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Deals & Dealmakers

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

ARM Real Estate Group announced they have been hired to handle the sale of 165-06 – 165-12 Jamaica Avenue in Jamaica, Queens (between 165th Street and Merrick Boulevard).

The two-story retail/office building is 13,125 square feet with a full basement and was built in 1921. It is located across the street from the 165th Street Pedestrian Mall and within walking distance of the F Train 169th Street subway stop. Additionally, The Jamaica LIRR station is located only two blocks south of Jamaica Avenue.

“The building is located in one of the strongest retail corridors in all of Queens, “ said ARM Real Estate Principal Anand Melwani who pointed out that national tenants surround the property, which has been owned by the same family for over 40 years. “Serious buyers don’t get this kind of opportunity everyday in this area.”

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Jack A. Cohen has been retained exclusively to sell 1622 Pitkin Avenue, a two-story retail building located in the Brownsville area of Brooklyn. The property has one store with a total of 2,855 SF dispersed between the ground and second floor, along with 1,000 SF of additional basement storage. There are also approximately 6,317 of buildable SF. The property is conveniently located near the Sutter Avenue [3] train station. Asking price is $3,000,000.

Greg Corbin, Miguel Jauregui, and Saadya Notik have been retained exclusively to sell 1142 College Avenue, a five-story walk up apartment building located in the Concourse Village neighborhood of the Bronx. The property is comprised of 30 units, 25,925 SF and features 61’ of frontage.

The building is located within walking distance of Yankee Stadium, Mullady Park, and a number of retail locations as well as restaurants. 15 of the 30 apartments are newly renovated and building wide capex includes a new dual fuel boiler, new mailboxes, a brand new camera system, and new smoke and carbon monoxide detectors. The property is within walking distance to the 167th street [B, D and 4] subway lines, the Harlem-Metro-North Melrose station is nearby, and the Bx32 and Bx35 city bus lines are a block away. Asking price is $5,725,000.

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Steve Reynolds, Tom Reynolds and Derek Bestreich of Bestreich Realty Group have been exclusively retained to market this luxury renovated 8 unit in the heart of Bushwick. The property contains one and two bedroom convertible free market units and gives tenants rooftop access, backyard access as well as laundry and storage in the basement. It is also conveniently located a few steps to Maria Hernandez Park. The property is being offered at $4,000,000.

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Bussel Realty Corp. (BRC) announced its arranged the sale of 745 Joyce Kilmer Avenue in New Brunswick, a 138,000-square-foot industrial property.

Leo Esses, senior vice president of BRC, represented the buyer, Miss Sportswear, which purchased the property for $4.8 million and upgraded the property by an additional $800,000. The owner, KLCNY, LLC was represented by CBRE.

745 Joyce Kilmer Avenue is in close proximity to Route 1 and 130, and the New Jersey Turnpike as well as a NJ Transit train station with service to Manhattan. The property features 14’-20’ ceiling heights, eight tailboards and six drive-in doors for loading, 4,000 amps of electric power, and 200 surface parking spaces.

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Cushman & Wakefield announced the following:

•Cushman & Wakefield sold a mixed-use development site offering 25,230 buildable square feet at 41-14 27th Street in Long Island City, Queens in an all-cash transaction valued at $6,500,000 or $258 per buildable square foot. The site sits within multiple zoning districts (M1-5, R7-3, and LIC) and currently has a lease in place until May 2017. Cushman & Wakefield’s Thomas Donovan, David Chkheidze, Robert Rappa and Conrad Martin exclusively handled the transaction.

•Cushman & Wakefield sold an approximately 3,750-square-foot multifamily building at 140 N 9th Street in Williamsburg, Brooklyn in an all-cash transaction valued at $2,900,000 or $773 per square foot. The three-story property, located steps from the vibrant Bedford Avenue retail corridor, is comprised of six residential units with an additional 1,250-square-foot basement. The property was purchased by Sonny Mukhopadhyay. Cushman & Wakefield’s Brendan Maddigan exclusively handled the transaction.

•Cushman & Wakefield sold an approximately 3,750-square-foot multifamily building at 190 Huron Street in Greenpoint, Brooklyn in an all-cash transaction valued at $2,600,000 or $693 per square foot. The three-story property, located off of Manhattan Avenue, is comprised of six, vacant residential units with an additional 1,250-square-feet of air-rights. The property was purchased by Huron Street, LLC. Cushman & Wakefield’s Brendan Maddigan exclusively handled the transaction.

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GFI Realty Services, LLC announced the $4-million sale of 370 East 23rd Street, a four-story, pre-war, walk-up apartment building in the Flatbush section of Brooklyn. Located between Clarendon Road and Avenue D, the property is comprised of 20 units and totals 23,200 square feet. This is the first time this asset has traded in 20 years.

Daniel Shragaei, an associate director of GFI Realty, represented both the buyer, Jason Wisotsky of Four Corners Development Group, and the seller, a local investor, in this transaction.

Located just off of Flatbush Avenue, a major commercial thoroughfare that runs through the borough, the property is within blocks of the newly renovated Kings Theatre and just minutes away from Brooklyn College. The 2 & 5 subway lines are within walking distance of the property, allowing easy access to Manhattan.

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Marcus & Millichap announced the sale of 2480 Belmont Avenue, a 26-unit mixed-use apartment property located in Bronx, NY, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $4,825,000.

Marco Lala, Jack Lala and David Raciti, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was secured and represented by Lala, Lala and Raciti

The subject property is situated on the northeast corner of Belmont Avenue and East 189th Street in the Little Italy / Fordham University section of the Bronx steps from Fordham University and surrounded by privately owned student housing complexes.

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Fifty-eight acres of Rockland County real estate with access to the Garden State Parkway have traded in a deal arranged by TSquare Properties. 240 Red Schoolhouse Road in Chestnut Ridge, NY.

The land has various zoning accommodations including commercial, laboratory, office, and residential.
Eighteen acres were been recently rezoned for retail use, with the remaining forty acres containing two income producing properties, two residential properties and vacant land ready for development. Trevor Tunnell and Jay Hitt broerked the sale, details of which were not disclosed.

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Rosewood Realty Group announced the $1.325 million sale of 375 East 182nd Street, between Webster and Tiebout Avenues in Fordham Heights, in the Bronx.

A burner and boiler equipment business, H&B Equipment Sales, purchased the one-story, 8,050-square-foot warehouse that was built in 1927.

Michael Guttman of Rosewood Realty Group represented both the buyer and the seller, M.S.H. Holding Company.

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Marcus & Millichap announced the sale of 314 and 316 West 39th St., two adjacent 25-foot wide mixed-use buildings between 8th and 9th avenues for $16 million to Gorjian family.

The listing and selling agents are Nat Rockett and Jacob Kahn of the Marcus & Millichap’s Manhattan office, and the seller is Moses Wolf’s Jo & Wo Realty Corp.

Both buildings each feature two retail units on the ground floor and eight apartment units above. Five units are currently rent stabilized with the balance at Free Market Status, deliverable vacant at closing. The properties include a 50-foot by 98.7-foot lot, with a zoning floor area of 10, but are only built to 2.73 respectively. Combined, the site features a total buildable square footage of 49,830 square feet and has the potential to be built up 61,034 +/- square feet.

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