Sales
CBRE New Jersey’s Brokerage, Private Capital and Debt & Equity Finance groups collaborated for the sale and financing of 89 Twin Rivers Drive, a single-story, 31,800 s/f industrial research facility in East Windsor, NJ. The listing was secured by CBRE’s Thomas Sullivan and the Private Capital Group’s Charles Berger. Elli Klapper, also of PCG, identified a buyer who understood the risk associated with a Tenant Purchase Option and a specialty use asset. After negotiating a contract price of $4,125,000, PCG introduced the buyer to the CBRE Debt & Equity Finance team of James Gunning and Donna Falzarano. They secured a $2,681,250 non-recourse loan at 4.25% for a 10 year term with Lakeland Bank. The property is 100 percent leased to Scion Companies, LLC, parent company to occupant Aprecia Pharmaceuticals.
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The Hampshire Companies announced the sale of a 20,000 s/f office building located at 155 Plant Avenue in Hauppauge, NY, to a local investor. DY Realty Services, LLC represented The Hampshire Companies in the transaction. Fully renovated into an office property in 2008, the building is situated on nearly 2 acres. The property is fully leased to Siemens Real Estate, a division of Siemens Shared Services, LLC.
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Josh Goldflam, managing principal of Highcap Group, announced the sale of a triple net leased retail building located at 8225 Jericho Turnpike, Woodbury, NY, for $9,000,000. Goldflam procured the buyer and represented the seller along with colleague Ahmadu Ahmed. The 4,400 s/f retail building was built from the ground up in 2010 on a former gas station site. The property sits on a heavily trafficked corner on the north shore of Long Island, and is surrounded by the Woodbury Commons Shopping Center. The single tenant, Bank of America, has a 20-year triple net lease on the property with additional option periods for extension. The seller was a local real estate investor/developer and the buyer was a group of local dentists that formed an investment partnership. The off-market transaction represents a sale price of $2,045 psf and a capitalization rate of 5.3%.
Bank of America, has a 20-year triple net lease on the property with additional option periods for extension. The seller was a local real estate investor/developer and the buyer was a group of local dentists that formed an investment partnership. The off-market transaction represents a sale price of $2,045 psf and a capitalization rate of 5.3%.
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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of an 18,500 s/f property at 1635 Albany Avenue in the East Flatbush section of Brooklyn, NY for $1.9 million. Jean Cook of Kalmon Dolgin Affiliates represented the seller, Albany Roe Corp., in the transaction, while Allan Profeta of Premier Properties represented the buyer, Safeguard Storage. The property, which consists of a 14,500 square-foot building on 18,500 square feet of land, was purchased by Safeguard Storage, a national self-storage chain with plans to develop a self-storage facility on the site.
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Nathan Blatter of Whitestone Realty Group, Inc. purchased an unfinsihed 26-unit elevator building at 522-524 East 236th Street in the North Bronx. The plan for the building was iniatially for two eight-unit adjacent properties. The previous owner ran out of money when the market crashed and stopped construction midway. Blatter closed in March within 10 days of signing the contract all cash for $1,000,000. The plans have been changed to build one 26-unit elevator building.
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Rosewood Realty Group announced the following sales:
• The $9 million sale of five contiguous four-story walk-up apartment buildings consisting of 80 units at 14-26 Broadway Terrace in Washington Heights. Rosewood’s Jake Blatter represented the seller, BGB Associates LLC. Ryan Perkoski represented the buyer, BTH Holdings. The 48,640 s/f building was built and in 1927.
• A $6.65 million sale of two, four-story walk-up buildings at 126 and 139 East 53rd Street, Brooklyn that combined feature 71 apartments and 12 commercial units. The buildings total 81,305 s/f and were built in 1928 and 1929. The sellers, 139 Realty NY LLC and 126 Realty NY LLC, were represented by Rosewood founder, Aaron Jungreis, who also represented the buyer.
• A $4.6 million sale of two, five-story walk-up apartment buildings (2263 Morris Avenue and 2342 Ryer Avenue) in Fordham Heights in the Bronx. The buildings, built in 1916 and 1925, total 46,370 sq. ft. and together consist of 64 apartments. Aaron Jungreis represented both sellers, 2263 Morris Partners LLC & 2342 Ryer Partners LLC and the buyer.
• A $1.9 million dollar sale of a four-story walk-up consisting of 16 apartments at 6914 6th Avenue in Bay Ridge, Brooklyn. The 12,659 s/f building was built in 1931. Rosewood’s David Scheer represented the seller, 6914 Sixth Associates, LLC and Aaron Jungreis represented the buyer, a local investor. It sold for 8.9 times the rent roll.
