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Deals & Dealmakers

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

AGENTS

Cushman & Wakefield announced the following exclusive assignments:

The sale of 113 & 115 West 82nd Street on the Upper West Side. The adjacent townhouses feature 37 ft. of frontage and are located between Amsterdam and Columbus Avenues. They are coming to market for the first time in over 40 years with an asking price is $9,500,000. The five-story buildings combine for 10,935 s/f and consist of 20 apartments of which nine are free market and 11 are rent stabilized. The properties have approximately 4,185 s/f of additional air rights that could be used to extend the rear or add on top of the buildings (subject to LPC approval). Constructed in the late 1880’s as part of a row of four houses by William H. Stafford, the properties have been owned by the same family for generations and are currently under third party management. Cushman & Wakefield’s Hall Oster is exclusively marketing this offering with Teddy Galligan and Bryan Smadbeck.

• The triple-net lease of a vacant, newly developed, 20-story, elevator hotel and apartment building opportunity at 124-18 Queens Boulevard, between 82nd Avenue and 82nd Road in Kew Gardens, Queens. Ownership prefers to long term NNN-lease the property to an individual group but is welcome to offers for either the hotel or residential portion of the property. The property measures 103,000 s/f and sits on a 180-foot by 100-foot irregular lot. It consists of 84 hotel rooms, 38 apartments and a built-out restaurant with a liquor license and a rooftop. Also included in the offering is a 44-car parking lift in the rear of the building, a fitness center and a 3rd floor commercial office space. Cushman & Wakefield’s James Nelson, Brandon Polakoff, Andrew Posil, and Daniel Abbondandolo are exclusively handling this assignment.

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TerraCRG announced the following exclusive assignments:

• The sale of 1543 East New York Avenue, a development site in Brooklyn’s Ocean Hill neighborhood. Dan Marks and Adam Courtney, along with their team, are marketing the properties. The asking price is $1.295 million. Zoned C2-3/R6, the irregular lot contains approximately 5,295 s/f and features an additional 15,885 bsf. Situated one block from Eastern Parkway, the site is also in proximity to the Atlantic Avenue L train and the East New York train station.

• The sale of 104 Fort Greene Place, a multifamily building between Lafayette Avenue and Hanson Place in Fort Greene. Dan Marks and David Algarin, along with their team, are marketing the property. The four-story building contains approximately 4,730 s/f and consists of eight units, with a mix of one-bedroom and studio apartments. It will be delivered with four vacant units. The building sits two blocks from Fort Greene Park.

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Ariel Property Advisors has been retained to sell 91-95 Diamond Street, a 15,000 buildable square foot development site in Greenpoint, Brooklyn. Featuring 75 ft. of frontage, the site is located on Diamond Street between Norman and Nassau Avenues. The asking price is $6.3 million. The assemblage currently consists of a vacant lot at 91 & 93 Diamond Street and a two-family home at 95 Diamond Street, which will be delivered vacant. R6B zoning provides 15,000 buildable square feet, as-of-right, for residential use. Exclusive agents Daniel Tropp, Michael A. Tortorici, Jonathan Berman, and Mark Spinelli are representing the seller, a private investor.

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A family-owned, four-building site in Gowanus is offered for a 99-year ground lease to developers, and a team led by James Dario of Kalmon Dolgin Affiliates has been retained by ownership to handle the agency. The four-building, 20,000 s/f development site features over 125 ft. of frontage along Second Avenue and over 180 ft. along 14th Street. The site has an FAR of 2, allowing for development of up to 40,000 s/f. Owned for more than 100 years by the Ranieri family, who have operated building supply operations at the site, the property is convenient to the Gowanus Expressway and within walking distance to the Prospect Avenue N, R and D subway lines.

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The Manhattes Group announced the following exclusive sale assignment:

• A 12-unit residential building at 41-32 53rd Street in Woodside, Queens. The property is located less than 10 steps from the entrance to the 7 Train at 52nd Street. The building is approximately 7,000 s/f and three units will be delivered vacant. Michael Sherman and Alan Shmaruk have the listing. The asking price is $4,100,000.

