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Deals & Dealmakers

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

SALES

DEREK BESTREICH

Bestreich Realty Group (BRG) announced the sale of 676 Halsey Street for $1,030,000. The development site is located between Malcolm X Boulevard and Patchen Avenue in the Bedford-Stuyvesant of the Brooklyn. The lot measures 25 by 100 ft. and is zoned R6B. With a max FAR of 2, the property offers approximately 5,000 buildable square feet. Derek Bestreich and Steve Reynolds facilitated both sides of the transaction. The seller was 676 Halsey LLC and the buyers are 676 Halsey St LLC.

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CBRE announced the sales of two multifamily properties located in Bound Brook and North Brunswick, New Jersey. Charles Berger, Elli Klapper and Jeremy Wernick represented the sellers and procured both buyers:
• Ashton Arms Apartment Complex sold for $3.1 million — one of the highest prices per unit on record for a Bound Brook multifamily asset. Located at 526 East Second Street in Bound Brook, Ashton Arms is a transit-oriented garden-style apartment complex two blocks from the NJ Transit train station. The 20-unit multifamily property is comprised of 16 one-bedroom units and four two-bedroom homes.
• Willow & Laurel, a garden-style apartment complex in North Brunswick was acquired for $1.7 million. The apartment complex is situated in the heart of North Brunswick at 708-718 Laurel Place and 681-691 Willow Avenue, the 12-unit apartment complex offers two-bedroom duplex homes.

JACKLENE CHESLER

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Colliers International arranged the sale of 225 Old New Brunswick Road, a 65,253 s/f office property in Piscataway, NJ. Jacklene Chesler, Matthew Brown and Patrick Norris represented the seller, Rafael Holdings Inc. The sale price was $3.875 million. Built in 1978, the three-story building has historically been home to telecom tenants requiring heavy power needs. The property features robust data infrastructure in place and is currently 28 percent occupied by two investment grade tenants. Located along the I-287 Corridor office submarket, the building is midway between New York and Philadelphia.

FRANCO FELLAH

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Franco Fellah, executive vice president of HK Group, announced the sale of 102 Main Street in New Canaan, CT. At the time of the closing, the 2,873 s/f building was fully leased to four local tenants, one of which has been at the property for over 35 years. The sale price was $1,100,000, or $383 psf. 102 Main Street is located at the corner of Main Street and East Avenue, in the “Magic Circle” of downtown New Canaan. The property is zoned Retail A and it sits on a 0.03 acres piece of land. The seller was RKZ Associates, LLC of Westport, CT. The buyer is a local New Canaan real estate investor who owns other commercial properties in Fairfield County.

JOSH LIPTON

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Invictus Property Advisors announced the sale of 5421 Second Avenue in Sunset Park, Brooklyn. A retail building with future redevelopment potential, the 2,000 s/f property sits on a 20 by 100 ft. lot and is zoned R6A / C1-3. Josh Lipton and Andrew Levine represented the seller, Tom Keeley, and the buyer, Maya Shrief. The sale price was $1,100,000.

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Klosed Properties announced it has acquired 558 East 191st Street from Michele Giacinto, who owned the property for 50 years. The five-story walk-up in the Belmont area of the Bronx was sold for $5,500,000. The 19,500 s/f property has 22 units and is located across the street from Fordham University, serving as an off-campus property. Klosed plans to renovate the property with a new student lounge, rooftop deck and other amenities. This property will be managed under Bluesky Living, the student housing arm of the Bluesky Group. Steven Kachanian, managing principal at Klosed Properties, worked alongside vice president of acquisitions, Shawn Aziz, to close the deal. The buyer received seller financing at 82% LTV, 3% interest with a 35-year amortization.

IRENE UY

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ERG Commercial Real Estate announced the following sales:
• 17-21 Glen Street Glen Cove, NY, a two-story, 12,000 s/f mixed use property, sold at $1.4 million. Ryan Lewis brokered the sale.
• 2 Overhill Place Westchester, NY, sold for $1.4M. The 4,500 s/f commercial building is situated on a 9,600 s/f corner lot with parking. All tenants were open during the pandemic. Irene Uy brokered the sale.

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NAI James E. Hanson negotiated the sale of a 30,000 s/f industrial building located at 80 Commerce Way in Hackensack, NJ. Scott Perkins and Chris Todd represented the seller, Canaan Korean Community Church, in the transaction with the buyer, Pilgrim Mission Church, who was represented by William Lee of Coldwell Banker Fort Lee. Situated on 2.19 acres, 80 Commerce Way is a 30,000 s/f single-story industrial/flex building that features 14 ft. ceilings, 85 parking spaces, one punch-out for a tailgate and one drive-in. The property is close to Route 4 and a short distance from Route 17, Interstate 80 and the George Washington Bridge. The industrial property was converted to a church by the previous owner which made it an attractive investment for the buyer, Pilgrim Mission Church, another local church searching for a new home in the area.

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Dan Bsharat, managing director, Hudson Hill Partners, a privately held New York-based real estate investment firm, announced the acquisition of three properties in Westchester County, NY, comprising 13 residential units and 2 office units. The properties were acquired for a total of $2.725 million. The buildings are all located in downtown Tarrytown, each within a five minute walk of Main Street and 10 minute walk of the Metro North train station. The properties are located at 52 North Washington St, 54 North Washington St and 102 South Broadway in Tarrytown. They were purchased in an off-market transaction from a seller that had re-located to Florida.
• Last year, Hudson Hill acquired 17 North Washington St. and is redeveloping the vacant red brick warehouse property built in 1907. The building’s façade is historically landmarked and Hudson Hill Partners will be converting the property into three residential units. As of August 2020, the project has received Zoning, Planning and Architectural Review Board approvals. Construction is set to begin shortly after building permits are issued this Fall.

