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Deals & Dealmakers

ON THE SCENE: TerraCRG on $16M tear; Delshah sells brownstone to Chinese group

TerraCRG closed on five multifamily transactions with an aggregated value of $16,050,000:
• 459 Bay Ridge Avenue in Bay Ridge, Brooklyn, sold for $4,300,000, which equates to $330 psf. The vacant 20-unit property was marketed and placed into contract in 30 days by Adam J. Hess, Sam Shalumov and Chris Pechlivanides.
• 401 12th Street in Park Slope, a six-family building, sold for $4,000,000, a new record for the highest sale price ever for a six family building in Brooklyn. The price equates to $800 psf, a 4.75 percent CAP rate, 17 times rent roll and $667,000 per unit. The property was marketed and sold by Adam J. Hess, Chris Pechlivanides and Sam Shalumov.

Melissa DiBella
Melissa DiBella

• 851 Franklin Avenue, Crown Heights, a four-story, 16-unit building sold for $3.25 million. The 8,400 s/f property was brought to market in March of 2013 for $2.85 million by Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez. The sale price equates to $385 psf, $203,125 per unit and a 5.73% CAP rate.
• 244 Madison Street, a four-story fully renovated multifamily building in Bedford-Stuyvesant sold for $3.65 million. The building consists of eight large apartments, including two duplex apartments. Matthew Cosentino and Eric Satanovsky sold the property for $391 psf or $456,250 per unit. This is the highest price ever paid for an eight family building in this section of Brooklyn.
• 217 Malcolm X Boulevard, a two story, 3,750 s/f in Bedford Stuyvesant sold for $850,000. The vacant corner building includes one residential unit and one commercial unit. Matthew Cosentino and Eric Satanovsky sold the property.
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Delshah Capital announced the sale of 163 West 80th Street to Yu Far Realty, a group of Chinese investors, for $7.65 million. Howard Raber, Randy Modell and Scot Hirschfield of Ariel Property Advisors represented Delshah. The five-story, 9,624 s/f residential brownstone was converted by Delshah from ten units to five full-floor luxury residences. All five were subsequently rented at market rate. While currently operating as a free-market rental property, a condominium declaration has been filed establishing five single residential condominium units within the building.
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Besen & Associates announced the sale of 361 First Avenue for $5,600,000. The off-market transaction was completed in-house. Shoy McKen represented the seller and Amit Doshi along with Ishan Chhabra procured the buyer. The 5,000 s/f, 4-story building consists of five free market apartments, one store and one office. Dunkin’ Donuts occupies the store and has a lease through 2025. The sale price equates to a GRM of 16.7, $1,120,000 price per unit, $1,120 per square foot and a 4.6% capitalization rate.
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GFI Realty Services, Inc. announced the sale of 1546 Selwyn Avenue, a six-story elevator apartment building in the Claremont section of the Bronx for $7.2 million or $104,000 a unit. The multi-family property features 69 rental units. Daniel Shragaei represented the seller and Josh Orlander represented the buyer. The buyer to renovate the units in the pre-war elevator building.
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NEIL DOLGIN
NEIL DOLGIN

Kalmon Dolgin Affiliates (KDA) arranged the sale of a 17,000 s/f property at 16-18 Decatur Street in the Ridgewood section of Queens for $2.8 million. Neil Dolgin and Grant Dolgin represented the seller, Midland Realty. Sholom & Zuckerbrot Realty LLC negotiated on behalf of the buyer, JHS Acquisitions LLC. Prior to its sale, 16-18 Decatur Street was used for the warehousing and distribution of flooring materials. The building’s new owner is an artist who plans to use the one-story building as a studio.
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Massey Knakal announced the following sales:
• An apartment building at 85-93 Humboldt Street, East Williamsburg, sold for $12,000,000. The four-story walkup has a ground floor retail space with 18 residential units above. The apartments were gut-renovated in 2010 and the property was recently approved for a 14 year J-51 tax exemption. The sale price equates to a 5.59% capitalization rate. Mark L. Lively exclusively handled this transaction with Brendan T. Maddigan.
• A multifamily building at 730 West 183rd Street, in Hudson Heights, sold for $10,100,000. The five-story walk-up consists of 44 residential units. The sale price equates to approximately $253 per square foot. Robert Shapiro handled this transaction with Bob Knakal.

JACK JAWDAT
JACK JAWDAT

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New York Commercial Real Estate announced the completion of a 1031 tax-free exchange for a 19,000 s/f property at 128 Old Town Road, East Setauket, New York. The transaction was jointly completed by NYCRE president Jack Jawdat and executive vice president Robert Harwood. The property for which the 1031 exchange was conducted, is a mixed-used center consisting of four separate buildings, including a free-standing restaurant, residential cottage, ance studio and residential apartments, and a main retail building. The buyer is taking immediate ownership and plans to do a number of deferred maintenance projects.
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Time Equities Inc. has acquired William Penn Plaza, a 91,211 s/f shopping center at 3099 William Penn Highway in Easton, PA for $8 million. The acquisition marks TEI’s sixth purchase in Greater Philadelphia as the firm continues to expand its presence in the region and reposition assets. Ronald Cappello, Colliers International, brokered the deal on behalf of the seller, R.J. Waters & Associates. In-house counsel represented TEI while Steven A. Cohen represented the seller.
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NAI James E. Hanson announced that Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a residential and retail development in Fair Lawn, NJ. United Way acquired the 3.9-acre, fully entitled site from the Borough of Fair Lawn for $1.7 million. A portion of a subdivided seven-acre parcel, the site has been approved for 64 garden apartments, which United Way will develop as affordable senior housing. The NAI Hanson team of Darren Lizzack and Hal Messer represented the Borough of Fair Lawn in the transaction.

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