ARM Real Estate Group announced the sale of a one-story corner retail building in Woodside, Queens for $2.8 million. The 9,500 s/F building at 54-01 Northern Blvd., at 54th Street, features three stores, a Chinese restaurant, a convenience store and a carpet shop. It was built in 1952. Anand Melwani represented both sides in the transaction, the seller, 5401 Nb L.L.C. and the buyer, The Daniel Group, a local retail investor based out of Kew Gardens who plans to hold the property and reposition it when the leases roll out since they are about 30 percent under market, according to Melwani.
Donna Dotan Photography Inc.
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Besen & Associates has completed the sale of A mixed use propertY at 53 West 8th Street. The walkup building consists of 16 apartments and one store. The property was sold by long-term owners, and the exclusive listing was handled by Ishan Chhabra and Amit Doshi, who also procured the buyer. The building traded for $6.6 million. The property is 9,325 s/f and contains all one-bedroom apartments, all of which are rent stabilized. The 800 s/f ground floor retail is occupied until 2018 by Enrico Lossi, a shoe store. The sale price equated to $708 psf and a 1.7% capitalization rate.
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Silvershore Properties announced the recent purchase of:
• 733 Bushwick Ave, a five-unit walk-up residential building in Bushwick, sold for $1.15 million.
• 230 Saratoga Avenue, a three-unit residential walk-up building with one retail store in Bedford Stuyvesant, sold for $725,000.
There were no brokers on the deals. Silvershore Properties Principals David Shorenstein and Jason Silverstein represented Silvershore Properties.
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Eric S. Goldschmidt, Senior partner at Goldschmidt & Associates, announced the comapny brokered five investment sale transactions in the first threemonths of 2015.The aggregate sales price totaled more than $50,000,000. The properties included:
• Rye, New York – 109 units & retail in walking distance to the train station.
• New Rochelle, New York – 152,000 s/f warehouse and office, co-brokered with Kevin Langtry of CBRE.
• New Rochelle, New York – Former Flynn Boiler building. 25,000 s/f on 2 acres
• Yonkers, New York – 3,000 s/f retail building on Central Park Avenue. Goldschmidt agent Adam D. Bren represented the Buyer.
• New Milford, CT-10,000 s/f office/flex building just off the Merritt Parkway. Kathleen S. Fazio, Director at Cushman & Wakefield, represented the buyer.
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CBRE Group Inc. arranged the sale of 556 Eagle Rock Avenue in Roseland, N.J. for $7 million. The three-story, octagonal-shaped office building houses a number of medical services tenants. Its largest tenant, the Special Surgery Center of Essex County, is on the ground floor of the property and has five operating rooms onsite. Randy Eigen represented the buyer, Hajjar Medical Officer Building of Roseland, LLC, as well as the seller, PBE Companies, LLC. CBRE has been retained to lease 13,573 available square feet of the 70-percent occupied property.
YONA EDELKOPF
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Michael Cervelli Real Estate announced the sale of two North Hudson Investment Properties.
• 604 21st street in Union City is a 9-unit, 4-story brick apartment house purchased by international investors looking to deploy capital into safe hard assets. The property traded for $1,115,000 or $123,888 per unit.
• 80 Webster Avenue located is a six-unit apartment house purchased by a local investor who is accumulating properties in this rapidly expanding city.
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EPIC Commercial Realty announced the following sales:
• 7-13 Knickerbocker Avenue, a single-story commercial building in East Williamsburg, Brooklyn. The current structure houses two tenants who are using the building as warehouse space. The property has an M1-2 zoning allowing for approximately 19,700 sf of development rights. The building is currently income producing with short-term leases.Travis Stabler of Rivington Company purchased the property in an off-market transaction, for $4,100,000. Both sides of the deal were brokered by EPIC; Yuriy Ustoyev & Vlora Sejdi representing the seller and Seth Peyser & Yona Edelkopf representing the buyer.
• 709 Grand Street in East Williamsburg, Brooklyn. The three-story mixed-use building houses two apartments and one ground floor retail unit as well as 8,750 s/f of additional development rights. The property was delivered vacant. Shay Zach brokered the sale for $3,800,000.
