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Deals & Dealmakers Featured

ON THE SCENE: This week’s middle market sales

444 LINCOLN HIGHWAY

Cushman & Wakefield announced the sale of 444 Lincoln Highway, a 48-unit luxury multifamily asset in Iselin. The final sale price was $15,700,000, equating to $327,000 per unit. Andy Merin, Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, Adoni Property Group, and procured the buyer, FM Ferrari Investments. The property is a three-story, transit-oriented luxury apartment building that is fully leased. Constructed in 2018, it is within walking distance to MetroPark Station.

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Marcus & Millichap announced the following sales:
• 53,158 s/f next leased to Fed Ex in North Haven, CT, for $5,161,860. Anthony D’Ambrosia, Cade N. Kearn and Glen D. Kunofsky represented the seller, a limited liability company. The buyer, a private investor, was secured and represented by D’Ambrosia, Kearn, Kunofsky and Josh Kanter. John Krueger, Regional Manager, Broker, assisted in closing the transaction. This was a portfolio transaction with five properties occupied by FedEx throughout the Northeastern Corridor and the defeasance of a conduit loan. FedEx is located at 347 State St in North Haven, CT. The properties obtained below market rents and are 100% occupied.
• 176 West Street, a 4-unit apartment property on the Greenpoint waterfront in Brooklyn, sold for $2,000,000. Shaun Riney and Michael Salvatico represented both seller and buyer. The 4,400 s/f property has two one-bedroom units and two two-bedroom units, all of which are free market.

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Arch Companies has sold Meadowbrook Apartments, a 60-unit garden style, multifamily property located in Foley, Alabama, for $6.83 million. Acquired in April 2018 for $4.4 million, this was one of Arch’s first purchases after its founding in 2017 and is the firm’s first multifamily sale. Arch was represented in the transaction by Andrew Brown, Director, Cushman & Wakefield. Arch implemented a capex program that elevated the property and attracted qualified, loyal tenants. The property maintained an occupancy of over 95 percent throughout their ownership. Meadowbrook is located in Baldwin County, one of the fastest-growing counties in the state, and is near convenient shopping, Gulf of Mexico beaches, local museums and parks.

1652 NORMAN STREET

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Bestreich Realty Group (BRG) announced the closing of 1652 Norman Street in Ridgewood, Queens for $1,350,000. The property is located between Wyckoff Avenue and Cypress Avenue. The lot is built 26.42 by 100 ft. and the building is 21 by 60 ft. with semi-detached with windows. The multifamily consists of 5 apartments and 1 garage and has approximately 3,780 s/f priced at $357 price/sf and $270,000 price/unit. The seller was 1652 Norman Street LLC and the buyer was Norman St LLC. Derek Bestreich, Steve Reynolds, Brian Davila, Tom Reynolds, and Sean Mashihi facilitated both the buy and sell side of this transaction.

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Leslie J. Garfield announced the sale 50 East 81st Street, a 20 ft. foot wide, multi-unit townhous. The property, consisting of a ground floor vacant doctors office with 8 residential units above, was held at $7,900,000. The turn of the century townhouse sits on the south side of 81st Street between Madison and Park Avenues and has a lot dimension of 20 x 88 x 102 ft. deep. It has a 4-story extension in the rear, in addition to a full basement and is approximately 7,365 s/f. The sellers held this building for many many years and operated it as an income producing property. The buyer plans to do extensive renovation. Lydia Rosengartem represented the sellers. The sellers counsel was handled by Craig Ingber of Cox Padmore, Skolnik & Shakarchy LLP. The purchaser was represented by Fortitude Capital LLC and counsel was handled by Seymour Hurwitz, Esq.

