M&M sells Gramercy building for $18M
Marcus & Millichap Real Estate Investment Services has arranged the sale of 78 Irving Place, a 15 unit, 16,609 s/f multifamily property in Gramercy Park for $17.9 million and a capitalization rate of 5.19%.
Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and David Lloyd, investment associate, all from Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and buyer, both private investors.
The seven-story residential building acquired global interest and interest from various groups with other plans to potentially convert this building into a single-family residence.
“With the Zeckendorf luxury condominiums conversion across the street setting records of around $4,000 per square foot, I have strong confidence that they will do extremely well with this ideal conversion opportunity,” said Koicim.
The property is situated directly on the southeast corner of East 19th Street and Irving Place, steps away from the exclusive Gramercy Park enclave and Union Square area.
“We continue to see excessive investor interest for trophy multifamily locations across the city,” added Von Der Ahe.
Agents
ERG Property Advisors announced the availability of a five-story walk-up apartment building in the Little Italy section of Bronx. The 188th Street property consists of 15 Class A apartment units. There are two four-bedroom units, nine two-bedroom units, and four one-bedroom units. The property is on the intersection of East 188th Street and Lorillard Place, two blocks away from Arthur Avenue. There is subway access at the Grand Concourse and East 188th Street station. The asking price is $1,600,000. Matthew Murphy is handling the assignment.
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The Goldstein Group has been appointed the exclusive broker for Former Electronics Expo located at 166 Route 17 North in Paramus, New Jersey. The 18,200 s/f free standing building features two floors at 9,100 s/f each and is currently available for retail occupancy. Located in the heart of Paramus, this site features high visibility on Route 17. Neighboring tenants include Golf Galaxy, Dick’s Sporting Goods, IKEA, Garden State Plaza, Trader Joe’s and Office Depot. Chuck Lanyard and Lew Finkelstein are handling the assignment.
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Weichert Commercial Brokerage, Inc. has been appointed as the exclusive agent to market 16.45 acres of land in Mays Landing, NJ. Senior vice president, Sandy Schonberger is handling the marketing of this shovel ready property, which is located at 4780 Black Horse Pike. It has has all approvals and is buildable to 103,450 s/f. The land has 775 ft. of highway frontage and approximately 300 residential units are slated to be built adjacent to the property.
Sales
Lev Mavashev and Glenn Raff from Besen & Associates sold 331 Keap Street located in Williamsburg, Brooklyn. This property is a 6-story mixed use building with 35 apartments and one commercial unit. The building sold for $6,500,000.
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The CPEX Mixed-Use Investment Sales Team announced the sale of 546 Court Street, Brooklyn. The property consists of two buildings on the same tax lot, both of which were delivered vacant. The three-story, 3,000 s/f commercial building is comprised of an office on the ground floor and storage on the second and third floor, while a separate two-story, 800 s/f carriage house is situated farther up West 9th Street. The sale price was $1,575,000, of $414 per square foot. Scott Burk, Esq. and Andre Sigourney, represented the seller and procured the purchaser, PRES NYC and Minetta Brook Partners.
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ERG Property Advisors announced the sale of 595 Franklin Avenue, Franklin Square, NY. The property is a Free Standing Dunkin Donuts Ground Lease located on the corner of Franklin Avenue & Ferngate Drive. The lease has 9 years remaining and is corporately guaranteed by Dunkin Brand, INC. The property sold for $1,550,000 which represents a cap rate of 5.81%. Andrew Greenberg, senior director of retail, and Evan Street, senior associate, exclusively brokered this transaction.
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Marcus & Millichap Real Estate Investment Services announced the following sales:
• Kingsville Plaza, a 21,250 s/f retail property located at 2730 South Brahma Boulevard in Kingsville, Texas. Chad Knibbe, Bethany Babcock, Preet Sabharwal, and Britt Raymond, in the San Antonio and Manhattan offices, represented the seller, a limited liability company. The asset received attention from investors nationwide but was ultimately acquired by a Texas-based investor familiar with the submarket.
• McDonald’s, a 3,500 s/f net leased property located in Elizabeth, NJ, sold for $1,600,000. McDonald’s has been operating in this location for 20 years. Michael Lombardi represented the seller, a private investor. The buyer, a private investor, was secured and represented by Scott Plasky.
• Martha Washington Apartments, a property located in Clifton, NJ, sold for $7,050,000. Thomas McConnell, CCIM and Kevin McCrann represented the seller, Martha Washington, LLC. McConnell and McCrann also represented the buyer, REGA Clifton, LLC. Martha Washington Apartments is a 56-unit garden apartment complex located at 1401 Van Houten Avenue, in Clifton.
