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Deals & Dealmakers

ON THE SCENE: A look at last weeks middle market sales and exclsuives


Ten-X Commercial announced it has been retained by that Delshah Capital to sell a fully occupied 2,013 s/f retail condominium in SoHo. The condo is triple-net-leased to Shamballa Jewels, a Denmark-based jeweler that is renowned for its client base of global celebrities and royalty. Shamballa’s lease runs through 2027. Located at 170 Mercer Street, the asset will present buyers with the opportunity to purchase cash-flowing real estate in one of New York’s most prestigious shopping areas, just steps away from marquee retailers, including Versace and the Apple store. The property is located between Houston and Prince Streets, with 23 feet of frontage on Mercer Street.


Cushman & Wakefield announced the following exclsuive assignments:
• The sale of an 18 foot wide, 6,042 s/f Renaissance Revival townhouse located at 106 West 80th Street on the Upper West Side. The asking price is $5,750,000. Hall Oster, Paul Smadbeck, Teddy Galligan, Conrad Martin, Bryan Smadbeck and Tim O’ Brien, will represent the seller. 106 West 80th Street contains nine apartments, with five free-market units and four rent-stabilized units. The free-market units were recently renovated and are achieving an average rent of approximately $3,559 per month. The rent-stabilized units are renting for an average of approximately $1,452 per month. The units consist of three duplexes, one three-bedroom floor-through, two one-bedrooms and three studios.
GFI Realty Services announced the following exclusive assignments:
• The sale of 2802 Clarendon Road (301-311 East 28th Street), a corner four-story walk-up, 38-unit multifamily property located in the Flatbush section of Brooklyn. Senior Director Shlomo Antebi will oversee the marketing of the property, with pricing targeted at $7.5 million. Constructed in 1931, the 32,800 s/f property features a mix of 25 one-bedroom units, 12 two-bedroom units, and a single three-bedroom unit. The property has been under the same ownership for over 30 years.


• The sale of a free-standing 9,464 s/f Family Dollar-occupied retail property in Mount Vernon, NY. The property, which underwent significant renovations in 2015, occupies a 0.33-acre lot on West Lincoln Avenue in the city’s Downtown Business District. Family Dollar, an investment-grade tenant, has seven years remaining on its double-net lease, and also holds two five-year renewal options. Yisroel Pershin will lead the property’s marketing efforts, with pricing targeted at approximately $3.2 million.
Greysteel has been named exclusive advisor and agent for the sale of Ontario Village, a 206-unit multifamily property located in Watertown, New York. President & CEO Ari Firoozabadi, Ari Azarbarzin and Ken Hobson are marketing the property on behalf of the owner. Built in 1986, the 206-unit Property consists of all two-bedroom, two-bathroom units across the 26 building complex. Units have updated appliances, new carpeting, large closet and storage areas and private balcony/patio. Exterior amenities include on-site management, 24-hour emergency maintenance, designated parking, fitness center and landscaping. Ontario Village is located at 1269 Coffeen Street in Watertown, just off the main highway intersection and minutes from Fort Drum military base.
TerraCRG has been retained to represent ownership in the sale of a two-building, 47 unit portfolio at 110 Wyona Street and 50 Vermont Street in the Cypress Hills neighborhood of Brooklyn. The properties are located within one and a half blocks of each other, making management easy and more cost effective. The combined portfolio consists of 35,355 s/f, 47 units, and two cell towers. The properties are priced at $209,000 per unit, $290 psf, and 12 time gross rent multiple with an in-place 5.3 percent cap rate. Fred Bijou is handling the assignment. At 50 Vermont Street, the full electrical system was redone in 2009, all windows were recently replaced, and an energy-efficient heating control system was installed. The restaurant space was also gut-renovated and is home to Bonao Grill, which offers a trendy, upscale eatery to the neighborhood. The façade at 110 Wyona Street was repointed this year.
The Corbin Group at Besen & Associates is marketing The Galleum, a renovated five story elevator building on the north side of 60th Street between Third & Second Avenues in the Midtown East Decoration & Design District. It will be delivered vacant, and features retail, office, two floor-through apartments, a roof deck that provides 360 degree panoramic NYC views, and a large private garden. Asking price is $8,875,000.


