Real Estate Weekly
Image default
Deals & Dealmakers

ON THE SCENE: Tribeca office building sells for $8.7M; Astoria development site snapped up for $4.3 million

AGENTS

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of two prime office/flex buildings located in Woodbury, New York. The firm is currently taking offers for both properties. Thomas A. Donovan, Benjamin Efraimov and Tommy Lin will be leading the marketing efforts on behalf of the seller. Located in the center of the Crossways Park Drive Office Park, the properties are close to many major roads and highways, including the Long Island Expressway, Jericho Turnpike, Seaford-Oyster Bay Expressway, and the Northern State Parkway. The first property, located at 150-170 Crossways Park Drive, is a 100 percent leased, 41,000 s/f building with diversified, long-term tenancy. The second, located at 240 Crossways Park Drive West, is a corner lot improved by a 26,000 s/f building with 545 feet of frontage, allowing for signage opportunities.

•••

Rudder Property Group offering an office cooperative for sale at 450 West 31st Street, between Tenth and Dyer Avenues. the offering comprises the entire 12th floor totaling 9,360 s/f with a 2,390 s/f penthouse and 4,750 s/f terrace. The asking price is $9,900,000. The wraparound terrace offers views of the Hudson Yards. Ceilings are high and large windows flood the space with natural light. Steps from the Highline entrance, cultural institutions, residential development, open green space and retail. The building has recently undergone a fully-funded capital improvement program, including new elevators.

SALES

Cushman & Wakefield announced the following sales:

• 272-274 Canal Street, a 6,600 s/f office conversion opportunity in Manhattan’s TriBeCa neighborhood. The final closing price was $8.7 million. Will Suarez, Maurice Suede and Sean Rucker represented the seller. The development site offers a 4-story vacant loft building on the corner of Canal Street and Cortlandt Alley. The existing building is positioned for a boutique office with prime retail space that has 89 feet of wrap-around frontage. The property is designated for M1-5 zoning and offers 8,955-buildable-square-feet.

• 50-52 Laight Street, a 3,919 s/f ground floor commercial condo in TriBeCa sold for $3.2 million. Will Suarez, Maurice Suede and Sean Rucker represented. 50-52 Laight Street will be delivered vacant, in white box condition. The property features approximately 35 ft. of frontage along Laight Street and 14 ft. ceilings, in addition to a sprinkler system, HVAC and ADA compliant bathrooms.

• Claudio’s Restaurant, a retail complex located at 111 Main St, Greenport, NY. Guthrie Garvin, Michael Gembecki and Alexander Ball represented the seller, The Claudio Family. The team is also marketing the nearby Chequit Inn, a boutique hotel located in Shelter Island. The complex consists of three restaurants, including Claudio’s, Claudio’s Clam Bar and Crabby Jerry’s. It includes two deep water docks, 2.16 developable acres, and 1,600 ft. of bulkheading. Claudio’s is the oldest family-owned restaurant in the U.S., and has been a landmark dining destination since 1870. The site is a two-hour drive from New York City and is adjacent to Mitchell Park & Marina, which houses a vintage Jess Owen Carousel House and a 62-slip marina.

•••

EMH Commercial Realty announced that Heshie Goldfein and Sadya Liberow have completed the sale of an assemblage of four properties on New York Ave in the East Flatbush neighborhood of Brooklyn. The properties represent a total of 160ft of frontage on New York Ave between Glendwood Rd and Ave H with total residential development rights of 49,200 s/f. The blended price per buildable square foot was $94. Each property was sold separately. Goldfein and Liberow closed 1610 New York Avenue for $1,050,000; 1620 New York was sold for $1,300,000; 1626 New York was sold for $870,000. The buyer also purchased 1622 New York Avenue for $1,400,000.

•••

GFI Realty Services announced the following sales:

• The $4.31 million sale of 662 Madison Street, a gut-renovated nine-unit apartment building in Bedford-Stuyvesant. Zachary Fuchs represented both the buyer, The Oved Group, and the seller, Mendel Gold, in the transaction. The 10,160 s/f building is composed of six four-bedroom units and three five-bedroom units, all of which have two bathrooms.