66-42 FRESH POND ROAD

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JLL Capital Markets announced the following sales:
• The $8 million sale of the retail property at 66-42 Fresh Pond Road in Ridgewood, Queens. Featuring four units, the property’s largest, 10,869 s/f unit was delivered vacant; the two smaller, 660 s/f units are leased to a hair salon and print shop, and a unit on Woodbine St. was leased to USPS. The JLL Capital Markets Investment Sales Advisory team repressing the seller included Bob Knakal, Stephen Palmese, Brendan Maddigan, Ethan Stanton, Michael Mazzara and Winfield Clifford.
• 135 Kent Avenue in Williamsburg, Brooklyn, sold for $7.5 million. The two-story mixed-use property located on the corner of North 6th St. and Kent Ave., 135 Kent Ave. features 25,000 s/f with 125 feet of frontage on North 6th St. and 100 feet of frontage on Kent Ave. The building includes five commercial spaces located on the first floor and nine loft-style units on the second floor. Brendan Maddigan, Ethan Stanton and Steven Rutman represented the seller.
• 333 Atlantic Avenue in Brooklyn, sold for $16 million. The mixed-use building. was constructed in 2016 and features 22 fully leased apartments with condo-conversion potential and two fully leased commercial units with a total of 6,800 s/f of retail space. Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara and Ethan Stanton represented the seller.
• 255-259 Manhattan Avenue in East Williamsburg, Brooklyn, sold for $4 million. The tax lots assemblage consists of four lots totaling 4,500 s/f with 2,610 s/f of air rights and a combined 13,800 buildable square feet. The properties stand in a prime location in Williamsburg, just five blocks from the G and L train station, providing connectivity throughout Manhattan and Brooklyn. Brendan Maddigan, Ethan Stanton and Patrick Madigan represented the seller.

348 ATLANTIC AVENUE

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Alpha Realty arranged the sale of a three-building package at 348 Atlantic Avenue, 336 State Street and 75 Hoyt Street in Boerum Hill. Lev Mavashev and Daniel Aminov negotiated the transaction representing both the buyer and the seller. The seller, a fund impacted by COVID, was looking to liquidate its holdings in Brooklyn. The buyer was foreign investment company from Europe looking to build up its assets in NYC. The deal traded at $11,850,000, a sale price equating to $1,161 psf, a record price for the Boerum Hill submarket.

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GFI Realty Services announced the $11.3 million sale of a 151,793 s/f Class A warehouse located at 7042 Industrial Way in San Antonio, TX. The GFI team of Joshua Peck and Susan Annis represented the buyer, MDH Partners. The distribution facility is comprised of 74 dock-high doors, 84 trailer parks and 24 ft. ceiling heights. The asset is currently 60 percent occupied with tenancy that includes CEVA Logistics and Glazer’s Beer & Beverage.

Rendering of the upgraded 515I Sunrise Highway property

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RIPCO Real Estate announced the sale of 5151 Sunrise Highway in Bohemia, NY. Jeremy Isaacs, vice chairman, represented the seller, Arc Trust. The buyer was Transformco. Prior to the sale of the 236,000 s/f shopping center RIPCO represented Arc Trust on the leasing, with tenants including:
At Home: 88,728 s/f lease and the first location for Long Island (RENDERING TOP)
Aldi: 21,948 s/f lease and the ninth location for Long Island
Floor & Décor: 80,710 s/f space, where the former Kmart was
Known as the Sayville Shopping Plaza, the property is located at the Northeast corner of Sunrise Highway & Johnson Avenue with over 110,000 cars passing daily. Current space available for lease is 39,000 s/f.

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Redwood Realty Advisors announced the sale of 20-unit apartment building situated at 111 Sagamore Road in Tuckahoe, Westchester for $5,150,000. Tom Gorman and Michael Scrima brokered the sale of the free market property. It was the first sale of the meticulously maintained property in 45 years. The transaction represented Redwood’s second sale in Tuckahoe this year. Gorman and Scrima previously handled the $15.5 million sale of The Avenue at Crestwood, a luxury 50-unit building next to the train station.

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