• 393 Lewis Avenue, a 6,600 s/fmixed-use building located in Brooklyn, NY, sold for $1,700,000 which represented approximately $257 per square foot. Derek Bestreich and Lucien Sproviero represented the seller, a private investor. The buyer, a private investor, was secured and represented by Sproviero and Bestreich.
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Rosewood Realty Group announced the following sales:
• The recent $16 million sale of 97 Cedarhurst Avenue in Cedarhurst, Long Island. The four-story, mixed use, 38,222 s/f building consists of 57 apartments, nine stores and three professional offices. Aaron Jungreis represented the buyer, Fairfield Properties, and Jonathan Birnbaum represented the seller, Nassau Cedarhurst Company. It sold for 12.4 times the rent roll.
• The $17.5 million sale of two buildings in the High Bridge section of the Bronx. The buildings, at 1005 Jerome Avenue and 1000 Anderson Avenue, total 202 units. One 8-story elevator apartment building consists of 160 units and the other, six-story elevator apartment building consists of 42 units. Together the buildings totaled 205,008 sq. ft. and sold for 8 times the rent roll. They were built in 1931. Aaron Jungreis represented both the buyer, 1005 Jerome Equities and the seller, Jerome Ave Owner LLC.
• The $9.3 million sale of a six-story elevator apartment building with 100 units at 1473-1475 Sheridan Avenue in the Claremont section of the Bronx. The 92,676 sq. ft. building, built in 1929, sold for 7.25 times the rent roll. Aaron Jungreis represented both the buyer, 1475 Sheridan Equities and the seller, 1475 Sheridan Avenue Owner, LLC.
• The $5.3 million sale of a six-story elevator apartment building in the University Heights section of the Bronx features 61 apartments. The 51,000 sq. ft. building at 2320 Aqueduct Avenue was built in 1931. It sold for 7.5 times the rent roll. Aaron Jungreis represented both the buyer, 2320 Aqueduct Partners and the seller 2320 Aqueduct Ave. Owner LLC.
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Massey Knakal announced the following sales:
• A development site at 401 State Street, between Bond and Nevins Streets in Boerum Hill, Brooklyn, sold for at $4,200,000. The four-story building with 18,000 s/f is configured as an office space and located in a R6B zone, which presents the opportunityfor a development/conversion to residential apartments. Bob Knakal handled this transaction with Stephen Palmese.
• A mixed-use building located at 174 Duane Street in TriBeCa sold for $11,500,000. The four-story mixed-use building consists of three residential units and one retail store. The building is 25 feet wide and contains 9,000 s/f. All three residential units are fair market. The three lofts sit above a 2,250 s/f retail space that is currently leased until 2014. This property was part of the 28 building, $250 million, Century Portfolio which Bob Knakal has been marketing over the past several months. Nick Petkoff assisted in the transaction.
• An apartment building at 303 Harman Street in Brooklyn’s Bushwick neighborhood sold for $750,000. The three-story walkup building contains 4,125s/f and consists of six residential units. it has updated mechanicals, a new roof, and clean common space. The sale price equates to approximately $182 per square foot. Michael Amirkhanian handled this transaction.
• A mixed-use building at 10-57 Jackson Avenue, in the Long Island City neighborhood of Queens, sold for $2,260,000. The three-story building contains 4,300 s/f and consists of two commercial units and one residential unit, with a restaurant on the ground floor, an office on the second floor, and a two-bedroom apartment on the third floor. The sale price equates to $526 psf, a record for the area according Evan J. Daniel, who handled this transaction.
• A development site at 44-46 Purves Street, located at the southwest end of Purves Street down the block from the Citigroup building in the Court Square section of Long Island City, Queens, sold for $4,137,500. The site contains a 9,132 s/f industrial building on a 4,566 s/f lot. It has 101 ft. of frontage on Purves Street as well as 101 ft. on the northeast side of Thomson Avenue. The site is part of the Queens Plaza Special Zoning District which gives it a zoning designation of M1-5/R9 with an FAR of 8.0, which allows for a total of approximately 36,528 buildable square feet. The sale price equates to approximately $113 per buildable square foot. Evan J. Daniel handled this transaction.
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In 10 separate transactions, Gebroe-Hammer Associates arranged the sale of 261 apartment-rental units and five commercial units in Essex and Hudson counties. Combined, the Newark, Irvington, Union City and Bayonne properties sold for more than $13.2 million. David Jarvis, executive vice president, led the marketing team whic provided exclusive brokerage services for three transactions involving 124 units in Newark; four sales encompassing 73 units and five retail units in Bayonne; and two trades comprised of 24 total units in Union City.
