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Deals & Dealmakers

ON THE SCENE: Ariel Property Advisors marketing Sunset Park commercial building, Liberty Property Trust buys industrial facility in NJ

AGENTS

Ariel Property Advisors has been exclusively retained to sell 4101 8th Avenue, a commercial building at the center of Brooklyn’s Sunset Park neighborhood. The asking price for the 5-story property is $8.5 million. Spanning 19,200 S/F, this elevatored office building is located on the southeast corner of 8th Avenue and 41st Street. The first three floors, which extend 12,800 s/f, are occupied by the owner of the property, First American International Bank. The ground level, which has a 4,000 s/f retail unit, also features a full basement with two bathrooms, one storeroom, one finished room, and one bank vault. Exclusive agents Aaron Warkov, Sean R. Kelly Esq., and David Khukhashvili are representing the owner. The top two floors, which encompass 6,400 s/f are occupied by the Chinese-American Planning Council, a non-profit whose lease expires on December 31, 2018. Over the past year the building has undergone approximately $600,000 in capital improvements, including significant upgrades to the windows. R6/C1-3 zoning allows investors to convert a portion of the office space to residential units.

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GFI Realty Services has been named the exclusive sales agent for a development site on Brighton 4th Street in the Brooklyn’s Brighton Beach neighborhood. The property is being marketed by Erik Yankelovich and Yisroel Pershin, with pricing targeted at $4.425 million. The asset is an assemblage of four properties, plus additional air rights, that would allow for the construction of 25,572 s/f of space. With its location near the Brighton Beach Avenue and Ocean Parkway commercial corridors, the property is situated in a residential locale that has seen an influx of residents in recent years. The property is located within walking distance of the B and Q trains, and offers access to numerous national and local retailers.

SALES

CBRE announced the following sales:

• A 369,313 S/F industrial facility located at One Truman Drive South in Edison, New Jersey. The property was acquired by Liberty Property Trust for an undisclosed amount. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners represented the sellers, Cohen Asset Management, Inc. & J.P. Morgan Asset Management, during negotiations. CBRE executive vice president Thomas Monahan assisted with the sale. Built in 1978, this industrial facility features 24 ft. ceiling heights, 40 dock doors, six drive-in doors and an expansive paved parking area. The warehouse and distribution facility is 100 percent leased to Midwest Air Technologies, Inc.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented CapFor Westport, LLC, in the sale of 1365 Post Road East (Route 1) in Westport, Connecticut. The team was also responsible for procuring the purchaser. The 50,795 s/f grocery-anchored center situated on Route 1 is 95 percent leased and anchored by Balducci’s grocer, and Ulta, who is currently building out their space and expected to open in March.

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Marcus & Millichap announced the following sales:

• 414 Eagle Rock Avenue, a 60,000 s/f office building located in West Orange, NJ, sold for $8,825,000. Fahri Ozturk and Kim Kretowicz, investment sale specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The building was 92 percent occupied at the time of the sale, with a diversified tenant base including 6 medical tenants. The three-story and recently renovated, office building has a gross building area of 60,000 s/f and 53,895 rentable square feet. The building has recently been renovated with a new HVAC system, furniture, plaza, and newly designed common areas.

• 632 73rd Street, a 6-unit apartment property in Brooklyn, N.Y., sold for $1,230,000. John Brennan in the Brooklyn office represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Brennan. The price translates to over 17 times the gross rent roll.

• 7102 20th Avenue, a 5,400 s/f mixed-use property located in Brooklyn, sold for $2,200,000. John Brennan and Samuel Finkler represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team. The sale price equates to $393 psf. Two of the commercial units were delivered vacant, with one unit planning to be made into a mini-mart, and the other an executive office. The property was owned by the same family for over 30 years.

• 2505 Pitkin Avenue, a 24,000 s/f net-leased property located in Brooklyn, sold for $5,500,000. Jakub H. Nowak, Matthew Rosenzweig, Jim McGuckin, Jesse Kay and Thomas Brennan, represented the seller, a private investor. The property is leased to a daycare facility with a lease expiring within one year. The sale prices equates to $230 psf.

• 485-487 Tompkins Avenue, a 5,160 s/f mixed-use property located in Brooklyn, N.Y., sold for $2,090,000. Jakub H. Nowak and Jason Grunberg represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team. The $207 per buildable square foot sale price represents a price record for development sites within the Bedford Stuyvesant/Stuyvesant Heights Historical District.

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Friedman-Roth Realty Services announced the sale of a Bronx apartment building located at 710 East 235th Street. The six-story walk-up, located just off the corner of White Plains Road, features 35 residential units and encompasses 37,200 s/f. The building was constructed in 1928 and was sold for a price of $6,000,000. George Niblock represented the seller and the purchaser was procured by Joshua Banilivy.

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Trion Holdings has acquired 500 Mamaroneck Avenue, a 9,000s /f multi-tenanted retail property located in White Plains, NY. The purchaseprice was $5.15 million. Situated on the southeast corner of Mamaroneck Ave and Shapham Place, the property features 180 ft. of wraparound frontage near the Westchester and Galleria Mall. The property was purchased as part of a 1031 exchange in which three smaller properties were sold in Yonkers, at the end of 2017. The deals were put together by Dominick Milio, Senior Vice President of Acquisitions at Trion Holdings. RKF’s, Brian Segall brokered both sides of the transaction.

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HPNY has closed on the purchase of 1380 Dekalb Avenue in the Bushwick section of Brooklyn for $1,500,000. The property is located between Wilson and Myrtle Avenue. The 4-story walkup is built 6,500 s/f and consists of eight apartments. The building traded for around $250 per foot. The seller was long-term family ownership. The purchasing entity was 1380 Dekalb LLC. Ivan Hakimian and Rami Polinsky of HPNY were involved in the transaction.

