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Deals & Dealmakers Featured

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

ELLI KLAPPER

SALES

CBRE announced the sale of a religious facility located at 108 Washington Place in Passaic, NJ. The former Presbyterian church was acquired by the Church of God Prophecy for $750,000.  Charles Berger and Elli Klapper, in conjunction with Samuel Bernhaut and Nicole Nannola of CBRE’s Retail Services, represented the seller, Trustees First Presbyterian Society of Passaic, and procured the buyer, another religious institution that will continue to cater to the neighborhood. Built in 1927 to serve the Jewish congregation B’nai Benjamin, 108 Washington Place is a 12,790 s/f, two-story house of worship that can accommodate up to 400 people in the main sanctuary and balcony. The lower level contains additional meeting rooms, offices and a full industrial kitchen. The property is near multiple bus lines and is two blocks away from Main Avenue, Passaic’s main commercial thoroughfare.

JOHN SCHILP

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NAI James E. Hanson negotiated the sale of a 2.7-acre parcel of land at 82 N. Dell Avenue in Kenvil, NJ. John Schilp represented the seller, F&P Investments, LLC, and the buyer, 82 North Dell Avenue LLC, in the exclusive transaction. Located in western Morris County, the property offers tremendous connectivity to western and northern New Jersey and boasts flexible industrial zoning including an accommodation for outdoor storage of equipment and materials. Currently, the site features a residential home geared toward office usage and two garages. The buyer was a full-service production and construction management company relocating from Dover, NJ. The new owner plans to utilize the residential property on the site as an office space and will use the garages and land for storage of equipment. 

GREGG NAJARIAN

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Savills arranged the $5.5 million sale of 100 Summit Avenue in Montvale, a 127,000 s/f office complex recently occupied by Western Union, a leader in cross border, cross-currency money movement and payments. The property was purchased by private equity investment firm, Tryko Partners. Executive Vice President and Rutherford Branch Manager Gregg Najarian brokered the sale on behalf of Western Union along with Corporate Managing Directors Slava Vaynberg, Nate Brzozowski and Brendan Fisher. Tryko, a firm which focuses on multifamily properties and healthcare facilities, plans to convert the building into a nursing home. Western Union, which occupied the property for nearly 15 years, is phasing out use of the property in an effort to consolidate its national real estate footprint and plans to relocate to a new, smaller office in the immediate area. 100 Summit Avenue is situated in close proximity to all major highways, including the Garden State Parkway as well as the borough’s main commercial thoroughfare, Chestnut Ridge Road.

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TerraCRG has closed on the sale of the retail building at 5501 Glenwood Road in East Flatbush, Brooklyn, for $3,150,000. Dan Marks, Daniel Lebor and Rob Finnerty represented the seller. The block-through retail building has approximately 12,270 gross square feet and an additional 10,000 s/f parking lot in the rear. The fully-occupied retail building is a local staple to the neighborhood and includes eight in-place tenants with a 15-year average tenant occupancy. At closing price, the sale represents $257 psf. TerraCRG was retained to exclusively represent the seller, 1501 Glenwood Inc. This is the first time in over 70 years this property has changed ownership.

MICHAEL RUDDER

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Rudder Property Group closed on the sale of a 9,697 s/f office condominium to CreoDent at 545 West 45th Street (pictured top).  CreoDent, a provider of esthetic and implant dentistry, purchased the 11th floor space from Starbuck Realty 9th, LLC for $5,850,000, ($603 psf) ; the asking price was $7 million. CreoDent was able to secure SBA financing in excess of 100% loan-to-value. 545 West 45th Street is an 11-story, 134,200 s/f class B office building constructed in 1910. The property features 12 ft. ceilings, oversized windows, efficient column spacing, an attended lobby, new elevators and upgraded infrastructure.  Additional owners at the building include SBLM Architects, jewelry designer Gabriel & Co. and labor union Theatrical Wardrobe Attendants and Centflor Manufacturing. Michael Rudder and Justin Harris of Rudder Property Group represented the sellers.Rudder Property Group is marketing the 11,252s/f 9th floor for sale, asking $8,157,700.

