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Deals & Dealmakers

SELLING POINTS: Cushman & Wakefield tapped for Bed-Stuy development site

Bed-Stuy development site offered at $38M

Cushman & Wakefield has been retained to arrange the sale of 1215 Fulton Street, a mixed-use development site with 165,631 buildable-square-feet, in Bedford-Stuyvesant.

The asking price is $37,950,000.

Director DJ Johnston along with Bryan Kirk will represent the seller, Industrie Capital Partner’s Eli and Joseph Hamway, in the marketing effort.

“The exposure, preliminary design and scale of this development site offers the opportunity to build a trifecta of premium retail, residential and office product,” said Johnston.

“The site offers multiple frontages with access to both the best residential and retail corridors in the neighborhood. The high density of the large interior lot offers an opportunity to build a powerful office or retail building, unmatched and unique to the area.”

1215 Fulton Street offers 44,607s/f of land, with frontage on both Fulton Street and Halsey Street.

The frontage on Fulton presents retail exposure to the neighborhood’s main thoroughfare, while the exposure on Halsey Street offers access to one of the most sought-after brownstone streets in Bedford-Stuyvesant.

The brokers believe the large interior lot presents an opportunity to develop a standalone office building, offering 360-degree views of the surrounding brownstone blocks, and a clear sight of the Manhattan skyline in the distance.

Neighboring retailers include Walgreens, Planet Fitness and Dunkin Donuts, as well as numerous bars and restaurants. Transportation options are available within one block.

Investor taking warehouse Jersey site to next level

34-73 Ramapo Valley Road, New Jersey.

Houlihan-Parnes Realtors announced the sale of the Mahwah Business Park in New jersey.

Located at 34-73 Ramapo Valley Road, the property consists of almost 400,000 s/f of office and warehouse buildings on a bucolic site that straddles the Masonicus Brook near the Mahwah River.

This Bergen County, NJ location provided an ideal spot with easy access to major highways and a short commute to Manhattan.

Robert V. Tiburzi, Jr. represented the seller, a closely held investment group which determined that the maximum value of this site could only be obtained by future development and decided not to make this commitment.

Houlihan-Parnes was able to effectuate the sale within six months. Tiburzi said, “This is a win-win situation. The seller comes away with an excellent return on their investment and the buyer has the opportunity to develop the property to the next level.”

The buyer is a Rockland County, NY-based real estate investment company. Keller Williams represented the buyer. Doran Golubtchik, Esq. of Goldberg Weprin Finkel Goldstein LLP represented the seller.

Paramount doubles down on Newark

Paramount Assets has added 560 Broad Street to its Newark property portfolio.

The acquisition encompasses a 33,000 s/f, four-story office building vacant at the time of sale, and an 18,000 s/f neighboring space that previously housed the Broad Street Café and Little Theatre.

Terms of the deal were not disclosed.

560 Broad Street in Newark.

Situated in the University Heights area of Downtown Newark, the site offers Paramount a value-add real estate asset with adaptive reuse potential, according to Richard Dunn, senior vice president.

The acquisition also underscores Paramount Assets growing presence in the Essex County city: The firm recently completed the redevelopment of 2 Ferry Street, and is currently developing William Flats, a luxury multifamily rental at 869 Broad Street.

“The accumulation of real estate in this downtown area is significant, and 560 Broad Street certainly is a valuable addition to our portfolio,” said Dunn.

“Existing properties in urban locales with strong adaptive reuse potential are very attractive to us. In this case, having two contiguous spaces that can be combined into one larger block – measuring about 110 feet wide by 170 feet deep – was a key factor in our decision to purchase these two properties.”

560 Broad Street lies in the heart of the City’s Central Business District within walking distance of Broad Street Station.

Dunn said his company is still determining the best use for the property. “We’re in the strategic planning phase, conducting our due diligence and evaluating what’s possible – and feasible – in that location. It’s exciting because we have two great structures to work with and, ultimately, a lot of possibilities ranging from historic preservation to converting the property into a mixed-use midrise tower.

“This downtown area is the economic engine of the City; it’s where people want to be. The goal in transforming this property is to bring more life and more people to this area which has long-term, sustainable benefits for Newark.”

Broadstone buys NJ ‘super freezer’ warehouse

Holliday Fenoglio Fowler announced the sale of a 260,046 s/f industrial cold storage facility triple net leased to Preferred Freezer Storage in the Middlesex County community of Perth Amboy, New Jersey.

The HFF team marketed the property on behalf of the seller. Broadstone Net Lease, Inc. purchased the asset for an undisclosed price.

The property is fully occupied by Preferred Freezer Services, the third largest refrigerated warehouse operator in North America.

The facility features 10 million cubic feet of freezer capacity with 24 loading doors and clear heights ranging from 28 to 42 feet in addition to containing the only Preferred Freezer Services facility in the U.S. with a super freezer with temperatures of -60 degrees Celsius and the only facility in U.S. to have an on-site “parts depot” where spare parts are kept and maintained to be sent to other facilities around the country on short notice.

Situated on 9.59 acres at 536 Fayette Street in Perth Amboy, the facility’s location provides multi-directional connectivity for local and regional distribution and is proximate to some of the largest highways in the state.

The HFF investment advisory team representing the seller included senior managing directors Scott Pertel and Jose Cruz and directors Jordan Avanzato and Marc Duval.

“Investors responded very favorably to this offering given the uniqueness of the asset and the property’s superb location,” stated Cruz.

Itzhaki offloads Midtown East building as part of fundraising effort

Cushman & Wakefield arranged the $14 million sale of 224 East 59th Street, a fully-leased, five-story mixed-use building in Midtown East.

224 East 59th Street in Manhattan.

Clint Olsen and Will Conrad led the marketing efforts on behalf of the seller, Itzhaki Acquisitions.

“We were brought a foreign buyer who had not transacted in New York City and who paid a premium over the other interested parties,” according to Olsen.

This sale comes on the heels of Itzhaki Acquisition’s $64 million sale of 368 3rd Avenue, which closed in April 2018., and its ongoing fundraising efforts. “We are looking forward to ramping up acquisitions, given the capital, talent and momentum we have in place,” said Erez Itzhaki.

Gil Boosidan, co-founder of Itzhaki Acquisitions, added, “Our team has focused its recent efforts on increasing our transaction volume and deal sizes. It’s an exciting time.”

224 East 59th Street is configured with ground floor commercial space and 16 residential units above. The commercial space is leased by KATAGIRI, the oldest Japanese grocery store in the United States. The grocer has been operating for over 100 years and recently renewed its lease for a blended $187 psf.

The residential units feature one-two-and studio options. Six of the units are rent stabilized and the rest are free-market.

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