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Deals & Dealmakers

SELLING POINTS: All eyes on legacy rent regulated offering

All eyes on Bronx apartment offering

Cushman & Wakefield has been retained to sell 1150 Pelham Parkway, a legacy rent regulated building in The Bronx.
The 57,500 s/f multifamily property with a 22-space parking garage in the Pelham Parkway neighborhood of the Bronx.
Built in 1955, the six-story elevator residential building has 50 apartments. City records show it’s been owned by the same partnership for nearly 40 years.
Jonathan Squires and Robert M. Shapiro will be leading the marketing efforts for the building (pictured top).
“Even with today’s new rent regulation changes, we anticipate multifamily operators to pay close attention to this special asset, as trades of buildings of this quality and location are a rarity,” said Shapiro.
The property consists of six three-bedrooms, 18 two bedrooms, six junior fours and 21 one-bedrooms.
It is located near Albert Einstein College of Medicine, the Bronx Zoo, the Botanical Gardens and Fordham University.

Rockaway record set

B6 Real Estate Advisors announced the sale of 2-34 Beach 102st Rockaway Park, for $11.25 million.
The sale of the 23,000 s/f building represents the highest priced completed transaction in the Rockaway Park neighborhood to-date for the year 2019.
Located at 2-34 Beach 102st Rockaway Park, the proeprty is occupied by Sands Point Medical Center
B6 director Louis Cotrone, and executive managing director Dave Chase brokered the sale on behlaf of the seller, Thomas & Alphonse Catanese, and the buyer, Israel Weinberger.

LIC development site sold

A vacant Long Island city lot with approved plans for a 74-unit apartment building asa been sold for $13.3 million.
Olympia Court Corp. announced the sale of 37-29 31 street, a vacant 100 by 180 ft. lot with approved plans for a 71,000 s/f mixed-use building containing 74 apartments, 7,800 s/f of retail and 10,000 s/f of private parking below grade.
Gregory Manusov, associate, and Barry Rothenburg, president of Olympia Court Corp., represented the buyer.
Mo Ibrahim of Entrepreneur Properties NYC, represented the seller, an LLC operted by the Chen family.

Self storage for sale

Cushman & Wakefield is marketing a portfolio of five self-storage properties in the outer boroughs.
Mike Mele is working with Doug Harmon and Adam Spies, to market the portfolio on behalf of SNL Development Group.
The portfolio — managed by Life Storage — comprise 5,593 units and 297,394 rentable square feet, all completed between 2017 and 2019.
The assets, which must be sold as a portfolio, are 134-31 Merrick Street, Jamaica; 1200 McDonald Ave., Brooklyn; 1690 East New York Ave., Brooklyn,; 1430 Bruckner Blvd, Bronx; 4139 Boston Road, Bronx.

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