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Deals & Dealmakers

ON THE SCENE: Shelter Island Victorian cottages asking $9M; Jamaica condo building sells for $6.7M

AGENTS

Cushman & Wakefield announced the following exclusive assignments:

• The sale of The Chequit Inn among Shelter Island’s Victorian cottages. The 18,726 s/f property consists of three separate structures located at 23 Grand Avenue, 6 Washington Street and 9 Washington Street in Shelter Island, Suffolk County, NY. The asking price is $9,000,000. Senior Managing Director Guthrie Garvin along with Michael Gembecki and Alexander Ball are marketing the property on behalf of the seller. The team his marketing Claudio’s Restaurant located across the harbor on the North Fork. Originally built in 1872, the three historic structures of The Chequit Inn have been recently renovated with original antiques and fashionable design. With water views, The Chequit Inn contains 37 rooms with 10 unique variations, as well as event and meeting space, hardwood floors, ample parking and grounds with room for pool expansion or potential residential conversion. The main building on the property totals 12,120 square feet with over 19 rooms, a 3,500 s/f bar/restaurant, and 1,800 s/f of outdoor space. The second structure known as the Cottage House is a 5,406 s/f building encompassing 11 rooms, and the third building, the Summer House, is the smallest totaling 1,200 s/f with just six rooms. The Chequit Inn was ranked fourth in the United States in Conde Nast Traveler’s Hot List.

• The sale of a fully-renovated office building at 63-44 Austin Street in Rego Park, Queens. The asking price is $8,250,000. Vice Chairman Thomas Donovan, Tommy Lin, Eugene Kim and Robert A. Rappa will be leading the marketing efforts. The single-story, 16,900s/f office building is currently occupied by the Social Security Administration. Recently, the property underwent a $2 million renovation where the tenant is responsible for $1.5 million, and the remaining cost is paid in monthly installments over the remaining 2 years at seven percent interest.

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The New York capital markets group for Avison Young has been named exclusive agent for the sale of a ground-floor commercial/retail condominium located in the base of 165 Charles Street, a 16-story residential building in the West Village Avison Young will market the property on behalf of the condominium unit’s owner 410 West LLC. Neil Helman, Charles Kingsley, Vincent Carrega and Jon Epstein, will market the 1,658 s/f unit. The new owner will have access and use of a plaza surrounding the unit on three sides, making it an ideal space for outdoor seating or for use as an art gallery sculpture garden. Designed by architect Richard Meier, the 165 Charles Street residential building was built in 2005 and is widely considered a downtown New York architectural masterpiece. Although the space is being offered for sale as leased, full possession of the property can also be arranged for a potential owner occupant.

SALES

The Corbin Group at Besen & Associates announced the sale of 90-34 171st Street. The 15,000 s/f seven-story luxury condo building consists of 18 units with terraces plus nine parking spaces Construction was completed in 2017. Units are individually metered and tenants pay heat and hot water. The property is located between 90th Avenue and Jamaica Avenue in the Jamaica section of Queens. The property was sold for $6,780,000 by Greg Corbin, Aaron Kline and Robert Koda. The sale price equates to $452 per square foot, $376,666 per unit, 15.7 GRM and projected Cap Rate of 4.9 percent.

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GFI Realty Services announced the $3.3 million sale of 1322 Cortelyou Road, an 8,253 S/F mixed-use property in Ditmas Park, Brooklyn. The four-story building is comprised of six apartments and two ground-floor retail spaces. Senior director Erik Yankelovich represented the seller in the transaction, and Ohad Babo represented the buyer. Both the buyer and seller are local investors. The building’s residential component includes six three-bedroom apartments, all of which are rent stabilized. The ground-floor retail, which comprises a total of 2,000 s/, is fully occupied by a major medical tenant.

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Marcus & Millichap announced the sale of the 52,752 s/f neighborhood shopping center in East Haven, Connecticut. The center sold for $5,225,000, which equates to approximately $100 per square foot. Mark Krantz, associate, Mark Taylor, senior managing director investments, and Derrick Dougherty, first vice president investments, all in the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based development company. An out-of-state buyer purchased the property located 75 Frontage Road. The center is 93 percent occupied, anchored by AutoZone and shadow anchored by Home Depot.

