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Deals & Dealmakers

ON THE SCENE: This week’s Under $10M sales


Conway Capital has acquired a four-story Brooklyn building that houses Court Street Bagels, a popular bagel store in Cobble Hill. The 6,790 s/f mixed-use building at 181 Court Street was built in 1900 and features six residential units in addition to the bagel store, whose lease expires in 2023. The sale price was $4.55 million and the buyer plans to upgrade the apartments. Urban Standard Capital (USC) arranged a $3.8 million acquisition loan. The 12-month acquisition loan included a six-month extension option and interest rate under 9 percent. Mercury Capital’s Eric Gleitman represented the buyer, Conway Capital.


Cushman & Wakefield announced the following sales:
• 773 Grote Street, a 23,021 buildable s/f development site in the Belmont neighborhood of the Bronx, sold for $1,300,000. Jonathan Squires and Josh Neustadter represented the sellers. Located in an Opportunity Zone close to major Bronx institutions, the property is Within walking distance of the 182nd-183rd Street Subway Station.
• The sale of 419 East 91st Street, a 4,554 s/f, vacant mixed-use asset on the Upper East Side. The final sale price was $4,300,000, equating to $944 psf. Robert Shapiro, Ian Brooks, Brett Weisblum and Mike Nemirovsky represented the seller. The 3-story building is located between First and York Avenues in the Yorkville neighborhood. It has two residential units above a commercial unit and allows for approximately 12,585 buildable square feet as of right for commercial use and 16,361 buildable square feet for community facility use. The buyer was BR Partners, an LLC led by Moshe Glassman.


Marcus & Millichap announced the following sales:
• Homestead Apartments at 375-379 Liberty Street, Stonington, CT, sold for $2,250,000. Gary Witten represented the seller, the property’s original developer and owner, who had been actively operating the property since 1970. Witten also secured the buyer, a private investor. Located in the village of Pawcatuck, the apartment complex consists of 18,850 s/f on five acres. Homestead Apartments includes 26 units and was 100 percent occupied at closing.
• 1728 Merrick Road, in Merrick, a net-leased site occupied by Wendy’s, sold for $2,100,000. Michael Tuccillo and Matthew Klang procured the buyer and seller, both of whom are private investors. The property is on a fourteen-year lease, with the opportunity for rental increases every five years. The Wendy’s is comprised of 2,431 s/f situated on a .6-acre lot.


J.G. Petrucci Company Inc. announced the sale of 140 Meister Avenue in Branchburg, NJ, (pictured top) to Lollicup USA, Inc. A manufacturer and distributor of hospitality and food-service products Lollicup USA’s new 187,500 s/f class A industrial building will provide distribution and office space. J.G. Petrucci acquired the site for $2,645,000 in 2017 and recently completed a build-to-suit with 31 fully equipped loading docks, two drive-in doors, 36 ft. clear height, and trailer and vehicle parking. The location provides access to major highways and is approximately 45 miles west of New York City. Joel Lubin and Brian Golden of JLL represented J.G. Petrucci Company in the transaction. Lollicup was represented by CBRE’s Mindy Lissner and David Gheriani. The facility was designed by Cerminara Architect and constructed by J.G. Petrucci’s in-house construction firm – Iron Hill Construction Management Company.


Westbridge Realty Group announced the following Bronx sales:
• $1.4 million sale of 2412 Webster Avenue, a multifamily building in the Fordham section of the Bronx. The 9,240 s/f building features eight apartments. The purchase price equated to $152 psf. Steven Westreich represented the buyer, YSLW Webster LLC, and the seller 2412 Webster Associates LLC.
• $1.193 million sale of 3602 Holland Avenue, a 20-unit corner development site in the Williamsbridge section of the Bronx. With 13,556 buildable square feet, the purchase price equated to $88 per buildable square foot. Menachem Babayov represented the buyer, SHG 3602 LLC, and Steven Westreich represented the seller, Chukwuemeka Dike.
• $865,000 sale of 1369 Leland Avenue, a 20-unit corner development site in Parkchester. With 13,311 buildable square feet, the purchase price equated to $65 per buildable square foot. Abe Jemal represented the buyer, 1369 Leland LLC, and Steven Westreich represented the seller, Juan De La Cruz.

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