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Deals & Dealmakers

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

AGENTS

CHRIS BRODHEAD

B6 Real Estate Advisors has been retained to market 350 Grand Concourse in the Bronx, an approximately 240,000 buildable square-feet site (pictured top). A team including Christoffer Brodhead, Mitchel Flaherty and Nikola Cosic is marketing the asset as a 99-year ground lease. The site is currently a gas station owned by GS Humane Corp., a private foundation based in New York primarily focused on animal welfare, education, combatting hate and anti-Semitism and Jewish education. Its founder, Gene Shapiro, died in 2015.According to the brokers, the Foundation was built through triple net leases and the 99-year ground lease allows the site to stay within the Foundation and afford it the resources to continue its work. The site offers multiple uses, including affordable housing development.

STEPHEN PREUSS

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Cushman & Wakefield has been retained to market seven properties in Greenpoint, Bushwick, Flushing, Astoria, Glen Cove, Forest Hills and Ridgewood for sale. A team led by Stephen R. Preuss with Larry Casey, Frank Liggo, Andreas Efthymiou, Kevin Schmitz, Kevin Louie and Rani Bendary will be marketing the properties on behalf of their sellers.
• 512 Gardner Avenue is a five-acre industrial trucking terminal with significant air rights located in a certified opportunity zone in Greenpoint. The site, which is in proximity to the Brooklyn Queens Expressway and Kosciuszko Bridge, has M zoning, allowing for about 394,376 buildable square feet for commercial or industrial use. The lot is improved by a 16,380 s/f cross dock, a 3,750 s/f two-story office and a 1,610 s/f repair shop, providing an ideal opportunity for an owner-user. The property is available for sale or lease.
• 350 Knickerbocker Avenue is a three-story mixed-use building situated along one of Bushwick’s most active retail corridors. The ground floor retail is currently leased through May 2020 and the above two full-floor residential units will be delivered vacant, allowing a great opportunity to renovate. The asking price is $2,000,000.
• 37-20 114th Street is a corner residential development site that will be delivered with fully-approved plans in Flushing. The 15,625 s/f lot is on the northwest corner of 38th Avenue and 114th Street and allows for 81,000 buildable square feet, as of right. The site is currently a parking structure used by the neighboring hotel but will be subdivided from its original lot. There are fully-approved plans in place for residential space and a community facility space with cellar, sub-cellar and above grade parking provided for up to 90 vehicles. The asking price is $16,000,000.
• 31-35 Steinway Street is a vacant 9,000 s/f elevatored commercial building in Astoria. The property boasts 50 feet of frontage, a 4,500 s/f basement and 4,500 s/f of additional air rights. The two-story asset offers private access to the second floor and a large municipal parking lot directly across the street. The asking price is $5,750,000.
• 45 Charles Street is a 46,153-square-foot, waterfront development site in Glen Cove. The land is positioned as the end-cap of the Garvies Point redevelopment project. Located at the Gateway of Garvies Point, the site has 360 ft. of waterfront along Glen Cove Creek and offers various types of developers the opportunity build on a site that has gone through environmental remediation and will be delivered clean with a no further action letter.
• 110-45 Queens Boulevard is the Park Briar Medical Co-op building, a recently upgraded and amenetized asset on Park Briar in Forest Hills. The firm is marketing for sale units #115 and #117, which are 1,400 and 1,800 s/f, respectively. Unit #115 was previously used as a dental practice and features a reception area, several private examination rooms and a $50,000 newly installed X-Ray machine. Unit #117 was an orthopedic office and features several private offices, examination rooms and Queens Boulevard frontage, signage and street access. The combined asking price is $1,700,000 but there’s also an option of purchasing the units separately.
• 67-01 Forest Avenue is a 3,264 s/f corner mixed-use building on the southeast corner of Forest Avenue and 67th Avenue in Ridgewood. The two-story building has two vacant retail units and two recently renovated free-market residential units. The property features three fully-leased on-site parking garages and is located at the foot of the Forest Avenue subway station, serviced by the M line. The asking price is $1,650,000.

