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Deals & Dealmakers

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

JONATHAN SQUIRES

SALES

Cushman & Wakefield announced announced the following sales:
• 5278 Post Road, also known as 6301 Broadway, a 121,188 s/f development site located in Riverdale in the Bronx sold for $7,900,000 equating to $114 per above grade residential buildable square foot. Jonathan Squires and Addison Berniker represented the seller. 5278 Post Road has 69,391 above grade residential buildable square feet and an additional 51,797 buildable square feet for a community facility and parking garage in the cellar and subcellar. Plans have been approved to provide 95 residential units, 50 parking spaces and 11,406 square feet of community facility.
• 74-11 Metropolitan Avenue, a 4,600 s/f mixed-use property in Middle Village, Queens, sold for $3,800,000, equating to $826 per square foot. Stephen R. Preuss, Kevin Louie and Maurice Suede represented the seller, Prosperous View, LLC. The buyer, Joseph Lasala and Armand Baklajian, was represented by Diverse Real Estate. The buyer plans to use the building to operate their business. The fully-leased mixed-use building consists of a retail unit previously occupied by Capital One Bank, two one-bedroom units and one two-bedroom unit. All apartments are occupied on a month-to-month basis.
• 2883 Miles Avenue, a 9,200 s/f corner industrial warehouse in the Throgs Neck neighborhood of the Bronx. The final sale price was $2,000,000. Jonathan Squires, Josh Neustadter and Michael Fioravanti represented the seller, Centre Fence. Mark Koplowitz purchased the asset. Located just off the East Tremont corridor, the single-story industrial warehouse was owner-occupied and delivered vacant. The asset features two drive-in garages with curb cuts.

TOM REYNOLDS

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Bestreich Realty Group (BRG) announced the sale of 335 Woodbine Street in Bushwick, Brooklyn located between Irving Avenue and Knickerbocker Avenue for $1,475,000. The 4-unit re-development site is 3,200 buildable square feet with an additional 2,263 buildable square feet. The lot dimensions are 24.83 ft by 100 ft and Zoned R6. Tom Reynolds, Derek Bestreich, Steve Reynolds and Brian Davila facilitated both sides of the transaction, the seller is RS Woodbine St LLC and the buyers are 335 Woodbine LLC.

JEFF DUNNE

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CBRE announced the $6 million sale of Liberty Place Development Site, a 6.4-acre multifamily development site that is fully approved for 153 apartment units. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel and Zach McHale, along with colleagues Nat Gambuzza and Trevor Fiebel, represented the owner, Sherwood Group Associates, while also procuring the buyer, RMS Companies, in their first New Jersey acquisition. RMS will build a new residential development.

DERRICK DOUGHERTY

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Marcus & Millichap announced the sale of Urban Air Adventure Park, a 84,200 s/f net-leased property located in Orange, CT. The asset sold for $7,250,000. Derrick Dougherty and Mark Krantz represented the sellers, Gary Richetelli and Paul Kaplan of Bull Hill Associates. The buyer, a limited liability company, was secured and represented by Brian Kaplan, an investment specialist in Marcus & Millichap’s New Jersey office.

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NAI James E. Hanson negotiated the sale of a 2,100 s/f mixed use building located at 36 Main Street in Netcong, NJ. Joe Vindigni represented the landlord, Robert McElroy, in this transaction with the buyer, DN Realty LLC. 36 Main Street is a fully occupied mixed use building that includes two ground-level retail/office spaces and one apartment on the top floor. The building features 74 ft. of frontage on Main Street and is within walking distance of the Netcong NJ Transit station. The new owner plans to continue to operate the property as an investment vehicle.

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ANDREW SKYDELL

Simi Capital in partnership with Orion Investments and UGDG sold a 280,000 s/f industrial building located at 2001 Mirro Drive in Manitowoc, Wisconsin (pictured top) for $7.6 million. Shortly after acquiring the property for $3.95 million in January, 2020, the partnership secured a long-term lease with Orion Energy Systems, a publicly traded company OESX (NASDAQ). The property was sold to a buyer in a 1031 exchange during the COVID-19 crisis and closed on July, 10, 2020. Andrew Skydell, co-founder of Simi Capital, made the announcement. Marcus and Millichap brokered the trade. Peter Mannarino and Jennifer Bondulich of Federman Steifman LLP were sellers counsel.

AGENTS

VICTOR SOZIO

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 square feet. With flexible R7-2 / C1-4 zoning, the building is able to accommodate residential, retail, restaurant, education, office or other community-oriented uses. The property sits on the north side of West 132nd Street between major corridors Adam Clayton Powell Boulevard and Lenox Avenue in Central Harlem’s Historic District. 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. The architecturally distinct property is located within walking distance of Harlem Hospital, City College of New York, St. Nicholas Park, Columbia University’s Manhattanville Campus and the Manhattanville Factory District. Victor Sozio, Shimon Shkury, Michael A. Tortorici, James Nestor and Oliver Elihu are handling the assignment.

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Greiner Maltz is marketing a 60,000 s/f building and 5,825 s/f land site for sale at 115-05 15th Avenue, College Point. The property features a 31,400 s/f lower ground floor, 28,600 s/f upper ground floor on sits on a lot measuring 272 by 200 ft. There is one interior loading dock and two exteriorloading docks, 16 ft ceilings and M1-1 zoning with a maximum FAR 1.00 Commercial, 2.40 Community Facility. The property is currenlty a commercial bakery with floor drains, a grain silo and fully Sprinklered wet system. the property can be delivered vacant. Matthew McMullen and Avi Feinberg are handling the assignment.

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