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Deals & Dealmakers

ON THE SCENE: This weeks Under $10M sales and exclusives

DANIEL SHAWAH

SALES

Bestreich Realty Group (BRG) announced the following sales:
• 302 5th Street in Park Slope, Brooklyn, sold for $2,000,000. The mixed-use building has 3 apartments priced at $666,667 per unit. It is approximately 2,772 above ground square footage priced at $721psf. This property was delivered vacant. Daniel Shawah, Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Gabriel Kates worked both sides of the transaction. The sellers were 302 5th Street LLC and the new buyers were Fifth Street LLC.
• 710 DeGraw Street in Park Slope, Brooklyn, sold for $2,700,000. The 4 apartment mixed-use property is 3,938 s/f. Toby Waring, Derek Bestreich, Luke Sproviero, Adam Lobel, Gabriel Kates, and Daniel Shawah worked both sides of the transaction. The sellers were 710 DeGraw LLC and the buyers were 710 DG LLC.
• 83 St. Marks Place in Park Slope, Brooklyn, sold for $2,215,000. The 3-unit property is close to the 5th Avenue retail and Barclay’s Center. It is approximately 3,000 s/f priced at $738 psf and each unit is priced at $738,333 per unit. The property is built 20 by 45 ft. and the lot is 20 by 100 ft. It has R6B zoning with an additional 1,000 s/f of unused FAR. The transaction was facilitated by Daniel Shawah, Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Gabriel Kates. The seller is 83 St Marks LLC and the buyer is 83 Saint Marks Bldg LLC.
• 447 Rogers Avenue Brookyn, sold for $3,468,250. The property consists of 6 apartments and 2 stores, priced at $433,561.25 per unit. The total square footage is 6,840 priced at $507 psf. Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Underkofler facilitated both sides of the transaction. Derek Bestreich has sold this building a total of three times.

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CBRE announced the $4.35 million sale of an 18,144 s/f office property located at 104 Bayard Street in New Brunswick, NJ. The six-story property was developed in 2016 by Bayard Street Associates, LLC. It is fully leased by Soba College Recovery, Rutgers Nursing and New Jersey Public Interest Group. At over $240 psf, the sale price is one rarely seen in the New Jersey office market. The CBRE team of Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the sale and procured the buyer.

SEAN KELLY

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Ariel Property Advisors
announced BFC Partners’ acquisition of 27-31 Wave Street in the Stapleton neighborhood of Staten Island for $2,150,000. Sean R. Kelly represented BFC and facilitated the acquisition, along with Michael Tortorici and John Higgins. The property consists of three contiguous parcels with 167.5 feet of frontage on Wave Street, near the Stapleton Waterfront and the Stapleton Staten Island Railway station. The site will be merged with an adjacent 53,422 s/f lot at 475 Bay Street, which Kelly sold to BFC in 2016 for $3,450,000. BFC plans to build a mixed-income rental apartment building with a mix of studio to three-bedroom apartments on the land. Before purchasing 475 Bay Street, BFC had previously entered into a lease agreement there and used it as temporary parking for the construction of Empire Outlets, BFC’s retail development on the Staten Island waterfront.

DOUG KEMPER

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Kempner Properties, a White Plains based commercial real estate company, announced its $4.16M acquisition of several multi-family and mixed-use properties in Philadelphia. The properties include:
• 718 South 7th Street, a 6,700 s/f, nine-unit building built in 1900 located in the Vista/Queens Village neighborhood. Kempner plans to renovate the building to offer a higher end product to the neighborhood.
• 1937 Spring Garden, a 3,975s/f, six-unit multi-level brownstone located in the Fairmont section of the city that was built in 1885.
• 2311-13 Frankford Avenue, three buildings totaling 4,982 s/fand built in 1875. The property is located in the Fishtown neighborhood on two separate lots – featuring three large multilevel residential units and two retail stores occupied by Pizza Brain
Ken Wellar of Rittenhouse Realty represented the two undisclosed sellers on the 718 South 7th Street and 2311-13 Frankford Avenue deals.

