Real Estate Weekly
Image default
Deals & Dealmakers

On The Scene: TerraCRG retained in Park Slope, Cushman’s McGee active in East Rutherford

AGENTS

EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 195 Sullivan Place in Crown Heights, Brooklyn.
Located on Sullivan Place, between Ludlam Place and Rogers Avenue, the site is within a short walking distance of the Sterling Street [2,5] train station, Brooklyn Botanic Garden and Prospect Park Zoo. The site is a vacant lot with approved plans and permits for a 19 unit residential building with 13,100 square feet of gross area. It is subject to 421A tax abatement. 195 Sullivan Place is being listed at $3,900,000 by EPIC Commercial Realty CEO Yona Edelkopf and Investment Sales Associate Baruch Edelkopf.

•••
TerraCRG has been retained exclusively to sell a multifamily building at 340 14th Street, located between Sixth and Seventh Avenues in Brooklyn’s Park Slope neighborhood. Adam Hess, along with his team, Eddie Setton and Kirill Galperin, are marketing the property. The asking price is $5,250,000. The four-story multifamily building contains eight units, of which seven will be delivered vacant.

The seven vacant units are currently being gut renovated and will consist of one approximately 1,300 SF ground floor duplex with outdoor space and six approximately 790 SF apartments with open floor plans, exposed brick and condo level finishes. Additionally, there will be access to an outdoor roof deck for the fourth floor apartments. Originally slated for development as condos, there are approved plans for an occupied condo conversion.

•••
GFI Realty Services, LLC announced that it has been named the exclusive sales agent for 1424 Avenue J, a mixed-use property in the Midwood section of Brooklyn, New York. GFI Realty Director of Investment Sales Shulem Paneth and Eli Matyas, also of GFI, will oversee the marketing of this asset, with pricing targeted at $3.975 million.
The four-story building is comprised of six apartments and four stores, all of which are currently occupied. The retail tenants include the iconic Di Fara Pizza, which has been located at the property since 1965.

•••
EPIC Commercial Realty has been retained on an exclusive basis to broker the sales of 81-83 Vanderveer Street in Bushwick, Brooklyn. Located on Vanderveer Street, just off of Bushwick Avenue, the properties are within a short walking distance of the Bushwick Avenue/Aberdeen Street L train station. Each building contains three legal residential units for a total of six free market units combined.
The properties are two-stories in the front which then drop to a single story in the rear. The front units are one bedroom duplexes and the rear units are ground floor units with skylights in each room. 81-83 Vanderveer Street are being listed at $850,000 each or $1,700,000 combined by EPIC Commercial Realty Investment Sales Associates, Marcus and Madeline Jecklin.

SALES

Cushman & Wakefield New Jersey announced that a 23-unit Plainfield multifamily property has traded for $2.35 million – the highest per-unit price realized in the local market in more than four years. Alexander McGee of the firm’s East Rutherford office, brokered the sale of 909 Park Avenue, representing the seller, a private owner, and procuring the buyer, a New York-based equity fund. The four-story, 28,676-square-foot 909 Park Avenue property includes apartment homes ranging from one to four bedrooms. The building was 97 percent at the time of the sale.

•••
Friedman Roth Realty Services announced the sale of a 25-unit apartment building at 3525 Rochambeau Avenue located in the Wakefield section of the Bronx. The property was marketed for approx. 90 days and finally closed last week for $3,525,000. Approx. 11.6 times the gross rent. $141,000 per unit. Richard T. Guarino partner at Friedman Roth represented the assets long term owner, Skyline Realty LLC, on an exclusive basis. Michael Stern & Scott Jacobs from Ny Standard Realty represented the purchaser, Parkway Realty Associates LLC.

