ON THE SCENE: Latest middle market sales

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24 West 40th Street office condo.

Rudder Property Group has closed on the sale of an 11,158 s/f office condominium — two full floors — at 24 West 40th Street for $10,750,000 ($963/RSF). Loftex, a leader in textiles, purchased the fourth and fifth floors (5,579 s/f each) from Thor Equities. The company, whose client roster includes Wal-Mart, Ikea, Kohl’s, Target and more, was previously located at 58 West 40th Street. The asking price for the space was $14.5 million. Michael Rudder and Justin Harris of Rudder Property Group represented the buyer and the seller, Thor Equities. In December of 2019, Rudder Property group sold the sixth-floor office condominium space at 24 West 40th Street on behalf of Thor Equities to Sonic Union, a leader in audio post production, for $6.5 million. 24 West 40th Street is a 17-story, 88,694 s/f office condominium building overlooking Bryant Park.

353 BAY RIDGE PARKWAY

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Rosewood Realty Group announced the sale of a 43-unit multifamily building in Bay Ridge, Brooklyn for $7.25 million. The 30,000 s/f building at 353 Bay Ridge Parkway is a seven-story elevator property built in 1961 with 42 rent stabilized apartments and one ground floor office. It sold for 10 times the current rent roll with a cap rate of 4.3% and a price per unit of $168,604.65. There are 21 studios and 21 one bedroom apartments. Aaron Jungreis and Nick Pappas represented both the seller, The Baldwin LLC (Lawrence DiGiovanna & Joanne Belcaro) and the buyer, Meridian Properties LLC — Mike Neamonitakis & Mike Niamonitakis.

132 WEST HOUSTON STREET

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Marcus & Millichap announced the sale of 132 West Houston Street, a 6,250 s/f mixed-use property located in New Yorkʼs Greenwich Village neighborhood for $7,850,000. Joe Koicim, Peter Dodge and Peter Von Der Ahe represented the seller, PNR Properties LLC. John Krueger, Regional Manager, Broker, of the Manhattan office, assisted in closing this transaction. The team also sourced a local buyer, backed by foreign capital. The buyer closed in 60 days for $1,250 psf and $1.9 million per unit. Built in 1900, the property has four units.

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Avison Young’s Tri-State Investment Sales Group brokered the sale of three single-tenant retail properties at 102-02 Liberty Avenue in Ozone Park, 224-05 Jamaica Avenue in Queens Village and 651 East Boston Post Road in Mamaroneck, NY. All three properties are occupied by urgent care provider CityMD, spanning 9,000 s/f in total. James Nelson, Brent Glodowski, Chris Johnson, Alexandra Marolda and Bradley Rothschild represented the seller in all three transactions. Donna Weissberg of Sotheby’s International Realty represented the buyer of 102-02 Liberty Avenue; Daniel Torkan of Villadom Corp represented the buyer of 224-05 Jamaica Avenue; Ananad Melawi of ARM Real Estate Partners represented the buyer of 651 East Boston Post Road. 102-02 Liberty Avenue, 224-05 Jamaica Avenue and 651 East Boston Post Road feature new construction built out for the tenant, CityMD, spanning 3,000 s/f each and including dedicated parking lots.

51 WEST HOUSTNG

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Cushman & Wakefield arranged the sale of 51 East Houston Street and 217 East Houston Street, two mixed-use properties totaling 18,475 s/f, for $13,200,000. Michael F. DeCheser, Bryan F. Hurley, Robert Burton and Bobby Carrozzo represented the seller, TDJ Holdings. Newly founded real estate investment firm, MOVCAP, led by Lawrence Movtady, acquired the assets. 51 East Houston Street is a 10-unit mixed-use walk-up. The five-story building consists of eight residential apartments and two retail spaces, which are occupied by Puff & Passion and Preserve Milanos. 217 East Houston Street is a five-story, nine-unit mixed-use walk-up with eight residential apartments and one retail space, which has been occupied by Mercury Lounge for more than 25 years. This marks MOVCAP’s first acquisition in New York City.

