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Deals & Dealmakers

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

SALES

DEREK BESTREICH

Bestreich Realty Group (BRG) announced the closing of 236 Kingsland Avenue in Greenpoint, Brooklyn for $2,375,000. The 6-unit multifamily is located between Nassau and Driggs Avenue. It is 4,875 s/f offering a lot dimension of 25ft x 100ft and zoned R6B. This property was delivered vacant. Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky and Corey Haynes facilitated both sides of the transaction. The seller was Estate of Cecilia Markowski and the buyer is 236 Kingsland LLC.

BEN TAPPER

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Lee & Associates NYC completed the sale of a 7,500 s/f mixed-use corner building at 500 Broome Street in Soho. The buyer, Eastlington Limited, purchased the site for $9,550,000. Ben Tapper, Stephen Tarter and Sean Slattery represented the seller, Food Center Realty Corp. The sellers were ready to retire and step back from day-to-day management after over seven decades of owning the building. Paul Popkin, senior managing director at Lee & Associates NYC, helped source the buyer, who was then represented in-house. Erected over 140 years ago, the five-story mixed-use cast-iron Broome Street building at the corner of West Broadway features three ground-floor retail spaces with 17 ft. ceilings and lower-level storage, a second-floor office space and three free market residential rental units. The building is fully occupied, aside from 450 rentable square feet of retail.

JONATHAN ESHAGHIAN

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Marcus & Millichap announced the following sales:
• 45-34 Pearson Street, a residential development site in Long Island City, sold for $3,700,000. Jonathan Eshaghian and Jakub H. Nowak, represented the seller and procured the buyer. The lot is part of an assemblage the developers have been amassing over a few years which includes 46-31 Davis Street, 45-24 Pearson Street, 45-30 Pearson Street, while another lot is in contract to be sold on Pearson street. The lot measures 25 by 100 ft. with M1-5/R7-3 zoning. Though currently vacant, the lot allows for the development of 12,500 gross buildable square feet.
• 102 Commerce St, a 9,200 s/f industrial property located in Red Hook, Brooklyn, sold for $3,800,000. Jesse Kay and Jakub H. Nowak represented the seller and the buyer, both an individual/personal trust. The property is a two-story industrial building located on the corner of Commerce Street and Imlay Street. Built 45 by 100 ft. on an irregular 57 by 103 ft. lot, it is zoned M2-1. The first and second floor each consist of 4,500 s/f. The first floor also features an 800 s/f garage. The sale price translates to $413 per square foot.

MATTHEW SPARKS


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GFI Realty Services announced the $4.33 million sale of 665 St. Marks Avenue, an elevator building comprised of 21 units located in Crown Heights, Brooklyn. Matthew Sparks represented the buyer, a local investor, and arranged the acquisition financing, along with William Watkins, who placed the loan with a local savings bank. Constructed in 1900, the five-story building totals approximately 17,790 s/f and is composed of six one-bedroom apartments and 15 two-bedroom apartments. The new owners intend to keep the asset for the long term and invest in capital improvements.

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Houlihan-Parnes Properties announced that Jeremiah A. Houlihan arranged the sale of Pierpont Commons, a four-story landmark brick building located at 500 Howe Avenue in downtown Shelton, CT. riginally built in 1893, the building was named after J.P. Morgan, one of the first developers of downtown Shelton. The building sits on a 0.35-acre lot with each floor containing over 5,000 s/f. The interior retains its original exposed brick walls while exterior retained its aesthetically pleasing has arch windows. The building was gut-renovated in 1984. The 1st floor has 100 ft. of retail frontage with tenants including Amici’s Restaurant; the 2nd floor is office space & the 3rd & 4th floors contain 14 apartments. The property was sold to a real estate holding company based in Ansonia, CT for $2,850,000. The seller was represented by Cohen & Thomas, Attorneys at Law.

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Vincent Theurer, owner of Approved Oil Co, has acquired 238 5th Avenue for $5,075,000. Prospect Park Management, an LLC associated with Scott Kupferman, was the seller, according to public records. The 6-unit, four story multifamily property is situated in Park Slope, Brooklyn. Built in 1920, the property shares space with Sunflower Academy Daycare on the ground level.

ERIC LUPO

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Friedman-Roth Realty Services announced the following sales:
• 319 East 75th Street, a six-story elevator apartment building, sold for $5.25 million. Located between First Avenue and Second Avenue, the property contains 20 apartments and two retail stores. The 25 ft. wide building contains a total of 11,105 s/f and was constructed in 1910. This is the first sale of this property in over 40 years. Eric Lupo represented both the buyer and seller in this transaction.
• 322 East 90th Street, a five-story walk-up, located between First Avenue and Second Avenue, sold for $4,525,000. The building encompasses 9,005 s/f with 16 residential units. Constructed in 1915, this is the first sale of the property in over 30 years. Eric Lupo represented both the buyer and seller.

