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Deals & Dealmakers

ON THE SCENE: This week’s middle market sales, exclusives

SALES

JOSE CRUZ

JLL Capital Markets announced the following sales:
• Tops Plaza, a 133,849 s/f retail center anchored by Tops grocery store in Cortland, New York. JLL represented the seller, a CMBS trust. Namdar Realty Group purchased the asset. Tops Plaza is anchored by Tops, the region’s leading grocer, and a mix of service-oriented, essential and traditional retail tenants. The 90 percent-leased center was completed in 1994 and most recently renovated in 1999. The JLL team was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli. Jonathan Abda, director of acquisitions and dispositions at Namdar Realty Group, represented the buyer.

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Andrew Lichtenstein, president of LichtensteinRE, brokered the sale of a Bronx development site for $1,650,000. The properties are located at 1306, 1308 and 1310 Findlay Avenue in the Mount Eden neighborhood. The new owner can build 30 new apartments on the 6,000 s/f shovel-ready assemblage of three contiguous residential lots. The site has approved plans for a 7-story elevator apartment building with 30 residential apartments and 2 recreation areas on the first and second floors. Additionally, it will have 9 parking spaces plus 16 interior bicycle parking spots, for a total 24,481 possible gross buildable square feet. According to public records, the seler was Elvis Dushi under the BEB 15 LLC. Joel Mittelman, director of Skyward Developers, was the buyer under Findlay Group LLC.

BRIAN HOSEY

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Marcus & Millichap announced the following sales:
• The Prospect Slope Portfolio, a 20,415 s/f mixed-use property located in Brooklyn, NY, for $12,200,000. Andrew Bronsteen, Joe Koicim, Mark Zarrella, Peter Von Der Ahe and Shaun Riney, represented the seller, a private investor, and the buyer, a private investor. The portfolio includes 40 4th Avenue, 66 6th Avenue, 585 Vanderbilt Avenue, 257 Flatbush Avenue, and 770 Washington Avenue. Built in 1915, the portfolio contains a total of 18 free-market apartments, seven commercial spaces and a total of 20,415 s/f.
• 1180 67th Street in Brooklyn, a 9-unit apartment property, sold for $1,750,000. John Brennan and Samuel Finkler, represented the seller, a private investor, and the buyer. Built in 1920, the three-story property is a large six-family building, with a corner location in Dyker Heights. All nine units include two-bedrooms, and the property also includes three vacant parking garages.
• The Ironstone Medical & Professional Building, a 26,249 s/f office property located in Medford, NJ, sold for $2,075,000. Lawrence Gariano and Michael A. Hinchman, represented the seller, a limited liability company, and the buyer, a developer. Brian Hosey, District Manager and NJ Broker, assisted in closing this transaction. Located at 520 Stokes Rd in Medford, NJ, the property home to a variety of local businesses.

RANDY HORNING

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NAI James E. Hanson negotiated the sale of a 30,000 s/f industrial building at 3 Convery Boulevard in Woodbridge, NJ. Randy Horning and Darren Lizzack represented the buyer, Nest Scientific USA, Inc, in the transaction with ELKH Associates Limited Partnership. Nest Scientific is a worldwide manufacturer of laboratory plastics previously based in Rahway. The company’s growth necessitated the search for a larger industrial space that was centrally located to the company’s employees as well as regional transportation networks to ensure the efficient storage and distribution of the firm’s products. Located on Route 35, 3 Convery Boulevard boasts easy access to major transportation arteries in close proximity to three major international airports.

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RockFarmer Properties has acquired 6901 San Pedro Avenue, a 14,850 s/f retail property located in San Antonio, TX for $6,400,000. RockFarmer Properties purchased the single-box retail property from Corporate Partners Capital Group. Woodforest National Bank provided RockFarmer with a five-year, $3,904,000 loan with two years of interest-only financing. 6901 San Pedro Avenue is currently occupied by a Walgreens, which recently signed a new 15-year triple-net lease for the space with no landlord obligations; the asking price was $6.615 million. The tenant has 12, five-year options to renew with five percent increases every five years and at each option period. Brian Getzler, vice president of Acquisitions of RockFarmer Properties, made the announcement. Jason Maier, senior director of Stan Johnson Company, represented RockFarmer Properties. Kase Abusharkh and Jacob Abusharkh of The Kase Group, represented the seller.

ANDREW SOMPLE

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Alfred Sanzari Enterprises has acquired a 78,650 s/f industrial building located at 1 Pond Road, in Rockleigh, N.J. The property features 63,500 s/fof warehouse space, 15,150 s/f of office space, nine loading docks, and 19 ft. clear ceiling heights. It is located less than five miles from the Palisades Interstate Parkway and less than 15 miles from both the George Washington Bridge and Governor Mario M. Cuomo Bridge. 1 Pond Road is fully leased to NVC Logistics Group. Andrew Somple, of NAI James E. Hanson, represented Alfred Sanzari Enterprises. Don Eisen and Andrew Schwartz of Cushman & Wakefield represented the seller, Jewish Home Foundation.

