AGENTS
Yagnesh Vangala of XRE NY has been retained to exclusively market the following properties on Flushing Ave: 1008-1010 Flushing Ave and 1046-1048 Flushing Ave.
•1008-1010 Flushing Ave is an assemblage of two abutting properties; A newly developed structure, 1010 Flushing Avenue contains four retail outlets, ranging from 400 SF – 1,400 SF for a total of 3,800 SF of rentable space.
The properties boast 130 feet of frontage on Knoll Street and 145 feet of frontage on Flushing Avenue, providing unparalleled visibility and exposure for tenants who lease the premises.
Additionally, 1010 Flushing Avenue is in the final phase of construction and will be delivered vacant with the COO. 1008 Flushing Avenue is built to 2,637 SF and is block through from Flushing Ave to Knoll St. The two-story property comprises of a ground floor retail unit, with a residential unit on the second floor. The entire building will be delivered vacant, paving the way for the prospective buyers to immediately add value upon acquisition. 1008-1010 Flushing Ave is listed for $5,000,000.
•1046-1048 Flushing Ave is an assemblage of two abutting vacant lots; The property offers 56 feet of frontage and has 6,900 SF of total development rights, primed for ground-up residential development. The asking price for the lots is $2,100,000.
SALES
Rosewood Realty Group announced the $20.9 million sale of 188-30 to 188-34 87th Drive in Holliswood, Queens.
A Brooklyn real estate family has added this six–story, 68,466 square foot elevator apartment building to its other holdings in Queens. Brooklyn and the Bronx. The 1950 building located between Palo Alto and Hillside Avenues, has 96 apartments, as well as a storage area, a laundry room and indoor parking for up to 40 vehicles.
The building sold for 13 percent times the current rent roll and the cap rate was five percent. Aaron Jungreis, Rosewood Realty Group represented both the buyers: Cs 87 Estates L.L.C and Cs Jamaica Estates L.L.C and MI188 Estates L.L.C. and the seller: 188-3034 87th Drive L.L.C.
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Brett A. Sherman, CCIM, Senior Vice President of Southport-based Angel Commercial, L.L.C., announced the following sales:
•1555 Post Road East, Westport, CT, for $2.2 million. Located on Route 1 in Westport, the investment property consists of an 11,461 SF office building on .61 acres.
The property was acquired by BAO Partners LLC, who recently purchased other similar buildings in both Westport and Fairfield with the same investment strategy.
•The sale of 107 Ardmore Street in Fairfield, Connecticut, for $1,000,000.00. The property consists of an 8,196 SF industrial building on .63 acres.
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Redwood Realty Advisors arranged the sale of seven apartment buildings in Hudson County in March for a combined acquisition price of $6 million. Director Steven Matovski exclusively represented the sellers in each transaction and also procured the purchasers.
The properties included:
•3469 Kennedy Boulevard in Jersey City
•3420 Bergenline Avenue in Union City
•185 Avenue E in Bayonne
•A 4-building package in Union City and West New York.
All properties are situated in one of the most mature and stable markets in New Jersey and are within walking distance of major transportation hubs in Hudson County. The properties include a mix of 1 BR, 2 BR and 3BR units that are all separately metered.
The apartment building located at 3469 Kennedy Boulevard in the Heights neighborhood of Jersey City traded for $1,120,000 or $140,000 a unit.
The 185 Avenue E property is located in the Constable Hook neighborhood of Bayonne and traded for $415,000. 3420 Bergenline Avenue, which is located along Hudson County’s largest retail thoroughfare, traded for $1,845,000 or $307,000 a unit.
North Hudson Portfolio, a four-building package in Union City and West New York, traded for $2,650,000. The properties were acquired by a 1031 investor who was eager to purchase a value-add asset in a core market along New Jersey’s Gold Coast.
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Sperry Van Ness | Realty Three Advisors LLC, a commercial real estate brokerage franchise, announced the sale of the People’s United Bank Building located at 375 Deer Park Avenue in Babylon, New York.
An undisclosed buyer purchased the net leased retail and office building from 375 Deer Park Avenue, LLC. The $2,275,000 sale closed at the end of March 2017.
Patricia Posillico of Sperry Van Ness | Realty Three Advisors, represented the buyer. Sabre Real Estate Group represented the seller.
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Gebroe-Hammer Associates and the firm’s area market specialist, Senior Vice President Nicholas Nicolaou exclusively represented the seller, an independent real estate investment firm, and identified the buyer in the $7.75 million sale of a 72-unit Jersey City South portfolio.
Comprised of three separate buildings located in close proximity to one another at 158 Bergen Ave. (25 units), 162 Bergen Ave. (26 units) and 232 Bidwell Ave. (21 units), the portfolio is centrally situated within the Greenville neighborhood at the southernmost point of Jersey City. The sale garnered a $107,600 per-unit price.
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NAI James E. Hanson announced it has brokered the sale of a 5,100-square-foot retail building located at 32 Route 10 West in East Hanover, N.J. NAI Hanson’s John Schilp represented the seller, Charles W. Kramer, in the transaction to NJ Retail Acquisitions, represented by Jeffery Realty.
The single-story retail building boasts frontage on Route 10, one of New Jersey’s most desirable retail corridors with dozens of large national and regional chains calling this stretch of highway home.
At 100 percent leased, it was purchased as an investment property by the new owners, who were looking to acquire a stable and profitable property in the northern New Jersey marketplace. Schilp had represented the owner of this building for many years prior and was responsible for leasing the space to the current tenant, in addition to selling and leasing three other Morris County spaces on behalf of the seller over the past several years.
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Garry Klein, Regional Manager of Houlihan Lawrence Commercial Group has closed on a multi-tenanted medical office deal located at 280 Mamaroneck Avenue in White Plains, New York for $3.6 million in an off-market transaction.
The seller of the 27,000+ square feet, three story building was Medical Office Building Corporation and the buyer was DeLaurentis Management Corporation of White Plains. Klein was the sole broker on the transaction, representing both sides.
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Northeast Private Client Group announced the sale of the 40,000-square-foot commercial property known as “Exchange Place” located at 123-127 Church Street in New Haven, Conn. Edward Jordan, JD, CCIM, the firm’s managing director, and Bradley Balletto, regional manager in the firm’s Connecticut office, exclusively represented the seller and procured the buyer in the $6,400,000 transaction.
The Exchange Place property, located on the corner of Chapel and Church Streets on the New Haven Green, was built by William Jekiel Forbes in 1832. The seller, Connecticut based 123-127 Church Street Associates LLC, purchased the property in 2013 shortly after its primary tenant The Annie E. Casey Foundation ceased activities. He subsequently signed a lease for the upper floors with a rapidly growing technology company, and signed a new net-lease for the ground floor retail space with a national credit pharmacy.
The property was offered for sale 100-percent leased, professionally managed and maintained, and well-positioned in one of New England’s most dynamic submarkets. The buyer, Boston-based New England Investment Partners, purchased the property for a price that equates to approximately $160 per-square-foot, and a capitalization rate of 6.9-percent.
