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Deals & Dealmakers

SELLING POINTS: NY EZ closes on Flushing site, CBRE markets LES non-profit site

EZ closes on Flushing site

Developer NY EZ Property Holdings has paid $23 million for a development site on the corner of Northern and Parsons Boulevards in Flushing, Queens.

Cushman & Wakefield arranged the sale of 141-57 Northern Boulevard, a 22,663 s/f building currently occupied by a branch of the International Union of Operating Engineers with a Bank of America leasing the retail through 2020.
The sale will allow EZ to press ahead with plans for a 78-unit apartment building on the corner for which Angelo Ng & Anthony Ng Architects Studio, P.C. have already filed plans.

Zoning for 141-57 Northern Boulevard allows for a 67,989 s/f mixed-use development on the site, which sits next to 35-22 Parsons Boulevard, home of the First Korean Church.

Angelo Ng & Anthony Ng Architects already filed plans for a 78-unit apartment development at 35-22 Parsons / 141-61 Northern Boulevard for a seven-story building with 78 apartments, first floor retail and second floor community facility use.

Cushman’s Stephen R. Preuss and Stephen P. Palmese represented the seller of the Northern Boulevard site, which sold for $23 million.

Preuss noted, “The recent success of local projects such as The Grand at Sky View bodes well for future development as demand for new residential space continues to outpace supply.”

EC rings up donut sale

Grand Beekman Condominium at 900 First Avenue.

Eastern Consolidated announced the sale of a 7,039 s/f retail condo leased to Chase Bank and Dunkin’ Donuts.
Located at the base of the 113-unit Grand Beekman Condominium at 900 First Avenue in Midtown East,the asset traded for $10,875,000.

Ben Tapper represented the sellers, Dalan Management and Standard Property Company, and Brian Ezratty, procured the buyer, BLDG Management Co. Gary Meese was the analyst for the deal.

“This was a highly desirable investment because of the stable cash flow generated by two very strong tenants,” Ezratty said.
Tapper added, “The site attracted interest from a number of investors because of the tenancy, potential future upside, and ideal corner location just two blocks north of the United Nations in Midtown East. ”

Lower East Side non-profit selling up

The CBRE team of Dan Kaplan, Timothy Sheehan and Justin Arzi are marketing 66 Clinton Street on the Lower East Side for sale.

The three-story, 4,340 s/f building and an adjacent vacant lot is currently owned by the non-profit organization New Life of New York City. It allows for 16,348 buildable square feet of residential or commercial development.

Said Kaplan, “The Lower East Side is in the midst of a residential boom – projects like Essex Crossing are bringing thousands of new units to market that are attracting investors and young professionals. The zoning on Clinton Street allows for more than 16,000 square feet of development, affording the ability to create a boutique property that will meet the demand for high-end residential space in the neighborhood.”

Efrain Figueroa Jr., executive director of New Life, said selling the property will allow his organization to rent new space and expand into more boroughs.

Vorea Group buys LIC site

Cushman & Wakefield arranged the sale of a 108,000 buildable square foot development site located at 45-57 Davis Street in

45-57 Davis Street in Long Island City, Queens

Long Island City, Queens.

The final closing price was $21,650,000.

Stephen R. Preuss represented the seller, 45-57 Realty Corp, in the transaction. The site was purchased by The Vorea Group.

“The purchase presents a tremendous opportunity to capitalize on the growing demand for multiple asset classes in Long Island City,” said Preuss.

45-57 Davis Street contains three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts, allowing for mixed-use, residential and commercial development.

JV to reinvigorate Hempstead office building

The Clinton Pavilion, a 150,000 s/f multi-tenanted office building at 50 Clinton Street in Hempstead, has been sold for $11.75 million.

David Sargoy, Irwin Rachlin and Sam Gelman of Brown Harris Stevens represented the sellers.

The building was purchased as a joint venture between the Alpha Equity Group and Vasco Ventures.

The new owners are planning a $3 million-plus renovation that includes a new façade with a modern architectural feel that will still preserve the character of the building.

Alpha Equity Group’s William Segal and Ephraim Vashovsky of Vasco Ventures said once complete, 50 Clinton will be the largest, most modern office building in Hempstead.

According to Sargoy, leases have been signed with New Horizon Counseling for 4,200 s/f and Graceville Seniors Club for 2,170 s/f.

Canadians buy NJ office

Canadian investment firm has snatched up a quarter-million s/f of office space in Northern New Jersey.

Toronto-based Northbridge Investment Management Inc. purchased the 264,000 s/f complex at 100 Enterprise Drive in Rockaway.

Located on 11 acres near the Route 15 and Interstate 80 interchange, the complex stands seven stories and has a two-story atrium, a full-service cafeteria, covered parking spots and is walking distance from the Rockaway Townsquare shopping center.

Holliday Fenoglio Fowler represented the seller, identified as “an institutional client.” HFF’s investment advisory team included Jose Cruz, Kevin O’Hearn, Brett Segal, Michael Oliver and Stephen Simonelli.

AY quarterbacks data deal

Data center developer fifteenfortyseven Critical Systems Realty (1547) has purchased a facility in Markham Ontario, Canada for $22 million.

Avison Young arranged the sale of 105 Clegg Road, a 41,225 s/f data center approved for a 60,000 s/f expansion.

James Cali, principal, Data Center Advisory Practice, represented both the buyer and the seller, I.C.E. Data Centers.

1547 was looking for its first non-US data center as well as adding a revenue stream within the facility and a series of leads for additional business. I.C.E. Data Centers was in need of capital to expand and invest into their Metro Optics fiber company and will be leasing back the property from 1547.

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