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Bestreich Realty Group (BRG) announced the closing of 660 Fulton Street in Fort Greene, Brooklyn for $1,700,000. Located between Fort Greene Place and South Elliott Place, the property is built approximately 19 by 70 ft, offering approx. 2,660 existing square feet. The irregular lot offers 1,605 s/f. This property was delivered vacant. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates, and Daniel Shawah represented the seller, the Estate of Ruby Perkins, and the buyer, Davean Holdings.

AGENTS

BRIAN EZRATTY

Newmark Knight Frank (NKF) has been retained to arrange the sale of a development site at 725 Myrtle Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. Brian Ezratty is representing the sellers in marketing the 113,218 gross buildable square-foot site. The property consists of 16,167 s/f of land at the corner of Myrtle Ave and Sandford Street giving it a full 162 ft. of retail frontage along Myrtle Avenue and 100 ft. on Sandford Street. The seller has completed a major portion of the pre-development phase, assembling contiguous land parcels and producing a full set of plans. The site will include 25 percent affordable housing (mandatory) and the seller is providing bonus residential square footage under the FRESH program as part of the deal.

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Ariel Property Advisors is marketing 102 West 107th Street, a residential conversion opportunity with an existing parking garage on the south side of West 107th Street between Columbus Avenue and Amsterdam Avenue on the Upper West Side. The property, listed for $12 million, consists of an approximately 75 by 101 ft. lot with a four-story, 29,700 s/f building currently operating as a parking garage with below-grade space and two service elevators. Victor Sozio, Shimon Shkury, Michael Tortorici and Mark Anderson are handling the assignment. The current tenant is operating the garage on a month-to-month basis and the building can be delivered vacant. High-density R8B zoning (4.00 FAR) provides the possibility of residential use as well as approximately 576 s/f of air rights at present.

8-12 West 14th Street

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Avison Young has been named the exclusive agent for 8-12 West 14th Street/5-11 West 13th Street, a roughly 130,000-rentable square-foot, six-story office building in Union Square. The property is being offered for a long-term 99-year net lease. James Nelson, Vincent Carrega, Neil Helman, Jon Epstein, Charles Kingsley, Todd Korren and Carter Lovejoy are marketing the asset on behalf of ownership. The property is currently leased by the NYC Human Resources Administration through January 2023. The property benefits from the block-through frontage, with entrances on 14th Street and 13th Street, 12 ft. office ceiling heights and the potential for outdoor roof deck space. Permitted uses include office space for one or multiple tenants or a residential or Community Facility redevelopment.
• 130 East 37th Street, a free market corner residential in Murray Hill, is being offered at $4.6 million. James Nelson is marketing the property with Mitchell Levine, Alexandra Marolda and Bradley Rothschild. The turnkey elevator asset has 12 free market units, 70 ft. of wrap-around frontage with 50 ft. of frontage on Lexington Avenue. The 5,500 s/f could be converted to a single-family townhouse.

HALL OSTER

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JLL Capital Markets has been retained to market 98 Forsyth Street, a 26-foot wide, mixed-use elevator building between Grand and Broome Streets in the Lower East Side. The property is asking $6.95 million. Constructed around 1900, it once served as a catering hall named Pearl’s Mansion. The building has been owned and operated by the same family for over 50 years. Present ownership has preserved much of the original detail. In its current configuration, the property contains four residential units, three commercial spaces and a retail space that occupies he ground floor and basement. The retail is owner occupied by a high-end linen store. Hall Oster, Guthrie Garvin, Teddy Galligan and Braedan Gait are handling the assignment.

SHLOMO ANTEBI

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Atlas Realty Group Partners is marketing 1320 Coney Island Avenue, a 24,000 s/f, 32-apartment, four storefront building in Brooklyn’s Midwood section. Shlomo Antebi is the lead broker. The target price is $7,850,000 based on a capitalization rate of 5 percent. 31 of 32 apartments are rent stabilized and the building is in excellent condition.

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GHP Office Realty is marketing 79 East Putnam Avenue in Greenwich, CT, also known as the Outdoor Traders Building. The 19,640 s/f mixed use retail/office building is located on southwest corner of East Putnam Avenue and Sherwood Place. The property is currently occupied by 13 retail and office users, including Edward Jones Company, US Bank and IMPAX Asset Management. There is a 28-vehicle onsite parking lot directly behind the building. Andy Greenspan and Jamie Schwartz are handling the assignment.

HESHIE GOLDFEIN

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Goldcap Real Estate Advisors has been retained to sell 361, 365, and 367 Legion Street in the Brownsville section of Brooklyn. Heshie Goldfein is handling the assignment. The portfolio consists of three individual four-unit buildings. The buildings in total feature 12 free market apartments across 9,594 s/f. It also includes 7,786 s/f of air rights for future development. The current NOI is $230,827. The package is being offered for $3,500,000. at a 6.6 percent cap rate.

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