Real Estate Weekly
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Deals & Dealmakers

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

AGENTS

Ariel Property Advisors has been retained to sell 677 Vanderbilt Avenue, a vacant residential building near Grand Army Plaza in Brooklyn’s Prospect Heights neighborhood. With 30 feet of frontage and 8,952 total square feet, the property is a redevelopment opportunity for residential developers or end-users. The asking price is $6 million. Michael A. Tortorici, Jonathan Berman, Mark Spinelli, Daniel Tropp, and Alexander McGee are representing the seller, a private investor. R7A zoning provides 3,048 s/f of air rights, as-of-right.

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Cushman & Wakefield has been retained to sell 1318 Halsey Street, between Irving and Knickerbocker Avenues in Bushwick, Brooklyn. The six-unit brownstone is listed at $2,750,000. The three-story, walk-up contains 5,168 s/f and sits on a 26.5 by 100ft. foot lot. It is comprised of six residential units, a rooftop lounge area, renovated common areas and improved roofing and mechanicals. Security cameras and an intercom system have recently been installed. DJ Johnston is exclusively marketing the property with Bryan Kirk.

SALES

Ariel Property Advisors announced the sale of 773-783 East 169th Street, a 20-unit mixed-use assemblage on the north side of East 169th Street between Union Avenue and Boston Road in the Morrisania section of The Bronx. It sold for $3.85 million, which represents $268 psf. Of the property’s 20 units, there are 4 retail and 16 residential units. The commercial portion of the property contains 7,700 square feet of rentable retail space. Jason M. Gold, Scot Hirschfield, Marko Agbaba, and Victor Sozio represented the seller, a private investor, and procured the buyer.

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CBRE Group, Inc. announced that Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office represented Mack-Cali Realty Corporation in the $9.6 million sale of 222 & 233 Mount Airy Road in Basking Ridge, New Jersey. The team was also responsible for procuring the buyer, Exclusive Management, a private capital investment firm out of Spring Valley, New York. The property consists of two office buildings totaling 115,961 s/f that are currently 65% leased to a diverse tenant base.

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Cushman & Wakefield has orchestrated the $4+ million sale of three mixed-use assets totaling approximately 47,300 square feet in Bayonne, N.J.

Transactions include the $1.175 million all-cash sale of 462 Broadway, 464 Broadway and 15-17 Library Court; the $1.6125 million sale of 813-819 Broadway; and the $1.35 million sale of 544-556 Broadway. Fahri Ozturk and Lev Kimyagarov, directors in Cushman & Wakefield’s Capital Markets Group, exclusively arranged the sale of 462 Broadway, 464 Broadway and 15-17 Library Court. The sale of 813-819 Broadway and 544-556 Broadway were exclusively arranged by Ozturk.

• 462 Broadway, 464 Broadway and 15-17 Library Court are three adjacent, fully occupied buildings. The buildings combine for about 13,000 square feet divided into four residential and four commercial units. Retail tenants include MetroPCS, Boost Mobile and a discount shoe store.
• Totaling 16,500 s/f, 813-819 Broadway is a corner property including 9,000 s/f of ground-floor retail and medical office space as well as an open 7,500 s/f second-floor office component. The medical office and second-floor office spaces, which make up 73 percent of the property, were delivered vacant. The remaining space is occupied by Children’s Specialized Hospital and La Guardiola Pizzeria.
• 544-556 Broadway – a two-story, 17,770 s/f building – consists of a ground-floor retail unit and a second-floor office component. The property was delivered vacant upon sale.

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Houlihan-Parnes Realtors arranged the sale of a 24-unit multi-family property located in Binghamton, N.Y. Ed Graf was the broker of this transaction. The all brick, two- story garden apartment complex is located at 27 Tompkins Street and 30 Webster Street, Binghamton. The units are all two bedrooms with one bathroom. The property was purchased for $725,000. The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P.

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Icon Realty Services Inc. announced the sale of 161-167 East 109th Street in East Harlem, New York. Hayel Shaban represented the seller and the buyer in the transaction. The property is a 1.5-story commercial building with one AA net-lease tenant. The sale price was $4,300,000, which equates to $213 psf.

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Marcus & Millichap announced the following sales:

• 969-975 Grand Street, a 7,565 s/f industrial property located in Brooklyn, sold for $2,950,000. Jakub Nowak and Jim McGuckin represented the seller, a private investor. The buyer was also secured and represented by the team.

• 7201 3rd Avenue, a 7,520 s/f mixed-use property located in Brooklyn, sold for $2,600,000. John Brennan and Mark Zarrella represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Brennan and Zarrella.

• 134 Hinsdale Street, an industrial property in Brooklyn, sold for $3,600,000. Jakub Nowak and Jason Grunberg represented the seller, a limited liability company. The buyer, a private investor, was also secured and represented by the team. The sale at $240 per square foot represents a historical price record for the sale of a warehouse in East New York.

• 22-24 Wilson Avenue, a development site located in Brooklyn, sold for $2,900,000. Shaun Riney, Thomas Shihadeh and Daniel Greenblatt represented the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the team. This property was sold as a development site with 11,000 total buildable square feet as of right. The final sale price represents an official trade for $264 per buildable foot for a prime location in Bushwick.

• 2269 86th Street, a 3,600 s/f retail property located in Brooklyn,. sold for $3,930,000 with a 3.19% cap rate. Maria Barbatsis-Savidis and Bobby Barbatsis represented the seller, a REIT. The buyer, a REIT, was also secured and represented by the team. The sale representes a price-per-square foot record on 86th Street for fully leased, single-story retail at $1,093 psf.

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TerraCRG announced the sale of 1057 Fulton Street, located on the corner of Irving Place and Fulton Street in the Clinton Hill neighborhood of Brooklyn. Ofer Cohen, Dan Marks and David Algarin, along with their team, were the sole brokers in this transaction. The property sold for $5.1 million, which equates to approximately $493 psf. The four-story building contains approximately 10,337 s/f and benefits from a fully built basement. Delivered vacant, the property was previously a day care facility. New ownership plans to renovate and convert the property into a mixed-use building.

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Northeast Private Client Group announced the sale of the 18,000 s/f retail property at 40-50 Main Street in East Hartford, CT. Edward Jordan, JD, CCIM, the firm’s managing director and Taylor Perun, senior associate in the Hartford/Springfield market, represented the seller while Bradley Balletto, regional manager in the firm’s Shelton, CT, office sourced the buyer in the $1,500,000 transaction. 40-50 Main Street comprises 18,000 s/f of multi-tenant retail space with direct frontage on the Main Street commercial corridor. It is currently occupied by a mix of local and non-credit tenants on net and modified gross leases. The seller, Bidwell Industries, is a Connecticut-based real estate developer. The buyer, a private Connecticut-based real estate investor, purchased the property for a price that equates to approximately $85 per-square-foot, and a capitalization rate of 9.6%.

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NAI James E. Hanson brokered the sale of a 20,396 s/f office/flex property located at 99 Bauer Drive in Oakland, N.J. NAI Hanson’s Arthur Hixson, Andrew Kirshenbaum, and Barry Mayer negotiated the sale. The building, located in northern Bergen County, is occupied by RCM Technologies and Zak Events, Inc.

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Matthew F. Keefe and Ricardo E. Cordido of HK Group completed the sale of Airport Highway Park in Birmingham, Alabama for $11,400,000. The 312,398 s/f six-building warehouse complex is situated on 34 acres of industrial land between Downtown Birmingham and the Birmingham Airport. The Property is 100 percent leased to a diverse and creditworthy roster of 13 tenants.

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