AGENTS
Andy Udis and Ron Zimmerman of ABS Partners Real Estate have been appointed the exclusive leasing agents for 152 Madison Avenue by the property’s landlord, Heskel’s Paramount LLC. Udis and Zimmerman will market the building, which is located on the corner of East 32nd Street, to potential tenants in industries that include architecture & design, media and technology, law, finance and accounting. Current availabilities include the entire 4,660 s/f 17th floor, which offers four sides of new windows and polished concrete floors, and a 3,885 s/f pre-built unit on the fourth floor. 152 Madison Avenue is a pre-war office building in Manhattan’s NoMad neighborhood; amenities include a lobby attendant, 24/7 access and multiple fiber optic providers.
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TerraCR has been retained to exclusively represent ownership in the sale of a 16-unit, luxury, mixed-use building located at 220-230 Kosciuszko Street in the Bedford-Stuyvesant section of Brooklyn. Matt Cosentino, Eric Satanovsky and Fred Bijou are marketing the building with an asking price of $8,750,000. At 13,800 s/f, this corner building is comprised of 1,700 s/f of retail space currently occupied by an organic deli, 15 luxury residential units, and a legal office space. The residential unit breakdown is 11 two-bedrooms, three three-bedrooms, and one one-bedroom. The property was entirely gut renovated with the residential units, common-areas and facade being completed in 2016-17. All the mechanicals have been upgraded and each unit has its own separate boiler and hot water heater. There is a virtual doorman, bike storage on the ground level, full security system and onsite laundry room.
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Westbridge Realty Group has been exclusively hired to sell 194 South 2nd Street in Williamsburg, a four-story four-family building with approved plans to be redeveloped into a 6,589 s/f building with nine apartment units. The asking price is $3.95 million. The approved plans call for extending the rear of the building 20 feet and adding one floor. The property, which is owned by a local investor, will benefit from a J-51 tax abatement and has a 7.87 pro forma percent cap rate on cost. Steven Westreich is handling the assignment.
SALES
Jaime Zimmel, vice president, Zimmel Associates, brokered the sale of 19 East Elizabeth Ave., Linden, NJ, a 14,000 s/f two-story industrial building located near the Linden train station, to F. C. Foods for $1.1 million in a 1031 exchange. The building had been vacant for some time. The new owner plans to fully renovate it to meet approvals for food manufacturing.
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Marcus & Millichap announced the sale of 41 Jefferson Street, a 21-unit apartment property located in Bushwick , Brooklyn. The asset sold for $7,500,000. Shaun Riney, Tom Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn represented the seller, a private investor. The property is on the corner of Bushwick Avenue and Jefferson Street, minutes from both the area’s biggest office developments and the Rheingold Brewery development.
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Charles Chang, a Senior Director at Highcap Group, has arranged the $9,750,000 sale of 154-156 East 38th Street, in Murray Hill. The four-story, 8,000 s/f vacant building has over 43 ft. of frontage. It is located just off Third Avenue, near the midtown tunnel and all major subways. The current zoning of R6B with an FAR of 4, allows for a development of approximately 17,000 s/f. This translates to around $570 per buildable square foot, or $1219 psf on the existing building. This is the first sale in over 20 years.
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Goldschmidt & Associates announced that Eric S. Goldschmidt, senior partner, brokered the sale of 2 Birch Street, New Rochelle, New York. The 32,000 s/f building on 1.5 acres of land is close to Exit 15 of I-95. It features an 8,500 s/f, 30 ft. high freezer and three indoor loading docks. It was once a pasta manufacturing company. For the past 12 years, is has been a warehouse for the seller’s granite and marble business. The sales price was near the $3,595,000 asking price. Goldschmidt was also the sole broker on the sale of the property in 2005.
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Cushman & Wakefield announced the following sales:
• 302 West 114th Street, an apartment building in West Harlem, sold for $7.15 million. Senior Managing Director Hall Oster, Associate Director Teddy Galligan, Senior Associate Bryan Smadbeck, and Associate Tim O’Brien represented the seller in the transaction. The 8,915 s/f, five-story walk-up features a total of 20 units. 13 of the apartments have been renovated into one and two bedrooms. The property includes upgraded electric service, individual heating systems and basement space. The property is walking distance from Central Park and Morningside Park and close to Columbia University.
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CBRE announced the following sales:
• 1654 Monroe Avenue in the Bronx was sold for $7.72 million. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties Team arranged the sale on behalf of the seller, a private investment company. The 50-unit, fully-occupied apartment complex sold for close to record breaking pricing at over 16 times Gross Rent Multiplier at an approximate 4% cap rate to a local New York City buyer. Located just off of Claremont Park, 1654 Monroe Avenue is a six-story apartment building that has undergone major renovations and rehabilitation as part of the New York City 8A program. The property also has existing tax abatements as part of the NYC J-51 exemption and abatement program for the renovations already completed.