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GFI Realty Services announced the sale of 3116 Clarendon Road, a development site in the Flatbush area of Brooklyn. Shawn Sadaghati brokered the sale to a local developer for $2.1 million. The site has approved plans for a nine-story, 17,892 s/f elevator building consisting of 22 rental apartments — 11 one-bedroom units and 11 two-bedroom units — as well as a 3,285 s/f community facility, and eight underground parking spaces. The site is near mass transit, shopping areas, and Brooklyn College.

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Five Point Real Estate announced the following sales:

• Two multi-family buildings in Rockville Centre, Long Island, sold for $16 million to Melville-based Fairfield Properties. 145 Maple Ave. and 91-99 Grand Ave., an 83-unit, two-building apartment, were sold by Suburban Associates at Grand and Maple LLC, a family developer that constructed the two buildings in the 1970s. Corey Gluckstal and Guy Canzoneri represented both the seller and buyer.

• A net-leased strip shopping center in downtown Patchogue, Long Island, sold for $7 million. The 8,332 s/f shopping center is located on 1.27 acres at 270 E. Main Street. Net leased to Checker’s, 7-Eleven and Bethpage Federal Credit Union, the proeprty was sold by 270 Main St. LLC to Giannone Spirito Plaza LLC. The transaction provides the buyer with a 6.3 percent cap rate. Corey Gluckstal and Guy Canzoneri represented both the seller, Capital Management, and the buyer.

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Fischer Commercial Real Estate Inc. announced the sale of a 2-story, 150,000 s/f industrial building on two acres at 150 Roosevelt Drive in Derby, CT. The sale price was $307,000. Alan M. Fischer, CCIM, SIOR, represented the seller and Cynthia Tsokalas represented the buyer. After a portion of the building is demolished to create better on-site parking, the New York-based buyer will relocate his aquarium business into the newly-renovated space and begin offering excess space for lease.

Angel Commercial announced the sale of 173 Main Street in Norwalk, CT, a 17,500 s/f retail/warehouse building, for $1,950,000. Lester Fradkoff, Senior Vice President, represented the seller, Brandman Realty LP, and Brett A. Sherman, CCIM, Senior Vice President, represented the buyer, Servpro. Servpro will be occupying the entire building and consolidating their Stamford and Bridgeport locations. Servpro is a franchiser of fire and water cleanup and restoration franchise.

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SVN | Realty Three Advisors LLC announced the sale of 205 Express Street, Plainview, NY, by 205 Express Street, LLC to Robert Anton and Arthur Cerrone, Jr. for $2,845,000. 205 Express Street is an occupied single tenant 20,200 s/f industrial building in the Plainview business park just south of the LIE and east of Sunnyside Blvd. The building is situated on 1.49 acres and was built in 1965 then later remodeled. It is fully sprinklered and equipped with heavy power, a dock, and a drive-in door. Lorraine O’Hara, Patricia Posillico and Aric Schachner of SVN | Realty Three Advisors represented the seller, with David Hunt of Hunt Corporate Services representing the buyer.

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HK Group brokers David Lindland, Franco Fellah and Matthew Keefe have completed the sale of the 201 Main Street property for $3,250,000. The seller was the estate of Anna Nappa. According to ownership, they purchased the property around 1964: at different points in time it was the home of Violet Antiques and Alfred Heckman Distributors. Eventually, was occupied from 1971 and up to about two years ago, by Nappa Sales, doing general glass and screen repairs, selling windows, doors and glass. The property contains 13 residential units and a retail store: the new owner, Belden Place, LLC, has plans to redevelop as a residential property with 14 apartments and a retail store: three of the apartments will be classified as affordable. The property features three separate buildings for about 10,050 s/f total, situated on approximately 0.39 acres zoned Restricted Business District.

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Sitar Realty Company announced the following real estate sales:

• A 28,700 s/f office building at 2310 Route 34, Manasquan, was purchased by 2310 Route 34 LLC from JC Real Estate LLC. The purchase price was $7,000,000. Robert JanTausch, Helena Loelius and Giorgio Vasilis were the salespeople in this transaction.

• The sale of a 22,500 s.f office building at 3455 Route 66, Neptune from Kongan, Inc. to 3455 Route 66 Associates, LLC. The sales price was $2,510,000. Ron Schrader Jr. and Douglas Sitar were the salespeople.

• The sale of 1.27 acres of land at 445 Shrewsbury Avenue, Shrewsbury from D Three, LLC to Gregory HAMW1. The sales price was $1,125,000. Robert JanTausch and Douglas Sitar were the salespeople in this transaction.

• A 3,600 sq. ft. mixed use building at 19 East Front Street, Red Bank from 19 East Front Street, Ltd to 19 East Front Street, LLC. The sales price was $565,000. Gregg Nowell and Robert JanTausch were the salespeople in this transaction.
• The sale of a 4,000 s/f office building at 409 North Avenue East, Cranford from National Loan Investors LP to 409 North Avenue E LLC. The sales price was $585,000. Brian Murphy was the salesperson.

• The sale of the former Subways, a 1,600 s/f retail building at 35 Route 35, Eatontown from Ralph Calabrese to Luciano Pardini. The sales price was $450,000. Joseph Allegro and Douglas Sitar were the salespeople in this transaction.

• The sale of a 3 acres of land at 875 Chamberlain Avenue, Perth Amboy from Neville Partnership, LLC to GGL Developers. The sales price was $440,000. Brian Murphy was the salesperson in this transaction.

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