AGENTS
Ecclesiastical Realty Advisory Services has been appointed as the exclusive broker to sell a church property at 1259-61 Bedford Avenue. Located between Fulton and Herkimer Streets in Bedford-Stuyvesant, the lot size is approximately 4,110 S/F and the current two story building size is 7,398 s/F plus a full basement, zoned C4-C5. Currently home to a church congregation, the property offers 17,260 buildable square feet. Steve Bodden is handling the assignment. The asking price is $7 million.
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Keller Williams Commercial has been retained to lease 453-455 West 17th Street, a four-story commercial building located less than one block from the High Line in Chelsea. Robert Skinner is the exclusive agent for the listings. Lease offerings on floors 2-4 range from one to five years and all three floors can be leased separately or together. Currently occupied by Murray Guy Gallery, the second floor has 4,042 ss/f of space and has the option of being subdivided with a removable temporary wall. The space also has built-in storage. Asking price is up to $53 psf. Available immediately, the third floor is comprised of 920 s/f asking $49 psf, while the fourth floor – 1,416 s/f and 825 sq/f of raw space – is asking $45 psf. The first floor is currently occupied and is not for lease.
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Norman Bobrow & Company announced the availability of a sublease at 11 Times Square. The 2,376 s/f space is located on the 15th floor and available for immediate occupancy through September 2020. The modern space features city views, high ceilings and direct elevator access. The space contains three offices with movable walls and an open area for eight employees, a modern open eating pantry and lounge area. The asking rent is $74 psf. Norman Bobrow managing director Josh Berger and Alex Lubin have the listing.
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Adelaide Polsinelli, Senior Managing Director and Principal at Eastern Consolidated, along with Stevie Haber, Principal of Haber Realty, have been hired to sell a fully leased retail condominium at the base of a seven-story office building at 148-150 East 55th Street in Midtown East. The asking price is $6.8 million for the 3,200 s/f property. The long-term tenant is a successful, high-end salon franchise that has a celebrity following. Located between Lexington and Third Avenues, the retail condo is a block from the development site that Polsinelli and her colleagues at Eastern Consolidated sold to Welltower Inc. and Hines last year for $115 million. The development site, which has a zoning floor area of 111,216 s/f, will be transformed into a seniors housing and memory care community featuring the latest in health care technology.
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Eastern Consolidated has been retained to sell two full floor office condominiums totaling over 10,000 s/f in the a Chelsea Arts Tower at 545 West 25th Street. The asking price is $9.65 million for the 5,600 s/f condominium, which also includes a terrace, and $6.35 million for the 4,883 s/f unit. The condominiums can be purchased together or separately. Jeff Nissani and Erik Nissani are exclusively marketing the condos on behalf of the owner, the Chelsea Development Group, which built the Chelsea Arts Tower in 2006 with Young Woo Associates. Chris Matousek, Director, Financial Services, is the analyst for the offering. The condos can be delivered vacant, or with the current tenant remaining in place in a sale/lease-back arrangement.
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The Manhattes Group announced the following exclusive sales assignment:
• 65-75 Traffic Avenue in Ridgewood, Queens, is a 63,750 s/f industrial warehouse building in excellent condition that will be delivered vacant and is ideal for an owner/user or an investor. The property has 45,000 s/f on the ground floor with an 20,000 s/f mezzanine currently existing on the second floor. The property is within walking distance from the M train stop at Fresh Pond Road as well as Ridgewood’s main retail corridor. It has 23 foot ceiling heights. Alan Shmaruk is marketing the property along with Michael Sherman.
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Alexander Anderson Real Estate Group is the leasing agent for 200 Wanaque Avenue in Pompton Lakes, NJ, and will market space in the 29,250 s/f Class B office building to small businesses looking for blocks of space. The office space located in Pompton Plaza, which has been developed as an incubator property within Pompton Lakes’ downtown redevelopment zone, offers flexible lease terms, below-market rent, blocks of space that range from 525 to 6,000 s/f shared offices services, as well as other incentives to start-up and small business owners and operators.
SALES
John A. Falco, President of Falco Real Estate Partners, sold 92-16 35th Avenue in Jackson Heights, Queens, for $1,650,000. The three story, brick, six-family building consists of five two-bedroom apartments and a single one-bedroom apartment. At the time of the sale, it was fully occupied. The property sold for 14.72 times the gross rent and a 4.49 percent capitalization rate. The seller purchased the property in 2013 and realized a 46 percent gain in four years. The purchaser is an active investor that concentrates on value-added properties in northern Queens neighborhoods.
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GFI Realty Services announced the $9 million sale of 21 St. Pauls Court, a six-story apartment building in Prospect Park South, Brooklyn. Erik Yankelovich represented the buyer and seller, both local investors. Located between Ocean Avenue and East 19th Street, the pre-war elevator building is comprised of 36 apartments, with a mix of one- and two-bedroom units. In total, the building comprises 43,715 s/f.
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Highcap Group announced that Jeff Weiss, a Senior Director and Larry Stryker an associate broker, closed the $5,825,000 sale of 118 First Avenue in the East Village. The sales price equates to $1,150 psf and is the first sale of the property in over 30 years. The mixed-use building features two retail spaces and four residential floor-through units, with two of the floors currently vacant. The month to month retail leases are currently under market. Weiss and Stryker represented the buyer, an active New York City private investor. The seller was represented by George Damiris from Astoria Realty, along with Jeff Weiss. Attorneys Bill Vasiliadis and Kyu Kim represented the seller and buyer respectively.
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TerraCRG announced the sale of 205 Wyckoff Avenue, a mixed-use building located between Harman Street and Greene Avenue in Bushwick. Matt Cosentino, Eric Satanovsky and Fred Bijou handled the $2.225 million sale. The three-story brick building sits on a 25 ft by 84.17 ft lot and consists of five free market residential units, of which four are vacant and one is a renovated duplex. The property is two and a half blocks from the DeKalb Avenue L train and close to the Myrtle-Wyckoff M & L trains.
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Marcus & Millichap announced the following sales:
• 15 Wilson Avenue, a 6-unit apartment property in Brooklyn, sold for $2,350,000. Shaun Riney, Thomas Shihadeh, and Andrew Reiter represented the seller, a private investor, and the buyer. The purchase price represents $570 psf for a property that while in excellent physical condition, requires a complete repositioning to reach market rents. It’s a price record for this product type and there were multiple bidders.
• 9601 Church Avenue, Brooklyn, a 5,600 s/f mixed-use property sold for $1,265,000. Eric Eckhardt and Matthew Peters from Marcus & Millichap’s Brooklyn office, and Tim Giambrone from the Atlanta office, represented the seller, a private investor. The buyer was also secured and represented by Eckhardt, Peters and Giambrone.
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JLL has completed the sale of 253 Passaic Avenue in Fairfield, N.J., for Canfield Property Group. The 35,945 s/f industrial/flex building was acquired by Dearborn Street Realty. Canfield was represented by JLL’s Howard Weinberg, and Ryan Bednarski,. The buyer was represented by Marc Trevisan, David Sherman, and Slava Vaynberg, with Cushman & Wakefield . The single story, owner-occupied industrial/flex building is fully air conditioned and well located. The facility was constructed in 1973.
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J.G.Petrucci Company announced the acquisition of an 18.4-acre site on Meister Avenue in Branchburg,New Jersey. The company has plans to develop a 187,500 s/f speculative industrial facility. Joel Lubin, managing director of JLL’s Iselin, NJ, office represented J.G. Petrucci and has been retained to serve as exclusive leasing agent for the property.
