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Deals & Dealmakers

On The Scene: TerraCRG in Gowanus, C&W announces sales

AGENTS

TerraCRG announced the following exclusive assignments:
•The sale of two vacant commercial sites in Gowanus. Dan Marks, lead broker in this transaction, along with his team, are exclusively marketing both M2-1 zoned properties.
• 84 14th Street is an approximately 7,996 SF lot, with a gross buildable of approximately 15,992 SF. The property is located between Second and Third Avenues on a block with both residential and commercial buildings. Asking price for this property is $3,000,000.
• 24 14th Street is an approximately 6,020 SF lot, with proposed plans in place for a three-story, 13,316 gross SF warehouse/office building. The property has frontage on Hamilton Avenue, 14th Street and Second Avenue. Asking price for this property is $2,250,000.
• The corner mixed-use building at 425 Rogers Avenue in Prospect Lefferts Gardens. Adam Hess, Partner at TerraCRG, is leading his team in marketing this six-unit property listed at $3,250,000. The 10,950 s/f walk-up is comprised of four two-bedroom apartments and two retail spaces. One of the retail spaces is occupied by a 5,500 s/f day care facility on the first two floors and a physical therapy office occupies the second retail space on the corner. The property grosses $219,852 annually and the asking price equates to just $297 psf and a 5.5% CAP rate.

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Ariel Property Advisors has been exclusively retained to sell three individual properties in Brooklyn for a combined total of $6,545,000. Two of the properties are located in Bedford-Stuyvesant and one is located in is located in Crown Heights. Exclusive Agents, Jonathan Berman, Mark Spinelli, Daniel Tropp and Nathan Singer are bringing all three properties to market, representing the seller, a private investor.
• 374 Ralph Avenue is a four-story, 7,560 s/f mixed-use building located in Crown Heights. The building contains 14 units in total, of which there are 12 one-bedroom apartments and two retail units. Transportation is in abundance with the Ralph Avenue stop of the C train 3 blocks away and the B47 bus line on the block. The asking price is $3,300,000.
• 151 Tompkins Avenue is located on the southeast corner of Tomkins and Willoughby Avenues in Bedford-Stuyvesant. This pre-war building spans 5,600 s/f. The building contains seven units in total, of which there are five residential apartments, one office unit and one retail unit. All of the residential units are free market and, given the corner location, can be reconfigured to two bedroom units. The office unit will be delivered vacant. The asking price is $2,650,000.
• 114A Marcus Garvey Boulevard is a 16.5 by 80 ft. vacant lot located between Hart Street and Willoughby Avenue in Bedford-Stuyvesant. R6A/C2-4 zoning provides approximately 3,960 buildable square feet, as-of-right, for a mixed-use structure. The asking price is $595,000.

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Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 23-35 29th Avenue, located on the corner of 29th Avenue and Crescent Street in the Astoria neighborhood of Queens. The asking price is $8,000,000. The four-story building contains approximately 11,250 s/f and sits on a 50 by 100 ft. lot. It consists of 19 residential units, of which three are free market and 16 are rent stabilized, and one commercial ground unit. The residential unit mix consists of eight one-bedroom, four two-bedroom, and seven three-bedroom units. The property is located near Mount-Sinai Hospital. David Chkheidze is exclusively marketing this property with Conrad Martin.

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Ideal Properties Group has listed 329 Smith Street in Carroll Gardens for $3.599 million. The landmark mixed-use building is within the historic district of Carroll Gardens and is the only building currently for sale on Smith Street. The three-story mixed-use property houses a retail storefront and two residential apartments with long-term tenants occupying both. The property has a roof cornice and is bound by President Street & Carroll Street of which both are known for their gardens and uniform low-lying brownstones. Andrew Paul Smith and Luther Hines of Ideal Properties Group are handling the assignment.

