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ON THE SCENE: This week’s middle market sales

Cushman & Wakefield announced the following sales:
• A 15,000 s/f gas station (pictured top) with development rights located in the Bronx sold for $6 million. Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter and Shayne Solton represented Mr. Robert Melito, the seller, and were the sole brokers in the transaction. Atlantis Management, one of the leading gasoline service station developers, motor fuel distributors and brokers in the Northeast, was the successful bidder for the property. The property operates as a fueling station with a lease in place. The site benefits from substantial development potential. The purchase price represents $95 buildable square foot price. Located at 3083 Webster Avenue in the Norwood neighborhood of the Bronx, the 125 by 120 ft. property allows for approximately 63,000 buildable square feet as of right and 84,000 buildable square feet if the optional inclusionary housing bonus is utilized. It is currently leased to Getty Oil, operating as a Shell gas station with the lease expiring in 2021.
• The $4,100,000 sale of a multifamily property located at 407 East 6 St. in the East Village. Michael DeCheser and Bryan Hurley represented the seller, Mark Fischler. The building is a 5,182 s/f walkup with four apartments equipped with new high-end materials , open kitchen layouts, washer/dryer, oak planking floors and central AC/heating. The garden floor and second floor consist of a duplex apartment that has five bedrooms, three bathrooms, two laundry rooms and an 800 s/f rear yard. The third, fourth and fifth floors consist of three-bedroom, two-bathroom apartments. The basement has a large open finished storage space (approx. 700 s/f) with rear yard access. The buyer was an overseas investor group. The building was 100 percent occupied at the time of sale and all leases were renewed in June 2020.


• 3242 Decatur Avenue, a 5-story, 31-unit apartment building in the Bronx sold for $3,500,000, equating to a 5.5% cap rate and $146 per square foot. Eric Roth, Jonathan Squires, Tyler Signora and Addison Berniker represented the seller. The 24,000 s/f property is a 5-story walkup located on the corner of Decatur Avenue and East 207th Street. The asset sits just two blocks away from the Williamsbridge Oval and offers access to numerous transportation options.

CenterPoint Properties its acquisition of 190 Homestead Avenue in Avenel, NJ. The 29,366 s/f building covers 15.5% of the 4.34-acre property. The property’s low coverage and access to the New Jersey Turnpike were key attractions to CenterPoint. The facility has convenient access to the New Jersey Turnpike leading to Port Newark-Elizabeth and Newark International Airport. It is 30 miles from New York City. Jordan Avanzato and Marc Duval of JLL brokered the transaction.


JLL Capital Markets announced the $11.4 million sale of 57 West 86th St., a 13,290 s/f building located on the Upper West Side. LL worked on behalf of Endeavor Guidance to complete the sale to Michael Herzog, LLC . The four-story property includes a 6,300 s/f retail space on the ground floor, currently occupied by Investment Banking Company and 12 rental residential units. The property features two studios, nine one-bedroom units, and one two-bedroom unit. Four of the apartments enjoy attractive outdoor spaces. The JLL team representing the seller was led by Paul Smadbeck and Hall Oster with Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait.

NAI James E. Hanson negotiated the sale of a 6.15-acre parcel of land zoned for residential development located at 106 Hurd Street in Mine Hill, N.J. John Schilp represented the seller, Pansini Estate, and the buyer, 106 Hurd Street LLC, in the transaction. Situated in the heart of Morris County with easy accessibility to Route 46, 106 Hurd Street is a 6.15-acre parcel of land that was previously occupied by a house and barn. Zoned for residential development, the property has approvals for a 50-unit apartment building and site work is currently underway.

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