• The $1.75 million sale of 196 Russell Street, a three-unit multifamily building located in the Greenpoint section of Brooklyn. The property, which was constructed in 1910, totals 3,135 s/f. Sasha Berg represented both the buyer and the seller in the transaction. The buyer will be living in one of the units, but he plans to rehabilitate the entire building and lease out the other apartments at market rates.

• The $4.3 million sale of 21-01 21st Street, a 24,000 s/f development site in the Astoria section of Queens. Josh Orlander represented the seller, and Joseph Landau represented the buyer. Both the buyer and seller are local investors. The parcel is zoned R5B with a maximum allowable floor ratio of 2.0, allowing for 14,000 s/f of residential development and 10,000 s/f of ground-floor retail.

•••

RHYS announced the following sales:

• The $5.075 million sale of 1 Eliot Place, a 25,000 s/f three-story office building in Fairfield, Connecticut. The fully-leased building, constructed in 1985, sold to Rockwest Real Estate Partners, a New York area based real estate investment and management company. The seller was FNL Enterprises Inc. Alex Haendler, Ted Grogan and Greg Romano were the sole brokers. The building’s largest tenant is currently one of Northwest Mutual Insurance Company’s best performing offices.

• The $4.35 million sale of 59 Danbury Road in Wilton, Connecticut. The 32,270 s/f multi-use building is presently fully leased to two tenants, ASML, one of the world’s leading manufacturers of chip-making semi-conductor equipment listed on the NASDAQ, which has their headquarters building adjacent to 59 Danbury Road and Building Blocks Learning Center, an early childhood learning center with multiple locations throughout the area. Cory Gubner, Christian Bangert and Alex Haendler were the sole brokers on the transaction. The seller was New York City based Caroline APTS Co. and the buyer was New England Investment Partners, a private real estate investment group with offices in Stamford and Chelsea, Massachusetts.

• The $2.1 million sale of 36 Atlantic Street, a 12,150 s/f three-story mixed-use building in downtown Stamford. The first floor retail space houses Sport Scape, a footwear and apparel store that has been in downtown Stamford, Connecticut for over a decade. Greg Romano, Ted Grogan and Alex Haendler were the sole brokers. The seller was Jole Realty and the buyer was a local investor.

•••

Ariel Property Advisors has facilitated the sale of 523 West 135th Street, a multifamily building in Hamilton Heights. The five-story, 21-unit property sold for $7.2 million. This represents $525 per square foot and $343,000 per unit. The walk-up building, which spans 13,770 square feet, is located on the north side of West 135th Street between Amsterdam and Broadway. Victor Sozio, Shimon Shkury, Michael A. Tortorici, Matthew L. Gillis, and Orry Michael represented the seller and procured the buyer. The property is situated two blocks from the 1 subway train.

•••

Rosewood Realty Group announced the sale of a Harlem apartment building on West 134th between Amsterdam Avenue and Broadway for $5.95 million. A private investor bought the 20-unit, five-story Harlem walk-up, built around 1905. Fourteen of the apartments are rent-stabilized and six are market rate. The 13,040 s/f building sold for 14 times the rent roll, with a cap rate of five percent. Aaron Jungreis and Ben Khakshoor represented both the buyer and the seller, CRP 507 West 134th Annex and CRP 507 West 134th.

•••

Marcus & Millichap announced the following sales:

• 561 Manhattan Avenue, a 5,651 s/f mixed-use property in Brooklyn sold for $4,450,000. Shaun Riney, Michael Salvatico and Matthew Steinberg, represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.

• 284 Prospect Park West, a 6,318 s/f mixed-use property in Brooklyn, N.Y., sold for $2,950,000. Shaun Riney, Michael Salvatico, and Jonathan Cypers of Marcus & Millichap’s Brooklyn office, Preet Sabharwal, Daniel Corcoran of Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Shaun Riney, Michael Salvatico and Jonathan Cypers. The location, loft style layout and 18 ft. ceilings provided the buyer a strong opportunity to secure unique commercial and office tenants right away.

(Visited 1 times, 1 visits today)

Related posts

RFR leases 22,000 s/f at 477 Madison

REW

Devli acquires 460,000 s/f PA industrial property

REW

Wharton acquires 7-property PA industrial portfolio

REW