 

SALES

Jerry Houlihan of Houlihan-Parnes Realtors has arranged the sale of a 3-story brick multi-family walk-up apartment building located at 1049 Hoe Avenue in the Morrisania section of the Bronx. The property is within walking distance to the Simpson Street Subway station for the #2 and #5 trains at Westchester Avenue. The property was sold to a Brooklyn-based real estate operator for a price of $700,000.

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Cushman & Wakefield announced the following sales:
• A mixed-use and a multifamily building at 527 Carroll Street, on the border of Park Slope and Gowanus, sold for $3,400,000. The 25 by 100 ft. lot consists of two buildings, one mixed-use and one multifamily, that combine for approximately 3,750 s/f. The two buildings have undergone a full renovation. The mixed-use building contains one retail unit and two, two-bedroom residential units above. The multifamily building, located in the rear of the lot, contains two residential units, of which one is a two-bedroom duplex and one is a two-bedroom unit with a private roof deck above. All units feature brand new appliances, exposed brick, and individual boilers. There is a laundry room intended to be shared by all tenants located in the rear building. Additionally, there is a landscaped interior courtyard. The sale price equates to approximately $907 per square foot and a 5.45% cap rate. Aaron Warkov exclusively handled this transaction along with Winfield Clifford.
• A commercial building at 201-217 West Main Street, in Somerville, New Jersey, sold for $3,200,000. The four-story building contains approximately 45,000 s/f and features ground floor retail with over 150 ft. of frontage along Main Street. The upper floors contain multiple office units. Additionally, it benefits from a parking lot with 25 spaces. The sale price equates to approximately $71 per square foot. Alexander McGee exclusively represented the seller in this transaction along with Alex Svetlakou.

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Hunt Corporate Services, Inc. announced the sale of two retail/industrial buildings totaling 14,485 s/f located at 571 and 575 Hempstead Turnpike in Elmont, NY. The portfolio sold for $1,400.000 to New York Wood Floor. Chuck Syage and Andy Dorman of Hunt represented the seller, and were the sole brokers in the transaction. The 575 Hempstead Turnpike building consists of 7,092 s/f and will be utilized for a wood flooring business. The 571 Hempstead Turnpike building consists of 7,393 s/f and came with a long-term kitchen cabinetry and counter top tenant.

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Marcus & Millichap announced the following sales:
• ABM Self Storage, a 59,562 s/f self-storage facility located in Asbury, NJ, sold for $4,675,000. Anthony Asencio, Michael A. Mele, Ben Sgambati and Alan Cafiero, represented the seller, a developer. Michael A. Mele, Anthony Asencio, Ben Sgambati and Alan Cafiero also secured and represented the buyer, a limited liability company. ABM Self Storage is located at 190 New Jersey Highway 173 in Asbury, NJ. This facility sits on a 5.89 acre lot and contains 400 storage units within the four buildings.
• A Krystal restaurant located in Jacksonville, FL, sold for $1,885,000. Alan Cafiero and Ben Sgambati, represented the seller, a private investor. Kirk Felici, Broker, assisted in closing this transaction. Krystal is located at 4585 San Juan Avenue in Jacksonville, FL. This 2,218 s/f net-leased property is a southeast quick serve chain restaurant with over 14.5 years remaining on their lease.
• A 94,120 s/f absolute-triple-net-leased Shopko in Madison, Wis. The $10 million sales price equates to $106 psf. Glen Kunofsky represented the seller. Jeff R. Rowlett and Jeremy Osting, both from the firm’s Milwaukee office, procured the buyer, a private investor. Shopko is located at 2201 Zeier Rd. in Madison. The asset was built in 1988 on approximately eight acres and renovated in 2004. Within a five-mile radius there are over 48,000 households and 109,000 people.

