AGENTS
Sholom & Zuckerbrot Realty LLC has been appointed exclusive leasing agent for three contiguous industrial buildings in Long Island City, totaling 101,000 s/f. The leasing team will consist of
S&Z partners John G.J. Ritter and Lawrence T. Smith, and leasing and sales associate Michael E. Deutsch. The three properties, formerly occupied by Linear Lighting, are situated a few blocks from the Van Dam Street entrance to the L.I.E. and the Midtown Tunnel. The properties (all zoned M2-1) are:
• 49-33 31st Place, a one-story building with 50,000 square feet, three loading docks and one drive-in, ceiling heights ranging from 16 to 21 feet, and column spacing of 42 by 36 feet. The building also features rooftop solar panels.
• 31-35 Borden Avenue, offering 29,000 s/f on two floors, with two drive-in doors, a ceiling height of 17 feet, and 50-by-30-foot column spacing.
• 31-30 Hunters Point Avenue, a one-story structure totaling 22,000 square feet, including a 4,000 s/f mezzanine, with two drive-in doors, a 16-foot-high ceiling, and column spacing of 25 by 30 feet.
SALES
Alpha Realty announced the sale of 735 East 182nd Street and 833 Longfellow Ave in the Bronx totaling $9,600,000. Lev Mavashev and senior associate Scott Schwartz handled the off-market transactions.
• 833 Longfellow Street, a 26-unit walk-up building in the Hunts Point section, sold for $5,875,000 achieving 12 times gross rent multiple and 6.5 percent cap rate.
• While 735 East 182nd Street, a 21-unit walk-up building in the Belmont section, sold for $3,700,000 achieving a 10.5 times gross rent multi and 6.2 percent cap rate .
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Ariel Property Advisors facilitated the sale of a development site package and a multifamily building in Greenpoint and Bushwick. The assets, located at 167-169 Eagle Street and 304 Saint Nicholas Avenue, sold for a collective $5.06 million.
• 167-169 Eagle Street is a pair of adjacent, vacant residential buildings located in Greenpoint. The properties sold for $3.751 million, translating into a$375 per buildable square foot. Zoned R6B, the site’s 2.0 floor area ratio allows 10,000 buildable square feet, as-of-right, for residential use. Exclusive agents Daniel Tropp and Michael A. Tortorici procured the buyer.
• 304 Saint Nicholas Avenue is a six-unit Bushwick building, situated between Linden Street and Gates Avenue. It sold for $1.31 million. Spanning 5,670 s/f and measuring 27 by 70 ft. on a 27 by 100 ft. lot, the property is in close proximity to a host of amenities, with Starbucks, June Bar, L’imprimerie, and Maria Hernandez Park among the many neighborhood attractions. Daniel Tropp, Jonathan Berman and Alexander McGee, represented the owner and secured the buyer.
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Capital Property Partners announced the sale of 340 Walton Avenue in the Mott Haven section of the Bronx. The 9,335 s/f, two-story commercial building sold for $4,900,000. Built in 1931, the property was sold by Societe D’Exploitation Agricole C-I, LLC. The purchaser was Casablanca Property Owner LLC. Nir Mor, Capital Property Partners, represented the buyer. Michael Saidian, Capital Property Partners, and Donna Fakiris, Pomme Group Real Estate represented the seller. Formerly the Casa Blanca Restaurant and Lounge, the property offers 60,000 s/f of air rights for future development. It was delivered vacant.
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Devli Group has purchased 150 Mt Bethel Road in Warren, NJ, a 121,954 s/f, 15.7 acre property consisting of two flex buildings, from Hampshire Companies. The property benefits from approved plans to develop an additional 46,000 s/f building as well as access to I-78 and I-287. The buildings feature flex industrial space with 26 ft. clear ceiling heights, nine loading docks and 355 parking spaces. Erol Devli, founder and CEO, Devli Group, made the announcement. Andrew Schwartz, Andrew Merin and Ryan Larkin of Cushman & Wakefield represented the buyer and the seller in the transaction.
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Space Craft Holdings, Inc., a manufacturer of precision-machined parts for aircraft, gas turbine engines and airframes, has sold its 27,238 s/f property on 2.3 acres at 300 East Street, New Haven, CT, to 300 East Street, LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers. The purchase price was $1,500,000. Founded by Thomas Luckey in 1985, Luckey Climbers is a bespoke design-build firm specializing in creating unique three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm will be relocating its manufacturing and executive offices from Chapel Street to the new property. Alan M. Fischer, CCIM, SIOR, of Fischer Commercial Real Estate Inc. represented the seller and the buyer in the off-market transaction.
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Rami Polinsky of HPNY has closed on the off market sale of 4422 3rd Avenue in the Sunset Park section of Brooklyn, NY, for $1,700,000. The property is located between 44th and 45th Street. The 4-story walk-up consists of seven apartments and one store. The building is approximately 7,220 s/f with 25 ft. of frontage. The sale price equates to $235 a built square foot. The seller was long-term family partnership. The purchasing entity was 4422 3rd Ave LLC. Polinsky represented both sides in the transaction.
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Charterhouse Development Corporation, a commercial real estate development and investment company based in the Boston, Massachusetts area, is in contract to purchase a Rite Aid pharmacy in Cicero, New York. Located at 7939 Brewerton Road, the pharmacy totals 11,180 s/f and was sourced and negotiated by John Gendron of Gendron Commercial Brokers. It will be acquired by an entity operated by Charterhouse Development from Cicero ECK LLC. Meredith Roy, President of Charterhouse Development Corporation, made the announcement.
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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 HFF investment advisory team representing the seller included Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Jordan Avanzato.