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NAI James E. Hanson has been named the exclusive listing agent for two land parcels located at Mount Arlington Road and 1233 Route 46 in Roxbury and Ledgewood, N.J. NAI Hanson’s John J. Schilp is the exclusive broker on this assignment. The two vacant land parcels are contiguous and can be sold separately or together. The smaller of the two parcels, at .17 acres, offers frontage on Route 46 for better visibility. The larger parcel, at 42 acres, is heavily wooded and is approved for a Zip Line recreation park. The parcels are conveniently located between Routes 80,46 and 10 and offer a prime location less than an hour from New York City.

SALES

Ariel Property Advisors closed on the sale of 417 Gerard Avenue, a development site in the Mott Haven section of The South Bronx. The 9,816 s/f site is located on the southeast corner of Gerard Avenue and 146th Street in Mott Haven. M1-4/R8A zoning provides 49,680 buildable square feet as-of-right. The development site sold for $5 million, which translates to $100 per buildable square foot. Exclusive agents Jason M. Gold, Scot Hirschfield, Marko Agbaba, and Victor Sozio represented the seller, Galaxy General Contracting, and procured the buyer, Treetop Development LLC. The site is located near the 2, 4 and 5 subway lines at 149th Street as well as the Major Deegan Expressway.

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Cushman & Wakefield announced the following sales:

• On behalf of DiRenzo Real Estate Management LLC, the firm sold a 5,475 s/f, walk-up, multifamily asset at 111 East 39th Street in Murray Hill. The all-cash transaction was valued at $5,600,000, or $1,023 psf. The property is comprised of nine units and was delivered vacant. The purchaser plans to immediately gut-renovate the units. John Ciraulo, Craig Waggner and Douglas Blankrot exclusively arranged the transaction.

• A 9,575 s/f retail condominium at 20 West Street in Downtown Manhattan was sold to Stone Douglass of Icculus Investments. The property was purchased in an all-cash transaction valued at $5,500,000, or approximately $574 per square foot. The condo boasts almost 80 feet of frontage on Washington Street along with an additional 1,000 square feet of outside space. The tenant,“The Learning Experience, is currently in its fourth year of a 15-year term. James Nelson exclusively handled the transaction with Will Suarez and Carly Weinreb.

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GHP Office Realty, LLC has sold 81 Main Street, Dobbs Ferry, NY. a 3,000 s/f former bank building, for $595,000 to Ward Capital Management, LLC of Rye New York. Andrew M. Greenspan, Principal of GHP, said the art deco was built in 1927 by Greenpoint Savings Bank. GHP acquired the building through a foreclosure in 2013. Ward Capital Management subsequently leased the building from GHP and has performed extensive renovations to convert it into a mixed use building containing a residential unit on the newly constructed second floor and a retail unit on the ground floor. The seller was represented by Greenspan and Brendan Hickey, Associate at GHP. GHP’s legal representation was provided by Jamie Schwartz, Esq. of James E. Schwartz, P.C. Ward Capital Management was represented by its Principal, D’Wayne Prieto. Ward‘s attorney in the transaction was Christian Daglieri, Esq. of Montgomery McCracken Walker & Rhodes LLP.

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EPIC Commercial Realty announced the following sales:

•153 East 26th Street, a mixed-use building in Kips Bay, was sold. The property is an eight-story elevator building spanning 15,800 s/f and comprised of 14 apartments and one retail unit on the ground floor. All residential units are 2 to 3 bedrooms. HUBB NYC purchased the 15,800 s/f building for $11,800,000 (or $747 per square foot) from A.D. Real Estate Investors, Inc., which originally purchased the property in 2003 for $3,000,000. The building is two blocks from the 28th Street [6] train station and three blocks from Madison Square Park. EPIC’s Edan Cohen and Ofer Cohen represented both the seller and the buyer.

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Highcap Group announced the following sale:

•2769 3rd Avenue in the Mott Haven section of the Bronx, sodl for $1,450,000. Daniel Hakimian represented both the buyer, Ink Property Group, and the seller in an off-market transaction. The property is a 7,200 s/f corner mixed use building with frontage on three streets. It has six apartments and one store. The sale marks the first time the property has traded in over 35 years. The property sold $207,142 per unit, a rent roll multiple of 11.2 X and a capitalization rate of 5.9 percent.