• The proceeds from the sale were applied to the acquisition of a retail property at 7410 McNeil Drive in Austin, TX housing a Walgreens Pharmacy, as well as 201 South 6th Avenue in Wauchula, FL, which is occupied by Family Dollar. 7410 McNeil Drive was acquired for $6.5 million, while 201 South 6th Avenue was purchased for $1.75 million. Both properties are triple-net leased.
• Elli Klapper and Charles Berger of the CBRE Tri-State Investment Team, in conjunction with William Pike of CBRE’s Atlanta operations, arranged the $1.8 million sale of the TD Bank Building in Old Lyme, CT. The Tri-State Investment Team represented the buyer in the negotiations, while Pike acted on behalf of the seller, TD Bank. The property, a 3,742 s/f 1.62-acre site serves as a TD Bank branch location. The buyer of the TD Bank Building had recently sold a warehouse in Astoria, Queens, which the private investor owned for decades and tapped the CBRE Tri-State Investment Properties team to advise and assist with his 1031 Exchange needs.
• Charles Berger, Elli Klapper, Mark Silverman and Donald Sperling completed the sale of two contiguous medical condominium units at 44 Route N 23 in Riverdale, NJ. The team arranged the $1.6 million transaction on behalf of the seller, and procured the buyer, a private investment company. CBRE was retained as the exclusive advisor in the sale of the commercial condominiums units totaling approximately 6,400 s/f. The two units are in a three-story office building located at the intersection of Route 23 and Newark Pompton Turnpike. Both spaces are currently fully-occupied by The Dermatology Group, a tenant with more than 30 physicians and 16 medical locations throughout New Jersey.
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American Investment Properties Inc. (AIP) arranged the all-cash sale of a 5,098 s/f mixed-use building that houses La Petite Framboise French bistro for $1.285 million. 294 Main Street also contains two, two-bedroom apartments. It was sold by 55 Wall Street Realty Inc., an affiliate of Restar Hospitality Group, to MKJK LLC, of Garden City. The transaction equated to $252.05 per square foot and provided the buyer with a cap rate of 6.84 percent. AIP President Ron Koenigsberg represented both the seller and the buyer.
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Ariel Property Advisors facilitated the sale of 231 Stanhope Street, a multifamily building in Bushwick. The 6-unit property sold for $1.49 million. The sale equates to a 2.3 percent capitalization rate. The three-story building, which spans 4,875 s/f, is located between Irving and Knickerbocker Avenues. Of the six residential units, two were delivered vacant. Exclusive agents Daniel Tropp and Jonathan Berman represented the owner.
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EPIC Commercial Realty announced the sale of 37 Covert Street, a development site in Bushwick, Brooklyn, for $1,070,000. Senior Associate Broker Shay Zach, represented both the seller and the buyer. Located between Bushwick Avenue and Broadway, the vacant two-story residential building is comprised of two apartments. Sitting on a 2,700 s/f lot, the property is built to 2,400 s/f, and has 5,940 s/f of development rights. The building is three blocks away from the Halsey Street [J] and five blocks from the Chauncey Street [J, Z] train stations.
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RD Management LLC has completed the disposition of its former Kmart property in Latham, New York. The Lia family acquired the 118,863 s/f center for $1.76 million. The 12-acre parcel is located in Albany County at the intersection of Troy-Schenectady Road and Swatling Road with a two-way average daily traffic of 18,400 cars. Formerly anchored by Kmart, the property consists of an unoccupied 96,805 s/f big-box space, more than 800 parking spaces, an available outlot, and a 22,058 s/f Vent Fitness.
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The Avison Young New York Capital Markets team announced the $7.1 million C-Corp sale of a 25,250 s/f industrial warehouse portfolio in Woodside Queens, New York. The portfolio includes three properties, located at 57-09 37th Avenue, 57-12 37th Avenue and 34-56 58th Street. Richard Sullivan, Charles Kingsley, Neil Helman, Vincent Carrega and Jon Epstein represented the seller. The portfolio, which has been family-owned for nearly five decades, was originally to be sold as a fee simple, but due to its C-Corp status, ownership decided to sell the stock of the company. The combination of the stock sale and tenant in place for another 14 months increased the price per-square-foot from $300 to $453 psf and the overall investment value with a CAP rate of approximately 1.6 percent. The properties are currently occupied by Frost Productions.
