ERG Property Advisors announced the following exclusive assignments:
• The sale of 54-14 111 Street in Queens, NY. Located in the prime section of Corona, the property consists of 8 residential units and 6 parking spaces. Every apartment has oak floors, floor-to-ceiling tiled bathrooms, balconies and accessible laundry in the basement. It was constructed in 2013 and benefits from a 421A tax abatement. The building is currently vacant. The asking price is $5,000,000. Anthony Presutto and Frank Mancuso are representing the property.
• 132-02 Jamaica Avenue in Queens, NY. The property consists of 2 residential units and 3 commercial units. It is located on the corner of Jamaica Avenue and 132nd Street in the Richmond Hill section of Queens. The commercial units consist of a barber and a deli with one vacant unit. The residential units consist of one 2-bedroom and one vacant 4-bedroom. Both units are currently below market rates. There are also 4 storage spaces of which 2 are currently being rented. The asking price is $1,700,000. Frank Amicizia is representing the seller.
Jon Angel, president of Southport-based Angel Commercial, announced the sale of 27 Belltown Road in Stamford, CT, for $1.4 million. Located in the Belltown section of Stamford, the investment property is a fully leased two-story apartment building on 0.23 acres. There are 12 one-bedroom, one-bath apartments in the building. Angel represented both the seller and buyer in this transaction. The property was purchased by Kolich Manor LLC.
CBRE announced the following sales:
• The CBRE team of Phillip Heilpern, Martin Lomazow and Matt Manoogian arranged the $7.4 million sale of 70 Corporate Drive, a 75,000 s/f office/flex property in Hauppauge, NY. CBRE represented CSHV Corporate Drive, LLC, a subsidiary of a public pension fund, in the sale of the property to a private investor. Michael Aievoli of JLL represented the buyer. The seller originally purchased 70 Corporate Drive more than a decade ago through a sale/leaseback with Citibank. In March 2016, CBRE arranged a lease for the entire property to HTx Services LLC, a global information technology and ATM services company.
• CBRE Group represented Rugby Realty Company in the sale of a 56,496 s/f, Class-A office property located at 889 Bridgeport Avenue in Shelton, CT. Patrick Colwell and Louis Zuckerman of CBRE’s Investment Property Team arranged the $7.3 million sale on behalf of the seller and also procured the buyer. Alpha AG LLC acquired the office property as an investment and utilized CBRE’s Mortgage Services to obtain financing. The 56,496 s/f building is currently 93 percent occupied by a roster of strong credit tenants and is located just off of Exit 11 on Route 8.
CPEX Real Estate sold the commercial condo at the base of 500 4th Avenue. This Park Slope corner is just over 2,000 s/fand features wraparound frontage on both 4th Avenue and 12th Street. The sale was executed by Timothy D. King and Dimitri Venekas of the CPEX Retail Sales team with assistance from the Retail Leasing and Office Sales and Leasing teams. The property sold for $1,800,000, or approximately $875 psf, to a local investor.
EPIC Commercial Realty announced the following sales:
• 377 East 153rd Street, a residential building in Melrose, the Bronx, sold for $3,650,000. Investment Sales Associate Michael McBride represented the seller; CEO Yona Edelkopf and Investment Sales Associate Vlora Sejdi represented the buyer. Located on East 153rd Street, the property is comprised of a six-story residential building with 24 apartments. Ranging from one-bedroom units to three-bedroom units, the property is built 16,725 square feet of gross building area. It is situated four blocks from the 3rd Avenue – 149th Street train station. It has several free market units.
• 99 North 4th Street, a development site in Williamsburg, Brooklyn, sold for $4,025,000. Senior Associate Broker Shay Zach represented the seller; Investment Sales Associate Justin Zeitchik represented the buyer. Located between Wythe Avenue and Berry Street, the property is currently a three-story three-family residential building. Located on a 2,408 s/f lot, the property is built 2,936 s/f and boasts 6,750 square feet of basic development rights, or 9,000 s/f with implementation of the Inclusionary Housing Program. The building is located three blocks from the Bedford Avenue train
Holliday Fenoglio Fowler (HFF) closed the sale of the Hilton Westchester, a 445-room, full-service hotel located in Rye Brook, New York. HFF marketed the property on behalf of the seller. Hilton Hotels will continue to manage the property. Hilton Westchester features resort-style amenities, including 31,278 s/f of flexible meeting space, outdoor and indoor pools, fitness center, indoor tennis complex, jogging track, volleyball court, tech lounge and two food and beverage options. Completed in phases in 1973 and 1979, the hotel has undergone several renovations over the years and has received approximately $18 million in upgrades and improvements since 2011. The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group, Daniel C. Peek, director KC Patel and associates Matthew Kurtz and Nadine Moezinia.
Hirshmark Capital LLC, through an affiliate entity, closed these recent transactions:
• The acquisition of 1101 Church Avenue in the Prospect Park South neighborhood of Brooklyn. The 2-story brick building is 3,600 s/f with a maximum FAR of roughly 6,000 s/f. The property is one block south of Prospect Park near the F,G,B, and Q trains. Hirshmark purchased the asset, delivered vacant, allowing for immediate short term upside. Hirshmark Capital’s Mikhail Gurevich negotiated this transaction.
• The purchase of a non-performing loan and related credit lines with a current unpaid balance of roughly $1,500,000. The building is located in Rego Park, Queens. The property is a 6,600 s/f single unit retail building. Hirshmark Capital’s Mark Levin negotiated this transaction.
• Purchase of a non-performing loan with a current unpaid balance of roughly $1,300,000. The buildings are located in the Astoria neighborhood of Queens. The subject properties contain four commercial units and three residential units spread over 7,500 s/f. Hirshmark Capital’s Mark Levin negotiated this transaction.
Friedman Roth announced the sale of 30 East 39th Street in New York City. The boutique elevator office building is located just off Madison Avenue, in the Murray Hill section of Manhattan. The building is roughly 9,900 s/f and sold for $9.9 million, or approximately $1,000 psf, at an approximate 3.5 cap. Joseph Arnold Smith represented the seller, Allen Rosenberg’s Alrose 3039 LLC. Richard T. Guarino, a partner at Friedman Roth, represented the purchaser, Sidney Rubell Company.