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Deals & Dealmakers

ON THE SCENE: Pair of residential buildings in Prospect-Lefferts Gardens sell for $14.6 million; Hunts Point warehouse sells for $7.3 million

Rosewood Realty announced the following sales:

• J. Wasser & Company, a Brooklyn-based commercial real estate management and acquisitions firm, purchased two, five-story walk-up apartment buildings around the corner from each other with 64 apartments in the Fordham section of the Bronx for $10 million.Together the buildings at 2263 Morris Avenue and 2342 Ryer Avenue, total 46,370 square feet. The Morris Avenue building was built in 1925 and the Ryer Avenue building was built in 1916. Combined, they sold for 11 times the current annual rent roll at a 5.5 percent cap rate. Rosewood Realty Group’s Aaron Jungreis represented the buye and the seller, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

• Two contiguous four-story walk-ups with 59 apartments in Prospect-Lefferts Gardens sold for $14.6 million. The buildings, at 558-566 Parkside Avenue (between Bedford and Rogers Avenues) total 57,600 square feet, and sold for 14.35 times the annual rent roll, with a cap rate of 4.5 percent. One building is entered from the street and the other through a courtyard. One building (#558) was built in 1917 and (#566) was built in 1931. Rosewood Realty Group’s Michael Guttman represented the buyer, 558-566 Parkside LLC and Aaron Jungreis represented the seller, 566 Parkside LLC.


Cushman & Wakefield arranged the sale of 30-70 Steinway Street, a retail building in Astoria, Queens. The final closing price was $2.95 million. Stephen R. Preuss and Thomas Donovan represented the seller, Schwab Realty, LLC, in the transaction. The 3,375 s/f, 37.5 ft. wide retail building features one-story, plus a basement. The property is currently leased to Payless ShoeSource until June 2018. Located on the west side of Steinway Street between 30thand 31st Avenues, the property is near an abundance of national retailers and offers access to the M, R, N and W subway lines and multiple bus stops. The building was purchased by Malachite Services, LLC.


Eastern Consolidated announced the sale of a 7,500 s/f retail property leased to Planet Fitness at 441 Rockaway Avenue in the Brownsville section of Brooklyn. The off-market sale closed at $7.65 million, which translates to a record-breaking $1,020 psf at grade. Ilya Gamer, an off-market specialist at Eastern Consolidated, arranged the transaction. The seller was Crown Acquisitions, whose in-house representative, Isaac Mograby, facilitated the negotiations. Alexandra Rossland, sales manager, represented the buyer, a private investor. The buyer utilized a 1031 exchange to purchase 441 Rockaway Avenue.


EPIC Commercial Realty announced the sale of 227-233 9th Street, four contiguous parcels comprising a large development site in Gowanus, Brooklyn for $7,485,000. Vlora Sejdi represented both the seller and the buyer. Located between 3rd Avenue and 4th Avenue, each of the four lots contains a 2-story plus basement residential building. With the existing buildings delivered vacant, the property offers an opportunity for a residential development site. EPIC sold 231 9th Street to the same buyer creating a site site that has 100 ft. of frontage and 33,664 s/f of total air rights.


Highcap Group announced the following sales:

• 195 Johnson Avenue in the Williamsburg section of Brooklyn, is a mixed use building containing 6 apartments and 1 store. The $2,850,000 sales price equates to $570 psf and was delivered primarily vacant. Daniel Hakimian represented both the buyer and seller in the off-market transaction.

• 307 East 162nd Street is a vacant three-family home ready for repositioning in an up and coming section of the Bronx. The property traded for $660,000 or $199 psf. Daniel Hakimian represented both the buyer and seller in the off-market transaction.


Marcus & Millichap announced the following sales:

• 590 Leonard Street, a 6-unit apartment property located in Brooklyn, N.Y sold for $2,890,000. Shaun Riney, Michael Salvatico, Matthew Steinberg of Marcus & Millichap’s Brooklyn office, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

• 1084 Decatur Street, a 9,900-square foot net-leased property located in Brooklyn, N.Y. sold for $1,700,000. Jakub H. Nowak, Jim McGuckin and Thomas Brennan in Marcus & Millichap’s Brooklyn office, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

• 307 Albany Avenue, a 4-unit apartment property in Brooklyn, sold for $1,325,000. Eric Eckhardt and Steve Prongay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.

• 820-836 Glenmore Avenue, a 15,000-square foot net-leased property located in East New York sold for $2,925,000. Jakub H. Nowak, Jim McGuckin and Thomas Brennan, represented the seller, a private investor, and the buyer, a private investor. The buyer offered the seller an extended closing time frame to complete a 1031 exchange.