The CPEX Multi-Family Sales Team has sold a rent-stabilized six-family walk-up building, located at 247 60th Street in Sunset Park, for $1,370,000. The sale price amounts to $293 per square foot or a 3.74% capitalization rate, which is approximately 1.25 percentage points lower than the average cap rate for similar six-family sales in the area. Stephen Safina, Managing Director of CPEX Multi-Family Sales, and Associate Directors Thomas Ryan and Alyona Chystyakova represented the seller and procured the buyer.
Cushman & Wakefield announced the following sales:


• 43-05 35th Street, a two-story warehouse that will be delivered vacant, located in Long Island City. The final closing price was $5.1 million, equating $526 per square foot, a record price per square foot for this type of industrial property. A team consisting of Stephen R. Preuss and Andreas Efthymiou led the marketing efforts alongside Greiner-Maltz on behalf of the seller, Ehrenbell Realty Corp. The property was purchased by Skytron Holdings, LLC. 43-05 35th Street is an 9,700 s/f two-story warehouse located on an 8,500 square-foot lot. The building is made up of warehouse, office and mezzanine space, and features a conference room on the first floor, 19 ft. ceiling heights and two roll-up gates. The lot also features up to a maximum 55,250 buildable square-feet.
EMH Commercial Realty announced the sale of 89 North 4th St, a redevelopment site in Williamsburg. Yona and Baruch Edelkopf represented the buyer. Justin Zeitchik from Bestreich Realty Group represented the seller. The property is located midblock between Berry Street and Wythe Avenue and is walking distance to Domino Park. The lot features 25 ft. of frontage on North 4th and a total of 7,500 s/f of air rights that can be utilized to build a mixed-use building. The buyer filed permits to add three floors for residential use and maintain the first floor for commercial use on the bustling North 4th retail corridor.
Laurence Ross, Co-Founder and Principal of Highcap Group, announced the $6,650,000 sale of 41 unsold sponsor owned co-op units located at 4202 and 4204 Layton Street in Elmhurst, NY, at the southeast corner of Braxton Avenue. The apartments are part of an 89-unit elevator apartment building built in 1926 and held by ownership for close to 40 years. Located on a residential block directly facing Elmhurst NYC Health & Care Hospital, it is within walking distance to major subways and the main retail hub, on the border of Jackson Heights. The sale price equates to $162,000 per unit, just under a 4 percent capitalization rate.
The Hampshire Companies announced the sale of 16 Law Drive, a 71,048 s/f industrial building in Fairfield, N.J. to MOP Realty LLC c/o JEEN International. Located on 6.44 acres directly off Route 46, 16 Law Drive features 65,893 s/f of warehouse space and 5,155 s/f of office space. Additionally, the building offers 16.2 ft. clear ceilings, two loading docks, two drive-in doors, 102 parking spaces and new lighting. Operating for over 20 years, JEEN International is a technical marketer and manufacturer of cosmetic ingredients for cosmetics and


personal care markets. Continued strong growth at the company necessitated the addition of a second warehousing and office space to join their existing headquarters at 24 Madison Road in Fairfield, N.J. Chad Hillyer and Jenna Imperatore of Jones Lang LaSalle represented The Hampshire Companies in the transaction.
Hunt senior managing director Andy Dorman brokered in the sale of a 12,000 s/f warehouse at 28 New York Avenue in Westbury, CT. The building was purchased by Tishcon Corporation, a firm that manufactures and markets vitamins and health products. The property was sold by 28 NY Avenue Westbury LLC. The sale price was $2,700,000. Built in the late 1950s, 28 NY Avenue is a brick-and-block warehouse that has undergone multiple renovations and was in good condition at the time of sale.

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