New Street Realty Advisors announced the following sale:
• APNA Realty, Inc. purchased the 6,449 s/f ground floor commercial condominium at the Lancaster Madison, a newly developed 40,803 s/f mixed-use development located at 1820 Madison Avenue, New York, NY. The commercial condominium is fully leased to The Institute for Family Health and Madison Imaging Resources. The New Street Realty Advisors team of Matthew Gorman, Joshua Gettler and Joshua Kaufman represented the seller, Lancaster Madison Associates, LLC, a Bluestone Organization company, and the buyer, APNA Realty, Inc. on this transaction.
Ariel Property Advisors has announced the sale of six properties in Central Harlem, the Bronx, and Brooklyn with a total value of $8,326,500.
• The New Sierra Portfolio, consisting of four walk-up buildings at 423 Lenox Avenue, 439 Lenox Avenue, 134 West 133rd Street, and 140-42 West 133rd Street in Central Harlem sold for $5.25 million. The properties feature 47 residential units and three retail units. The sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch represented the seller, an affordable housing developer/operator, and procured the buyer, ABJ Properties.
• A walk-up at 868 Faile Street in the Hunts Point section of the Bronx sold for $1,976,500. The four-story, 17,860 s/f building contains 21 apartments. The sales team of Scot Hirschfield, Shimon Shkury, Jason Gold, and Victor Sozio, served as exclusive agents for the seller, a private investor, and procured the buyer, a local investor.
• A vacant lot at 1164 Greene Avenue in the Bushwick section of Brooklyn sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. The sales team of Daniel Tropp, Jonathan Berman, and Mark Spinelli served as exclusive agents for the seller, a private investor, and procured the buyer, also a private investor.
GFI Realty Services Inc. announced the following sales:
• 394-398 Myrtle Avenue, Fort Greene, Brooklyn, sold for $3,450,000. The 4,800 s/f single story commercial building sold for $719 psf. The property also has approximately 14,000 s/f in additional air rights. Kobi Zamir, an associate of GFI, represented both the buyer and seller.
• 336 East 117th Street, in East Harlem, sold for $1,180,000, which translates to ten times the rent roll and $118,000 price per unit. The five story walk up apartment building consists of 10 units totaling approximately 8,125 s/f. Kobi Zamir represented the seller, a local investor. Zamir along with Roni Abudi, a managing partner at GFI Realty, represented the buyer, a local investor.
• 241 East 24th Street in Gramercy Park sold for $4,000,000, which translates to twelve times the rent roll. The five story mixed-use building consists of 16 studio apartments and two commercial units totaling approximately 7,410 s/f. Ohad Babo and Yanni Simantov, both associates of GFI Realty, represented the seller and buyer in this transaction. The buyer was a group of Israeli investors making their first investment in NYC.
Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the $850,000 sale of a 2,500 s/f vacant parcel of land at 62 Box Street in the Greenpoint section of Brooklyn, NY. Vincent Lopez and Jacques Wadler of Kalmon Dolgin Affiliates represented the buyer, 62 Box Street LLC, and the seller, 62 Box Holding LLC. The buyer has plans to build a 6,750 s/f, 11-unit residential property on the site.
Marcus & Millichap Real Estate Investment Services announced the sale of Rite Aid, a 29,374 s/f net-leased property located at 17-21 North Pearl Street, Albany, NY, for $1,767,000. Preet Sabharwal, senior associate, in Marcus & Millichap’s Manhattan office, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Sabharwal.
• Wendy’s, a 3,378 s/f net-leased property located in Portage, MI, sold for $1,572,735. Glen Kunofsky, executive vice president investments in Marcus & Millichap’s Manhattan office, represented the seller, a partnership. Jonathan Dwoskin, broker of record and regional manager, assisted in closing this transaction.
• 693 Madison Street, a 9,036 s/f 8-unit apartment property located in Brooklyn, NY, sold for $1,725,000, which represented approximately $215,000 per unit and $190 psf. Dan Greenblatt, Shaun Riney and Derek Bestreich, represented the seller, a private investor. The buyer, a fund manager, was secured and represented by Bestreich, Greenblatt and Riney.