• A $575,000 sale of a three-story walk-up with six apartments at 42 Howard Avenue in Bedford Stuyvesant Brooklyn. The 4,032 sq. ft. building was built in 1905. Rosewood’s David Scheer represented the seller, 42 Howard Owner LLC and Rosewood’s Mike Kerwin represented the buyer, a local investor.
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Stan Johnson Company structured the sale of a key facility 100 percent leased to AtlantiCare Health System, Inc. The property, located at 6725 Delilah Road in Egg Harbor Township, NJ, sold for $5.65 million after a bid process due to its high quality real estate, strong credit tenant, and long-term lease that featured 11 years remaining. Camille Renshaw and Tom Georges of Stan Johnson Company represented the seller, a private developer, and the buyer, Gladstone Companies.
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Time Equities, Inc. (TEI) announced the following purchases:
• 809 West Greenwood Street, a 39,078 s/f retail center in Abbeville, South Carolina, was purchased for $1.3 million. Time Equities plans to make improvements to the parking lot, and pylon sign while leasing up the one remaining vacancy. Time Equities, Inc. was represented in-house while the seller was represented by Tim Roller of NAI Earle Furman.
• Auburn Towne Center, an 85,436 s/f shopping center with four land parcels located at 315 Genesee Street in Auburn, NY, was purchased for $1.65 million. Located in the Finger Lakes region, the shopping center will be redeveloped. It is currently 41 percent leased and has two available spaces ranging from 3,000 square feet to 47,000 s/f. Time Equities, Inc. was represented by Jerry Merzon of The Merzon Company while the seller was represented by John Bouck of Bouck Real Estate.
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NAI James E. Hanson completed the sale of a retail property at 2214 Kennedy Boulevard in Union City, NJ. Senior vice president Gary P. Sauerborn served at the exclusive listing agent for the property on behalf of owner, Towne Cadillac, Inc. The Union City Board of Education purchased the 19,860 s/f building. Located on an approximately 27,000 s/f lot, the site is zoned for light-impact industrial with permitted uses of heavy retail and service commercial establishments, printing establishments, fully enclosed wholesale and storage establishments, data processing centers, and research and development lab space.
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Massey Knakal announced the following sales:
• A development site at 920 University Avenue sold for $500,000. The block-through vacant lot consisting of 7,735 s/f is located within an M1-5/ R7-1 zone and holds 38,673 buildable square feet for commercial development. A hotel will be constructed on the site. Nick Burns handled this transaction with David Simone.
• An apartment building at 104 Suffolk Street on the Lower East Side neighborhood sold for $5,500,000. The five-story walk-up contains 10,000 s/f and consists of 20 residential units of which 14 are free market and six are rent stabilized. The sale price equates to $550 psf, and a 4.8% capitalization rate. Michael DeCheser represented the seller with CEO 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 9,000 s/f and was previously operated as a pre-school and daycare center. The building will be occupied by a school. The sale price equates to $344 psf. Stephen R. Preuss handled this transaction.
• A mixed-use building at 96-25-27 Rockaway Boulevard (96-16 Liberty Avenue), in the Ozone Park neighborhood of Queens, was sold for $1,450,000. The three-story building, plus basement, consists of 4,100 s/f of retail space on the first floor with access to both frontages. The second and third floors have apartments. The sale price equates to $169 psf. Stephen R. Preuss handled this transaction.
• An apartment building at 1243 Webster Avenue, in the Morrisania section of the Bronx, was sold for $1,350,000. The four-story walk-up building 16 residential units. The sale price equates to $182 psf. David Simone handled this transaction.
Agents
Ariel Property Advisors has been named the exclusive sales agent for The Hayden, an Upper West Side property at 163 West 80th Street. The asking price is $9.5 million. The five-story walk up is being marketed by the Randy Modell, Michael A. Tortorici, Victor Sozio, Howard Raber, Esq., and Scot Hirschfield. The 9,624 s/f building is comprised of five luxury apartments. While currently operating as a free-market rental property in which all the leases are due to expire in 2013, a condominium declaration has been filed establishing five single residential condominium units within the building.
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Cushman & Wakefield has been retained by The Criterion Group to sell 30-50 21st Street and 11-15 Broadway, two newly constructed luxury residential buildings totaling 144 units in Astoria, Queens, NY. The properties, which are both 100% occupied, feature luxury in-unit finishes and top-rate amenities, 24-hour attended lobby, on-site parking and fitness center, and roof deck access. Helen Hwang, Nat Rockett, Karen Wiedenmann, Brian Szczapa and Gideon Gil are leading the marketing effort.
