AGENTS
Cushman & Wakefield has been retained on an exclusive basis to sell a prime residential development opportunity at 100 Vandam Street.
JAMES NELSON
The property is located on the corner of Vandam and Greenwich Streets in Manhattan’s Hudson Square. The asking price is $175,000,000.
The offering is an iconic structure which could be improved upon to offer water views in the heart of the rezoned Hudson Square area. The site has approximately 64’ of frontage on Greenwich Street and 150’ on Vandam and the parcel runs approximately 114’ deep. Additional air rights and inclusionary housing certificates which have been assembled will bring the total buildable for a mixed-use development to 187,221 square feet.
Alternatively, an entirely residential building up to 11.20 FAR could be developed. Each design could reach approximately 290’ on Greenwich Street, offering exceptional views. Cushman & Wakefield’s James Nelson is exclusively marketing this property with Robert Burton.
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CBRE Group’s Westchester/Fairfield County office announced that it has been retained to represent Pace University in the sale of two Westchester properties—both its 37-acre Campus at 235 Elm Road in Briarcliff Manor, New York and its 82,000-sq.-ft. The Evelyn and Joseph I. Lubin Graduate Center condominium, located within the Westchester Financial Center at One Martine Avenue, in White Plains, New York.
CBRE Group Executive Vice President William Cuddy is overseeing the assignment with Senior Associate Jacqueline Novotny responsible for the sale of the Briarcliff Campus and Patrick Colwell, Senior Vice President for Investment Properties responsible for the sale of One Martine Avenue.
The Briarcliff Manor Campus consists of nine buildings totaling 330,308 square feet located on 37 acres. The buildings range in size from 13,041 square feet to 111,915 square feet and support a variety of uses—including office, student housing, dining, recreational and educational.
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BILL CUDDY
Eric S. Goldschmidt, Senior Partner at Scarsdale New York based Goldschmidt & Associates announced that Iona College has retained G&A to market the 7,000 SF of retail space Iona is creating across from their main campus.
The 7,000 SF, which is divisible, will be on the retail level of the dormitory being constructed for 310 students on the North Avenue, New Rochelle campus. At this time 1,600 students already reside on campus. Iona’s total enrollment exceeds 4,000 students plus faculty and staff. Construction has begun and occupancy is expected in the fall. Handling this assignment are Pam Bren Goldschmidt and Adam Bren.
SALES
Marcus & Millichap announced the sale of 35 Division Place, a 10,000-square foot industrial property located in Brooklyn, N.Y., according to John Horowitz, regional manager of the firm’s Brooklyn office. The asset sold for $3,500,000.
Jakub Nowak and Jim McGuckin, from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Nowak and McGuckin.
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Karl Brumback
Time Equities Inc. (TEI) announced the acquisition of a 35,982-square-foot shopping center located at 100 Olde Towne Road in the city of Vestavia Hills, Alabama. The property was purchased for $2,500,000 in an all cash transaction.
The property, which was recently renovated, is approximately 83 percent occupied by notable tenants including Kiva Hot Yoga, Mobility Central, Ichiban Japanese Steakhouse, Birmingham Percussion and Accustaff. The firm hopes to reach 100 percent occupancy by aggressively marketing the vacancies and further renovating the building and its signage.
Brad Bailey of Bayer Properties brokered the deal in-house on behalf of the seller.. The property will be locally managed by Donna Cox of Engel Realty Company LLC and Leased by Tim Reddock and Vanessa Morris of Southeast Commercial.
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TerraCRG announced that they have closed on the sale of the building located at 401 State Street in the Boerum Hill neighborhood of Brooklyn. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller, Joseph Streicher, in the transaction. Mark Kennedy of Douglass Elliman represented the buyer.
The 12,000 s/f three-story building sold for $10,000,000, equal to $833 per existing SF. The 50 ft by 118 ft property was sold vacant and could be ideal for a community facility, office or a residential conversion.
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Cushman & Wakefield announced that an apartment building at 409 East 87th Street, located between First and York Avenues on Manhattan’s Upper East Side, was sold in a transaction valued at $6,500,000.