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Rubin S. Isak and John A. Falco of Falco Isak Realty Services sold 51-17 108th Street, Corona, for $4,250,000. The property is a 3-story, plus cellar, brick, corner, mixed-use building built in 1988, located on the Northeast corner of 108th Street and 52nd Avenue. The building consists of three retail stores, one medical office and eight free market residential units. The sales price represents a Capitalization Rate of 5.74%; 13.2X Gross Rent and $293 psf. The seller was 51-17-23 108 ST REALTY INC. and the purchaser was 51-17 REALTY LLC, a private investor in the area.
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The Manhattes Group announced the sale of 337-343 Manida Street, also known as 340 Barretto Street, in the Hunts Point section of the Bronx. The 22,500 s/f one story warehouse features high ceilings, four drive-in doors and frontage on both Manida and Barretto Street. The property sold to a local investor for $3,950,000 or $175 psf. Alan Shmaruk and Michael Sherman of The Manhattes Group procured the purchaser while Ariel Castellanos and Federico Mazzeo of Pinnacle Realy represented the seller.
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Rosewood Realty Group announced the following recent sales:
• A $18.65 million sale of 4321 Broadway aka 701-703 W. 184th Street in Washington Heights Manhattan. The six-story walk-up apartment building consists of 68 apartments, three commercial units and one antenna. It is 54,000 s/f and was built in 1949. It sold for 15.16 times the current rent roll. Michael Guttman represented the seller, 4321 Broadway Residences LLC and Aaron Jungreis represented the buyer, Lincoln Prospect Associates, LLC.
• A $5.6 million sale of 945-947 East 94th Street in Canarsie, Brooklyn. The 36,480 sq. ft. four-story walk-up apartment building features 40 apartments, super’s basement apartment and three outside antennas. It was built in 1929. Aaron Jungreis represented the seller, Bsp East 94 LLC and Michael Guttman and Yehuda Wolfset represented the buyer, a private investor. The building sold for 9.5 times the current rent roll.
• A $4.3 million sale of 126 Herkimer Street in Bedford Stuyvesant in Brooklyn. The 10,508 sq. ft. four-story, walk up features 12 units and was built in 1910. Michael Guttman represented the seller, 126 Herkimer Street LLC and Aaron Jungreis represented the buyer, a private investor.
• A $2.5 million sale of 2362 Ryer Avenue in the Fordham Heights section of the Bronx. The 18,270 sq. ft. five story walk-up apartment building features 25 apartments. It was built in 1916. The building sold for 8.56 times the current rent roll. David Scheer and Eric Lifshitz represented the seller, 2362 Reyer Avenue LLC and Devin Cohen represented the buyer, a private investor.
• A $1.65 million sale of 16 East 12th Street, in Manhattan (unit A) which is a 1,905 sq. ft. commercial/retail condominium located on the ground floor and lower level of a 12-story, mixed use condominium building, that was built in 1910. Michael Guttman represented the seller, a private investor and Aaron Jungreis represented the buyer, also a private investor.
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GFI Realty Services, Inc. announced the sale of 138 St. Nicholas Avenue, a three-story walk up apartment building in the Bushwick section of Brooklyn for $1.18 million, or 16 times the rent. This multi-family property consists of six apartments and was constructed in 1931. Kobi Zamir, an associate of GFI Realty Services, represented the buyer and Ron Kavral, also of GFI, represented the seller. The buyer and seller are both local investors.
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Marcus & Millichap announced the following sales:
• 355 Stockholm Street, a 6-unit apartment property in Brooklyn, N.Y., sold for $1,585,000. Shaun Riney, Dan Greenblatt and Thomas Shihadeh represented the seller, a private investor. The buyer, a fund manager, was secured and represented by Said Boukhalfa.
• A 21,395 s/f mixed-use property at 1774 Amsterdam Avenue in Harlem, New York, sold for $9,950,000. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, represented the seller, a private investor. The buyer, a private investor, was also secured and represented by Von Der Ahe, Edelstein, Glasser and Moskowitz. The property composed, almost entirely, of free market units and ultimately traded at $465 psf.
• 34,573-square foot retail property known Cranford Square located on South Avenue in Cranford, NJ, sold for $7,500,000. Michael Lombardi,h Robert Angus and Julienne Pape represented the seller. Lombardi and Angus also represented the buyer. Cranford Square includes two separate buildings situated on 2.2 acres. It is fully leased.
