● eastern consolidated
Eastern looks for Power buyer
A 22-unit sponsor-held package of condominium units, all currently rented at $39 psf at The Powerhouse in Long Island City, Queens, s on the market for sale through Eastern Consolidated priced at $16.75 million.
Director Gabriel Saffioti is leading the marketing effort with associate director Ari Schwartz and associate Nicole Rabinowitsch and financial analyst Gary Meese who are seeking investors for the 21,851 s/f package comprised of a mix of studios, one/two bedrooms and some that include home offices.
The 11-story, 177-unit Powerhouse was constructed in 2008 and features amenities that include a fitness center, children’s playroom, sauna, landscaped rooftop terrace and adjacent parking garage.
“Because all the units are occupied,”acquiring the package would give the new owner a steady income stream immediately, with the future flexibility of either renting at incremental levels or selling the condominiums,” said Saffioti.
“The below market rents offer an investor future upside in a submarket that has almost no vacancy today with the forecast of continued demand and growth. And the location is incomparable.”
● cassidy turley
Setai office condos sold
Cassidy Turley negotiated the sale of two commercial condominiums totaling 22,800 s/f at 40 Broad Street.
The total value of the transactions was $7.3 million.
David Lebenstein, senior managing pirector, principal; Stephen Bellwood, vice president; and Edward Kent, associate, represented the owner, Setai Commercial Unit #4 LLC.
Cassidy Turley has the exclusive sales assignment for 40 Broad’s commercial condos, which are on the fourth through seventh floors and total 67,596 s/f. The asking price is $375 psf.
Technical Systems Integration, Inc., an electrical consulting company, purchased 6,192 s/f on the seventh floor, which includes an outdoor terrace overlooking the New York Stock Exchange.
Jesse Rubens, senior executive managing director of Murray Hill Properties represented TSI.
As an owner/occupier, TSI, committed to a long-term real estate strategy by acquiring the property to build equity and stabilize its space occupancy costs.
Condor Investment purchased the entire sixth floor comprising 16,608 s/f as an investment property with the option of moving into a portion of the space when the current leases expire.
Jonata Ben Dayan, senior vice president, and Adam Ben Dayan, associate, of Winoker Realty served as tenant representative.
40 Broad Street is a high-end, mixed-use building and home to the Setai Wall Street luxury condos.
“40 Broad is an interesting property because of its mixed-use features that range from commercial condo to residential and retail,” said Lebenstein.
“This appeals to a certain type of client that values the boutique high-end nature of the building as well as the amenities available and close proximity to Wall Street and public transportation.”
● MASSEY KNAKAL
Hotel site for sale
Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 237 Duffield Street in Downtown Brooklyn.
The asking price is $16,000,000 or $175 per buildable square foot.
The site is located in a C6-4.5 zoning and can accommodate 89,904 buildable square feet of mixed-use and commercial development.
With an Inclusionary Housing bonus, the FAR can increase to approximately 105,000 buildable square feet. Presently, the site has plans for a 185 key hotel.
Adjacent to Willoughby Square, a one-acre open space, the project is one of a series of more than $100 million in public investments in open space and infrastructure commitments made under the Downtown Brooklyn Redevelopment Plan.
“Downtown Brooklyn continues to receive regional, national and even international interest. To that end, presently 237 Duffield Street is the largest publicly marketed site for sale in Downtown Brooklyn and demand is at an all time high,” said Massey Knakal Director of Sales Stephen P. Palmese, who is exclusively marketing the property.
● delshah capital
Hotel site for sale
DelShah Capital, LLC, has completed the purchase of 58-60 Ninth Avenue in the Meatpacking District for $18.2 million.
Located directly across from the Apple Store at West 14th Street, the 10,839 s/f building includes 34 feet of frontage on Ninth Avenue.
The space is the current location of Pop Burger, which will be closing in the near future. There is also a 1,500 s/f terrace on the second floor of the four-story building.
Michael Shah, principal of DelShah Capital, commented, This property is ideal for a high-end retail store or restaurant seeking to capitalize on the enormous influx of people in the neighborhood.”
David Schechtman of Eastern Consolidated brokered the transaction to DelShah Capital. Icon Realty Management was the seller. Jon Krieger of RKF is the leasing agent for the building. The asking rent is $1.5 million per annum for the entire building on a triple net lease basis, or $400 per square foot for the ground floor and basement.
