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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield named agent for Astoria walk-up, Besen sells six-story Bronx building

AGENTS

Cushman & Wakefield has been appointed the exclusive agent in the sale of a walk-up apartment building located at 28-08 23rd Avenue in Astoria, Queens. The asking price is $3,400,000. Thomas A. Donovan, Eugene Kim, Tommy Lin and Robert Rappa will be leading the marketing efforts on behalf of the seller. The eight-unit, four-story walk-up building consists of two-bedroom apartments, four of which are rent stabilized. Additionally, the building includes one rent-controlled unit and three free-market units with one vacant apartment currently available. Recent improvements include a new gas boiler and water heater. 28-08 23rd Avenue is situated between 27th and 29th Streets with nearby access to I-278 and the Robert F Kennedy Bridge.

SALES

Amit DoshiShallini Mehra and Hilly Soleiman of Besen & Associates announced the sale of 490

Shallini Mehra

South Broadway, in Yonkers. The 34,074 s/f six story elevator building consists of 22 apartments and two national stores. The property is on the main corridor and is surrounded by retail, neighborhood amenities and offers quick access to New York City via Metro-North. The sale price of $5,500,000 equates to a 10.4 GRM, $211,500 per unit, $161 per square foot, and a 6.7% capitalization rate. The property was purchased by an investor/operator who owns many properties in Yonkers.
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Capital Property Partners announced the sale of 2211 86th Street in the Bensonhurst neighborhood of Brooklyn for $3,800,000. The 3-story commercial building is 3,623 s/f and fully occupied. The building is occupied by a Chinese restaurant on a triple net lease that extends to June 2024 with 3% annual increases. Located near the intersection of 86th Street and Bay Parkway, this property is located directly across from the D train. Roni Soleimani, Rex Qui, and Johnny Zhao of Capital Property Partners brokered the sale.
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Cignature Realty closed a $5.8 million sale of a five-story multi-family walk-up building with 10 residential

