Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Roundup of middle market sales, exclusives

SALES

JLL Northeast Industrial Markets announced the sale of 95 Fulton Street in Boonton, NJ, on behalf of Erasteel, Inc. The 55,000 s/f property was purchased by J. Supor & Son Trucking & Rigging. 95 Fulton Street, an I-1-zoned light industrial facility, previously operated as steel manufacturer. Set on 14.2 acres, it features five overhead cranes, 11,000 s/f of office space, 112 parking spaces, 24 to 40 ft. clear ceiling heights, two loading docks and a drive-in door. The property provides access to I-80, I-280 and I-287. Managing director Howard Weinberg represented the seller. Jeffery Fulton and Jason Levy of Team Resources, Inc. represented the buyer.

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Heritage Affordable Communities announced the purchase of 1971 Webster Avenue in the Bronx (pictured top) for $10.8 million. The 70-unit affordable property was constructed in 2003. It was encumbered by long-term regulatory agreements with rents restricted at 60% AMI with the New York State Division of Housing and Community Renewal (HCR) and the New York State Housing Finance Agency (HFA).  Heritage preserved and extended affordability on the property until 2049.

MATT COSENTINO

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Klosed Properties has acquired 285 Quincy Street in Brooklyn for $2,500,000. The 21-unit, rent stabilized multifamily property is almost 32,000 s/f with large units and significant vacancy. Steven Kachanian, Jacob Namdar and Adam Hajibai closed the acquisition. Brokers were Fred Bijou and Matthew Cosentino of TerraCRG.

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LRC Properties has purchased 4926 Southridge Blvd. in Memphis. The 640,000 s/f building, also known as the Technicolor Building, is LRC Properties’ first property in the Memphis, TN, marketplace. Brian Califf of NAI Saig Company brokered the sale. LRC Properties owns approximately four million square feet of commercial properties in the Southeast.

ANDREW LICHTENSTEIN

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LichtensteinRE announced the sale of Congers Colonial Plaza Shopping Center located at 285 North Route 303 in Congers, New York, for $4 million. Andrew Lichtenstein represented the seller and negotiated a 4% fixed rate interest only 60% $2,400,000 loan to purchase price first mortgage. The buyer invested $1,600,000 from his 1031 exchange. Built in 1997, the shopping center contains 15 stores plus nine interior enclosed garage/warehouse/storage spaces with 6.5 ft. overhead doors in the rear. The property was 67% occupied at closing. Situated close to the intersection of Routes 303 and 9W with direct access to Palisades Parkway, Route 304, Route 9W and the New York State Thruway, the property is the only shopping center located among numerous residential communities, large office and industrial buildings.

DANNY HANDWEILER

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Marcus & Millichap announced the sale of 320 West 22nd Street, a 15-unit multifamily building located in the Chelsea neighborhood of Manhattan, for $4,700,000. Daniel Handweiler, Joe Koicim, Logan Markley and Peter Von Der Ahe represented the seller, Third Old New York, LLC. The buyer, Two Kings Real Estate, was also secured and represented by the team. This is the building’s first sale in over 20 years. Built in 1900, the 8,000 s/f property has 25 ft. of frontage and features a mix of studio and one-bedroom apartments (11) and studio apartments (4). Six units were delivered vacant. Four units are rent regulated.

AGENTS

BEN TAPPER

Lee & Associates NYC has have been retained to sell a six-property medical office portfolio anchored by RadNet, the nation’s largest provider of outpatient medical imaging services. All of the properties are located on Long Island. Totalling 65,000 s/f, the portfolio includes 214 Wall Street, Huntington; 55 Veterans Highway, Commack; 240 Patchogue Yaphank Road #2, East Patchogue; 179 Little East Neck Road North, West Babylon; 375-381 Main Street, Bay Shore and; 4160 Merrick Road, Massapequa. The team, lead by Ben Tapper and Sean Slattery in New York and Alex Pappas in South Florida, is marketing the portfolio. Assembled over the course of a number of years, the portfolio is nearly 100 percent occupied and has a net operating income over $1.6 million. It is comprised of four single tenant properties triple-net leased to the RadNet subsidiary Mid Rockland Imaging Partners; and two multi-tenant properties.

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