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David Manheimer and Benji Kohn of Soho-based Brooklyn Standard Properties, BSP, announced the following transactions:
• The purchase of a 50 ft. wide residential building at 157-159 Wythe Avenue, Williamsburg, Brooklyn for $8 million. The 5,550 s/f site, between North 6th Street and North 7th Street, is comprised of two, three-family connected buildings that are currently vacant. BSP plans to extend the ground floor and convert it into retail. They will also add a fourth floor onto the building. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate.
• The sale of 136 North 8th Street for $3.525 million. The company purchased the four-story, walk-up in central Williamsburg for $2.35 million in October, 2014. BSP was represented by Brendan Maddigan of Cushman and Wakefield. The building was delivered vacant, as BSP purchased it.

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Eastern Consolidated has arranged the sale of a mixed-use building at 157 East 55th Street in Midtown East for $10 million. The 5,700 s/f building located between Third and Lexington Avenues offers two vacant full-floor apartments on the top two floors and a restaurant, Darbar Grill, on the two lower levels. The property enjoys substantial additional air rights, which could reach 20,000 s/ffor residential uses and 30,000 s/f for commercial or community facility space. Exclusive brokers Brian Ezratty, Vice Chairman and Principal of Eastern Consolidated, and Scott Ellard, Vice President and Principal, represented the Goldie Moss Irrevocable Trust as seller, and procured the buyer, 157E55 Owner LLC. Iven Taub, Esq., is the trustee of the Goldie Moss Irrevocable Trust. Bernard Troy of Schwartzman Garelik Walker & Troy represented the seller, while David Blaivas and Michael Loeb of Blaivas & Associates represented the buyer.

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A New York based manufacturing company with ties to the building products industry has purchased 14.4 industrial acres at 539 Oronoque Road in Milford. The sale price was $2,650,000. The buyer plans to renovate and add onto an existing 23,250 s/f building and construct at least two new industrial buildings to accommodate its growing business. The seller was Arrow Realty, LLC. Alan M. Fischer, CCIM, SIOR, of Fischer Real Estate Inc. represented both the seller and the buyer.
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Hirshmark Capital announced the purchase of a non-performing loan from a local lending institution. The loan is secured by 21 unsold cooperative apartments within a 16-buiilding, 617-unit residential complex in the Astoria neighborhood of Queens. The complex is situated on the same block as a number of national retailers, as well a subway entrance for two main train lines.

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Northeast Private Client Group has announced the sale of 804 Chapel Street, a 7,500 s/f mixed-use property located on the corner of Chapel and Orange Streets in downtown New Haven, CT. Bradley Balletto, the firm’s regional manager, and David Almeida, CCIM, senior associate in the firm’s Connecticut office, represented the seller and sourced the buyer in the $1,675,000 transaction. The property comprises street-level retail and five luxury apartments on two upper floors. The seller is a Fairfield, CT-based private investor. The buyer, New York-based Newcastle Realty Services LLC, purchased the property for a price that equates to approximately $223 per square foot and a capitalization rate of 5.25% on the current net operating income.

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Wexler Healthcare Properties of The Corcoran Group announced the sale of Suite 3 at 1130 Park Avenue for $999,999. The 1,320 s/f medical office is located on the ground floor of a Carnegie Hill building on Park Avenue. The office consists of four exam rooms, two consultation rooms, an x-ray room, an administrative office, a nurse’s station, a waiting/reception area, a staff pantry and two restrooms. The office has a separate entrance on Park Avenue and is adaptable to any medical specialty. Paul Wexler and Adam Rifkin, Wexler Healthcare Properties of The Corcoran Group, represented the seller. Beth Benalloul, The Corcoran Group, represented the buyer.

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Klosed Properties announced the purchase of 20 St. Marks Place, New York. The property is a 9,200 s/f mixed use building, located in the East Villag near Cooper Square, 51 Astor Place, & NYU. The lower level retail is occupied by Grassroots Tavern, a vintage pub, which has been at the location for over 40 years. Steven Kachanian, principal of Klosed Properties, Jacob Namdar, Senior Director of Acquisitions, said the purchase price was $5.3 million. Tito Ghose from Halstead facilitated the transaction. Jason Au from Au Consultants Inc. helped secure financing.

 

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