TerraCRG closed the sale of 7001 Third Avenue in Bay Ridge, Brooklyn. The renovated, mixed-use property on the corner of a major retail corridor was sold for $3,075,000 in a deal brokered by Peter Matheos and Dave Algarin. The sale price equates to $630 psf. The property contains approximately 4,973 s/f and consists of two three-bedroom plus office apartments, one commercial unit and a full basement. The building has gone through an extensive renovation, including a structurally reinforced stairwell, a complete gut renovation of the second-floor apartment, a full upgrade of the third-floor bathroom, new electrical and intercom systems throughout, and a renovated lobby. The retail space is currently occupied by The Brooklyn Firefly, a restaurant, bar and arts venue. The restaurant has 1,600 s/f of outdoor seating.


LichtensteinRE announced the sale of an industrial manufacturing refrigerated and freezer distribution warehouse located at 1123 Worthen Street in Hunts Point, South Bronx. The property was sold for $7,325,000. Food distributor Gourmet Guru previousy occupied the property and invested in state-of-the-art upgrades. The company was purchased by UNFI United Natural Foods Inc. without the real estate and UNFI leased back the entire property until mid 2017. Andrew Lichtenstein brokered the sale of the property, which was delivered vacant, to The Wonderful Company, a grower and distributor of brands including POM Wonderful Pomegranate Juice, Wonderful Pistachios. Wonderful Company shall utilize the building partially to house their products and lease out the balance. Lichtenstein has arranged to lease out a large part of the remaining refrigerator and freezer space. The sale price represented a $512 psf and a Cap rate from the prior UNFI tenant of around 4.47%. The property is located in an Economic Empowerment Zone which provides employers low interest loan, tax credits, reduced/exempt real estate taxes, discounts on Con Ed gas and electric utility rates, savings on mortgage recording tax and construction exemption sales tax.


NAI James E. Hanson announced the following sales:

• The Plaza at Mountain Lakes, an 11,000 s/foffice building at 60 Midvale Road in Mountain Lakes, N.J. eas sold by 60 Midvale, LLC. Andrew Kirshenbaum, Barry Meyer, Arthur Hixson, Josh Levering, SIOR and Nicholas DePaolera worked on behalf of seller. The buyer, Giovanna Levato, was represented by the Law Offices of Antonietta L. Milelli, LLC. The Plaza at Mountain Lakes is a two-story, 11,000 s/f multi-tenant office building with parking and flexible zoning allowing for both office and retail uses.

• A 20,095 s/f industrial building located at 17 Camptown Road in Irvington, N.J. Barry Cohorsky, SIOR, represented the buyer, Total Relocation Services, LLC. Todd Smith, principal of the Acclaim Group represented the seller. Constructed in 1982, 17 Camptown Road is a 20,095 s/f single-story warehouse with 22 ft. ceilings, two loading docks and one drive-in. Relocating from Staten Island, New York, Total Relocation Services was searching for a suitable industrial space that provided them with accessibility to current clients and employees located near Staten Island as well as new clients.

• A 2,610 s/f medical office at 160 Overlook Avenue, Suite 1A in Hackensack, N.J. Randy Horning, MSRE, and Darren Lizzack, MSRE, represented the seller, R.A.F. Realty of Hackensack, LLC. The buyer was Genesis Pain Management. 160 Overlook Avenue is a 25-story, 153,045 s/f residential building with a 2,610 s/f medical office unit on the ground floor. The building is located two blocks away from Hackensack University Medical Center, one of northern New Jersey’s premier hospitals. Genesis Pain Management had been leasing in Teaneck and was looking to purchase a space to enable them to serve more patients in a convenient location.

• A 15,700 s/f industrial/flex building located at 20 Bushes Lane in Elmwood Park, N.J. Joshua Levering, SIOR, and Nicholas DePaolera represented the seller, RN Foster Associates LLC. The buyer, 20 Bushes Lane, LLC was represented by NAI James E. Hanson’s Andrew Somple, SIOR. The sale of 20 Bushes Lane is the latest deal negotiated by NAI James E. Hanson on behalf of RN Foster Associates. Most recently, the brokerage team negotiated a deal to sell 10 Bushes Lane, a 9,963 s/f industrial building. Completely renovated in 2015, 20 Bushes Lane is a first-class flex building with air-conditioning, two loading docks, and parking. The building is located with immediate access to I-80 and the Garden State Parkway. The buyer will use the facility to manufacture valves and regulators.


Holliday Fenoglio Fowler announced the sale of Oak Park Commons, a 137,000 s/f grocery-anchored shopping center in South Plainfield, New Jersey. The HFF team represented the seller and procured the buyer. Oak Park Commons is situated on just over 16 acres at 901-913 Oak Tree Road in the northwestern section of Middlesex County, approximately 22 miles southwest of Manhattan. The center has an average daily traffic count of 20,000 vehicles and a population and average household income of more than 111,000 and $131,157 respectively within a three mile radius. Originally built in 1998, the seven-building, ACME-anchored center is 98 percent leased to tenants including CVS, Advance Auto Parts, Dollar Tree, Goodyear Tires, Fitness 19, McDonald’s and Wells Fargo Bank. The HFF investment advisory team representing the seller included Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Jordan Avanzato.

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