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Gary Pezza, Senior Director of NAI Long Island, represented both the buyer and seller in the sale of 100 Partridge Lane, also known as Park Avenue Tennis Club, in Huntington, New York. Michael & Deborah Bustamante owned and operated Park Avenue Tennis Club for 25 years, keeping the 30,000 s/f facility on 2.5 acres with four indoor tennis courts in immaculate condition. The Bustamantes decided to sell their club to Phil & Karen Cadorette of Peyton Capital Partners, LLC, who purchased the property for $3,200,000. The Cadorettes will continue the legacy of Park Avenue Tennis Club.

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Gebroe-Hammer Associates arranged the $7.75 million sale of 50 multi-family units at 82 Contant Ave., in the borough of Lodi, NJ. The brokerage team of Greg Pine and Debbie Pomerantz exclusively represented the seller, Arthur Holding Co., LLC, and procured the buyer, a private investor. The two-story, three-building apartment complex occupies 0.39 acres approximately 325 feet from the State Route 46 East and Contant Avenue exit. Built in 1966, The 82 Contant Ave. complex features 48 one-bedroom and two two-bedroom layouts within Lodi’s most expensive neighborhood of Bel Vista/Dell Glenn. On-site amenities and services include laundry facilities and parking.

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Hunt Corporate Services, Inc. announced the following sales:

• Anton-Cerrone Associates has purchased the 20,200 s/f industrial building located at 205 Express Street, Plainview. Aric Schachner of Sperry Van Ness Realty represented the seller. David G. Hunt represented the buyer in the transaction. The flex building is located immediately off the Long Island Expressway on 1.49 acres. Anton-Cerrone has a portfolio of more than 700,000 s/f of industrial space throughout Nassau and Suffolk Counties. Anton-Cerrone plans a complete renovation of the exterior and interior of the building, and it will be available for new tenancy by the end of this year.

• Stone Future has purchased a 5,300 s/f industrial building at 3064 Lawson Boulevard, Oceanside. John Hoblin of Hunt represented the seller, Russco Properties, LLC in the transaction. Amanda Yan and Dana Guo of KW Gold Coast represented the buyer. oblin originally sold the building to Russco in 1994. Stone Future is relocating from Queens, NY.

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NAI James E. Hanson announced the sale of two professional office condos totaling 1,510 s/f at 88 Bartley Flanders Road, Suites 101 and 108 in Flanders, N.J. Joseph Vindigni represented both the seller, William J. Habermann, and the buyer, Kiam & Abraham, LLC, in the transaction. 88 Bartley Flanders Road is a 5,600 s/f professional condo office building. The property is centrally located amongst a wide variety of retailers and provides easy access to Routes 10, 46 and 206, as well as Interstates 80 and 280. The buyer, Kiam & Abraham, LLC, a boutique law firm, plans to use Suite 108, a 760 s/f space featuring a large reception area and two private offices, to operate its law firm. The second condo, Suite 100 is a 760 s/f space that will continue to be leased to an accounting firm and utilized as an investment property by the buyer.
Paragon Realty Group LLC announced the acquisition of Barrington Plaza, a 131,000 s/fgrocery-anchored community shopping center located in Great Barrington, Massachusetts. The shopping center is located on tRoute 7 in the heart of the affluent Berkshires resort area in western Massachusetts, approximately two hours from both New York City and Boston. A 44,667 s/f Price Chopper supermarket and new 24,141 s/f Marshalls co-anchor this area’s dominant shopping center. John Nelson, president and CEO of Paragon said, Paragon purchased the property from an affiliate of Kimco Realty Corporation. JLL’s Nat Heald and Chris Angelone brokered the sale.

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GHP Office Realty closed on the sale of a 52,500 s/f one story office and flex building located at 131 Danbury Road in Wilton CT for $9,225,000. Most of the building is occupied by Omnicom Group, Inc and the rest is occupied by the northeastern headquarters of Enterprise Rent a Car. Omnicom (OMC) is a long-time tenant and one of the world’s largest global marketing and corporate communications companies. Omnicom recently entered into a long-term lease renewal and has invested several millions of dollars upgrading their space. The property was purchased by a Westchester County based real estate holding company and the purchase completed a 1031 Tax free exchange for the group. The Seller was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP and title was arranged by Jim Maloney of The Great American Title Company. The Purchaser was represented by Bill Anson of RM Friedland.

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