Cushman & Wakefield announced that two Chelsea co-operative units have recently come to market:
• A full-floor office co-operative unit at 6 West 20th Street has been listed at $5,500,000.The unit is located in an 11-story commercial loft building positioned between Fifth and Sixth Avenues. The fourth-floor office unit for sale offers a
4,900-rentable-square-footage and ceiling heights of approximately 12.5 feet. For 47 years, the unit operated as a photography studio for John Carriglio. The unit will be delivered vacant upon sale. Cushman & Wakefield’s Brock Emmetsberger and John Ciraulo are exclusively marketing the property.
• A ground-floor retail co-operative unit at 205 West 19th Street has been listed at $5,500,000. The space enjoys 50 feet of frontage and spans 5,105 square feet. Features include 16-foot ceiling heights, oversized windows and a large basement level. The unit will be delivered vacant upon sale. Brock Emmetsberger is exclusively marketing the property.
Highcap Group announced that Josh Goldflam has been retained to sell a NNN Leased Burger King on Linden Blvd. in Queens. The property located at 194-14 Linden Boulevard in the St. Albans neighborhood of Queens, NY, is listed $3,300,000. The property is currently raw land and will be developed into a newly-built Burger King retail building with parking lot and drive thru. Located on the corner of Linden Boulevard and 195th Street this property is across the street from Montessori Progressive Prep School and the United States Post Office building, and along the retail block of a densely populated residential neighborhood. The tenant is starting construction on a 3,000 s/f state of the art building and has signed a new 20-year triple net lease with increases every 5 years and option periods as well. The asking price oequates to a capitalization rate of 4%.
Friedman Roth Realty Services announced that Joshua Banilivy has been retained on an exclusive basis to arrange for the sale of 163-165 Bush Street in the Mount Hope section of the Bronx. The subject offering is a 48 by 92 development site located right off the Grand Concourse. The site is zoned R8 and allows a total Buildable Square Feet of 31,802 including inclusionary housing. The property is minutes away from the Burnside Ave station that services the #4 train and E Tremont Ave station that services the #B and #D train. Friedman Roth is listing the property for $1,500,000.
Avison Young announced that its Fairfield/Westchester office, in cooperation with the firm’s Long Island office, has arranged the $4.9 million sale of 13 Grove Street in Darien, CT, a fully leased, 5,726 square-foot, mixed-use residential/retail property. Located in downtown Darien within walking distance to the Dairen Metro North Station, the newly constructed building consists of two retail units and three apartments. The seller was Day Street Development LLC and the buyer was Blackshaw Chriscott LLC. The new owner has appointed Avison Young Property Manager for 13 Grove Street. Alison Luisi, an Associate in the Capital Markets Group based in Avison Young’s Fairfield/Westchester office, arranged the sale with assistance from Avison Young Principal Ted Stratigos, Managing Director of the Long Island office. The ground floor retail space is occupied by Le Boudoir, a popular “blow dry and beauty bar,” and Darien Butcher Shop.
Besen & Associates announced the sale of 180 East 111th Street in East Harlem. Raunaq Singh represented the seller. The multifamily property is a 3-story walkup building with 4 residential units. The sale price of $1,900,000 was achieved after various competitive bidding rounds. The price equated to $607 per square foot, a high mark for East Harlem. The property was built in 1890 and consists of two one-bedroom units and two two-bedroom units. The total square footage is approximately 3,130 with additional air rights available. The attorneys on the transaction included the Law Offices of Sheldon Glassman as well as Dena Moss of Moss & Moss LLP.
Cushman & Wakefield’s DJ Johnston has sold a 4,875-square-foot, six-unit, multifamily building at 210 Wyckoff Avenue in Bushwick, Brooklyn. The all-cash transaction was valued at $1,675,000 or approximately $344 per square foot. The sale represents a 3.88% capitalization rate on in-place cash flow. Despite its below market rent roll due to full rent-stabilization, Cushman & Wakefield was able to secure a buyer who valued the asset’s prime physical condition and efficient management. The building was purchased by a group of local investors led by Matthew Ahdoot.
EPIC Commercial Realty announced the sale of 589 Washington Avenue, a mixed-use building in Prospect Heights, Brooklyn. Located on Washington Avenue, between Pacific Street and Dean Street, the property is a two-story mixed-use building comprised of ground floor retail space and a free market apartment on top. Built to 2,190 square feet, the property is situated within short walking distance from the Clinton-Washington Avenue [A, C] train stations and Prospect Park. EPIC Commercial Realty sold 589 Washington Avenue for $1,122,000. CEO Yona Edelkopf, and Investment Sales Associate Baruch Edelkopf, represented the buyer.
Platinum Properties announced the sale of the 4,000- s/f multifamily townhouse located at 308 East 52nd Street. Purchased for approximately $4.6 million, the 1950, post-war property is made up of four bedrooms and four full bathrooms, situated in the heart of Midtown Manhattan. The four-story building is configured as a multiple dwelling with one apartment on each floor and a full-height basement. The property provides 3,000 s/f of air rights,. The international buyer intends to maintain the multifamily asset and invest in a substantial rehab for the property. Plans have been approved to install an elevator, extend the building and add two additional floors. Jesse Klein, Head of Commercial Sales at Platinum Properties, made the announcement.
Highcap Group announced that Josh Goldflam, Managing Principal, and Michael Ferrara, Senior Director, represented both the seller and purchaser in the $3,920,000 sale of 4,900 s/f of High Line Transfer Corridor (HLTC) Air Rights from 509-511 West 27th Street, a property located in the Special West Chelsea District. The HLTC air rights sold for $800 per buildable square foot and were purchased by a developer constructing a ground up condominium project two blocks away. The Special West Chelsea District was designated in 2005 and is the area bounded by Tenth and Eleventh Avenues from West 30th Street south to West 16th Street. As part of the plan, regulation restricted
development of properties immediately west and within 100’ of the High Line from West 19th Street to West 30th Street, known as the High Line Transfer Corridor (HLTC). Landlords who own property located only in the HLTC are allowed to sell their unused air rights to other properties only located in the Special West Chelsea District. The HLTC has a finite amount of buildings to begin with and since 2005, the majority of the HLTC air rights in West Chelsea have already been sold making HLTC Air Rights very hard to come by and this transaction very rare.
NAI James E. Hanson brokered the sale of the 22,000-square-foot grocery store located at 110 Washington Street in Morristown, N.J. to E&H Members, LLC. Scott K. Perkins, SIOR, Greg James and Chris Todd represented the buyer in the sale. The building is fully leased to Whole Foods with a long-term agreement in place. Located off a direct train line into New York City and accessible via Routes 287, 80 and 24, 110 Washington Street’s previous tenant was a 40-year-old A&P grocery store that closed in 2013. The Morristown Whole Foods is part of the chain’s rapid expansion into New Jersey in recent years.