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Deals & Dealmakers

SELLING POINTS: Queens doc’ puts portfolio on the block; Investors eye South Bronx retail offering

Doctor selling 11-building New York portfolio


A Queens doctor has turned to auctioneers Sheldon Good & Company to sell an 11-building portfolio of Manhattn, Brooklyn and Queens buildings he has amassed over the years.
The properties include 156 West 15th Street in Chelsea, a five-story building with 10 apartments and a ground floor retail unit — all of which will be delivered vacant — and a four-story Park Slope townhouse currently operating as a four unit 100 percent occupied residential rental property.
Other properties in the portfolio include 2186-2188 Pitkin Avenue and a development site at 48 Grant Avenue, both in Brooklyn.
In Queens, the portfolio includes 125-13 Liberty Avenue; 125-15,17 Liberty Avenue; 125-07 Liberty Avenue,; 125-11 Liberty Avenue; 128-11 Liberty Avenue ; 104-15 118th Street and; 103-41 120th Street, all in the South Richmond Hill neighborhood.
“The potential for each of these New York City properties, both residential and commercial, buildings and pieces of land, is quite notable,” said John Cuticelli, chairman of Sheldon Good & Company.
“The seller has amassed these properties over the years, a majority of which have not been traditionally marketed, allowing potential buyers a unique opportunity to purchase these assets.”
Each property will be sold separately during the live auction on October 14.

Investors eye retail offering

Investors and users are eyeing a retail building in The Hub of the South Bronx.
Cushman & Wakefield has brought 2922 Third Avenue to market offer either a NNN lease or outright sale for $18.25 million.
“This building is attracting attention from both investors and users due to its prime location near successful
developments such as The Opera House Hotel, Via Verde, Triangle Plaza, and the upcoming La Central,” said
Cushman & Wakefield’s Nick Burns, who is exclusively marketing this property with David Simone.
The property is located on the corner of Third Avenue and East 152nd Street in the area known as The Hub for its shopping and proximity to bus lines and trains.
Around 1,000 apartments are being built in the area and retail is thriving.
Offered for the first time in over 15 years, 2922 Third is a 52,000 s/f, six-story building with two elevators, one freight and one passenger.
The ground floor offers a7,500 square feet of shopping space, including a wide staircase access to the basement and second floor.

Crown Heights portfolio for sale


GFI Realty is shopping a block of Crown Heights apartment buildings for a local investor who’s owned the properties for the past 25 years.
1432-1440 Pacific Street comprises three contiguous apartment buildings with a total of 28 apartments within walking distance of the Franklin Avenue-Botanic Garden and Nostrand Avenue subway stations.
“As the apartments are mostly vacant, the buyer will have a unique opportunity to put their stamp on the buildings, which feature plenty of open space with room to add new amenities,” said Shlomo Antebi.
Antebi, a senior director of investment sales at GFI, has listed the properties at $12.5 million. The four-story, walk-up apartment buildings total 26,292 s/f and are currently configured as a combination of one- and four-bedroom apartments, and feature 100 feet of frontage.

MRC, Steelpoint nab Park Slope building for $28M
Madison Realty Capital (MRC) and Steelpoint Property Group have acquired 78 Prospect Park West in an off-market transaction from long-term ownership for $28 million.
The seven-story 41,113 s/f multifamily elevator building is located on Prospect Park West, between 3rd and 4th Street in Park Slope.
Josh Zegen, co-founder and managing principal of MRC, and Ben Haghani, principal of Steelpoint Property Group, jointly made the announcement.
The 78 Prospect Park West property, which was built in the 1920s and has been family-owned for roughly 50 years.
It has 40 one and two bedroom apartments, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments.

78 Prospect Park West
78 Prospect Park West

They also plan to modernizing the property and “enhance operating efficiency by maximizing both layouts and the building’s existing square footage.ˮ
“78 Prospect Park West is a remarkable property in an irreplaceable location with almost 100 feet of frontage facing Prospect Park,” said Zegen.
Aaron Mazor of TOWN Residential and Jonathan Butwin and Scott Dweck of TOWN Commercial represented both the seller and the buyers in the transaction.

Fiel buys LI office property

The Fiel Organization has bought a Long Island office property for around $30 million, according to sources.
1305 Walt Whitman Road is 165,310 s/f and located on the Suffolk/Nassau border in Melville, 100 yards from the Long Island Expressway.
Currently 83 percent leased, the property has a strong credit rent roll with an average lease term of nearly seven years. American Institute of Physics, Merrill Lynch, RUI Credit Services, and KPMG anchor the property.
Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties, in collaboration with Philip Heilpern of the CBRE Long Island office arranged the trade.

