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Deals & Dealmakers

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

COREY HAYNES

Bestreich Realty Group (BRG) announced the sale of 258 Eckford Street in Greenpoint, Brooklyn for $1,670,000, or $334 per buildable square feet. The 5,000 s/f development site sits on a 25 ft by 100 ft lot and zoned R6B. Corey Haynes, Derek Bestreich, Luke Sproviero, Donal Flaherty, and Hakeem Lecky facilitated both sides of the transaction. The sellers are 258 Eckford LLC and the buyers are Eckford Street LLC.

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Avison Young announced the sale of 198 Prince Street, a 5,000 s/f four-unit boutique residential property in SoHo (pictured top). The property, which had been under long-term ownership by an estate, sold for $4.5 million. Brandon Polakoff represented the seller.
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GARY PEZZA

Cushman & Wakefield announced the following sales:
• 175 East Main Street, a 25,302 s/f medical office building in Huntington on Long Island. Gary Pezza represented the seller, Commander Enterprises-Huntington LLC. the property is occupied by a variety of medical professionals. The two-story medical office building sit on 2.57 acres with 146 parking spaces. It is situated less than one mile away from Huntington Hospital and Downtown Huntington Village.
• 159 Bowery, a 4,252 s/f mixed-use property on the Lower East Side sold for $5,000,000. Andrew Berry, Michael DeCheser, Bryan Hurley and Charlie Gravina represented the seller, Brian Faerman. This was the first sale of the property in over 50 years. It sold for more than $1,175 psf, or $479 per bsf. 159 Bowery is a vacant three-story mixed-use property which has retail space on floors one and two and a large loft apartment on floor three. The building also has over 10,400 buildable square feet offering the flexibility to either reposition the existing asset or tear down and build a brand new building. Prior to the sale, the property was owner-occupied by Faerman Cash Registers, which has been operating its business in the Lower East Side since 1910. The property is located on the east side of Bowery between Delancey Street and Broome Street and has C6-1G zoning.

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NAI DiLeo-Bram & Co. announced that Marc Shein and Matthew DiLeo closed the sale of 111-117 West Second Avenue, a 7,690 s/f mixed-use property located in Roselle, New Jersey. The property is comprised of 7,690 rentable square feet with three retail tenants occupying the first floor of the building, one office tenant located on the second floor and some vacant office space on the third floor. The property has the potential to convert the available office space into apartments.

DAVID ALGARIN

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The Oak & Avery Group announced the sale of a 10-unit mixed-use building, 820 White Plains Rd, Eastchester, NY. Anthony Watkins and David Algarin represented both the sellers and the buyer, in the $1,850,000 transaction. The property sold at a 5.5% Cap Rate. It is 30% Rent Stabilized and the buyer has a long-term hold strategy.

AGENTS

The Corbin Group at Rosewood Realty has been retained to sell the debtor’s limited liability company membership interest in Lenox Avenue Developments LLC. The interest is secured by 339-341 Lenox Avenue, NYC, two 4-story buildings with an aggregate 13,600 s/f. Many of the 9 residential units have recently received modern renovations and upgrades. Two of the four retail units are occupied by Lenox Saphire, a restaurant which features outdoor seating. The properties are located on the corner of Lenox Avenue and West 127th Street, blocks from Harlem’s strongest retail corridor of 125th Street. The buildings are also close to the new 6.8 million s/f Columbia University Manhattanville campus as well as the Factory District, a nearly one million square feet mixed-use development.

STEPHEN PREUSS

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Cushman & Wakefield has been retained to sell 138-50 Queens Boulevard, a 40,000 s/f office property in the Briarwood neighborhood of Queens. Stephen R. Preuss and Kevin Schmitz are marketing the property on behalf of the seller. The four-story office property offers 32,000 s/f of office space and 8,000 s/f of conference, storage and recreational space in the lower level. The property has a new passenger elevator, a 7,000 s/f outdoor parking lot and a drive-in 5,50 s/f parking garage. It is zoned C4-3A (R6A) which gives it 60,000 bsf as of right and 28,000 s/f of as of right air rights. The asset can also benefit from the Affordable Independent Residences for Seniors (AIRS) program.

OHAD BABO

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GFI Realty Services has been retained to sell 3801 13th Avenue, a three-story mixed-use building comprised of four units and a ground floor retail space, in the Borough Park section of Brooklyn. Ohad Babo and David Levinson are overseeing the marketing of the property, with pricing targeted at $1.7 million. Built in 1931, the property totals 3,733 s/f. Apartments are configured as three 1-bedroom units and one 2-bedroom unit. The asset will be delivered vacant. The corner property is located a short walk from Maimonides Medical Center and proximate to other commercial corridors.

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