SALES
Alpha Realty brokered the $5,150,000 sale of 4206 Carpenter Avenue (pictured top) in the Wakefield section of the Bronx. The 6-story property consists of 33 apartments and a professional office space totaling 27,500 s/f. Lev Mavashev, Yehuda Leser and Shai Egison represented all parties. The buyer is LAL-Roughlock Fund I, a fund/operator of rent-stabilized buildings in the Bronx. The seller was a private family which has owned the building for 45+ years. The transaction yielded a 9.1x gross rent multiple and a 6.7% Cap Rate.
•••
The Whelan Team at B6 Real Estate Advisors announced the closing of 26-34 Sherman Avenue on the Inwood/Washington Heights border in Upper Manhattan for $6,600,000. The 10,000 s/f medical building is zoned R7-2/C2-4 and offers approximately 40,000 s/f of available air rights for development within an opportunity zone. The building was vacated by New York State earlier this year and has been owned by the same family since 1976. Brian Whelan, DJ Johnston and Alexandra Curtin brokered the sale.
•••
Bestreich Realty Group (BRG) announced the closing of 176 Central Avenue located in Bushwick, Brooklyn for $4,250,000. The 73.5 by 150.33 ft lot measures approximately 23,320 s/f and is zoned R6 with an FAR of 2.43. The seller was Michael Ortiz and the buyer is Abe Friedman. Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila represented both sides in the deal.
•••
Kempner Properties, a White Plains-based company, announced the acquisition of a four-story apartment building in Philadelphia’s historic Rittenhouse/Fitler Square neighborhood. The 3,105 s/f, five-unit townhouse at 2220 Delancey Place, was built in 1900. The company plans to renovate the building into five, one-bedroom luxury rental apartments with an outdoor backyard. Zeke Rotter of Scope Realty represented the seller, Bleznak Organization.
•••
GFI Realty Services announced the $5.85 million sale of 1314 St. Nicholas Avenue, a vacant 6,753 s/f NNN lease property with 15,866 s/f of air rights located in the Washington Heights section of Manhattan. Matthew Sparks, represented the buyer and the seller, both of whom are local investors. The single-story corner retail asset is located on a busy corridor in a dense market.
•••
NAI DiLeo-Bram & Co. announced that Robert DiLeo and Robert Dinner closed the sale of a 22,542 s/f office building located at 120 Mountain Avenue in Springfield, NJ. The team represented the purchaser. Situated on over an acre, 120 Mountain Avenue is a three-story office building with onsite parking. The seller was represented by Colliers International.
•••
The Oak & Avery Group announced the following two sales:
• 19 Lawrence St, Yonkers, an 11-unit multifamily building, as well as, 974 E Gun Hill Rd, Bronx, a 5-unit 8,500 s/f mixed-use building. Anthony Watkins and David Algarin represented both sides in the two $1,850,000 and $1,520,000 transactions, respectively.
•••
The Boulder Group completed the sale of a single tenant Burger King located at 313 Bretz Court in Newport, PA for $2,075,000. The property is ideally located just off of Highway 22. Built in 2019, it is an outparcel to a GIANT Food Stores-anchored shopping center and near other retailers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a northeast based real estate company. The buyer was a local 1031 exchange investor. The Burger King lease expires in December 2039 and features 1.5 percent rental escalations during the first five years and two percent for the remainder.
AGENTS
Cushman & Wakefield has been retained for the following exclusive assignments:
• 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 Portfolio consists of five properties at 7164-7166 Austin Street, 72-02 Austin Street, 72-04 Austin Street, 72-08 Austin Street and 72-50 Austin Street. It encompasses about 140 ft. of frontage between 72nd Avenue and Ascan Avenue and air rights for redevelopment. It will be delivered 54 percent vacant.
• 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 are marketing the property on behalf of its seller, Caspian Group LLC. The asset boasts ample parking and frontage on Route 110,. it is is a three-story, multi-tenant office property situated on a 3.81-acre lot, with an approved pad site and 210 surface parking spots.
•••
Josh Lipton, Andrew Levine, and Jax Hindmarch of Invictus Property Advisors have been named exclusive sales agent for 425 Hoyt Street on the border of Carroll Gardens and Gowanus. The three-story industrial building located on the corner of 4th Street and Hoyt Street is approximately 19,250 s/f above grade with a loading dock and parking garage. The building was recently gut renovated with brand new mechanicals, oversized casement windows, a high capacity steel case passenger elevator and a new roof-deck with views of Downtown Brooklyn. The property is located adjacent to the recently approved Gowanus Green mixed-use development which will add 950 residential units and a number of community benefits, including a public school, a park, community space and retail. This is in addition to the broader Gowanus Rezoning which is scheduled to bring 20,000 new residents to the area. The asset is ideal for an end-user looking to utilize the building as an office headquarters or for the retail or light manufacturing businesses. The asset also lends itself well for a self-storage facility or a last-mile logistics warehouse.
•••
Adelaide Polsinelli, vice chairman at Compass, has been retained to sell the following properties:
• An approved development site in the The Flatiron District. The LPC-approved site offers 50,000 s/f for residential development with ground floor retail. the asking price is $450 pbsf.
• A retail condominium containing a total of 3,541 s/f on restaurant row at 40 East 20th Street. Formerly a full-service restaurant/lounge with a long history of success on a street with great existing established restaurants, the property offers 1,921 s/f on ground floor, 1,620 s/f of usable retail on the lower level, 25 ft. of frontage, 13 ft. ceiling heights and two-tier restaurant lounge with a liquor license.