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NAI James E. Hanson negotiated the sale of a 4,400 s/f industrial building located at 11 Leuning Street in South Hackensack, NJ. Justin Allessio represented the seller, Larjil Realty Holding Corp, and the buyer, Premier Group Holdings. 11 Leuning Street is a flexible industrial building featuring 800 s/f of office space, one tailgate, and 20 ft. ceilings. The building has accessibility to major transportation arteries and is located 18 miles from Ports Newark & Elizabeth and 19 miles from Newark Liberty International Airport. Previously based in Saddle Brook, Premier Group Holdings is a growing commercial glass installation contractor.

THOMAS HINES

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Transwestern Real Estate Services (TRS) represented Sheltering Arms Children and Family Services in the $7.5 million sale of a condominium at 305 Seventh Ave. in Manhattan to the American Guild of Music Artists (AGMA). The 9,476 s/f condominium comprises the entire second floor of the building, which formerly served as Sheltering Arms’ Manhattan foster care program headquarters. Stephen Powers, Lindsay Ornstein, Thomas Hines and Jake Cinti provided investment sales and consulting services to Sheltering Arms. Kenneth Kronstadt and Rick Kramer of Newmark represented AGMA. Transwestern’s Nonprofit Advisory Services group is working closely with Sheltering Arms to manage its real estate portfolio and has closed four lease and sales transactions for the nonprofit during 2020.

AGENTS

ADELAIDE POLSINELLI

Adelaide Polsinelli, vice chair at Compass, has been named the exclusive broker to sell a ground floor duplex, commercial condo totaling 1,400 s/f at the base of 9 N. Moore Street (pictured top). The six-story boutique residential condo is located between West Broadway and Varick Street in Tribeca. The space offer 25 ft of North Moore Street frontage. Previously used as a gallery, the commercial space is steps from West Broadway and offers a light-flooded ground floor retail storefront which is duplexed with a lower level than can be used as a live work space. The upper floors consist of luxury loft apartments. Situated within the Tribeca South Historic District, 9 N. Moore Street was built in 1893.

JENNA IMPERATORE

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JLL announced the following exclusive assignment:
• Link Logistics, Blackstone Real Estate’s U.S.- based industrial real estate operating portfolio company, and the Hampshire Companies, tapped the firm to lease a two-building industrial development at 5 Dedrick Place in West Caldwell, NJ. The project offers two proposed industrial facilities totaling 215,221 s/f. 5 Dedrick Place is a former suburban office building being transformed into two industrial facilities. Building A offers a total of 134,453 s/f; building B, will have 80,768 s/f. The JLL professionals overseeing the leasing assignment include Chad Hillyer, Jenna Imperatore and Tyler Baker.

STEPHEN PREUSS

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Cushman & Wakefield announced today that the real estate services firm is marketing two mixed-use development sites for sale in Prospect Lefferts Gardens, Brooklyn and Downtown Jamaica, Queens. Stephen R. Preuss, Kevin Schmitz, Andreas Efthymiou and Kevin Louie are marketing the assets on behalf of the owners.
• 210 Clarkson Avenue is a fully-approved and entitled eight-story mixed-use development project consisting of approximately 160,000 buildable square feet. Located in a Qualified Opportunity Zone, the property is situated on a half-acre+ corner lot with more than 330 feet of frontage on Clarkson/Rogers Avenues. Approved plans include a mix of 165 residential apartments, 7,000 s/f of retail, 711 s/f of community facility space, 11,000 s/f of FRESH grocery space and on-site parking.
• The Hillside Subway Towers, a 1.6-acre mixed-use development assemblage centrally located at 153-01 Hillside Avenue and 153-02 Hillside Avenue in Downtown Jamaica. The properties are positioned across the street from one another, next to the F subway at 153rd Street/Hillside Avenue. The assemblage offers 180 feet of frontage on the North side of Hillside Avenue and 481 feet of wraparound frontage at the Southeast corner of 153rd Street/Hillside Avenue. The Hillside Subway Towers are located within the Special Downtown Jamaica District within an R7A zone, allowing for about 308,000 buildable square feet, combined. The site is eligible for a FRESH grocery discretionary tax incentive and floor area bonus of up to 20,000 zoning square feet.

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