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Ariel Property Advisors arranged the $9.35 million sale of a parking garage at 102 West 107th Street. The property stands four stories and features two service elevators and below-grade space. Victor Sozio, Shimon Shkury, Michael Tortorici, Mark Anderson and Courtney Lee arranged the sale. In addition to the parking garage’s 29,700 square feet, it also features a 75 by 101 ft. lot with 576 s/f of air rights.

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CBRE announced the $15 million sale of 450 Post Road East, a 35,777 s/f Class A office building in Westport, CT. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE’s Institutional Properties Group represented the seller, EWKAI Post Road Properties LLC, the entity managed by Earle W. Kazis Associates, Inc. CBRE also procured the buyer, WFF Post Rd, LLC, which is owned by Waterway Family Funds LLC, a division of Waterway Partners LLC and an affiliate of Waterway Capital LLC. One hundred percent leased to two tenants including Wells Fargo for 88 percent of the property, 450 Post Road East is situated directly on Route 1.

CANNON BUILDING. Photo by Kenneth C. Zirkel

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GreyHill Group has acquired the five-story, 55,000 s/f Cannon Building in downtown Troy, NY, for $4.05 million. Built in 1835, the property, which is approximately 85 percent leased, consists of 35 residential units, along with office and retail space. HBO is presently leasing a corner unit for the current series titled The Gilded Age, a period drama developed by Julian Fellowes, creator of Downton Abbey. For the production, several city blocks of the historic district have been restored to resemble a Victorian-era streetscape. HBO has plans on returning for a second season and has signed a year-to-year lease. GreyHill Group purchased the property from Cannon Building LLC, which is affiliated with Minnow Associates of Brooklyn. The prior owner had acquired the Cannon Building for $2.5 million in 2017. Both buyer and seller were represented by Jim Conroy of Berkshire Hathaway HomeServices Blake, Realtors.

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R.J. Brunelli & Co.
completed a property sale on behalf of The Racquet Place, LLP. A 3.5-acre site housing the 27,000 s/f former NY Sports Club building at 450 Hwy. 34 in Old Bridge, NJ, was sold to a private investor. Ron DeLuca and Alexis Fiori represented the seller, while the buyer was represented by Eddie Mardakhaev of Key Commercial Realty.

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Gebroe-Hammer announced that David Oropeza and Debbie Pomerantz arranged the $11.75 million sale of an East Orange, NJ, apartment-property package totaling 88 units. The assets included 255 Prospect St. (42 units) and 284 Prospect St. (46 units), both of which are garden-style buildings in a tree-lined residential neighborhood. The duo exclusively represented the seller, F&C Realty Co., LLC, and procured the buyer, a private investor, in the transaction.

6048-50 Riverdale Avenue

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Gilco Realty announced the sale of 6048-50 Riverdale Avenue, Bronx, NY, for $1.6 million. Michael Gilbert and Epifanio Vargas represented the buyer, 6050 Riverdale LLC (RW Real Estate Group, LLC), and the seller, 6048-50 Riverdale Ave Partners LLC. After being vacant for seven years, Gilco was retained to sell the property and was also able to deliver the 4,500 s/f property fully leased upon closing. Tenants include a delicatessen, tobacco shop, bakery, All State Insurance Office, Residential Real Estate office, Recording Studio and Coffee Shop.

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Charity Realty International announced the sale of a Class A Industrial facility located at 195 Green Pond Road Rockaway, NJ, for $3.925 million. James Costanzo represented the seller, Tomaro Leasing Corp.,in what was the first sale of the property in 30 years. The buyer, North America Realty was represented by Ronald Kraft of Allied Realty. They occupy a portion of the fully-leased facility and benefit from an above market cap rate. The 12,000 s/f drive-in industrial facility is 50 percent office, 50 percent 24 ft. clear warehouse and built for easy divisions. It sits on 11.2 acres that permits outside storage of materials, equipment, and trucks. In accordance with Charity Realty International’s corporate pledge, a grant for $8,250 will be gifted to Homes For Our Troops.

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