• KFC / Taco Bell, a 2,132 s/f net-leased property located in Herkimer, NY, sold for $2,050,000. Glen Kunofsky and Judson Kauffman represented the seller, a private investor. Kunofsky and Kauffman also secured and represented the buyer, a private investor.
Massey Knakal announced the following sales:
• A development site at 76-86 Lefferts Place, in Brooklyn’s Clinton Hill neighborhood, sold for $7,850,000. The site contains 19,632 s/f andis located in a R6B zoning district with a 2.0 FAR, and benefits from approximately 39,264 buildable square feet. The sale price equates to approximately $200 per buildable square foot. The seller initially purchased the property for $3,400,000 in June of 2012 with the intention to develop seven townhomes. Stephen P. Palmese exclusively handled this transaction.
• A four-story townhouse at 158 East 81st Street sold for $9,245,000, or $2,222 psf. Guthrie Garvin exclusively handled this transaction with Thomas D. Gammino, Jr.
• An apartment building at 95-06 41st Avenue, in the Elmhurst neighborhood of Queens, sold for $1,760,000. The four-story, 16-unit walk-up building consists of one studio, 11 one-bedroom, and four two-bedroom apartments. The sale price equates to approximately $135 psf. Thomas A. Donovan exclusively handled this transaction.
Northeast Private Client Group has announced the sale of four Bridgeport apartment properties for a combined value of $4,635,000, representing a blended 9.5% capitalization rate on current Net Operating Income. Bradley Balletto, regional manager in the firm’s Bridgeport office, represented the individual sellers and buyers in the transactions.
• The properties at 140 Alice Street and 45 Wheeler Avenue, with a total of 46 apartment units, were purchased by Kimberly Apartments LLC and Sullivan Apartments LLC, comprising multiple prívate investors based in Connecticut and New Jersey. The seller was a Bridgeport-based investor who had owned and operated the properties for the past 15 years. The transaction price of $2,750,000 equates to nearly $60,000 per unit.
• The property at 155 Wayne Street, with a total of 20 units, was purchased by 155 Wayne Navcapman LLC, a Bridgeport based investment group for $975,000, which equates to $48,750 per unit. The seller was a southern Connecticut multifamily operator looking to divest of non-core assets.
• The property at 840 Howard Avenue, with a total of 21 units, was purchased by Connecticut Realty Trust LLC, a Fairfield, CT- based investment Group, for $910,000 which equates to more than $43,000 per unit. The seller was 840 Howard Navcapman LLC, a Bridgeport-based investor who had made significant improvements to the property since acquiring it in 2011.
Rosewood Realty Group arranged the following multifamily sales:
• $25.05 million sale of 1121, 1133, 1141-45, 1155, 1171-75 Morrison Avenue in the Soundview Section of the Bronx. Aaron Jungreis represented the seller, a local investment fund, and Samuel Kooris of Rosewood represented the buyer, a local investment group. The five contiguous five-story walk-up apartment buildings consisting of 304 apartments sold for 7.3 times the rent roll. The buildings totaled 222,500 sq. ft. and they were built in 1929.
• $10.5 million sale of 3111 Brighton 7th Street in Brighton Beach/Brooklyn. Aaron Jungreis represented the seller, SMJ Associated II LLC, and Michael Guttman of Rosewood Realty Group, represented the buyer, 3111 Realty. The 72,360 s/f six-story elevator apartment building, built in 1928, features 72 apartments and sold for 12.75 times the rent roll.
Friedman-Roth Realty Services announced the sale of a five-story elevator mixed-use building located at 147 Remsen Street. The property, located in Brooklyn Heights, features retail on the first two floors and a total of five large apartments on the upper floors. The property has 49 feet of frontage and is comprised of a total of 13,560 s/f Joseph Arnold Smith of Friedman-Roth Realty Services represented both the buyer and the seller in this transaction.
