ERG Property Advisors announced the following exclusive assignemnts:
• Matthew Murphy is representing the seller of 39-41 Palisade Avenue, Yonkers. The asking price is $1,866,000 or $19 per buildable square feet. Located on a revitalized corridor with several new developments, the two-assemblage lot has 75 feet of frontage with a zoning of D-MX. There is a permitted maximum height of 100 feet with buildable square feet of 97,110. The lot dimension is 75 by 150 ft. There is currently a one store building on site.
• Victor Caracocly is representing the seller of 167-169 Bedford Avenue and 172 North 8 Street in Brooklyn, NY. The asking price is $39,500,000 and can be sold as a package or individually. The contiguous three-building package consists of three 4-story brick buiildings located on the southeast corner of bedford Avenue and North 8th Street. 169 Bedford Avenue consists of two retail stores and sixresidential units, 169 Bedford Avenue consists of one retail store and six vacant residential units while 172 North 8 Street consists of eight residential units.The properties are located one block from the Bedford Avenue stop on the L train.
GFI Realty Services has been named the exclusive sales agent for 196 Russell Street, a three-unit multifamily building located in the Greenpoint section of Brooklyn. The property was constructed in 1910 and totals 3,135 s/f. GFI Realty Associates Sasha Berg and Solomon Rozental will oversee the marketing of the property, with pricing targeted at $2.075 million. Currently vacant, the asset presents opportunistic investors with an opportunity to rehabilitate the apartments and lease them out at market rates. The property is situated just off Nassau Avenue. The G train is located just a short walk away, allowing for an easy commute to Manhattan.
Cushman & Wakefield has been retained on an exclusive basis to sell two shopping centers on Long Island. Stephen Preuss is exclusively marketing both offerings.
• JP Platinum Properties, Inc.’s Parc Vendome at 155 West Sunrise Highway in Lindenhurst is listed at an asking price of $11,488,000. 155 West Sunrise Highway, located on the northeast corner of W. Sunrise Highway and Straight Path, is a triple-net leased, five-unit shopping center that encompasses 1.5 acres of land with 536 feet of wrap-around frontage. It houses an approximately 16,852 s/f building which consists of 14,477 s/f on the ground floor and an additional 2,375 s/f of loft space above. Re-built in 2008 and known as Parc Vandome, the center features a fully-sprinklered fire alarm, new HVAC units, Nicolock pavers, grease traps, and separate utility meters. Current tenants include Popeye’s, Dunkin’ Donuts, and LI Premier Physical Therapy. A remaining 8,600 s/f is vacant and available for lease.
• Park Plaza Management, LLC’s 5050 Sunrise Highway in Massapequa is listed at an asking price of $9,888,000. Located between Manhattan Avenue and Cartwright Boulevard, it is a four-unit shopping center that spans 31,200 s/f and has 260 feet of frontage. Known as Park Plaza, the center contains a 9,750 s/f building of which 8,357 s/f is occupied by Busy Bee Jewelry, Liberty Travel, and PM Pediatrics. One unit measuring 1,393 s/f remains vacant and is available for lease.
Bestreich Realty Group announced the $4.2 million sale of 153 7th Avenue, a North Park Slope mixed-use building between Garfield Place and Carroll Street, for $875 psf to a Manhattan-based investor. The four-story property is a mixed-use building with three apartments and one store, a Diamond Wireless Verizon retailer. The property totals 4,812 s/ft and was built in 1910. Adam Lobel, Luke Sproviero and Derek Bestreich represented the buyer,Seventh K Realty L.L.C., a Manhattan based 1031 investor, and the seller, Sea 3 Properties LLC, a long-term private family.
Gebroe-Hammer Associates arranged the $10.51 million sale of 106 units spanning Walnut Street and Pennington and Union avenues in Elizabeth, NJ. The brokerage team of Managing Director David Oropeza and Senior Vice President Stephen Tragash exclusively represented the seller, Pennington Apts., Inc., and procured the buyer, 433 Park LLC, of the three properties.
• Bellwood Gardens, located at 450-454 Walnut St., is centrally situated within the Downtown Madison Avenue/Mary Street section comprised of older, well-established small-to-mid-sized apartment buildings constructed between 1940 and 1969. Built in 1940, this 40-unit three-story building features an all-brick façade close to schools, shopping and the Elizabeth and North Elizabeth rail stations.
• The 38-unit Barbara Hall Apartments, also located Downtown within the Broad Street/E. Grand Street section, features three stories and a mix of apartment layouts throughout.
• In Elmora, the 28-unit 928 Pennington Ave., complex is one block from Warinanco Park and its shopping district. Each of the 28 units features updates that include hardwood floors, modern kitchens and baths and spacious living rooms and bedrooms.
Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of 1 Gatehall Drive, a 114,000 s/f four-story, Class A office building in Parsippany, New Jersey. HFF represented the seller in the sale of the property to Lincoln Property Company. 1 Gatehall Drive is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. Renovated in 2004, the Energy Star-rated building features a two-story lobby atrium with skylight, well-appointed common areas, shared conference room, dining area and a fitness center. 1 Gatehall Drive also shares a fountain courtyard with an adjacent office building and is next door to a Marriott Residence Inn. Tenants at the 63-percent-leased property include software, consulting, communications, staffing and foodservice tenants. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
Bruce Nelson, Senior Director, and Brian Pinnola, Principal, both of NAI Long Island, represented the seller and the buyer of 407 East Meadow Avenue in East Meadow, NY. The 5,880 s/f office building was sold for $1,200,000.
Marcus & Millichap announced the following sales:
• Ferromonte Plaza, a 16,000 s/f retail property located in Mine Hill, NJ, was sold for $3,000,000. Michael Lombardi, First Vice President in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. Ferromonte Plaza is a shopping center located at 271 Route 46 West in Mine Hill, . The property is situated on Route 46 with in front of a signalized light with direct access into the parking lot.
• 160 Belmont Ave, a 23,154 s/f industrial property located in Garfield, NJ, sold for $1,634,000. Ben Sgambati and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was secured and represented by Steve Marani, Alan Cafiero and Ben Sgambati. The subject property is located on a 0.45 acre lot at 160 Belmont Ave in Garfield. The first floor is approximately 13,354 s/f of light industrial space, with two drive-in doors and a ceiling height of about 13 feet. The second floor is approximately 8,800 s/f of typical office space consisting of quite a number of offices, several conferences rooms, reception area, kitchen, and seating area.
Cushman & Wakefield announced the sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills, New York, for $14,650,000. Ben Efraimov, Jonathan Hageman and Patrick Yannotta exclusively handled this transaction. 3111 New Hyde Park Road traded at a six percent cap rate. The building is approximately 24,690 gross square feet and is fully occupied by three medical tenants. Integrated Medical Professionals (IMP) occupies the front of the building and currently leases 13,800 s/f. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 s/f. Additionally the property features 115 parking spaces which is monitored daily by a parking attendant. The property is located on 1.75 acres between Hollow Lane and Dakota Drive right off the Northern State Parkway New Hyde Park Road exit. The property abuts both the LIE and Northern State Parkway New Hyde Park Road exits and is near the North Shore LIJ, St. Francis and Winthrop Hospitals.