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Deals & Dealmakers

ON THE SCENE: This week’s U$10M sales, exclusives

SALES

JON ANGEL

Angel Commercial announced the sale of a parking garage located at 95 Chapel Street in Bridgeport, CT, for $1,100,000. Jon Angel brokered the sale of behalf of the seller, Geza Scap, and the buyer, 38-2112th Street Partner, LLC. The fully leased parking garage is in a Designated Opportunity Zone and the sale was part of an IRS Code 1031 Exchange. Located in a DVD Civic Zone, the 34,428 s/f property is a two-story garage with roof-top parking on 0.58-acres and provides 140 paved and lighted spaces. It is currently leased to the State of Connecticut. It is within walking distance of the Superior Court, Bridgeport City Hall, Police Department, Downtown Cabaret Theater, Messiah Baptist Church, and apartment buildings.

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The Boulder Group completed the sale of a single tenant net leased Walgreens property located at 4061 NY-104 in Williamson, NY, for $4,836,000. The 14,690 s/f Walgreens benefits from its hard corner location along NY State Route 104 near other retailers including Shop ‘n Save, Chase and Burger King. It is the only drug store within a five miles radius. Randy Blankstein and Jimmy Goodman represented the seller, a private individual, and the buyer, an East Coast based 1031 exchange buyer. The property was recently acquired by Walgreens from Rite Aid. Following the acquisition, Walgreens extended the lease and there are 11 years remaining on the lease and three five-year renewal options. The lease is absolute triple net.

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Hildreth Real Estate Advisors has purchased a storage facility building at 180 S. Travis Street, in Lindenhurst, NY, that the plans to rebrand and open under a new name and management. The 11,000 s/f, three-story building was sold by longtime owner, Bob Lafroscia, for $700,000 ($85 psf) and the business for $245,000 to Hildreth principals David Shorenstein and Jason Breitstone who represented themselves in the transaction. The new facility will be managed by Storage Asset Management (SAM). Hildreth will upgrade the building, which will remain open during the transition. Hildreth is actively looking for more self-storage deals.

AGENTS

BRANDON POLAKOFF

Avison Young has been named the exclusive sales agent for the following properties:
• 52 East 7th Street, an 11,598 s/f, 20-unit residential building in the East Village. The asking price is $9.25 million. Comprised of 17 fair market units, two rent stabilized units and one rent-controlled unit, the property is being marketed by Brandon Polakoff, David Shalom, Eric Karmitz, Bradley Rothschild and Jeremy Stenberg.
• 300 West 23rd Street (pictured top) a 12,110 /f retail condominium in Chelsea that is divided into five units and leased to a mix of national and neighborhood retailers, including Starbucks and the Vitamin Shop. The asking price is $11,950,000. The retail condo sits at the base of a 21-story “condop” with 197 residential units and is comprised of 8,450 s/f at grade and 3,660 s/f on the lower level. James Nelson, Brandon Polakoff, Brent Glodowski, Angela Mulder and Jeremy Stenberg are marketing the asset.
• 347 Lexington Avenue is a Murray Hill development site with a zoning floor area of up to 24,150 s/f for commercial use. It has DOB-approved plans for a boutique hotel. A 3,238 s/f, three-story mixed-use building is currently located on the property. Mitchell Levine and Eric Karmitz are requesting offers.
• 357 Bleecker Street is a 2,672 s/f, three-story mixed-use building in the West Village. The asking price is $6 million. Currently, the property is comprised of retail on the ground and lower level with a residential duplex featuring multiple outdoor spaces on the second and third floors. James Nelson, David Shalom, Mitchell Levine and Alexandra Marolda are marketing the property.
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JLL Capital Markets has been selected to market 417 West 126th St., a three-story, 12,420 s/f commercial property located between Morningside and Amsterdam avenues in Manhattanville. The site is located within an Opportunity Zone and the entire building is currently owner occupied and can be delivered vacant. The ground floor features curb cuts on both West 126th and West 127th streets and offers indoor parking for 10-20 cars and trucks. Hall Oster, Paul Smadbeck, Teddy Galligan, Conrad Martin and Braedon Gait are handling the assignment. R7-2 / M1-5 / MX-15 zoning allows for residential, commercial and community facility development ranging from 16,300-26,488 buildable-square-feet depending on use.

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