Peter Vanderpoole

apartments and two retail stores in Manhattan Valley. The 9,105 s/f building is located at 926 Amsterdam Avenue, between West 105th and West 106th Streets. The 1925 building houses the Latino Express Travel and Sammy’s Barber Shop on the street level. Cignature Realty’s Elan Teichman represented the seller, the Orbach Group LLC and Peter Vanderpool represented the buyer, 926 Realty.
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Cushman & Wakefield announced the following slaes:
• A 37,932 s/f elevator apartment building located at 482 Front Street in Hempstead, Long Island, sold for $7,850,000, or $178,409 per unit, and a 5.5% cap rate. Benjamin Efraimov and Kevin Schmitz represented the seller, Dirot LLC, in the transaction. The 37,932 s/f elevator-serviced apartment building, known as The Phillips House, contains three stories and 44 units. The Phillips House is fully leased and features 30 one-bedroom apartments, 10 studio apartments and four two-bedroom apartments. Further, the building includes 31 rent-stabilized apartments, and 13 free market units. The property offers an on-site parking lot, laundry room, and recent improvements including a new boiler.
• The Metropolitan Area Capital Markets Group brokered the sale of two office buildings located at 80 and 100 West Century Road in Paramus to 80 W. Century LLC and The Frisch School, respectively. The buildings were acquired by M&T Bank in its 2015 acquisition of Hudson City Savings Bank. Cushman & Wakefield served as exclusive sales agent for M&T Bank. In New Jersey, the team of David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Frank DiTommaso II orchestrated the sale with assistance from the leasing team of David Sherman, David DeMatteis and Mark Zaziski. The deal also involved collaboration with William Hartman and Lou D’Avanzo based in the New York City office of Cushman & Wakefield. A private entity plans to relocate to 80 W. Century Road and occupy a portion of the space. The remaining available space will be marketed for lease. M&T Bank will continue to operate its retail bank branch at the property, located immediately off of the entrance lobby. 80 West Century Road offers 70,000 s/f of space on 3.5 acres. The single-story, 25,000 s/f building at 100 W. Century Road was purchased by The Frisch School, a co-educational high school, whose main campus is located adjacent to the property.
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Aria Legacy Group (ALG) purchased the Ritz Grande Apartments in Hartford, Conn.’s south end for $3.7 million. This marks the company’s 16th multifamily investment in Hartford. The 58-unit complex located at 29 Annawan Street is a mix of fully remodeled one- to four-bedroom apartments. Joe Novoseller, managing principal of ALG, announced the deal. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the seller. Adelle Ross with Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE.
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CPEX Real Estate has sold the former Red Wolf night club, located at 1546 62nd Street in Borough Park, Brooklyn, in an all cash transaction for $5,550,000, or $347 per square foot. Timothy D. King and Dimitri Venekas, represented the seller. The transaction follows the sale of a portfolio of three commercial buildings in Woodside, Queens to The Malachite Group. The 16,000 s/f block-through footprint provides a variety of options for the new owner to monetize the passet. The property is one-story commercial building totaling three units. It provides 400 feet of combined frontage on 62nda nd 63rd Streets, and also has a 2,000 s/f basement. The building was delivered vacant.
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Sean Lefkovits and John Florek of HPNY have closed the off-market sale of 202 Avenue A in Manhattan for $6,750,000. The property is located in the East Village section of Manhattan, between E12th and E13th Streets. The four-story walk-up building consists of six apartments and one store. The building is built approximately 5,400 s/f with 26 feet of frontage has an additional 5,400 s/f of development rights. The seller was a long-term family partnership. The purchasing entity was 202 Avenue A LLC. Lefkovits and Florek of HPNY represented both sides in the transaction
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Andy Nemeroff, president of Imperial Capital Company announced the sale of a CVS store, located at 1012 Little East Neck Road, in West Babylon, NY. The property was sold for $6,200,000 to a private investor. Earlier this year, Nemeroff arranged for the same seller to purchase both the ground lease and the leasehold position on the West Babylon CVS, from two separate private parties, in two separate transactions, allowing him to facilitate the eventual sale of the fee simple position.
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Level Group announced the sale of 160 East 35th Street for $8,250,000. The seller was represented by

Larry Link

Michael Keating, Larry Link and Michael Greenberg. Buyer was represented by Wayne Rose of Rose Retail Group. Both the buyer and seller were religious non-profit organizations. The Murray Hill building is a former police station house, previously the home of NYPD’s 21st precinct. The five-story brick building was built in 1855 and was as a police station and jail for over 100 years. The building, which had a restrictive deed, was sold by Congregation For The Light, Inc’s House of Worship to a non-profit corporation established by Mohmood Kenji, president of Highgate, a hotel management company. The church building after renovations shall be donated to the religious community of Kenji and his wife.
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RKF arranged the $10.8 million sale of a 3,214 S/Fretail condominium at 241 Fifth Avenue, in NoMad, to an undisclosed buyer. Vice President Brian Segall and Associates Andrew Jacobs and George Martinecz represented the seller, JTRE Holdings, in the transaction. Situated between 27th and 28th Streets, the building is a 20-story glass tower with 46 condo units and 3,214 s/f of retail space (currently vacant) on the ground floor.
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Emerald Equities closed on a sale of two buildings in Bedford Park area of the Bronx for $11,100,000. The buildings, 2726 and 2730 Decatur Avenue, consist of 60 residential units and span 51,000 s/f. Emerald purchased the buildings from Ram Gupta and Boysie Shew for $5,400,000 in July 2014. Emerald has completed significant capital improvements since purchasing the building with rents in the building ranges from $1,700 for two bedroom and $1,350 for one-bedroom units, according to StreetEasy. The purchaser, a private Brooklyn based family office, assumed the existing debt of $8,450,000 from Arbor Bank. Steven Vegh of Westwood Realty represented both sides in the off-market transaction

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