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Deals & Dealmakers

ON THE SCENE: TerraCRG selling vacant resi development in East Williamsburg

AGENTS

TerraCRG has been retained exclusively to sell 566 Grand Street, a vacant residential development site in East Williamsburg, Brooklyn. Dan Marks, Partner, and Dan Lebor, Director of Business Development, are marketing the property with an asking price of $2,800,000. 566 Grand Street is a vacant, 1,875 s/f lot zoned R7A/C2-4, delivered with DOB approved plans for 7,875 gross buildable s/f, allowing for a six-story, five-unit condominium project. Located between Union Avenue and Lorimer Street, the site is accessible by the L train at the Lorimer Street Station, the G train at the Metropolitan Avenue stop, and the M, J & Z trains at the Hewes Street Station.

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Besen & Associates announced that Shallini Mehra and Amit Doshi have been retained to market 344 Cabrini Boulevard in the Hudson Heights section of Upper Manhattan. a 4-story, 7,228 s/f walkup apartment building located in Hudson Heights in the Upper Manhattan corridor, west of Broadway. The property is situated on Cabrini Boulevard between West 190th Street and West 187th Street and is comprised of 8 residential units. Built in 1915, the property was gut renovated in 1997 and is currently in turn-key condition. Lower level and first floor units have large patios and all rear units have views of the Hudson River and the New Jersey skyline. The Property is located just north of the George Washington Bridge between Fort Tryon and Fort Washington Parks. The residents are well served by public transportation and the area offers access major highways. The building is comprised of one two-bedroom unit, four one-bedroom units, and three studios. With an average monthly rent of $1,900, which represents a 26 percent discount to current market rates. Asking price has been reduced from $4,500,000 to $3,995,000.

SALES

HPNY announced that Josh Pomerantz brokered the $6,200,000 purchase of 1484 Amsterdam Avenue in the Manhattanville section of NY. The six-story mixed use walkup consisting of 28 apartments and two stores, is located between West 133rd and West 134th Street. The building is 16,000 s/f and traded for roughly $400 per foot. The majority of the units are two bedrooms. The seller was Manhattan Apartments LLC. The purchasing entity was 1484 Amsterdam Realty LLC. Pomerantz of HPNY represented the purchasing entity.

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Rosewood Realty Group announced the sale of a four story walk-up apartment building with 16 apartments in East Flatbush. The 14,160 s/f building, at 845 Schenectady Avenue, sold for $2.7 million, at a cap rate of 4.4 percent and for 13.6 times the current annual rent roll. It was built in 1931. Rosewood Realty Group’s Ilya Tolmasov and Daniel Arnel represented both the buyer, a private investor and the seller, Pada Realty LLC.

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TerraCRG announced the following sales:

• 440 Senator Street, a four-story, 20-unit apartment building in Bay Ridge, Brooklyn. The deal was brokered by Peter Matheos, Senior Vice President, and David Algarin, Associate Vice President at $4,850,000. The 14,280 s/f property is located between 4th and 5th Avenues, two major retail corridors in the area. The sale price of $4,850,00 translates to $340 per square foot and a 3.75 percent Cap Rate.

• 786 Knickerbocker Avenue in Bushwick for $1,150,000. The 2,480 s/f mixed-use building was brokered by Matt Cosentino, Vice President, Eric Satanovsky, Senior Associate and Fred Bijou, Associate. The purchaser was Cycamore Capital, an investment firm based in Brooklyn that specializes in value-add multifamily and mixed-use assets. The property traded for $464 psf and a 6 percent cap rate.  This is the first purchase in Brooklyn made by the buyer. The property consists of one duplex commercial space and one residential apartment. The commercial space is currently occupied by a New York City Council Member. The residential apartment is approximately 1,240 s/f and has four bedrooms, a sunroom, large deck, backyard access, washer/dryer and skylights.

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Admiral Realty announced the following sales:

• A vacant restaurant property in the City of White Plains for $2,225,000. Admiral’s John Barrett, Head of Investment Sales and Haryn Intner, Retail Leasing & Sales, exclusively represented the seller and identified the buyer, a Westchester-based investor. The property is located at 189 East Post Road, at the corner of Waller Avenue, just off “Restaurant Row” in the heart of the cultural and entertainment district of White Plains. It was sold in an all-cash transaction by LCP White Plains to Zef Perlleshi. 189 East Post Road is a 10,000 s/f corner property with 160 feet of frontage on Waller Avenue and East Post Road. The building has a 6,000 s/f dining room and kitchen on the ground floor, with an additional 4,000 s/f lower level of private banquet space and storage.

• A vacant retail store in Pleasantville was sold by Lahel Realty Corp. for $585,000 in an all-cash transaction to Sammy Properties. The property, located at 4 Pleasantville Road, is approximately 3,500 s/f and is the former location of Heller’s Shoes, which consolidated its Pleasantville location to their larger store in Mt. Kisco. John Barrett and Joan Simon represented the seller in the transaction. Rob Seitz of Stetson Realty represented the buyer.