LUKE SPROVIERO

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Bestreich Realty Group (BRG) announced the closing of 615 Vanderbilt Avenue in Prospect Heights, Brooklyn for $2,950,000. The four-apartment multifamily is located between Bergen Street and St Marks Avenue. It is approximately 4,144 s/f with a lot dimension of 20 by 80 ft. All four units are free market. The seller is 615 Vanderbilt LLC and the buyers are Six One Five Vanderbilt LLC. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates and Daniel Shawah facilitated both sides of the transaction.

AGENTS

536 Kappock Avenue

Ariel Property Advisors has been retained to sell 536 Kappock Street, a 12,000 s/f, six-story elevator residential building in the Bronx’s Riverdale area. The asking price is $3.5 million. Victor Sozio, Jeff Henley and Brendan Dal Col are marketing the property. Built in 2008, the turnkey property is home to 10 luxury apartments comprising eight two-bedroom units, one three-bedroom unit and a one-bedroom unit. Each unit has its own balcony and two have private outdoor patios. The property presents a future condo conversion opportunity. Close to the Hudson River and East River, 536 Kappock Street is near a range of transportation and attractions, including the Wave Hill Public Garden, Mosholu Golf Course, Van Courtland Park, the 1 train subway station and Spuyten Duyvil Metro North station.

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The Tri-State Investment Sales Group for Avison Young has been named the exclusive sales agent for 355 Bleecker Street, a 4,275 s/f, three-story building in the West Village neighborhood. Currently, the property is comprised of a retail space on the ground floor and lower level with two floor-through apartments above. The asking price for the property is $8,300,000. James Nelson, David Shalom, Eric Karmitz and Bradley Rothschild are marketing the property on behalf of ownership.  355 Bleecker Street is steps from the Christopher Street PATH station, providing direct access to New Jersey, as well as in close proximity to the 1, 2, 3, A, C, E, B, D, F and L MTA subway lines, providing connection to the rest of New York City.

JUSTIN ZEITCHIK

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Bestreich Realty Group announced that Justin Zeitchik has been retained to sell a rent stabilized Brooklyn apartment building. 91 North 4th Street in Williamsburg is a six-family property comprsing 5,625 s/f with 1,125 s/f of air rights. The asking price is $2,050,000.

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Alpha Realty has been retained to sell a package of mixed-use buildings in Brooklyn. Properties are 348 Atlantic Ave and 336 State St/75 Hoyt Street in Boerum Hill. Lev Mavashev and Daniel Aminov are spearheading the assignment. The portfolio is priced at $13,500,000, just shy of a 6% Cap Rate. 348 Atlantic Avenue was built in 1910 and consists of six apartments above two commercial units, totaling 6,600 s/f. The 4-story walk-up is equidistant to the LIU-Brooklyn campus as well as the Barclays Center. It is situated one block south of 336 State St/75 Hoyt St, which is a three-story walk-up. This pre-war brick construction consists of four apartments above three stores totaling 5,200 s/f. Both corner buildings, one block from each other, are well located on a prime retail corridor. The turnkey properties are free-market. All 10 apartments have undergone a full gut renovation. The buildings are also Tax Class 2B status which cap property tax increases.

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Cushman & Wakefield has been retained to market Tops Plaza in Lockport, NY, for sale. The 166,634 s/f retail asset is 97% occupied and anchored by a 92,000 s/f Tops Friendly Markets and a 24,497 s/f TJ Maxx. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Max Helfman and Pyramid Brokerage Company’s Benedict Borruso will be marketing the asset on behalf of the seller, an institutional partnership. Located at 5827 South Transit Road, the asset is situated along one of the primary retail corridors in suburban Buffalo. It is currently leased to 10 tenants, including Citizens Bank, H&R Block, Supercuts, Goodwill, Solar Nails & Spa, Shoe Department Encore and Maurices, with national tenants occupying 99 percent of the occupied gross leasable area. The Tops Friendly Markets location ranks #1 in foot traffic out of the chain’s 131 stores. Tops Plaza boasts strong visibility from S Transit Road/New York State Route 78. The asset is located two miles from Route 31, six miles from Route 104 and sixteen miles from Interstates 190 and 90.

Tops Plaza
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