FRANK RECINE

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JLL announced the sale of 1 Corporate Drive, an 18,000 s/f office building on 2.77 acres in Wayne, New Jersey. JLL represented USAlliance Financial Federal Credit Union, USALLIANCE Financial, in the sale of the property to the Retina Center of New Jersey. Frank D. Recine and Derek DeMartino represented the seller. Retina Center of New Jersey was represented by Philip J Kreizer & Associates. The two-story building was constructed in 2005 as the headquarters for USALLIANCE Financial Federal Credit Union, which will retain its branch retail footprint in the property. Retina Center of New Jersey, which has five locations in northern New Jersey, will occupy the property for office and outpatient care. The building features 75 parking spaces and has easy access to Route 80, Route 46 and Route 23.

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The 3.72-acre site located at 65 Commerce Drive has sold for $5,400,000 in an off-market transaction brokered by Jon Angel, president of Angel Commercial. Previously owned by the Estate of Ralph Arganese, the property was sold to 65 Commerce Drive Associates, LLC. 65 Commerce Drive is located on auto row next to the Land Rover / Jaguar dealership and across the street from the exit 25 ramp from I-95.

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Westbridge Realty Group announced the closing of the following transactions in the Bronx:
• $470,000 sale of 369 East 159th Street, a development site in the Melrose section of the Bronx. With 8,720 buildable square feet, the purchase price equated to $54 per buildable square foot. Steven Westreich represented the buyer 369 E 159 St LLC, and Isaac Shrem represented the seller, QNS36 LLC.
• $410,000 sale of 813 Elsmere Place, a development site in the Tremont section of the Bronx. The site contains 8,600 buildable square feet equating to $48 per buildable square foot. Steven Westreich represented the buyer, 813 Elsmere LLC, and the seller, Core National LLC.
• $400,000 sale of 1230 College Avenue, a development site in the Concourse Village section of the Bronx. With 6,880 buildable square feet, the purchase price equated to $58 per buildable square foot. Steven Westreich represented the buyer, Bronx Villa LLC and the seller, Ibrahim B Shatara Esq.
• $350,000 sale of 710 East 221st Street, a development site in the Williamsbridge section of the Bronx. With 6,000 buildable square feet, the purchase price equated to $58 per buildable square foot. Eli Greenberg represented the buyer, BX 710 E 221st Holdings LLC, and Menachem Babayov represented the seller, Two Hundred Twenty Nine LLC.
• $223,250 sale of 1728 Lafayette Avenue, a development site in the Clason Point section of the Bronx. The property contains 7,875 buildable SF, the purchase price equated to $28 per buildable square foot. Steven Westreich represented the buyer, Gold City Associates, LLC, and the seller, Milagros Heir.

AGENTS

JAMES NELSON

Avison Young has been retained to market the following properties for sale:
• 841 Dekalb Avenue (pictured top) a newly redeveloped, 6,425 s/f five-story rental building with eight fair market units located in the Stuyvesant Heights neighborhood of Brooklyn. The asking price for the property is $4.75 million. James Nelson, Brandon Polakoff, Fritz Richter, Alexandra Marolda and Jeremy Stenberg are marketing the asset. The newly redeveloped building units with high-end finishes, private outdoor spaces, washer/dryers.

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ERG Commercial Real Estate has been retained to market the following properties for sale:
• 1520 Inwood Avenue, Bronx, NY, a 2,690 s/f development site with 12,374 approved buildable s/f. Nicholas Petrucelli and Jared Friedman are handling the assignment.
• A portfolio of four buildings located at 1149 & 1151 Nelson Avenue, 122 West 167 Strett & 128 West 16 Street Bronx. The asking price is $3,500,000. Located on three lots totalling 11,348 s/f, the portfolio consists of 11 residential and three commercial units. Apartments are free market. Additional 20,000 s/f of air rights. Nicholas Petrucelli and Jared Friedman are handling the assignment.

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Friedman-Roth Realty Services has been appointed exclusive broker for the sale 594 MacDonough Street in Brooklyn. The four-story building has been owned by the same family since the mid 1970’s. The building features many original details and is ideal for a user or investor. It has one unit per floor. The asking price is $2,175,000. George Niblock and Gil Avni are handling the assignment for Friedman-Roth.

STANLEY SCHUCKMAN

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Stanley Schuckman and Matthew Colantonio of Schuckman Realty have secured the exclusive right to sell a 97,202 s/f Shopping center on 13 acres at 1145 N. Colony Road, Wallingford, CT. The property is a multi-tenant Staples, Dollar Tree, and Goodwill-anchored property located off the intersection of North Colony Road and South Broad Street, 15 miles north of Downtown New Haven. The neighborhood center is currently 81 percent occupied, and has a +1-acre undeveloped pad site at grade at the northern entrance. Neighboring tenants include Lowes, Home Depot, BJ’s, Aldi, Chick-fil-a, McDonald’s, Wal-Mart, Stop N Shop. Asking price is $9,000,000, $93 psf.

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