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Deals & Dealmakers Featured

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

SALES

310 Paterson Plank Road

Sitex Group has acquired a vacant warehouse located at 310 Paterson Plank Rd. in Carlstadt, NJ, from a private investor. The 30,000 s/f warehouse is located in the Meadowlands submarket and features two loading docks, one drive-in door, 20 ft. clear ceiling height, 3,000 s/f of office space and parking on all four sides of the building. Sitex is presently updating the property, renovating the office space and upgrading the lighting, loading and HVAC systems in the warehouse. Sitex principal Blake Chroman announced the sale. Jeff Chaus with Chaus Realty brokered the sale and has been retained to handle leasing for the property.

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Bestreich Realty Group (BRG) announced the closing of 996 Putnam Avenue in Bed-Stuy, Brooklyn for $1,550,000. The property is built 25 by 65 ft. offering approximately 4,875 s/f zoned R6B. It features six railroad apartments, of which three will be delivered vacant. Derek Bestreich, Steve Reynolds, Tom Reynolds and Brian Davila facilitated both sides of the transactions for 996 Putnam LLC and 996 Putnam Avenue Corp.

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CBRE announced the $4.95 million sale of an industrial property located at 865 Route 33 in Freehold, NJ. Charles Berger, Elli Klapper and Mark Silverman represented the seller, L&M Realty Associates LLC, and procured the buyer, 865 NJ 33 SD LLC. Built in 1984, 865 Route 33 is a single-story industrial facility with 46,000 gross leasable sq. ft. of space on 10 acres of land.

ALEX HAJIBAY

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Heritage Affordable Communities acquired a new construction multi-family elevator building, located on the north side of Claremont Parkway between Park Avenue and Webster Avenue, in the Bronx for $5,000,000. 425 Claremont Parkway (pictured top) is a 47-unit affordable housing community. Alex Hajibay, Heritage Affordable Communities’ Principal, has extended and preserved the affordability of the building through regulatory agreements until 2060. The portfolio’s regulatory agreements keep the property affordable by restricting rents to 50-60% AMI.

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NAI Mertz announced that Scott Mertz and Jonathan Klear completed the sale of 103 Central Avenue, a 112,000 s/f industrial building in Mt. Laurel, NJ. The team represented the buyer, STAG Industrial Holdings, LLC, and seller CoreOne Industrial LLC, in this transaction. In May of this year, the NAI Mertz team leased a 26,740 s/f unit at the building to a local food packaging company. One 16,000 s/f fully air-conditioned unit remains available for lease. Located just off Exit 36 of I-295, 103 Central Avenue is in close proximity to Routes 38 and 73, the New Jersey Turnpike, and is a 15-minute drive to the Port of Philadelphia. The building offers 17-foot clear ceiling heights, a wet sprinkler system and a fenced lot.

AGENTS

191 EAST 17TH STREET

GFI Realty Services has been retained to sell 191 East 17th Street, a six-story elevator apartment building comprised of 47 units, located in the Prospect Park South section of Brooklyn. This will be the first sale of this asset in over 40 years. Zachary Fuchs will oversee the marketing of the property, with pricing targeted at $7.65 million. Constructed in 1936, this prewar building totals 48,000 s/f. The apartments are configured as 24 studios, 17 one-bedroom units, five two-bedroom units and one three-bedroom unit.

BRENT GLODOWSKI

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The Tri-State Investment Sales Group for Avison Young has been named the exclusive sales agent for 29-33 Meserole Avenue, a 18,320 s/f industrial distribution facility in Brooklyn’s Greenpoint neighborhood. The asking price is $10,950,000. Brent Glodowski, Frederick Richter, Chris Johnson and Alexandra Marolda are marketing the property. Located on the corner of Banker Street and Meserole Avenue, the building will be delivered vacant and fully built out for industrial use. 29 Meserole sits within the Brooklyn Industry and Innovation Plan Area.

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Cushman & Wakefield announced the following exclusive assignments:
• The sale of 560 Broadhollow Road, a 52,500 s/f Class B office property with an approved pad site in Melville. Dan Abbondandolo, Dimitri Mastrogiannis and Joegy Raju will be marketing the property on behalf of its seller, Caspian Group LLC. The three-story, multi-tenant office property is situated on a 3.81-acre lot and improved by an approved pad site and 210 surface parking spots.
• The Austin Street Portfolio, a five-building retail assemblage totaling 20,000 s/f in Forest Hills. This assemblage is hitting the market for the first time in more than 90 years. Stephen R. Preuss, Rani Bendary and Andreas Efthymiou are marketing the assemblage on behalf of the seller, Stockman Holding Company, LLC. The Austin Street Portfolio consists of five properties located at 7164-7166 Austin Street, 72-02 Austin Street, 72-04 Austin Street, 72-08 Austin Street and 72-50 Austin Street. This portfolio encompasses about 140 ft. of frontage between the intersections of 72nd Avenue and Ascan Avenue and boasts significant air rights available to be utilized for redevelopment. The portfolio will be delivered 54 percent vacant.

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