•••
Klosed Properties announced the purchase of the retail condo located at 227-229 W. 116th Street, in Harlem. The price was $1.45 million. The property is leased to two tenants with long-term leases. Lisa Downing of Connections Real Estate represented the seller. Adrian Berger of Corner Commercial Real Estate represented the buyer.
Klosed Properties principal Steven Kachanian said the retail condo has 40 feet of frontage on West 116th Street. Jacob Namdar, senior director of acquisitions said Klosed is currently under contract to purchase ​six additional properties and continues to seek retail condominiums, mixed use, and multifamily in the boroughs.

•••
Gebroe-Hammer Associates has completed four separate trades involving a total of 126 units. Senior Vice President Stephen Tragash spearheaded each of the transactions.
In Elizabeth’s Elmora neighborhood, Tragash exclusively represented the sellers and identified the buyers of 209-215 Rahway Ave., and 13-25 Stiles St. Combined, the 24-unit complexes were sold for $4.25 million.
Tragash and Debbie Pomerantz, vice president, also arranged the $3.075 million sale of 416-424 and 430-436 East Jersey St., near the New Point Road district. Located less than a mile from the Elizabeth city center, the three-story buildings total 44 units .
In Sparta, Sussex County, Tragash teamed up with Sales Associate Adam Zweibel to arrange the $4.45 million sale of Seasons at Sparta, located at 84 Sparta Dr. The 55+ active-adult complex, which includes a mix of studio and one- and two-bedroom units, was acquired by the seller in 2012 in a trade arranged by Tragash.

•••
Marcus & Millichap announced the sale of two mixed-use properties totaling approximately 18,412-square foot located in the Chinatown section of New York, NY, according to J.D. Parker, regional manager of the firm’s Manhattan office. The assets sold for a total of $9,200,000.
Barbara Dansker, Zachary Ziskin and Steven Lusby, investment specialists in Marcus & Millichap’s Manhattan office along with Jeff Troy and Alan Miller of Five Points, had the exclusive listing to market the properties which have been owned by the same family for nearly 50 years.. The buyer, a N.Y. C investor, was also secured and represented by Dansker, Lusby and Ziskin, of Marcus & Millichap’s Manhattan office and Troy and Miller of Five Points.
The subject properties are located at 40 Market Street on the southwest corner of Madison Street and 42 Market Street on the southeast corner of Madison Street. The properties consist of 5 stores and 19 residential units and offer a combined rentable square footage of 18,412. “These properties have rents that are far below market and presented the buyer with an excellent upside opportunity. The area properties have experienced a tremendous growth in value over the past few years as both the apartments and the retail are in high demand”.

•••
Redwood Realty Advisors announced that it has successfully completed the sale of the Chatham Arms in Chatham, N.J. for $7.2 million. The 31-unit apartment building sold for $232,000 per unit and a 4.9% cap rate.
“The existing owner took advantage of strong buyer demand and favorable pricing to pull equity out of an asset that they had owned for a number of years,” says Kevin McCrann, a managing partner at Redwood Realty. “At the same time, the new buyers recognize the opportunity to make improvements to the asset in order to achieve higher rents.”
Quad Realty, LLC sold the property to a joint venture between Stolar Capital and Vertical Realty Capital. “We are thrilled to add Chatham Arms to our growing portfolio and to partner once again with Jake and Joe Feldman from Vertical Realty,” says Peter Brosens, co-founder of Stolar Capital along with Kyle Petrelli. “Transit-oriented properties like this almost never trade hands and we are excited to harvest this project for the long term in a desirable town like Chatham,” added Brosens.
The Redwood Realty Advisors’ team who worked on this transaction included the following: Thomas McConnell, CCIM, Managing Partner, Kevin McCrann, Managing Partner; Matthew Sandelands, Investment Associate; Jeremy Wernick, Investment Associate.

•••
Rosewood Realty Group announced the following closed deals:
•The $2.01 million sale of 344 East 148th Street, Mott Haven in the Bronx ( aka 517 Courtlandt Avenue in the Bronx.) This is a four-story walk-up apartment building with 14 apartments and two commercial units. It is 9,870 sq. feet and it was built in 1910. It sold for 8.5 times the current rent roll and the CAP rate was 8 percent. Rosewood’s Aaron Jungreis represented both the seller, 344 East 148th LLC and the buyer, 517 Courtlandt LLC.

