●Cushman & Wakefield
Investment that’s safe as houses
Cushman & Wakefield has been retained on an exclusive basis to sell Bergen Gardens, a portfolio of six apartment buildings at 1061, 1073, and 1089 East 73rd Street and 1054, 1070, and 1086 Bergen Avenue in Brooklyn’s Bergen Beach neighborhood.
Ownership is also offering a commercial/retail pad site. The multifamily portfolio and site have a combined asking price of $58,000,000.
James Nelson is marketing this property with Alex Svetlakou, Edward Gevinski, and Mitchell Levine.
“This offering presents the opportunity for a purchaser to acquire a safe investment with consistent cash flow for years to come,” said Svetlakou.
The buildings were built in two phases in 2004 and 2006 under a New York City Housing Development Corporation (HDC) program. The portfolio benefits from the 25-year 421-a tax abatement program in separate phases, one of which has 17 years remaining and the other has 15 years remaining.
● Marcus & Millichap
Public relations affiliate buys Newel Building
Marcus & Millichap has arranged the sale of the Newel Building in Midtown. Rakema Holdings LLC, an affiliate of Ruder Finn, a New York City-based public relations firm paid $ 30.72 million for the 34,125 s/f property at 425-429 East 53rd Street, a price that equates to $900 psf.
Anthony Finno in Marcus & Millichap’s Manhattan office, represented the seller, Newel LLC.
“Located within a pre-war enclave in Manhattan’s Turtle Bay neighborhood, the building displayed the Newel Co.’s extensive inventory of decorative furniture and fine arts pieces for 34 years,” said Finno.
“With Newel moving into a larger space, it seemed that the building was destined for conversion to multifamily use, but the strong collaborative business space movement prevailed. The structure’s high ceilings and wide columns, which date back to the 1920s, provide an ideal backdrop for the latest concept in office work space.”
The property features a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom.
Beach ready portfolio hits the market
LichtensteinRE is marketing a portfolio of six newly-construction mixed-use apartment buildings in Brighton Beach for $24.5 million.
Located at 3051 Brighton Beach 3rd Street and at 2971-2979 Ocean Avenue in Sheepshead Bay, the properties are near shopping and popular Russian restaurants, the Atlantic Ocean beach and the world famous Boardwalk.
3051 Brighton Beach 3rd Street is a four-story elevator apartment building built in 2013 with 33 apartments, a commercial office and an 18-car interior and exterior parking garage.
2971-2979 Ocean Avenue consists of four contiguous three-story mixed use buildings constructed in 2010 with total of eight apartments and four stores. Each building is 20 feet wide and has one store and two apartments.
”In the past, New Yorkers came to Brooklyn because Manhattan was too expensive to afford, but now people come here as a principal destination,” said Andrew Lichenstein who is exclusively handling the assignment.
● Dalan Management
Partners scoop up Nolita building
Dalan Management and RWN Real Estate Partners have partnered to purchase 235 Elizabeth Street for $14.6 million, or $800 psf.
The 6-story, 18,081 s/f mixed-use building features 27 apartments and three retail spaces located just off of Prince Street in Nolita.
The seller is Gordon Chin, who had owned the property with his family since 1987.
“We recognized excellent value in this property and moved with great speed in order to sign up and close the transaction,” said Andy Wrublin, a principal at Dalan Management.
“We are pleased to be partnering with RWN once again and this asset is a great addition to our growing portfolio of mixed use assets in the area”.
The deal was brokered by George Solano of City Limits. Daniel Altman of Belkin Burden Wenig and Goldman LLP represented the purchaser.