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Deals & Dealmakers

SELLING POINTS: Chetrit buys former Entemann’s location, Silvercup sells legacy property

Besen & Associates
Team looking to corral stalking horse for Flushing condo

A team from Besen & Associates is marketing a vacant Flushing condo building ahead of a scheduled bankruptcy auction.

Greg Corbin, Miguel Jauregui and Leah Chen are seeking proposals for a stalking horse bid for the residential portion of 142-28 38th Street or for the entire building of $25.95 million.

The 11-story mixed use elevator building was built in 2009. The 53,200 s/f property located between Bowne and Union Streets consists of 23 vacant residential units, one ground-floor vacant retail unit with mezzanine (11,350 s/f), three second floor tenanted community facility units and 30 parking spaces in a gated underground garage.

The tower has a lobby with security desk and apartments have wood flooring, granite countertops, GE stainless steel appliances, Kohler bathroom fixtures, 10.8 ft. ceiling heights, balconies and/or terraces, in-unit washer/dryers and video/audio intercom system.

Units include 15 two bedroom, 2-bath apartments, seven three-bed, 2-bath units and one five bedroomn, 4-bath duplex penthouse.

Marcus & Millichap
Chetrit buys former Entenmann’s location

The Chetrit Group has bought a former Entenmann’s Bakery Outlet location in Woodside, Queens for $11.8 million.

The property, a one-story commercial building located at 70-50 Queens Boulevard, was sold by an unnamed retiring owner.

According to Marcus & Millichap, the brokerage firm that handled the sale, there are currently no plans for the site. However, the property is zoned for apartments and retail.

“The sale is symbolic of how the boundaries are being pushed outside of Long Island City, Astoria and even Sunnyside,ˮ said Matthew Fotis of Marcus & Millichap, who represented both the seller and the buyer.

“Investors view the border of Elmhurst and Woodside as a viable location to build new rental or condo product. It’s not quite as valuable as other areas of the city, but it is certainly getting a lot of attention. The price per buildable square foot is still at a level where there are some developers who feel they can make sense out a rental here.”

The Chetrit Group is currently working on large residential projects in the borough. It is planning a four-building complex at the former Mary Immaculate Hospital site in downtown Jamaica. Once it’s completed, the project, located at 150-13 89th Avenue, is expected to contain 324 apartments.

Chetrit has also proposed converting an eight-acre industrial complex in Maspeth into a mixed-use development. That site, which has a section divided by Long Island Railroad tracks, currently contains warehouses.

According to Chetrit, they plan to build properties that fit in with the residential properties nearby.

Highcap Group
Silvercup sells legacy property

Silvercup Properties has sold a 69-unit Queens apartment complex it has owned for over 30 years.
Silvercup Properties – the real estate arm of Silvercup Studios — bought 26-49 96th Street from The City of New York in 1984 under a Mod-Rehab Purchase.

Josh Goldflam, managing principal of Manhattan based investment sales firm Highcap Group, arranged the sale of the property to an LLC for $10,200,000.

Known as Madison Court, the property is situated in the East Elmhurst neighborhood near LaGuardia Airport and one block from Astoria Boulevard.

The apartment complex is a full block front on 30th Avenue with frontage on 96th Street and 97th Street. The building has a classic large entryway with interior courtyard and consists of 69 apartments and a total of 56,600 s/f.

The average rent is $1,107 per month and the property remains under a J51 tax exemption for the next five years. The property also is under a rent regulation agreement.

Goldflam noted: “This was a very rare sale of a block-front complex with extremely low average rents. These buildings are typically long term ownership properties that never leave the family portfolio.

“Although the buyer paid a very low Cap Rate for the property, there is significant upside rent potential in the future once the J51 and rent regulation agreements expire in the future.”

The purchase price is equivalent to a 3.65 percent cap rate, $183 psf and $148,000 per unit.

Marcus & Millichap
Urban American buys Astoria pair

Marcus & Millichap announced the sale of 30-58 34th Street and 30-64 34th Street, two five-story walkup apartment buildings totaling 70 units in Astoria, Queens.

The total sales price for the two buildings is $20.5 million, which equates to almost $293,000 per unit.

“Under long-term ownership prior to the sale, the buildings provide the new owner with an opportunity for immediate upside,” said Peter Von Der Ahe of Marcus & Millichap’s Manhattan office. “Astoria is also an excellent place to deploy a long-term hold strategy as it is one of fastest-growing markets in Queens and inventory there is scarce.”

Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh represented the seller, Takis Tsagronis. Von Der Ahe, Koicim, Riney and Walsh procured the buyer, Urban American.

The properties total 49,600 s/f and feature 48 one-bedroom units, 16 two-bedroom apartments and six three-bedroom units.

CBRE
Stamford office campus fetches $22M

RNY Property Trust has sold a Stamford office building for $22.55 million. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties represented RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, in the sale of 225 High Ridge Road.

The team was also responsible for procuring the buyer, TNREF III High Ridge, LLC, a joint venture between Baywater Properties of Darien, Connecticut and an investment fund managed by True North Management Group, LLC of White Plains, New York.

225 High Ridge Road is 244,104 s/f class A office building currently 81 percent leased to tenants who include Synapse, Bank of America and Mass Mutual.

The 14-acre campusincludes a cafeteria and fitness center, in addition to garage parking.

“225 High Ridge is a high-quality asset and offers new ownership stable income with a high credit rent roll and upside from nearly 47,000 square feet in vacancy,ˮ said Dunne.

“Further, Stamford is the regions only 24/7 Transit-Oriented Live/Work Play Environment, that is experiencing significant growth with approximately 2,300 apartment units under construction to meet the urban demand. Collectively, these factors bode well for the future of the property.ˮ

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