•••
TerraCRG announced the sale of 82 16th Street, a 16-unit multifamily building located in the Park Slope/Gowanus neighborhood of Brooklyn. Adam Hess, along with his team, Eddie Setton and Kirill Galperin were the sole brokers in this transaction. The property sold for $3.575M, which equates to a 4.7% cap rate and $572 per SF.
“The rental market in the South Slope/Gowanus area offers tremendous potential for growth as residents from surrounding neighborhoods like Park Slope and Carroll Gardens seek more affordable rents with access to the same high-end amenities,” said Adam Hess, Partner at TerraCRG.

•••
CPEX Real Estate’s Brooklyn Multi-Family Investment Sales Team recently sold a multi-family property located at 292 Howard Avenue in Bedford-Stuyvesant, Brooklyn. The property is comprised of five residential buildings located on a 75’ x 50’ lot. The building was sold to an end-user who plans to convert the property into a live/work educational facility. The sale price was $1,700,000, or $285 per square foot. CPEX’s Brooklyn Multi-Family Sales Team, consisting of Associate Director Stephen Safina and Associates Alyona Chystyakova and Thomas Ryan, represented the seller and procured the purchaser.

•••
Cushman & Wakefield handled the $2.55 million, all cash sale of 41-22 49th Street in Sunnyside, Queens. Thomas A. Donovan, Vice Chairman, along with Tommy Lin, Eugene Kim and Robert Rappa exclusively brokered this transaction. The team set a record sales price for a walk-up of this nature, which equates to a 4.5% capitalization rate and about $493 per square foot. The three-story walk-up measures approximately 5,169 square feet and consists of six residential units and a finished basement.

•••
NAI James E. Hanson brokered the sale of The Landmark property, which consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building located at 33 Route 17 South in East Rutherford, N.J. to The Hampshire Companies through one of their funds.
NAI Hanson’s Andrew Somple, SIOR and Greg James represented the seller. The Landmark property has been mostly vacant since 2012. It sits on a 3.2-acre lot that is encircled by the ramp from Rt. 17 South to Paterson Plank Road as well as opposite a strip mall with a Starbucks, Five Guys, Payless and Sleepy’s. The property is zoned regional commercial and features 225’ of frontage along Route 17 South. The Hampshire Companies plans to redevelop the site with a modern 100,000-square-foot self-storage facility as well as a convenience store with gas station.

•••
HFF announced that it has closed the $7.8 million sale of the 5.12-acre land tract adjacent to John F. Kennedy (JFK) International Airport in the New York City borough of Queens, New York.
HFF marketed the site on behalf of the sellers, Philips International and Rhodes NY. Gabrielli Truck Sales Ltd. (Gabrielli) purchased the site.
The project required various state and local approvals from the New York City Economic Development Corporation and the Port Authority of New York and New Jersey. Gabrielli plans to construct a facility for their use on the site.
JFK International Airport is one of the leading international air cargo centers in the world and home to 18 cargo-only freight carriers, including American Airlines, FedEx, Delta Airlines and China Airlines. The site is located at 181-25 Eastern Road in Jamaica, Queens, which is in the Queens County industrial submarket and proximate to both the Belt Parkway and Interstate 678 (JFK Expressway) leading into Manhattan. Prior to this development, there have been few industrial/commercial developments within a three-mile radius of the airport within 30 years.
The HFF investment sales team representing the seller was led by managing director Michael Nachamkin and senior managing director Evan Pariser.

(Visited 1 times, 1 visits today)

Related posts

Robotics startup takes 54,000 s/f at 1900 Broadway

REW

SL Green signs Chelsea Piers Fitness as first tenant at One Madison

REW

11-building Manhattan portfolio trades for $190M

REW