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Marcus & Millichap announced the sale of 70 7th Avenue in park Slope, Brooklyn, for $3,000,000, or $324 psf. It closed at $214,000 per unit with a 5.81% cap rate. Peter Von Der Ahe, Shaun Riney, Mark Zarrella and Adis Muminovic of the NYM Group at Marcus & Millichap brokered the sale of the 9,255 s/f mixed-use property. It consists of 12 rent stabilized apartments and 2 commercial units s. The apartments are fully occupied & the commercial units are leased to a shoe maker and Cousin John’s Bakery.

MATT COSENTINO

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TerraCRG announced the sale of 89 Wyckoff Avenue, a free-market, mixed-used building in Bushwick, Brooklyn. Matt Cosentino, Fred Bijou and Eddie Laboz closed the deal at $1,950,000. Located between Suydam Street and Hart Street, 89 Wyckoff Avenue is a two over-one that is fully leased. A bar on the ground floor, Left Hand Path, has a long-term lease. The two apartments have been recently renovated and the building has a new roof, finished basement and separate heating. The sale represents a 5.5% cap rate. TerraCRG represented both the buyer, Cycamore Capital, and the seller.

AGENTS

JAMES NESTOR

Ariel Property Advisors has been retained to sell 161-165 West 132nd Street, a four-story, 60 ft. wide, residential or commercial conversion property in Central Harlem. Listed at $7.5 million, the 22,800 s/f property also contains a 135-spot parking garage with an additional 5,700 s/f below grade and a further buildable area allotted for 20,623 s/f. With flexible R7-2 / C1-4 zoning, the building is able to accommodate residential, retail, restaurant, education, office or other community-oriented uses. 161 West 132nd Street consists of a vacant, four-story structure above the active parking garage, which is mainly below grade and includes a service elevator. James Nestor is handling the assignment with Victor Sozio, Shimon Shkury, Michael A. Tortorici and Oliver Elihu.

STEPHEN PREUSS

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Cushman & Wakefield has been retained to sellthree properties located in the East Elmhurst, Ozone Park and Ridgewood neighborhoods of Queens. Stephen R. Preuss is leading marketing efforts with Kevin Louie and Charlie Dupont. The asking price for the portfolio is $2,600,000. The properties are also available individually.
• 3218-3222 105th Street are two adjacent three-unit, fully-occupied multifamily properties totaling 6,410 s/f. All tenants are month-to-month.
• 84-01 101st Avenue is a two-story, mixed-use building consisting of two retail units, two residential units and a garage. One of the retail units is leased by a pharmacy through 2022 and the other is vacant. The 3,200 s/f, brick corner property has existing cash flow with potential upside in rents. It is zoned R6B/C2-3 with 684 s/fof remaining air rights. The asking price is $1,100,000.
• 763 Seneca Avenue is a 4,650 s/f, three-story mixed-use building with two retail units and five free-market residential units. The residential tenants are on a month-to-month basis, while the retail tenants have leases that expire in early 2022 and 2024. The asking price is $1,750,000.

BRANDON POLAKOFF

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Avison Young is exclusively marketing a renovated five-story, 24-unit, and 11,400 s/f apartment building located at 332 East 9th Street in the East Village (pictured top). The asking price is $10,500,000. Brandon Polakoff, Mitchell Levine, Sam Schertz, Eric Karmitz and Jeremy Stenberg are marketing the asset on behalf of ownership. 332 East 9th Street is comprised of 13 free market units and 9 rent stabilized units.

JONATHAN SQUIRES

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Cushman & Wakefield has been retained to sell 3145 Bailey Avenue, a 1,316 s/f automobile repair garage on a 7,054 s/f corner lot in the Kingsbridge neighborhood of the Bronx. Jonathan Squires, Eric Roth and Addison Berniker are leading marketing efforts. The occupied, income-producing property allows for 21,162 buildable square feet. Also known as 3190 Albany Crescent, the property is currently 100 percent leased to one tenant and allows for up to 21,162 buildable square feet with R6 and C2-3 zoning.

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Meridian Investment Sales has been retained to sell 97-25 Beach Channel Drive, Far Rockaway. The 43,800 s/f single-story warehouse is located two blocks from Cross Bay Boulevard. Near term rollover would allow a user or investor to potentially reposition the property as a critical last mile distribution center. David Schechtman, Lipa Lieberman, Abie Jassin, Paul Patafio and Max Kepes are handing the assignment.

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