Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Millcreek to develop school site

New Midwood apartment building hits sales market

GFI Realty Services has been named the exclusive sales agent for 1704-1712 Ocean Avenue, a seven-story multifamily building in the Midwood section of Brooklyn.

Completed in 2019, the newly constructed building has 64 units and a 21-car parking garage. Totaling 59,840 s/f, the property is configured as one studio, 40 one-bedroom units and 23 two-bedroom units with high-end, modern finishes and stainless-steel appliances. Select units offer private outdoor space; either a balcony or terrace. The property has an abatement for 15 years

GFI Realty managing director Matthew Sparks will oversee the marketing of the property, with pricing targeted at $42 million.

Bluejay Management, developed the property after buying up the stie for $5.4 million in 2015, according to pudlic records.

Builder buys Park Slope site

Brooklyn builder Tolib Mansurov has purchased a Park Slope development site.

TerraCRG brokered the sale of 75 Fourth Avenue, one of the last opportunities to acquire a development site along Fourth Avenue before the proposed Gowanus Rezoning.

Ofer Cohen, Dan Marks, Daniel Lebor, Peter Matheos and Mike Rafter have closed the deal at $13.2 million.

“In today’s market, it’s a rarity to find four contiguous parcels totaling an as of right of 37,000 bsf along Fourth Avenue. Regardless of what happens with the Gowanus Rezoning this site provides one of the last opportunities to acquire a site of this size in one of the most coveted neighborhoods in Brooklyn,” said Matheos.

TerraCRG exclusively represented both the seller, Fourth New York Realty Co., and the buyer, Global Industries LLC.

Currently zoned C2-4/R8A, the four lots between 69 and 75 Fourth Avenue equate to a combined 6,188 lot s/f with up to 40,222 BSF as of right.

The proposed Gowanus Rezoning framework calls for a change to C4-4D modified district, allowing for 52,599 ZFA and a 8.5 FAR with MIH.

Madison International JV offloads shopping center

JLL Capital Markets has closed the $25 million sale of Cross Roads Plaza, a 99,650 s/f, fully leased, grocery-anchored retail center in the Philadelphia bedroom community of Lumberton, New Jersey.

JLL marketed the property on behalf of the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Limited purchased the asset.

Cross Roads Plaza is anchored by a 70,818 s/f ShopRite with outparcels occupied by Wawa and a bank to compromise 81 percent of the GLA and 74 percent of the property’s gross income.

The property is further supported by a Lowe’s Home Improvement, which acts as an additional consumer traffic driver.

The JLL Retail Capital Markets team representing the seller was led by Chris Munley, James Galbally and Jose Cruz and Colin Behr.

Millcreek to develop school site

CBRE announced the sale of 24 Maple Avenue and 115 Centre Avenue in New Rochelle, a 2.02-acre site that housed the former Blessed Sacrament School.

Multifamily developer Millcreek Residential acquired the transit-oriented development site with plans to build a 334-unit apartment community.

As part of the deal, Mill Creek will be delivering a new parish center to Blessed Sacrament parish which continues to serve the New Rochelle Catholic community.

CBRE’s William V. Cuddy, Jr. and Jacqueline Novotny represented and advised the Church of the Blessed Sacrament in the transaction.

Counsel for seller in the transaction included Peter N. Bassano, Esq. from Bleakley Platt & Schmidt, LLP and Michael D. Zarin, Esq. from Zarin & Steinmetz.

“Blessed Sacrament Parish recognized the opportunity to convert its unused property to support its ongoing mission,” said Cuddy. “We are thrilled to have the site trade hands to such a well-regarded player in the multifamily sector known for creating thoughtfully-designed apartment communities in thriving markets throughout the country.”

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