Toledano tear continues with $97M purchase

Brookhill Properties, founded and owned by Raphael Toledano, just acquired a 16-building, multifamily portfolio in the East Village.
The walkup properties, purchased from the Tabak/Garfinkel family for $97 million, include 301 residential units and 15 retail tenants.
Earlier this year, Toledano and Brookhill Properties purchased four buildings in the East Village for $21 million. Last year, Toledano made his first purchase in the neighborhood on Second Avenue for $5 million. This most recent purchase solidifies Brookhill and Toledano as the largest landlord in the East Village.
“These properties are ideally situated to capitalize on the explosive growth of the East Village. The buildings are in a neighborhood that is highly-sought after by tenants who want to be in the heart of the action – and we are thrilled to reinforce our position as a leading landlord here,” Raphael Toledano, President of Brookhill Properties, said.
Brookhill Properties are focusing on this neighborhood because of its appeal to millennials (18-35 year-olds) and the significant potential for continued growth, according to Toledano, who is currently under contract to purchase an additional 11 buildings in the East Village, West Village and Murray Hill for $55 million.
“We are committed to being a force for good in the neighborhood and providing our tenants with high-quality apartments,” Toledano said. “Our company is not just a property owner, we are members of this East Village community and look forward to partnering with local groups to show our dedication.”
Toledano also recently purchased 125 W. 16th Street in Chelsea for $42 million.

REIT sells Clinton Hill  building for $38M

New York REIT has gone to contract on 163 Washington Avenue in Brooklyn for $38.05 million, or approximately $914psf, at a capitalization rate of 4.7 percent.
Located in Clinton Hill, the Class A quality apartment building consistsof 49 rental units, one commercial unit, and 38 parking spaces.
Michael Happel, CEO and president of NYRT, commented, “We are very pleased to announce this pending sale, which marks the latest step in our previously stated strategic initiative to sell non-core assets.
We continue to receive substantial interest in the four other assets we have for sale outside of Manhattan and are continuing to work with Holliday Fenoglio Fowler and Cushman & Wakefield to pursue these opportunities.”

Harbor sells UES free market apartment building

An affiliate of Harbor Group International LLC has sold an elevator apartment building at 334 East 79th Street on the Upper East Side, for $25.5 million.
The eight-story elevator building has 46 free market apartments. The sale price equates to approximately $940 per square foot.

334 East 79th Street
334 East 79th Street

“Opportunities to acquire entirely free market buildings in one of New York City’s most established
neighborhoods are extremely rare and highly appealing to both local and foreign buyers,” said Cushman &
Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Thomas D. Gammino, Jr.
“This was a unique opportunity to acquire an easily managed asset along the East 79th Street corridor which has
been undergoing a renaissance due to new development projects by Skyline Development, Anbau, and The
Brodsky Organization as well as the nearly complete Second Avenue subway,” added Gammino.

Teen charity sells UES home

Inwood House, a charity that helps pregnant teens and young mothers, has sold its 22,603 s/f facility in the Upper East Side.
The transaction comes shortly after Inwood House formed a partnership with Children’s Village, an organization that works with at-risk teens.
The space, which is located at 320 East 82nd Street, was called the Teen Learning Center and served as a residential school that provided programs for teen pregnancy prevention, youth development and teen family support. The building, which was built in 1915, has been occupied by Inwood House since 1964.
The transaction, which closed at $22.5 million, was announced by commercial real estate firm DTZ. The firm’s not-for profit specialty practice group, which was led by senior managing director David Lebenstein, Deborah Wollens and Robair Reichenstein, represented the sellers.
Adelaide Polsinelli, the senior managing director and principal at Eastern Consolidated, represented the buyer.
Inwood House is relocating to a new Children’s Village location on 126th Street in Harlem. The money from the deal will go to foster family care, homeless youth, comprehensive school and community-based youth development programs that help 2,500 people.

Investor buys CT retail property


A Manhattan investor has completed a 1031 exchange for 1262 Post Road in Fairfield, CT.
Jeffrey Dunne and David Gavin of CBRE’s National Retail Investment Group represented 1262 Post Road Holdings, LLC, an entity owned by funds managed by Westport Capital Partners LLC, in the $15 million sale.
The team also procured the buyer, a private investor who acquired the recently developed 24,600 s/f retail property as part of a 1031 exchange.
The Property is 100 percent leased to Fresh Formats, a new smaller format grocery concept being introduced by Ahold, as well as Plan B Burger Bar, which recently opened at the property. Both tenants have new 10-year leases, providing stable cash flow.

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