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Deals & Dealmakers

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

AGENTS

Ariel Property Advisors announced the following exclusive sale assignments:

• The vacant lot attached to 635 Rockaway Avenue, a 78,055 buildable square foot development site on the east side of Rockaway Avenue between Blake and Dumont Avenues. The asking price for the site is $3.95 million. The lot offers 63 ft.. of frontage on Rockaway Avenue and is an opportunity to develop a multifamily building on a mixed residential and commercial corridor in Brownsville. R6 zoning provides 37,800 buildable square feet as-of-right and the seller will provide an additional 40,255 S/F of air rights, bring the total buildable area to approximately 78,055 square feet. Exclusive agents Jonathan Berman, Mark Spinelli, and Daniel Tropp, are representing the seller, a private investor.

• 2299 Adam Clayton Powell, a 24-unit, five-story walk-up in Central Harlem. The asking price is $4.5 million. The 9,731 s/sf mixed-use building is currently comprised of three ground floor retail units, one below grade retail unit, 20 SRO units, and a tower stream antenna on the roof. Exclusive agents Victor Sozio, Josh Berkowitz, Matthew Gillis and Joshua Kwilecki are representing the seller, a private investor. Ownership recently refaced the retail façade, which now features floor to ceiling glass.

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GFI Realty Services has been named the exclusive sales agent for 16-29 Summerfield Street, a three-story walk-up apartment building in the Ridgewood section of Queens. Senior Director Shlomo Antebi and Associate Director Daniel Shragaei will oversee the marketing, with pricing targeted at $1.875 million. Thes property is comprised of six units, the majority of which have been gut renovated.

SALES

Icon Realty Services Inc. announced the sale of 499 East 163rd Street, Bronx, NY. Hayel Shaban (Sammy) represented the seller and buyer in this transaction. The property is a 13,720 s/f single-story building compromising of nine stores, including Dunkin Donuts and Popeye’s. The sale price was $7,200,000 which equates to $525 psf.

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Cushman & Wakefield announced the following sales:

• An industrial asset at 51 Commerce Drive in South Brunswick, NJ, traded in a sale orchestrated by CMetropolitan Area Capital Markets Group. TIAA Global Asset Management purchased the 220,000 s/f fully occupied property from Ivy Equities. Gary Gabriel headed the assignment with team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald. 51 Commerce Drive is located less than 35 miles from the Port of Newark.

• 75 Chestnut Ridge Road in Montvale traded for $5.7 million in a sale from a private ownership entity to a Big Four professional services firm. Office brokerage specialist Dan Johnsen, and Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer, marketed the 60,000 s/f former Winebow headquarters on behalf of the seller. Jeff Babikian of CBRE represented the buyer.

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EPIC Commercial Realty announced the following sales:

• 38-41 & 38-43 12th Street, a development site in Long Island City, Queens, sold for $3,250,000. Investment Sales Associate Yuriy Ustoyev represented both the seller and the buyer. Located on 12th Street, between 38th Avenue and 40th Avenue, the property is comprised of two contiguous vacant lots with approved plans for a 78-key hotel.

• 488 4th Avenue, a residential building in Gowanus, Brooklyn, sold for $5,000,000. Associate Broker Mark Akilov represented the seller; CEO Yona Edelkopf and associae Vlora Sejdi represented buyer. Located on 4th Avenue, between 11th Street and 12th Street, the development site currently houses a three-story residential building with six vacant units. It is built to 3,999 s/f and provides 16,920 s/f of total development rights. The sale price equates to $295 per maximum buildable square foot.

• 894-896 & 900 New York Avenue, development sites in Flatbush, Brooklyn, sold for $2,305,000. Investment Sales Associate Baruch Edelkopf represented both the seller and the buyer. Located between Martense Street and Church Avenue, the properties are three two-story residential buildings, each built to 2,060 s/f and accommodating two units. Altogether the three properties provide a total of 17,550 s/f of development rights. The site is three blocks from the Church Avenue train station.

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Ariel Property Advisors facilitated the sale of 140 Lexington Avenue, a vacant development site with approximately 124 feet of wraparound frontage located on the northwest corner of Lexington Avenue and East 29th Street. The site closed for $9.1 million, which translates to $612 per buildable square foot. Currently a vacant 2,469 s/f lot, the site’s C6-2A zoning permits approximately 14,863 buildable square feet, as of right, for residential or commercial use. With FAR in the R8A district equivalent to 6.02, 140 Lexington Avenue presents investors and developers with a premier Manhattan development opportunity. Exclusive agents Howard Raber, Shimon Shkury, Victor Sozio, Jesse Greshin, and Michael A. Tortorici represented the seller, a private investor.

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Bertwood Realty announced the purchase of a 2,105 s/f office condo for Marco Polo International. Unit 602 at 520 West 27th Street, between 10th and 11th was sold for $2.4 million. Michael Rudder and Michael Heller of the Rudder Property Group represented the seller. Bertwood’s Deborah Stewart represented the buyer. With headquarters in Melville, New York, this is Marco Polo’s second Manhattan office location. Built in 2008, 520 West 27th has 65,000 s/f of office space and is located in the West Chelsea Arts District. The unit purchased includes two private bathrooms and its own HVAC
unit.

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Crosstown Realty announced the sale of a warehouse property at 458 East 99TH Street in Canarsie, Brooklyn, for $1.55 million. The 5,000 s/f property with a 1,000 s/f yard achieved the highest warehouse price in the area to date, according to Leon Lipo, who represented the seller. The buyer’s representative was S-Z Realty. The purchaser is a newly formed entity by Wolfgang Michelitsch of Euro Woodworking Inc.

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Redwood Realty Advisors announced the closing of two properties for a combined priced of nearly $4 million.

• Investment Associate Jeremy Wernick assisted in the sale of a 22-unit garden apartment complex in Woodbridge. The property sold for $2.55 million and a cap rate of 6.2 percent.
• Director Steven Matovski and Investment Associate Saul Ramirez closed the sale of a 19-unit garden apartment complex in Union City for $1.15 million.

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Sky Lake Partners announced the acquisition of 2480 Belmont, a mixed-use building located in the Bronx for $4,825,000. The building has been acquired by Sky Lake Real Estate Fund, LLC. Sky Lake Partners is a real estate private equity firm founded by Marlena Demenus, Thomas Gormley and Donald Dye. The group invests client and partner capital in mixed-use and multifamily real estate in New York City. Sky Lake and its affiliates manage $50 million in real estate holdings. 2480 Belmont is a 26-unit, 20,000 s/f mixed-use building in the Belmont area of the Bronx. Marco Lala from Marcus & Millichap brokered the sale.

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TerraCRG announced the sale of 739 President Street, a multifamily building located on the corner of Sixth Avenue and President Street in Park Slope. Adam Hess and his team, Eddie Setton, Kirill Galperin and Jared Anderson, exclusively handled the transaction. The property sold for $3.95 million, which equates to approximately $757 per square foot and $493,750 per unit. The four-story building contains approximately 5,553 s/f and consists of eight large rental units.

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Joel J. Gorjian, Vice President of Acquisitions & Dispositions at Namdar Realty Group, has completed the acquisition of the State and Mapleton Plaza neighborhood shopping center located at 2150 State Street in Columbus, IN. The seller was a private investor. The value of the transaction was in excess of $1 million.

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