Robert Dankner, president of Prime Manhattan Residential, announced that his client has purchased a mixed-use loft building in Chelsea for $8.150 million. Located at 727 Sixth Avenue, the mixed-use property is a four-story, 6,000 s/f building that contains a ground floor retail unit, second floor commercial space, and live/work units on both the third and fourth floors. The property also benefits from 10,500 s/f of air rights. The buyer, HeartVein NYC, plans to expand its cardio-vascular practice and establish a strong foothold in Manhattan at the new facility.
CBRE Group, Inc. completed the sale of 1406 N. High Street in Millville, N.J. Dollar General occupies the 8,640 s/f building under a long-term lease. Elli Klapper of CBRE’s NY Private Capital Group, and Charles Berger of CBRE’s NJ Private Capital Group (PCG), completed the $1.36-million transaction on behalf of the seller.
The CPEX Multi-Family Investment Sales Team announced the sale of 91 Irving Place in Brooklyn. The 2,400 s/f carriage house was delivered vacant and in good condition. The R7A/C2-4 zoning permits an additional 3,241 s/f of air rights, which the buyer plans to use in renovating the property.The sale price was $1,200,000, or $500 psf, or $212 per buildable square foot. CPEX’s Multi-Family Sales Team, consisting of Stephen Safina and Michael Pallas, represented the seller, Don R. Edwards, and procured the buyer, a private investor.
Gebroe-Hammer Associates has orchestrated the sale of two Northern New Jersey mixed-use properties with a combined value of nearly $6.7 million.
• The Union City property, consisting of 34 apartment-rental units and one office unit at 812 New York Ave., sold for $6.025 million, or $180,000 per-apartment unit. Nicholas Nicolaou represented both the seller and the buyer in the transaction.
• 134 Elmora Ave. a two-story property whose ground-floor retailers are Edible Arrangements and Elmora Jewelers, with an office unit on the second floor, was also sold in a deal arranged by Stephen Tragash.
New York Life Real Estate Investors announced the acquisition, on behalf of institutional investors, of The Cumberland, a 256-unit apartment building located in Nashville, Tennessee. The Cumberland, is a 24 story building with six underground parking levels, developed in 1998. In its entirety, Cumberland comprises 256 rental units, 37 condominium units, over 300 parking spaces, 3 commercial spaces, and a first floor lobby.
Weichert Commercial Brokerage, Inc. senior vice president Scott Maynard completed the sale of a 60,000 s/f industrial building. The property located at 335-353 Cortlandt Street in Belleville, was in foreclosure with Gene Cooper of Cooper Real Estate Management representing the bank/owner in this transaction. Maynard represented the buyer.
CBRE arranged the $2.95 million sale of a site currently containing two industrial properties slated to be developed into a new residential property. Matthew Giordano and John Reinertsen arranged the sale on behalf of the seller, a long time owner of Long Island City assets. Located on the east side of 33rd Street, the two properties (37-23 & 37-25 33rd Street as well as 37-25 & 37-29 33rd Street) are currently occupied by tenants with expiring leases. The new ownership plans to redevelop the site, which has been rezoned for residential use.
The Kislak Company, Inc. announced the sale of five investment properties throughout northern New Jersey totaling $7,846,000. The transactions include:
• The $2,900,000 sale of Bell Manor Apartments, a 24-unit multifamily property in Belleville. Sales associate Julie Gralla represented the seller and vice president Robert Squires represented the purchaser.
• The $2,000,000 sale of Settles Place, a 37-unit multifamily property in Plainfield. Joni Sweetwood represented the seller and Gralla represented the purchaser.
• The $1,175,000 sale of Brady Park Apartments, a 12-unit multifamily property in Jefferson Township. Joseph Keenan represented the seller and Gralla represented the purchaser.
•The $936,000 sale of 0.35 acre of land for development in Millburn; and the $835,000 sale of a 5,275 square foot medical office building in Belleville. Gralla represented both parties in the transaction.