CHRIS VARJAN

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Lee & Associates NYC has been retained to sell a development site in Flatbush, Brooklyn. Chris Varjan, Jonathan Braun, George Steffani and Vickram Jambu are marketing 1183 through 1189 Flatbush, a 13,000 s/f lot is currently improved by an 8,000 s/f one-story retail building. Zoning allows for the development of over 52,000 s/f as-of-right. The properties are being offered for the creation of a long-term leasehold interest. There is nearly 100 ft. of frontage along Flatbush Avenue. Surrounding transit stations include the Newkirk Avenue Subway Station and the Cortelyou Road Station.

SALES

STEVEN WESTREICH

Westbridge Realty Group announced the closing of the following transactions:
• $680,000 sale of 3546 Bronx Boulevard, a multifamily building in the Olinville section of the Bronx. The 4,560 s/f building features seven apartments. The purchase price equated to $149 psf. Steven Westreich represented the buyer, Pointe Star Realty LLC and the seller, Maurice Aubyn Young.
• $675,000 sale of 3826 Pratt Avenue, a five-family building located in the Edenwald section of the Bronx. The building spans 4,150 s/f. The purchase price equated to $163 psf. Steven Westreich represented the buyer, 3826 Pratt Ave LLC, and Menachem Babayov represented the seller, the estate of Armand Scardera.
• $530,000 sale of 1531 Nelson Avenue, a development site in the Morris Heights section of the Bronx. The site contains 8,284 buildable square feet, equating to $64 per buildable square foot. Steven Westreich represented the buyer, NEL 1531 LLC and the seller, Oakmont Funding Capital LLC.
• $500,000 sale of 2515 E Tremont Avenue, a three-family building in the Westchester Square section of the Bronx. The 3,751 sq. ft. building’s purchase price equated to $133 per square foot. Steven Westreich represented the buyer, 2515 E. Tremont LLC, and the seller, 2515 East Tremont Ave Corp.

RANDY BLANKSTEIN

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The Boulder Group completed the sale of a single tenant ground leased Dunkin’ located at 2580 South Road in Poughkeepsie, New York for $654,000. The 1,832 s/f property benefits from its location on a busy corridor along South Road which is a primary north-south thoroughfare. The property is positioned in a dominant retail corridor in Poughkeepsie, which is IBM’s primary design and manufacturing center for mainframes and servers. There are over 101,000 people living within five miles of the site with an average household income of $85,349. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller is a Midwest based investment group and the buyer is a private investor from New York. Dunkin’ has been in this location for over 40 years and recently extended the lease term through October of 2024 with one five-year renewal option.

TODD ELFAND

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Cushman & Wakefield arranged the sale of 800 North Road, a 31,519 s/f former day care center in Hopewell, NJ. The Newgrange School of Princeton purchased the site and has plans to expand and create a new learning environment for students. Todd Elfand and Kevin Carton along with the New Jersey Capital Markets team represented the seller, CF Hopewell CC&L LLC. The buyer was represented by Mercer Oak Realty LLC. 800 North Road is a former day care center on the Princeton Place at Hopewell site, which is home to Merrill Lynch/Bank of America, Horizon Blue Cross, Bank of New York Mellon, J&J, Cenlar and Geosyntec. The single-story brick and glass property includes 112 parking spaces and is located just off a four-way interchange along Interstate 95. Built as a LEED facility in 2001, the property is eight miles from Princeton University.

BARUCH EDELKOPF

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Schuckman Realty has facilitated the sale of a 6,069 s/f lot, with a two-family home that is being redeveloped into a 39,274 s/f building. The property at 1367 Eastern Parkway, Brooklyn is three blocks East of the Utica Ave subway station. Permits have been filed, and there are proposed plans for a 31 unit building with the average apartment size of 1,266 s/f to meet the demand for more living space in apartments in a post COVID world, according to Baruch Edelkopf who was the sole broker in the transaction.The sale prices was $2,350,000. The seller was 1367 Eastern Parkway LLC and the buyer was Zalmen Kaufman under 1367 EP NY LLC.

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