units. Most have newly renovated kitchens and bathrooms and the building has a new roof and boiler. The sale price equates to approximately $278 psf. David Chkheidze exclusively handled this transaction.

TONY LEMBECK
TONY LEMBECK

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R.E. Property Group, a partnership of Ryan Zar and Edwin Shirazian, has purchased a three-building Bronx multi-family portfolio for $3.4 million. 2078 Vyse Avenue, 2408 and 2420 Webster Avenue are four-story walk-ups, totaling 25 three-and-four-bedroom apartments. The sale price equates to a gross rent multiplier (GRM) of 8.9, $120 psf and $138,400 per unit. Average rent per unit per month is $1,250. The properties are close to Fordham University and big box retailers such as TJ MAXX, Chase Bank, Best Buy and eateries such as Chipotle, Applebee’s and Starbucks. The buyers plan to reposition the assets to maximize rent. R.E Property Group is also in contract to purchase two other mixed use properties in Belmont and Wakefield.

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Friedman-Roth Realty Services announced the following sales:
• 5 Manhattan Eastside apartment buildings. The properties are located at 305 East 56th Street, 315 east 57th Street and 167-169-171 East 99th Street. Combined, the properties contain 78 apartments, one office and one retail space with a total of 41,365 s/f. The buildings were all owned by the same family for over 40 years. The combined selling price was $21,500,000. Eric Lupo and George Niblock were the brokers in this transaction.
• A Bronx apartment building located at 764 East 187th Street sold for a $1,100,000. The four-story walk-up, located in the Belmont section of the Bronx, contains nine residential units. Giuseppe Inglese represented both the buyer and seller in this transaction.

GEORGE NIBLOCK
GEORGE NIBLOCK

• The leasehold interest in a mixed-use Manhattan property located at 204 East 38th Street. The recently gut renovated building contains six residential units and a ground floor store. The four-story walk-up encompasses 4,916 s/f and was originally constructed in 1920. The selling price was $2,500,000. George Niblock represented both the buyer and seller.

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