AGENTS
Ariel Property Advisors has been exclusively retained to sell a mixed-use property, a two family house and a vacant lot in the Bed-ford Stuyvesant and Crown Heights sections of Brooklyn. Exclusive Agents Jonathan Berman, Mark Spinelli and Daniel Tropp are bringing each individual property to the market, representing the sellers.
• 173 Utica Avenue is a mixed-use property situated in the northern Crown Heights neighborhood of Brooklyn asking $1.15 million. The lot is 19.67 x 90 ft. and the property consists of a retail unit, located on the first floor, and a floor through 900 s/f two bedroom unit on both the second and third floors. The property offers 1,769 feet of air rights. The 3 and 4 trains are located blocks away on the corner of Eastern Parkway and Utica Avenue. The asking price for this property is 1.15 million.
• 1052 Bedford Avenue is a 2,450 s/f two-family house which sits on a 20 x 90 lot in Bedford-Stuyvesant asking $1.8 million. The property offers 3,760 feet of air rights (as-of-right) and 5,830 feet of air rights with Inclusionary Housing. Zoned R7A / C2-4 the FAR is 3.45 and offers an opportunity to develop 6,210 square feet (as-of-right) and 8,280 square feet with inclusionary housing bonus. Clifton Place Memorial Park and Garden is less than a block away as is the Lafayette Gardens playground. Transportation is close with the G train located at the end of the block.
• 543 Marcy Avenue is a 25’ x 75’ vacant lot zoned R6A/C2-4, located between Floyd and Stockton Streets in Brooklyn’s Bedford-Stuyvesant neighborhood, asking $1.2 million. The zoning allows for 5,625 buildable square feet of both residential and commercial development, and the owner will deliver the site with approved plans for a 6,359 square foot six family property on the site. This development site is conveniently located two blocks from the G train at the Myrtle/Willoughby subway station.
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Hilly Solieman of Besen & Associates has been retained to sell a 3-story walkup building with 2 apartments and store in Cypress Hills, located at 3216 Fulton Street between Richmond Street and Chestnut Street. The 3,151 SF property is near the Crescent Street station along the [J, Z] subway. The asking price is $940,000.
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Cushman & Wakefield announced the following exclusive assignments:
• The sale of a development site at 423-425 Westchester and 601 Bergen Avenues. The property is located on the southeast corner of Westchester and Bergen Avenues in “The Hub” section of the South Bronx. The asking price is $8,225,000. The site consists of two adjacent lots which combine for approximately 19,965 s/f. Situated within a C4-4 zoning district, it features a residential FAR of 3.44, equating to approximately 68,680 buildable square feet. The site also allows for a commercial FAR of 3.4, equating to approximately 67,881 buildable square feet. The property is being exclusively marketed by Cushman & Wakefield’s Nick Burns and David Simone.
• The sale of a warehouse and office building at 34-10 Borden Avenue. The property is located on the southwest corner of Borden Avenue and 34th Street in the Long Island City neighborhood of Queens. Ownership is requesting proposals. The property consists of a two-story building containing approximately 8,977 square feet on a 85’ x 100’ irregular lot. Additionally, the building features two, 20’ x 48’ billboards that are currently not permitted. David Chkheidze is exclusively marketing this property with Conrad Martin.
• The sale of a mixed-use building at 107 West 17th Street between Sixth and Seventh Avenues in Chelsea. Ownership is requesting offers. The three-story walk-up building contains approximately 4,658 square feet and sits on a 25’ x 92’ lot. It consists of a ground floor restaurant space with two residential units above, both of which will be delivered vacant. The restaurant space is leased to the popular Italian eatery da Umberto, which has been in business since 1987. Additionally, the property benefits from approximately 9,188 square feet of air rights which can be sold with the building or separately. James Nelson is exclusively marketing this property with Brock Emmetsberger.
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Lee & Associates, New Jersey, is handling the offering for the property at 4201 Route 130 in Edgewater Park, NJ, a township in Burlington County. This 7.97 acre vacant land site consists of 65,000 + square feet approved for retail, office, and medical development. The exclusive broker for the property is Beth Chezmar, vice president, Lee & Associates, NJ. The property is one of the largest undeveloped tracts in the commercial district of Edgewater Park. Previous preliminary and final site plan approvals had been granted for the construction of four buildings under 40’ in height and meeting an impervious coverage ratio of 66.95%. Richard Marchisio, president, is also working on the assignment.