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Steven Vegh of Westwood Realty announced the sale of 82 and 84 Wadsworth Avenue, New York, NY. Alchemy Ventures purchased the two buildings in Washington Heights for $11,550,000. The buildings consist of 47 residential units and span 38,382 s/f. The sellers, a private company held in Rockland County, NY, purchased the buildings from NYC based Onex Real Estate Partners for $7,500,000 in September 2014 and completed some capital improvements. Rents in the building range from $2,200 for two bedroom to $1,900 for one-bedroom units. Steven Vegh represented both sides in the off-market transaction.

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Gebroe-Hammer Associates announced the following sales:

• The $6.6 million sale of a three-building portfolio involving 36 multi-family units, 3 commercial units and an adjacent single-family home. Executive Vice President Greg Pine and Senior Vice President Nicholas Nicolaou exclusively represented the seller, Lisalene Properties LLC, and procured the buyer, a private investor. The properties are located at 1 Murray Hill Terrace and 117 and 111 S. Washington Ave. in the borough. The largest of the portfolio properties is 1 Murray Hill Terr., a single, three-story building with 27 units featuring a mix of studio and one-, two- and three-bedroom layouts.
• The $7.5 million sale of 148 units at Summit Place, a recently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold. Vice President Adam Zweibel exclusively represented the seller, ARD Lindenwold LLC, and procured the buyer, a private investor, in the transaction. Situated in southwest New Jersey on the Pennsylvania border, Lindenwold has evolved into an emerging bedroom community offering close proximity to Center City, Philadelphia, 17 miles away, and the Trenton/Ewing/Hamilton corridor, with its high concentration of New Jersey State offices and 72,700 government jobs. Built in 1971, Summit Place recently underwent comprehensive capital improvements.

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Houlihan & O’Malley Real Estate Services announced the sale of 266 East Gun Hill Road, Bronx, NY. The building is 7,300 s/f of first floor retail space. There are six tenants. The lot is 8,080 s/f. The building sold for $2,500,000. Dan Houlihan and Gerry Houlihan represented the seller and John Joseph Rivera, with Kassin Sabbagh Realty, represented the buyer. James Manning was the attorney for the seller and Chris Marengo was the attorney for the Buyer.

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Northeast Private Client Group has announced multiple closed transactions totaling over $13 million. Edward Jordan, JD, CCIM, the firm’s managing director, and Bradley Balletto, regional manager, led their tri-state investment sales team in representing sellers and sourcing buyers for these exclusively listed assignments. Closed transactions during the recent period include:

• 94 Varga Road, Ashford, Conn.; 91-unit multifamily sold for $5,200,000 with a 7.7 percent cap rate;
• 29 Washington Ave, Hamden, Conn.; 13-unit multifamily sold for $1,890,000 with a 6.71 percent cap rate;
• 17 Greenwood Street, Hartford, Conn.; 29-unit multifamily sold for $1,665,000 with a 7.7 percent cap rate;
• 2494 South Road, Poughkeepsie, NY; 7,761 square foot commercial property sold for $540,000 with an 8.3 percent cap rate;
• 1824 Route 6, Carmel, NY; 4-unit multifamily sold for $480,000 with an 8.12 percent cap rate;
• 94-102 Shirley Ave, Revere, Mass.; 9-unit multifamily sold for $1,115,000 with a 7.8 percent cap rate;
• 150 Village Street & 8 Broad Street, Medway, Mass; 12 unit multifamily portfolio sold for $965,000 with a 10-percent cap rate;
• 70 Circular Ave, Hamden Conn; 28-unit multifamily sold for $1,700,000 with an 8.7-percent cap rate.

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Goldschmidt & Associates announced the following sales:

• Eric S. Goldschmidt, senior patner, and Peter Giner, of Giner Realty, co-brokered the sale of 175 Main Street, Mt. Kisco, New York. The two-story, 11,000 s/f retail and office building sold for $1,900,000. The major tenants include Bilotta Kitchens and Arthur Murray Dance Studio.

• Eric S. Goldschmidt and Peter Giner co-brokered the sale of 139-141 East Main Street, Mt. Kisco, New York. Representing the purchaser was Nino Gjeloshaj of Douglas Elliman Real Estate. The two buildings containing seven apartments and three retail stores sold for $1,750,000.

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NAI James E. Hanson negotiated the sale of 13.6 acres of land surrounded by Main Street, River Road and Madison Avenue targeted for development in New Milford, N.J. Andrew Somple and Greg James represented the seller, Suez Water North America, in the sale to New Milford Redevelopment Associates, a subsidiary of S. Hekemian & Co., Inc. The new owners will utilize the land to build an Inserra ShopRite with a bank branch. Along with the retail development project, a portion of the land will be used to construct new sports fields for New Milford High School. At the same time, Inserra’s current store in New Milford at 841 River Road has been slated for redevelopment into affordable housing once the new store opens. The sale marks the completion of a multi-year approval process.

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