Real Estate Weekly
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Deals & Dealmakers

Sales: Kerwin, Polsinelli navigate sales of three-story buildings for sellers

Weissman Realty announces the closing of 1050 Lafayette Ave in Bedford Stuyvesant, Brooklyn. The property has 16 apartments and closed at a price of $3,100,000 (10 x rent roll). Ralph Hertz negotiated this transaction.
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GFI Realty Services, Inc. announced the sale of 1365-69 St. Johns Place, two four story walk up apartment buildings consisting of 16 units located in the Crown Heights section of Brooklyn. The deal sold for 13 times the rent roll or $2.8 million. Daniel Shragaei represented the buyer. Shulem Paneth and Ohad Babo, also of GFI, represented the seller. Both the buyer and seller were local investors. The two properties total 13,760 s/f and were constructed in 1929.
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A partnership between JCS Capital LLC, a Stamford based real estate investment company and Granoff Real Estate LLC – a Greenwich based real estate investment company purchased the Station Plaza Office Building located at 2 Second Street, Rye, NY for an undisclosed amount. Justin Shaw, Principal, JCS Capital, made the announcement. Located directly across the street from the Rye Metro-North train station, newly approved plans call for adaptive reuses of the current industrial/office building to be transformed into a 17,500 s/f mixed use building with 3,500 s/f of restaurant space and 12 luxury apartments with a common roof deck.
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Rosewood Realty  Group announced the sale of a three-story walk-up apartment building in Harlem at 257 West  113th Street for $1.5 million. The 2,691 s/ building features nine apartments and was built in 1900. Rosewood’s Michael Kerwin represented the seller, Wanderers In West LLC. Aaron Jungreis represented the buyer, 257 West 113th Street LLC.

Michael Kerwin
Michael Kerwin

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Marcus & Millichap announced the sale of 313 99th Street, a 6-unit apartment property located in Brooklyn. The asset sold for $1,160,000. Mark Zarrella and John Brennan, from Marcus & Millichap’s Brooklyn office, represented the seller, a private investor. The buyer, a private investor was secured and represented by Brennan and Zarrella.
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Edward R. Chernoff paid north of $3 million — nine times the rent roll – for 40 apartments at 241st Street in the North Bronx. The rent roll sits in excess of $350,000. The transaction was a cash deal and no brokers were involved. This was Chernoff’s third deal in the North Bronx in the last two months. Chernoff is actively shopping for property in the area.
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Eastern Consolidated arranged the sale of a three-story retail building in East Harlem at 2202-2210 Third Avenue,. The 12,000 s/f property, currently occupied by Rent-A-Center whose triple net lease expires in November 2015, has an additional 17,000 s/f in available air rights. Adelaide Polsinelli and Chad Sinsheimer represented the seller and managing partner, Joseph Rishty of 2202 Third Ave, LLC, in the transaction. Martin Ezratty and David Malekan procured the buyer, Third Avenue Commons LLC.

Adelaide Polsinelli
Adelaide Polsinelli

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CPEX Real Estate’s Multi-Family Investment Sales Team announceD the sale of 224 53rd Street in Sunset Park, Brooklyn. The property is a six-unit, 4,320 s/f rent-stabilized multi-family building located. It was delivered with one vacant unit. The sale price was $800,000, or $185 per square foot. Brian T. Leary and Stephen Safina represented the seller and procured the purchaser, an investment group that plans to renovate the building and work to increase the rent roll.
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Andrew Lichtenstein of LichtensteinRE sold a package of three walkup apartment buildings at 1405 Rowland Street, 2220 Adams Place and 2327 Walton Place in The Bronx, for $7,700,000. The buildings contain 60 mostly renovated apartments. The units are 100% rented averaging $1,273 a month. The properties contain 12,395 s/f of unused developable square footage. The contract price represents $128,333 Per Unit, a $144 Per Square Foot and a Cap Rate of 6.9%.

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