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Westbridge Realty Group announced the following Brooklyn exclusives for sale:
• 55 Ten Eyck Street, a six-unit building in Williamsburg for $3.2 million which equates to a five percent cap rate. Four of the six apartments are recently gut renovated, with two of the ground floors being duplex apartments. Located in prime Williamsburg, this property offers an investor or user a healthy entry return on their investment, with the possibility of a condo conversion down the road.
• 66 Steuben Street, a six-unit apartment building in Clinton Hill for $1.9 million, a short walk to Pratt Institute. This property contains four-free market units, two rent stabilized units, all two-bedroom apartments. With two apartments paying low rents, there is tremendous upside.
• 145 Somers Street, a six unit apartment building in the Ocean Hill area of Bedford-Stuyvesant for $1.55 million. The 27-feet-wide property features six massive two-bedroom apartments, two of which have been renovated and are currently renting for $2,200 per month. The remaining four units are rent-stabilized, renting for approximately $500 per month allowing tremendous upside.
SALES
Cushman & Wakefield announced the following sales:
•A property at 206-212 Wadsworth Avenue in Washington Heights sold for $8,000,000. The property was previously owned and occupied by Wadsworth Avenue Baptist Church Inc. The Church will occupy a condominium unit in the new development. The property was purchased by Leo Tsimmer of the Caerus Group. The site is rectangular in shape and has approximately 100 feet of frontage on Wadsworth Avenue and 150 feet of frontage along West 184th Street. It holds approximately 97,422 buildable square feet and the sale price equates to approximately $82 per buildable square foot. Robert M. Shapiro exclusively handled this transaction.
• A retail building at 41-19 Bell Boulevard in the Bayside neighborhood of Queenss sold for $4,000,000. The single-story building contains approximately 4,648 square feet and is net leased to Lucille Roberts. Zoned C2-2/R6B, the property benefits from approximately 11,426 buildable square feet and features a mezzanine and lower level. The sale price equates a 3.9% capitalization rate and approximately $860 per square foot, a record for Bayside. Stephen R. Preuss exclusively handled this transaction.
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GFI Realty Services announced the $10 million sale of 11 East 115th Street, a 46,867 s/f development site situated in East Harlem. Managing director of Investment Sales Yosef Katz represented both the buyer, Albert Rabizadeh, and the seller, Rubin Schron’s Cammeby’s International, in this off-market transaction. The buyer is currently drawing up plans for a rental community to be developed on the site.
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Marcus & Millichap announced the following sales:
• 52 Main Street, a 7,700 s/f mixed-use property located in Succasunna, NJ, sold for $1,250,000. Michael Lombardi, an investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Chip Collins, an investment specialist in Marcus & Millichap’s New Jersey office.
• New Village Plaza, a 5,860 s/f Dunkin Donuts- anchored strip center located in Stewartsville, NJ, a sold for $1,450,000. Nat Gambuzza and Michael Lombardi, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor.
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Weissman Realty Group announced the closing of 343 East 138th Street, in the Mott Haven section of the Bronx, at a purchase price of $1,000,000. The five-story mixed-use building features 10 apartments and one store. Weissman Realty Group represented both sides in this transaction.
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Westbridge Realty Group, the recently launched full-service investment sales firm founded by Steven Westreich and Adam Traub, announced the following recent transactions:
• The $9.6 million sale of 1462 2nd Avenue, Manhattan. This is a mixed-use 8,620 s/f building with eight apartments and the popular Meatball Shop. The 1910 building has 12,000 s/f of air rights that could potentially be sold in a future assemblage. Adam Traub represented the buyer, a local investor who saw upside in the fact that the building’s 12,000 s/f of air rights could potentially be sold in a future assemblage.
• The $2.9 million sale of 920 Madison Street in Bedford Stuyvesant, Brooklyn. This is a 13-unit, 10,400 sq. ft. building sold with five of the 13 units delivered vacant. Steven Westreich represented the buyer, Judah Klausner, who recently sold properties at 110 and 106 Ridge Street in Manhattan for $50 million to basketball player David Robinson’s Admiral Capital Group.
• The $2.4 million sale of 1004 Hegeman Avenue in East New York. This is a 19-unit 23,280 square feet building that sold for 9.23 times the rent roll. Steven Westreich represented the seller in this off-market transaction.
• The $1.15 million sale of 145 Somers Street in Ocean Hill, Bedford Stuyvesant. This is a six-unit 5,518 s/f building. Steven Westreich represented the buyer, a local investor and Adam Traub represented the seller, Victor Benatar.
