Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: This week’s sales and exclusives under $10 million

AGENTS

Niko Berdzeni at Besen & Associates has been retained to sell 99 & 101 Graham Avenue aka 122-130 McKibbin Street, three contiguous walk-up buildings on two lots containing eight apartments (four one-bedroom units and four three-bedrooms) with two stores totaling approximately 10,875 s/f. Built between circa 1931 and 1952, these properties come with approximately 13,125 s/f of unused air rights yielding a total of approximately 24,000 buildable square feet (4.8 F.A.R. including Community Facility). Located in a prime location of Williamsburg, the  property is situated on the southwest corner of Graham Avenue and McKibbin Street, near the Lorimer Street J & M subway station and the Montrose Avenue subway station on the L train. Asking price is $9,000,000.

SALES

Cushman & Wakefield has arranged the sale of a retail property at 204-210 Jericho Turnpike in Mineola, New York for buyer, Chaves 204, LLC. Stephen Preuss, a senior managing director, lead a team that includes director Benjamin Efraimov and senior associate Kevin Louie. With 71 feet of frontage, the two-unit, one-story corner retail strip is situated at a four-way traffic light on Jericho Turnpike and Mineola Boulevard. The building, which sold for approximately $1,342,500 sits on a 7,162 s/f lot and totals 4,566 s/f of retail space. The property includes a parking lot.

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Highcap Group announced that Michael Ferrara and Joey Beyda arranged the sale of a two-building multifamily package in East Harlem. The properties, 166-168 East
104th Street, sold for $6,800,000. The purchaser, represented by Beyda is a local private investor, and the seller, represented by Ferrara, was Nadlan 104 LLC. The two building package has 50 ft. of frontage on East 104th Street and consists of 13,408 s/f. The two 4-story walkups have a total of 16 apartments of which six are free market and completely renovated.

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Rosewood Realty Group announced the following sales:

• The $14.8 million sale of 115-121- East 116th Street in East Harlem, a six-story elevator apartment building with 49 apartments. The building, that was built in 1925, is 47,450 square feet. Aaron Jungreis represented the seller and the buyer, ABRO Management. It sold for 17 times the rent roll at a 3.9 percent cap rate.

• The $13.7 million sale of 9-11 Central Park North in Harlem, a five-story walk-up apartment building with 29 apartments and one retail space. The building, that was built in 1920, is 23,640 square feet. Aaron Jungreis represented the seller and Ilya Tolmasov represented the buyer. It sold for 17.5 times the rent roll at a cap rate of four percent.

• The $12.85 million sale of 39-11 & 15 & 19 62nd Street in Woodside, Queens, three contiguous four story walk-up apartment buildings with 48 apartments. The building, that was built in 1927, is 42,720 square feet. Aaron Jungreis represented the seller, Alma Holdings LLC and the buyer. It sold for 15.3 times the rent roll at a cap rate of 4.29 percent.

• The $5.35 million sale of 216 West 108th Street in Manhattan Valley, a five story walk-up apartment building with 15 apartments. The building, that was built in 1900, is 9,440 square feet. Aaron Jungreis represented the buyer and the seller. It sold for 14 times the current roll at a cap rate of five percent.

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Trion Holdings, a Yonkers-based investment firm, sold 55 Sheridan Avenue, Mount Vernon, NY, to 55 Sheridan Gardens LLC for $9,700,000.00. Trion had owned the property for 13 years. The sale marked one of the highest sale prices per square foot and per unit in the sub-market in recent years. Carmelo Milio, Chief Investment Officer and President of Trion Holdings, noted that the property consists of two four-story walk-ups separated by a private courtyard and containing 66 units. Robert Shapiro of Cushman and Wakefield represented both sides of the deal.

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