Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: Under $10M sales roundup

RON COHEN

Besen Partners completed the sale of 147 Duane Street in TriBeCa for $7,100,000. Ron Cohen and Jay Bernstein represented the seller, and Anna Ji of Kian Realty procured the purchaser. The property (pictured top) is a 5-story mixed use elevator building containing four free market apartments and 1,000 s/f of retail on the ground floor. The 6,200 s/f building is 25 ft. wide and has a usable basement. The apartments are all two bedrooms with keyed elevator access. The retail is occupied by Glowbar, a skincare spa whose lease runs through 2026. The selling price equates to $1,145 per square foot and a 4.3% capitalization rate. The seller was represented by Eugene Getty of Kellner Herlihy Getty & Friedman LLP, and the purchaser was represented by Henry Fong of Law Office of Henry Lee M. Fong.

DEREK BESTREICH

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Bestreich Realty Group (BRG) announced the following sales:
• 123 St. James Place in Clinton Hill, Brooklyn sold for $2,500,000. The four apartment multifamily is located between Greene Avenue and Gates Avenue and offers 3,440 s/f at $726 psf and $625,000 per unit. Daniel Shawah, Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Gabriel Kates represented the seller, Ehbny LLC and the buyer 123 St James LLC.
• 3010 Clarendon Road in Flatbush, Brooklyn, sold for $2,220,000. The 20-apartment multifamily is located between Nostand Avenue and East 31st Street and offers 13,688 s/f at $162 [sf and $111,000 per unit. The 50 by 100 ft. lot and is zoned R6,C2-3. Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Underkofler represented the seller, 3010 Clarendon LLC, and the buyer, Clarendon Road LLC.

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Cushman & Wakefield announced the sale of 1476 East 222nd Street, a 17,195 s/f industrial warehouse in the Baychester section of the Bronx. The final sale price was $3,250,000. Jonathan Squires, Addison Berniker, Michael Fioravanti and Josh Neustadter represented the seller. The warehouse is located within an Opportunity Zone. Prior to closing in May, the buyer was able to find a logistics tenant. The single-story warehouse has 21 ft. ceilings, four drive-in garages and one loading dock. There is a mezzanine level with a separate entrance that provides office space above the warehouse. The property was owner-occupied and delivered vacant.

SHAUN RINEY

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Marcus & Millichap announced the following sales:
• 469 Central Avenue sold for $1,850,000, or $404 per square foot. Shaun Riney and Peter Von Der Ahe brokered the sale of the 4,575 s/f mixed-use property located in Bushwick. The property comprises one retail unit and five free market residential units. Riney and Von der Ahe represented both seller, David Shorenstein, and buyer, Abraham Silberstein.
• Madison Plaza, a 11,534 s/f retail property located in Lumberton, NJ, sold for just under $1,000,000. Derrick Dougherty and Mark Krantz, investment specialists in the firm’s Philadelphia office, along with Brian Hosey, Broker of the NJ office, represented the seller, a limited liability company. The buyer, also a limited liability company, was secured by Derrick Dougherty and Mark Krantz. Madison Plaza, located at 1566 NJ 38 in Lumberton, NJ, is 88 percent occupied by service oriented tenants.

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NAI DiLeo-Bram & Co. announced that Rich and Catherine Goski closed the sale of the Blackthorn Inn Irish Pub & Restaurant located at 651 North Michigan Avenue in Kenilworth, New Jersey. The NAI DiLeo-Bram team represented the buyer, a Telehandler distributor based in Italy. The seller of the property was represented by Steve Batista of Jeffrey Realty. The bank owned is located on a two-acre parcel of land with access to major highways close to the Newark/Elizabeth area.

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The Oak & Avery Group announced the sale of an 18-unit multifamily building, 4 West 4th St, Mount Vernon, NY. Anthony Watkins, President, and David Algarin, Vice President, represented both the seller, NYC-based ABC Management Corp, and the buyer, 4W4, LLC, in the $2,195,000 sale.

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