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Deals & Dealmakers

ON THE SCENE: What’s for sale in NY’s middle market

Brian Whelan and Alexandra Curtin of B6 Real Estate Advisors have been retained to sell 5089-5099 Broadway, a development assemblage with more than 188 ft. of frontage in Inwood (pictured top). Located on the southwest corner of Broadway and West 218th Street, the property is composed of two adjacent lots totally 12,375 s/f. The assemblage is situated in R7D/C2-4 zoning, allowing for a potential development of almost 70,000 s/f in residential and commercial space. Asking price is $10,500,000 ($152 psf).

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Compass announced the following exclusive assignments:
Adelaide Polsinelli and Jamie Schoenfeld have been hired to market the commercial condominium at 317 East 50th Street, a luxury pre-war, condo-op between Sutton Place and Turtle Bay. Situated between First and Second Avenues, the property is the former home of the First Reformed Episcopal Church. It been completely transformed and the ground floor and basement are are occupied by the Children’s Academy NYC on a long-term lease. The 15,000s/f space has undergone a complete renovation tailored to The Children’s Academy NYC. All operating systems have been upgraded and the space has a private elevator, gym and curated outdoor space.
Adelaide Polsinelli has been hired to sell “REST, a modern motel” in Manchester Center, Vermont. The modernized motel is located near Vermont Highway 7, close to shopping, skiing, fishing, and hiking. Totally renovated and fully modernized, the property contains private spa rooms with appointed decks overlooking Green Mountain National Forest. Each room has a Jacuzzi and outdoor space and larger apartments can accommodate families.

REST motel in Vermont

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JLL Capital Markets announced the following exclusive assignments:
• 173 E. 120th street, a 9,050 s/f mixed-use property at the border of Central and East Harlem is offered at $5.25 million. The four-story, 25- ft. contemporary building will be delivered vacant. The property includes a commercial video production studio with high ceilings on the ground floor, and two residential units with lock-off elevator access on the second, third and fourth floors. The building features a first-floor marble lobby, a curb cut and garage for two cars. There are also additional production facilities in the finished basement. The property overlooks the Harlem Art Park and is within walking distance to the East River Plaza retail complex. Paul Smadbeck, Teddy Galligan, Conrad Martin and Braedan Gaitare handling the assignment.
• A 21.5-acre development site approved for up to 297 multi-housing units in the Northern New Jersey community of New Providence. The site is zoned for up to 51 for-sale townhomes and 246 multi-housing rental units. The New Providence Town Board updated its town code and zoning to Planned Adult Community Overlay Zone, providing additional opportunity for buyers to use the site for seniors housing and capitalize on the 30% of local residents age 55 and over. The site is currently improved with a 190,000 s/f vacant building that was formerly used for research and development. It is located at 100 Mountain Ave. near Interstates 287 and 78, Route 22 and 24, and NJ Transit Murray Hill train station and proximate to the 2,000-acre Watchung Reservation. Jose Cruz, Kevin O’Hearn, Daniel Loughlin, Mark Mahasky and Grace Braverman are handling the assignment.

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Cushman & Wakefield announced that Stephen R. Preuss, Kevin Schmitz, Andreas Efthymiou and Rani Bendary are marketing the following properties:
• 39-53 57th Street is a half-acre vacant block-through lot in Woodside. The 100 by 200 ft. unimproved lot is zoned for 27,000 buildable square feet as-of-right for residential development. It is three blocks from the 61st Street-Woodside Station.
• 150-02 Hillside Avenue is a 54,000-buildable-square-foot corner development site in Jamaica. Zoning allows for 40,605 buildable square feet as-of-right and up to 54,140 buildable square feet with the inclusionary housing bonus. The lot is also eligible for a FRESH discretionary tax incentive and floor area bonus of up to 20,000 s/f. The vacant lot has over 225 ft. of wraparound frontage and is available for sale, ground lease or joint venture.
• 41-25 Greenpoint Avenue is a single-story NNN leased grocery store in Sunnyside. The 11,000 s/f property has significant air rights and 233 ft. of frontage along Greenpoint Avenue and 42nd Street. Zoning offers 44,000 buildable square feet as-of-right for future mixed-use development.
• 11-32 31st Drive in Astoria is a water-view residential development site that allows for 25,000 buildable square feet as-of-right. The asset is currently improved by a single-story warehouse that will be delivered vacant. Zoning allows for 24,581 buildable square feet as-of-right or 32,775 buildable square feet for residential development.
• 14-30 Astoria Boulevard is a block-through mixed-use development site in Astoria. The property is a single-story short-term covered land income-producing warehouse with parking. Zoning allows for 27,080 buildable square feet as-of-right for mixed-use development or 29,788 buildable square feet under the AIRS program.

114 FIELD PLACE

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GFI Realty Services has been named the exclusive sales agent for 114 Field Place, a five-story walk-up multifamily building comprised of 27 units, in the Fordham section of the Bronx. Zachary Fuchs will oversee the marketing of the property, with pricing targeted at $4.5-million. Constructed in 1916, the prewar building totals 22,368 s/f. Apartments are configured as three (one)-bedroom units, sixteen (two)-bedroom units, four (three)-bedroom units and four (4)-bedroom units. The property, which is currently fully occupied, has a $3.1 million assumable loan. There are approximately 15,561 s/f of air rights available.

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GHP Office Realty, an affiliate of Houlihan-Parnes, has been engaged to sell 20 Saugatuck Avenue, Westport, CT. The 17,851 s/f mixed-use building is situated on 1.65 acres of waterfront land in Westport, minutes from the Merritt Parkway & US-1. The property is currently 80% occupied by three tenants. The anchor tenant, The Goddard School, has a 20-year net lease. The property was converted by the current owners to a trophy, mixed use property with 30-foot vaulted ceilings. Renovations were completed in 2018 and include a full height glass façade, new roof, HVAC, parking lot and landscaping. Jamie Schwartz and Brendan Hickey are handling the assignment.

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Meridian Capital has been retained to sell a mixed-use retail and office building located at 1400 – 1404 Coney Island Avenue, Brooklyn. The asking price is $5,000,000. Situated in the heart of Midwood along the main commercial corridor the building spans 10,800 s/f and offers 60 ft. of 60 feet of frontage. David Schechtman, Lipa Lieberman, Abie Kassin and Brian Gladstone are handling the assignment.

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