Agents
Besen & Associates announced the following exclusive assignments:
• Ronnie Shaban has been exclusively retained to market the property located at 1114 Ward Avenue, in the Soundview/Castle Hill section of The Bronx for $8,100,000. It is a 100 x 140 ft. 6-story elevator building with 70 apartments and three stores, built in 1928 with approximately 73,308 s/f.
• Matthew Slonim has the exclusive to sell 952, 956 & 958 East 233rd Srteet in The Bronx. The property consists of three contigious lots with a three-story vacant building in need of rehab. It occupies
75 ft. of frontage and offers 10,170 total buildingable square feet. There is ability to do ground up construction or extend existing three- story vacant building. Flexibility to build retail, residential or mixed-use.
• Jonathan Horn and Cristian Oancea has been exclusively retained to market 99 residential properties located in Orange, East Orange, Irvington, Newark, and Montclair NJ. The portfolio consists of seven single-family homes, 53 two-family homes, 34 three-family homes, and five four-family homes
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Eastern Consolidated has been retained to sell 36 Riverside Drive, a 7,380 s/f, 5 ½ story residential building on the Upper West Side. The asking price is $8.5 million. Adelaide Polsinelli is spearheading the marketing initiative for the property on behalf of a family partnership. 36 Riverside Drive was the earliest row houses (1888-89) to be erected on the Drive. They were originally the southern half of a row of four that were designed by Lamb & Rich, architects of Barnard College, for George and Clarence Lowther, well-known for their coal yards. The property includes eight residential units and can be delivered vacant at closing. The sites are close to the 1, 2, and 3 subway lines, Lincoln Center, Columbia University and the American Museum of Natural History.
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Massey Knakal Realty Services announced the following exclusive assignments:
• The sale of 80 Forsyth Street between Grand and Hester Streets on the Lower East Side. The asking price is $6,250,000. The three-story building with lower level contains approximately 7,055 s/f. Built in 1874, it was initially used as a synagogue but was later converted to a townhouse that was occupied by Pat Passlof, a painter, who was married to the late Milton Resnick. The majority of the building benefits from double height ceilings and is currently configured with one unit on the lower level and ground floor, one unit on the second floor, and one unit on the third floor. There are approximately 3,200 s/f of available air rights, and the lot could be developed into either a fully commercial or a mixed-use development of up to 15,180 buildable square feet. Michael DeCheser is handling the assignment.
• The sale of a mixed-use building at 763 Coney Island Avenue between Courtelyou and Dorchester Roads in Brooklyn’s Ditmas Park neighborhood. The asking price is $1,750,000. The three-story building contains approximately 5,820 s/f, holds 840 s/f of air rights, and has excellent income. Nick Mahedy and Stephen Preuss are handling the assignment.
Sales
Ariel Property Advisors announced the sale of 500 Fort Washington Avenue, a 56-unit corner building located in Washington Heights. The property sold for $8.62 million. Victor Sozio, Shimon Shkury, Michael Tortorici, and Jesse Deutch served as exclusive agents for the seller, a private investor, and identified the buyer, also a private investor. The six-story, 44,295 s/f walk-up contains 55 apartments and one office unit. The property also features a super’s unit in the basement, court-yard, and multiple entrances. The property has been well maintained and offers a considerable amount of upside in its rents.
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GFI Realty Services Inc. announced the sale of 439 Jefferson Avenue in the Bedford Stuyvesant section of Brooklyn, for $850,000, which translates to eight times the rent roll and $106,250 per unit. The four story walk up apartment building consists of eight units totaling approximately 9,920 s/f. Shlomo Antebi, a director of GFI Realty Services Inc., represented both the seller and the buyer, both of whom are local investors. The new ownership intends to capitalize on this investment through major capital improvements and sees this as a long term ownership play. The multi-family apartment building was built in the 1930s.
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Massey Knakal announced the following sales:
• A development site at 920 University Avenue in the Highbridge neighborhood of the Bronx, was sold for $500,000. The block-through vacant lot consisting of 7,735 s/f has 61 feet of frontage on University Avenue as well as 60 feet on Summit Avenue. Located within an M1-5/ R7-1 zone, the irregularly shaped lot holds 38,673 buildable square feet for commercial development. A hotel will be constructed on the site. Nick Burns exclusively handled this transaction with David Simone.
• An apartment building at 104 Suffolk Street on the Lower East Side sold for $5,500,000. The five-story walk-up building contains approximately 10,000 s/f and consists of 20 residential units. The property poses significant upside potential in the rent stabilized rents. The sale price equates to approximately $550 per square foot, and a 4.8% capitalization rate. The buyers was an overseas investor. Michael DeCheser represented the seller with Paul J. Massey, Jr. and Guthrie Garvin. Dan Schlesinger and Jaclyn Rosenberg of The Rosemark Group represented the buyer.
• A community facility building at 149-34 35th Avenue in the Flushing neighborhood of Queens, was sold for $3,100,000. The three-story building with finished cellar contains approximately 9,000 s/f and was previously operated as a preschool and daycare center. The property was completed in 2009 by an experienced developer. Improvements include state of the art mechanics, new elevator, and high-end finishes. It is currently configured with 12 classrooms, two offices, and a playground located on the roof. The sale price equates to approximately $344 per square foot. Stephen R. Preuss exclusively handled this transaction.
• A mixed-use building at 96-25-27 Rockaway Boulevard (96-16 Liberty Avenue) in the Ozone Park neighborhood of Queens sold for $1,450,000. The three-story building, plus basement, contains approximately 8,600 s/f and consists of approximately 4,100 s/fof retail space on the first floor. The second and third floors have four large two or three-bedroom apartments. The sale price equates to approximately $169 per square foot. Stephen R. Preuss exclusively handled this transaction.
• An apartment building at 1243 Webster Avenue in the Morrisania section of the Bronx sold for $1,350,000. The four-story walk-up building contains approximately 7,420 s/f and consists of 16 residential units. The building features a newer boiler and most of the units were delivered vacant. The sale price equates to approximately $182 per square foot. David Simone exclusively handled this transaction.