The five-story walk-up building contains approximately 8,590 square feet on a 25’ x 100.71’ lot. It consists of 20 free market units, with 18 studios and two duplexes. The sale price equates to approximately $757 per square foot.
The property is located less than a block from Carl Schurz Park in the heart of Yorkville. It is within a short walking distance to the 86th Street station of the 4, 5, and 6 trains.
Cushman & Wakefield’s Thomas D. Gammino Jr.exclusively represented the seller in this transaction with Bob Knakal, Chairman, New York Investment Sales. The buyer was represented by John Corrado of Weichert, Realtors – The Franzese Group.
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Richard Hendey of Houlihan Parnes Realtors, LLC has announced that the building located at 675 Mamaroneck Avenue, Mamaroneck, NY has been sold for a price of $407,500. The two-story brick building consists of approximately 1,800 s/f with office space on the second floor and a garage/office on the first floor. The building was sold empty to the new owner who will be using it for their own use. Hendey was the sole broker in this transaction.
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Cushman & Wakefield announced the sale of a multifamily building at 2886 Briggs Avenue, located between East 198th and East 199th Streets in the Bedford Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $3,050,000.
The six-story walkup building contains approximately 30,425 square feet and sits on a 50’ x 125’ lot. It consists of 31 residential units, of which 20 are one-bedroom and 11 are two–bedroom units. The sale price equates to approximately $100 per square foot.
The building is located along a quiet, tree-lined street in the desirable Bedford Park neighborhood. It is just off the Grand Concourse commercial corridor, across from Academy of Mt. St. Ursula, and blocks from the New York Botanical Garden. The property is conveniently located between the Botanical Garden Metro-North train station, the Bedford Park B and D station, and the Bedford Park Boulevard #4 station. Express and local buslines service the area as well.
Cushman & Wakefield’s Karl Brumback exclusively handled this transaction.
KOBI ZAMIR
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GFI Realty Services, Inc. today announced the sale of 410-412 East 115th Street, a 3,785 sf development site with 15,546 buildable sf. This vacant lot was sold for $2.33MM which translates to $150 psf. Located in the East Harlem section of Manhattan, there are proposed plans to construct a seven story ten-unit condominium building.
Kobi Zamir, an associate of GFI Realty Services, represented the seller, BFC Partners and the buyer, a local investor.
“The buyer believes in the burgeoning East Harlem marketplace and feels that this site is ideal for a condo play,” Zamir said. “This will be his first project in Manhattan and he anticipates a great demand for this kind of inventory in East Harlem.”
The property is located in close proximity to the FDR Drive, the 4, 5, and 6 subway lines as well as 1st Avenue, a thriving commercial corridor.
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Andrew Lichtenstein, President of LichtensteinRE, has sold the property located at 194 Gelston Avenue between 92nd and 94th Streets in the Bay Ridge section of Brooklyn, for $3,850,000 all cash.
LichtensteinRE was able to close the sale for the seller at a windfall of 2.98 percent Capitalized Rate of return on the current actual net income at closing. The sale price represented $238 per square foot and $190,000 per unit. The building sold for 14.72 times the actual current rent.
This Cap Rate is well below Brooklyn’s average of around 5.45 percent percent and this Gross Rent Multiplier is well above the Brooklyn’s average of 12.48. GRM. “This is an incredible achievement for the Bay Ridge area. This price raises the bar for buyers and competing brokers,” said Andrew Lichtenstein, President of LichtensteinRE and the seller’s exclusive broker.
The rare 55 foot wide building has 16,000 square feet, 4 story walk up apartment building containing 20 large prewar units. It is 87 years old and maintained in fine condition. 75 percent of the apartments have been renovated.
The average monthly rent is $1,272 which is far below market for this neighborhood presenting a big upside potential for the buyer. As exclusive broker, LichtensteinRE was able to find a buyer who made his offer immediately, leaving other slower paced competing bidders disappointed, as he recognized the great value-add, upside potential of the current undervalued rent roll.
The building is located in Bay Ridge, Brooklyn on a quiet and beautiful block. At the same time, it is around the corner from the 5th Avenue shopping district, the R subway station and the local public school.
The property was marketed exclusively by Andrew Lichtenstein.
