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Deals & Dealmakers Featured

ON THE SCENE: The week in middle market sales

Marcus & Millichap announced the following sales:
• 183 Guernsey Street (pictured top) an eight unit apartment property in Greenpoint, Brooklyn, sold for $2,325,000. Michael Salvatico and Shaun Riney represented the seller, the Zargoski Family, and the buyer, 183 Guernsey LLC. The sale prices equate to a projected 5.77% cap rate with a price per square foot of $322. Built in 1928, the 7,000 s/f building is comprised of six two-bedroom apartments and one four-bedroom full floor apartment. The buyers are long-term investors.
• 1211 8th Avenue, an eight unit multifamily apartment building located in Park Slope, Brooklyn, sold for $2,750,000. The buyer, a private investor, was secured by John Brennan. Built in 1920, the property is within walking distance of Prospect Park.

50 WARREN ST.

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Compass announced the sale of a commercial condo loft space at 50 Warren Street in Tribeca. Joshua Sloyer, represented the seller, the estate of artist Janet Nolan. The sale price was $1.15 million. Sloyer also handled the sale of Nolan’s 60 Riverside residential penthouse for $2.1 million. The buyer is an end user who already occupies space in the building. The 1.080 s/f space offers 17 ft. ceilings, direct street entrance, 17 ft. of frontage on Warren Street. A grand staircase leads to the upper level and south-facing windows provide natural light.

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Cushman & Wakefield announced the following sales:
• 363 Greenwich Street, a 2,015 s/f retail condo in Tribeca, sold for $1,900,000, equating to $943 psf. Maurice Suede and Daniel Soyak represented the seller, Emilie Aebi. Regal Acquisitions acquired the asset. The vacant property is build-out for a restaurant operator and includes a lower level with additional room for seating.

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Fischer Commercial Real Estate announced the sale of 39 Orford Street, a 3,900 s/f industrial building in West Haven, CT, for $315,000. The property has two 14 ft. overhead doors and was previously used as a contractor’s yard and for auto body repair. Alan M. Fischer represented the seller. The buyer was represented by Silvester Garza of VidalWettenstein.
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203 WEST 80TH STREET

JLL Capital Markets announced the following sales:
• 203 West 80th Street, an 8,004 s/f residential property located in the Central Park West Historic District. The sale price was $5.4 million. The five-story building is currently configured with 10 apartments. The ground-floor apartments have been combined with the cellar to create front and back duplexes and the 5th floor apartments have been combined with two 6th floor additions to create front and back penthouses, as well as private roof terraces. The property has been managed by the same family for generations and is trading for the first time in nearly 50 years.
• 124 West 78th Street, a 5,630 s/f residential property on Manhattan’s Upper West Side, sold for $4.5 million. Built in 1881 by Raphael Gaustavino, the Moorish Revival five-story rowhouse has a three-story extension with penthouse additions and is currently configured with 10 apartments and a basement office space. Two of the apartments are rent stabilized, and the remaining eight are free market.
• 250 West 74th Street, a 6,840 s/f multi-family property located in the West End-Collegiate extension Historic District sold for $5.4 million. The five-story, 20 ft. wide brownstone has five fair-market floor-through apartments and was delivered vacant. Located within the R8B zoning district, 250 West 74th Street offers 1,720 s/f of additional air rights. Paul Smadbeck, Hall Oster, Conrad Martin and Teddy Galligan brokered the sale.

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Rosewood Realty Group announced the $5.35 million sale of a four-story walk-up building in the Pelham Bay section of the Bronx. The 27,000 s/f building at 1921 Hobart Avenue features 33 rent stabilized apartments. Built in 1929, it sold for 10.34 times the current roll, and has a cap rate of 5.85 percent. The building has 29 one-bedroom apartments and four two-bedroom units. Aaron Jungreis represented the seller, the Morgan Group, Greenwich-based multifamily owners. Jungreis and Alex Fuchs represented the buyer, Arber Realty LLC, a local Bronx investor.

GEORGE NIBLOCK

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Friedman-Roth Realty Services announced the sale of 340 14th Street in Park Slope, Brooklyn. The four-story walk-up features eight residential units. Constructed in 1931, the 6,856 s/f property sold for $5,200,000. Gil Avni represented the seller while the purchaser was procured by George Niblock.

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Westbridge Realty Group announced the sale of an industrial site in Gowanus, Brooklyn for $6.5 million. The site, at 88 9th Street, is a self-storage facility on an acre of land with 300 self-storage units. The property consists of over 40,200 s/f and 300 storage units. The sale prices equates to $161 psf. Alexandra Rossland and David Marciano represented the seller, Charles Devito of Chuck Realty Corp. Marciano represented the buyer, Insite Property Group, a California-based self-storage operator and manager who will continue to operate the business.

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Bestreich Realty Group (BRG) announced the closing of 363 Washington Avenue, Brooklyn, for $2,550,000. The 5,145 s/f four-unit multifamily property sold at $496 psf and $637,500 per unit. Derek Bestreich, Luke Sproviero, Adam Lobel and Gabriel Kates represented the buyer and seller, both private investors.

ANDREW NATTER

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The Collaborative Group announced the sale of 303 East 4th Street in the East Village for $3,678,000. Situated in R7A, C2-5 zone, the five-story walk-up features eight free market residential units and two ground floor retail spaces occupied by a deli and a barbershop. Andrew Natter and Harold Fuchs represented the buyers, Derek Greenbaum and Larry Zombek, and the seller, the Meléndez Estate.

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NJ-based First National Realty Partners (FNRP) acquired a Whole Foods-anchored neighborhood shopping center located at 1745 West Market Street in Akron, Ohio. Built in 2017, the 54,166 s/f property is located at a highly-trafficked intersection in the heart of Akron’s most desirable residential neighborhoods. The property was developed by Georgia-based S.J. Collins Enterprises.

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The Greyhill Group has acquired a mixed-use property at 150 4th Street in downtown Troy, New York for $1,200,000. The property has 15 residential units, primarily rented by local Rensselaer Polytechnic Institute students, and one retail storefront leased to The Laundry Factory, a self-run laundromat. Mo Bloorian, managing partner at Greyhill Group, worked alongside managing partner, Jacob Herskowitz to close the deal. Greyhill Group is actively expanding, focusing on the acquisition of industrial properties and multifamily buildings in multiple counties across Connecticut, New Jersey and the Capital Region of New York.

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The Manhattes Group announced the sale of 419 16th Street, Brooklyn, for $4.2 million. The 11,844 s/f building contains 16 apartments. Built in 1920, it last traded hands in 2009. Michael Sherman, The Manhattes Group, represented the buyer, a private investor. Neil Dolgin and Michael Blum of Kalmon Dolgin, represented the seller, Abead Realty Corp.

201 WEST PASSAIC STREET

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John Johnson, president of The Wellington Company, announced his company has negotiated the sale of a 65,000 s/f office building at 201 West Passaic Street in Rochelle Park, NJ, to 201 West Passaic Venture, LLC, part of Bergman Real Estate Group. Wellington Company represented the seller, Sherbrooke Holding Company, LLC. The property, located across from Westfield Garden State Plaza, is within close proximity to Routes 17, 4 and the Garden State Parkway as well as NJ Transit transportation. The four-story building sold for $7,200,000.

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