SALES
Rosewood Realty Group announced the following sales:
• The $6 million sale of three contiguous apartment buildings consisting of 59 apartments at 1925-1928 Glenwood Road in Midwood, Brooklyn. The 57,600 s/f property sold for 9.5 times the rent roll. The four-story buildings were built in 1917. Aaron Jungreis, founder and president of Rosewood Realty Group, represented the seller, 1925 Realty LLC and the buyer, a family of investors.
• 386 Manhattan Avenue in Manhattanville sold for $3.625 million. The five story 10,005 s/f walk-up apartment building built in 1900 features 20 apartments and sold for 11.5 times the rent roll. Rosewood’s Samuel Kooris and Michael Kerwin represented the seller, 386 Realty LLC, and Rosewood’s Ryan Perkoski represented the buyer, 1031 Investor. The building features four studio apartments and sixteen one bedrooms.
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Ariel Property Advisors has announced the closing of three development properties in the Bronx, East Harlem, and Brooklyn.
• A vacant lot at 5959 Broadway in the Riverdale section of the Bronx sold for $3.625 million. The property features 200 feet of frontage along Broadway, and zoning allows for approximately 40,000 buildable square feet as of right and 80,000 buildable square feet with a community use facility. The sales team of Victor Sozio, Scot Hirschfield, Jesse Deutch, and Jason Gold represented the seller, a real estate investment firm, and procured the buyer, an affordable housing group.
• A vacant lot at 71-73 East 110th Street in East Harlem sold for $1 million. Zoning for the 33.33 foot wide lot permits approximately 13,455 buildable square feet for a residential or mixed-use property. The sales team of Michael A. Tortorici, Victor Sozio, and Shimon Shkury represented the seller, a private East Harlem owner. Eugene Conway, a private broker, represented the buyer, a developer.
• A vacant lot at 311 Melrose Street on the border of the East Williamsburg and Bushwick sections of Brooklyn sold for $530,000. The property, which is currently used as a parking lot, allows approximately 5,500 buildable square feet for condominium or rental development and is located several blocks from the Morgan stop on the L train. The sales team of Jonathan Berman, Michael A. Tortorici, and Daniel Tropp represented the seller, a local developer. The buyer, also a developer, was represented by Matthew Cosentino, of Terra CRG.
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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of an 18,000 s/f property at 105 Apollo Street in the Greenpoint section of Brooklyn for $2.65 million. Kalmon Dolgin Affiliates broker Jeffrey Unger represented the seller, Wolkow-Braker Roofing Corporation, in the transaction. The one-story, 9,000 s/f industrial warehouse building also features 9,000 s/f of available land. HK Marble is relocating its operations from Flushing, Queens to 105 Apollo Street in Brooklyn.
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GFI Realty Services Inc. announced the sale of 3506 Newkirk Avenue in the East Flatbush section of Brooklyn, for $2,605,000, which translates to nine times the rent roll and $90,000 per unit. The four-story walk up consists of 29 units totaling approximately 26,126 s/f. Joseph Landau, an associate broker at GFI, represented the seller, a local investor. Joshua Orlander, associate, represented the buyer, also a local investor. The buyer intends to upgrade the building and bring the rents up to market over time. The apartment building was built in 1931 and is located close major thoroughfares, the 2 and 5 subway lines.
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Massey Knakal announced the following sales:
• A development site at 74 Grand Street, Soho, sold for $4,950,000. The sale price equates to approximately $396 psf. The five-story façade from the previous building has been preserved at Landmark’s request for the future project. James P. Nelson handled this transaction with Robert Burton.
• A gut renovated mixed-use building at 52 West 21st Street in the Ladies’ Mile Historic District was sold for $4,300,000. This five-story walk-up has a ground floor retail unit, four renovated floorthrough free market apartments above and 8,642 s/f of air rights. The sale price equates to $812 psf. Brock Emmetsberger handled this transaction with John Ciraulo and Craig Waggner.
AGENTS
Ariel Property Advisors has been named the exclusive sales agent to sell a portfolio consisting of two Upper East Side multifamily properties. The asking price is $10.75 million. The buildings are being marketed by the sales team of Jesse Deutch, Randy Modell, Howard Raber, and Shimon Shkury.
• 330 East 73rd Street is a fully occupied, five-story walk-up approximately 12,150 s/f and containing 19 residential units, one retail unit, and four storage rooms. The residential units, many of which have been recently updated, are comprised of a combination of two-bedroom, one-bedroom, and studio apartments.
• 309 East 93rd Street is a five-story, walk-up approximately 10,500 s/f and containing 10, two-bedroom residential units and four storage rooms.
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Besen & Associates announced the following exclusive assignments”
• Amit Doshi is marketing a three-building Bronx package at 1460 Beach Avenue, 2330 Crotona Avenue and 2170 Bathgate Avenue. All three buildings combined contain 88 units and have an asking price of $7,500,000.
• Lev Mavashev has the exclusive assignment to sell 415 Lincoln Avenue in Brooklyn. This 4-story walkup building contains 30 units and has an asking price of $2,750,000.
• Greg Corbin has the exclusive assignment to sell 500 West 28th Street (aka 311 10th Avenue). This property is a 24.69’ x 100’ sized lot with a walkup building for redevelopment, offering 12,345 s/f. The asking price is $7,000,000.
• Amit Doshi has the exclusive assignment to sell 2485 Elm place located in the Bronx. This 5-story 19,680 s/f walkup building contains 26 units and has an asking price of $2,200,000.