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NAI James E. Hanson announced the sale of a 14,730 s/f office building located at 98 Pleasant Avenue in Upper Saddle River, N.J. Kenneth Lundberg, SIOR, Ronald Fotiu and Patrick Lennon represented the seller, Rodico, Inc. The building was purchased by Health and Wellness Partners, LLC, a company relocating from Ramsey, NJ. Health and Wellness Partners was represented by Christopher Olsen of Newmark Grubb Knight Frank. The 14,730 s/f one-story property sits on 2.31-acres and was originally built-to-suit for the Young Women’s Christian Association (YWCA) by Rodico, Inc. Health and Wellness Partners, LLC, a global medical communications company, plans to use the building as a corporate headquarters.

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HK Group announced the sale of 2439 Black Rock Turnpike, Fairfield, CT for $1,250,000. David Cervero, associate vice president and Ralph Michel, senior vice resident, represented the seller, Gary’s Realty Co., LLC. Richard Rhatijan, senior vice president, Atherton Associates, represented the buyer, 2439 BRT, LLC. The property consists of a 4,106 s/f building on a 0.31 acres and presently houses Swanson’s Fish Market, Chili Bomb Burgers and Macs and Whoopie, a Thai restaurant. Attorney Stephan P. Wright, Esq. in Monroe, CT represented the seller and Samuel T. Rost, Esq. in Bridgeport, CT represented the buyer.

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Jeffrey Pliskin, president & CEO of Pliskin Realty & Development, announced that the company has purchased the Westbank Shopping Center located at 221 Post Road West in Westport, Connecticut. The seller’s representatives in the transaction were Stephen Westerberg and Kim Mowers of Newmark Grubb Knight Frank (NGKF). The 8,700 s/f retail property, situated on 0.69 acres, has parking and is fully-occupied with longstanding tenants.

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Rudder Realty Corp. announced the sale of 586-592 Bloomfield Avenue, Montclair, a two story building housing a Dunkin Donuts and an apartment. Rudder Realty was represented by David Cafiero of Marcus & Millichap. The buyer, a New Jersey investor, was represented by Diala Sawaged of Keller Williams. This property is notable in that it includes the only privately owned parking lot in the heart of downtown Montclair.

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T Square Properties announced the sale of 58-acres of Rockland County real estate with access to the Garden State Parkway. 240 Red Schoolhouse Road in Chestnut Ridge, NY. The site has various zoning accommodations including commercial, laboratory, office, and residential. 18 acres was recently rezoned for retail use, with the remaining 40-acres containing two income producing properties, two residential properties and vacant land ready for development. The sale price was not disclosed. Trevor Tunnell and Jay Hitt, of T Square Properties, managed the sale process.

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Besen & Associates announced the sale of 213 North 7th Street in Williamsburg for $4,450,000. Matthew Garcia was the sole broker in the transaction. Located between Driggs & Roebling, and 100 feet from the Bedford Avenue subway station entrance, the property is a 4-story, 6,000 s/f, 25 ft. wide multifamily building containing eight apartments. The purchaser is a local investor. The sales price equates to $750 per square foot and an initial capitalization rate at 3.1%. The property was owned by the same family for the past 40 years.

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Colliers International Group Inc announced the following sales:

• Jackie Chesler, Richard J. Madison and Jonathan Schlussel, led the team that orchestrated the $7.6 million sale of Kemble Plaza I to Onyx Equities. Located at 340 Mount Kemble Avenue in Morris Township, the 387,000-square-foot, Class A asset is the former corporate headquarters of AT&T. The building sits 40 acres.

• In Pine Brook, the team arranged the $2.5 million sale of 34 Corporate Plaza to a private, New Jersey-based buyer. Located at 34 Maple Avenue, directly at an entrance to I-80, the 130,000-square-foot office building has a history of blue-chip tenancy, with previous occupants including Pitney Bowes and Echostar, among others; it is currently 14 percent occupied. The property has Industrial I-1A zoning, which has more than 25 permitted uses including office, medical use, and fitness centers.

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