Real Estate Weekly
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Deals & Dealmakers

ONE THE SCENE: Midtown south development site hits market; Bushwick package bought for $5M

Eastern Consolidated has been retained as the exclusive agent to market a development opportunity for a long-term net lease at 111-115 East 24th Street in Midtown South. Located on East 24th Street between Park and Lexington Avenues, the site is zoned for

BRIAN EZRATTY
BRIAN EZRATTY

38,000 s/f on 5,925 s/f of land, which is currently occupied by a commercial parking lot and can be delivered vacant. The property also features 60 feet of frontage on East 25th Street and a 30-foot curb cut. Brian Ezratty, Peter Carillo and Scott Ellard represent the owner.
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Kalmon Dolgin Affiliates has been named the exclusive sales agent for a 26,500 s/f building at 499/517 Stagg Street in the East Williamsburg section of Brooklyn, NY. Jacques Wadler and Vincent Lopez are the brokers. The corner property consists of two buildings totaling 17,000 s/f and 9,500 s/f respectively. They have 14-22 ft. ceilings, heavy power and gas heat, seven drive-in doors, two loading docks, a dry sprinkler system, and floor drains. The building is currently occupied by two tenants, who have about 18 months left on their leases.
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Massey Knakal Realty Services has been retained to sell a retail and office center building at 37-39 Glen Streeton
the corner of Glen and Pulaksi Streets in Glen Cove, Nassau County. The asking price is $1,695,000. The two-story building contains 14,625 s/f and consists of three stores. The building is fully sprinklered and featuresindependent HVAC. There is free municipal parking located directly behind the building. James Nelson is marketing the property with Benjamin Efraimov and Matthew Nickerson.
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TerraCRG announced the following exclusive assignment:

Matthew Cosentino
Matthew Cosentino

Matthew Cosentino, Eric Satanovsky and Robert McDonald have been retained to sell the two building package at 132 Wilson Avenue and 1473 Myrtle Avenue in Bushwick. 132 Wilson Avenue is 4,500 s/f and consists of five free market apartments and one ground floor commercial space. The building currently has a rent roll of $97,000 gross annually. The property is presented with an asking price of $1,850,000. 1473 Myrtle Avenue is a four story, 6,500 s/f building with apartments, one commercial space and four parking spaces. The asking price of $2,450,000.
• A mid-construction development site at 949 Pacific Street on the border of Prospect Heights and Crown Heights has been listed by Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez, and Joseph Terzi at $1,750,000. The site comes with active permits and approved plans for 4,120 gross s/f and calls for four units.
Joseph Dabbah to sell the corner mixed use building located at 547 Kings Highway in the Midwood neighborhood of Brooklyn. The property is presented with an asking price of $1,950,000. The three story, 3,880 s/f building is located on the corner of Kings Highway and East Fourth Street. The property consists of two retail stores and two 1,120 s/f residential units.
• 340 Wythe Avenue in Williamsburg has been listed by Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez, and Joseph Terzi for $7,250,000. The L shaped, commercially zoned property is located between South 1st Street and South 2nd Street. It has 50 ft. of frontage on Wythe Avenue is M3-1 zoned, which allows for 17,266 gross building s/f for a commercial development such as office or retail space. There is an existing single story warehouse building on the property that will be delivered vacant.

SALES

The Aspen Companies announced the $3 million acquisition of a 50-unit HUD supported apartment building in downtown Newark, NJ. The three-story rental building is located at 75 Lock Street, next to the New Jersey Institute of Technology. The red brick mid-rise is 100% occupied. Aspen Companies plans to institute a capital improvement program. Azi Mandel and Adam Mermelstein are Aspen Company principals. Andrew Daitch of Marcus and Millichap brokered the sale.
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Ariel Property Advisors has announced the sale of three properties totaling more than $5 million in Brooklyn’s Bushwick area. Daniel Tropp, Jonathan Berman and Mark Spinelli represented the sellers and procured the buyers in all three transactions. The properties sold included:

JONATHAN BERMAN
JONATHAN BERMAN

• 1227 Broadway in Bushwick. The 7,065 s/f mixed-use property with six free market residential units and one retail unit was fully renovated in 2006 and sold for $2.7 million, or $382 per foot. The seller and buyer were both private investors.
• 17-17 Himrod Street, a half a block from the border of Bushwick in Ridgewood, Queens. The 5,175 s/f three-story, six-unit walk-up sold for $1.225 million, or a 17.4 GRM. The seller and buyer were both local investors.
• 189 Cooper Street in Bushwick. The 40 ft. wide development site with 8,800 buildable square feet sold for $1.145 million, or $130 per buildable square foot. The seller was a private investor and the buyer an active local developer.
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Besen & Associates announced the sale of 64 West 165th Street, in the Highbridge section of The Bronx. Built in 1925, the 50 ft. wide, corner 5-story walk-up is comprised of 30 apartments and two stores and has 21,460s/f. The sale transaction was completed at a price of $2,510,000 by Matthew Garcia and Amit Doshi. The property traded at a 6.75 gross rent multiplier (GRM) and

MATTHEW GARCIA
MATTHEW GARCIA

$73,800 price per unit. The building which is located near Yankee Stadium and within four blocks of the 167th Street train station, was purchased by a local private investor with multifamily holdings in the area.
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Jeffrey Dunne and David Gavin of CBRE Institutional Properties, in conjunction with Chris Angelone, Nat Heald and Bill Moylan of CBRE/New England’s Boston office, represented Columbus Plaza Associates, LLC, in the sale of Columbus Plaza in New Britain, CT, for $7.65 million. The team was also responsible for procuring the buyer, The Grossman Companies. Columbus Plaza is a 54,452 s/f grocery-anchored center situated directly off Route 9 in New Britain, Connecticut. Columbus Plaza is 100 percent master leased to Stop & Shop through 2025. Stop & Shop has subleased the center to PriceRite and a mix of local tenants.
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Northeast Private Client Group announced the sale of 45 Hawthorne Street and 288 Pine Street, a 56-unit multifamily portfolio in Bristol, CT. Bradley Balletto represented the seller and the buyer in the $3,750,000 transaction. 45 Hawthorne comprises 32 apartment units while the Pine Street property has 24 apartments. The seller, Pine Bristol LLC & Hawthorne Bristol of Lenox, MA, was a long-time owner. The buyer, MPT Partners LLC of Torrington, CT, purchased the two-building portfolio as an 1031-exchange at a 7.4% cap rate.

 

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