ON THE SCENE: Latest middle market sales

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Avison Young’s Tri-State Investment Sales Group arranged the sale of two mixed-use multi-family properties in the East Village:
• 164 First Avenue (pictured top), a five-story building comprising 10 apartments and three retail spaces, traded for $10.4 million. Brandon Polakoff handled the sale. Totaling 10,250 s/f, the property sits on the corner of 10th Street and First Avenue. The building includes an income-producing cell tower located on the roof.
• 218 East 9th Street, a four-story mixed-use asset comprising two floor-through apartments above a two-story retail space, traded for $5.1 million. Brandon Polakoff, James Nelson, Eric Karmitz and Ryan McGuirl represented the seller. Located between Stuyvesant Street and Second Avenue, 218 East 9th Street is a 4,914 s/f mixed-use multi-family building with 1,368 s/f of unused air rights. The building comprises two apartments spanning approximately 1,200 s/f across the third and fourth floors with a two-story retail space currently occupied by upscale Japanese restaurant Yakiniku West on the first and second floors.

408 WEST 46TH STREET

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Charles Chang and Rodney Nassimian of Highcap Group, announce the sale of the multi-family building located at 408 West 46th Street between 9th and 10th Avenues in the Hell’s Kitchen neighborhood of Midtown West Manhattan. Chang had the exclusive listing for sale and has sold other properties for the long term owner. Steps from historic Restaurant Row, the five-story walkup consists of five units. The property was delivered fully vacant. The property spans 6,190 s/f with three bedroom units plus basement and rear yard. Nassimian represented the purchaser and together with Chang, reached their target price within two weeks of marketing the sought after asset. The property sold for $3,750,000, equating to $605 psf.

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JLL Capital Markets has closed the $5.25 million sale of 206 East 75th St., a six-story walk-up residential property on the Upper East Side. JLL marketed the building on behalf of the seller, 206 East 75th, LLC. A private buyer acquired the property. Located on the south side of East 75th St. between Second and Third avenues, the property consists of six floor-through units that occupy entire floors. Five of these units are free market, and one is rent controlled. The property recently underwent a complete renovation, including the construction of an additional floor, a common roof deck, on-site laundry and basement storage. The renovated apartments consist of three two-bedrooms and two three-bedrooms complete with luxury finishes. The rent-controlled unit is located on the garden level. The JLL team was led by Hall Oster and Paul Smadbeck with Teddy Galligan, Conrad Martin and Braedon Gait.

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192 NAGLE AVENUE

Rosewood Realty Group announced the sale of two contiguous five-story rent stabilized walk-up apartment buildings consisting of a total of 98 apartments in the Inwood section of upper Manhattan for $13 million.
The buildings total 87,000 s/f and are located at 192-198 and 200-208 Nagle Avenue. They sold for $132,000 price per unit or $150,000 psf with a GRM of 9.8 times the current roll and a 5.3% caprate. The buildings were built in 1920. Aaron Jungreis and Ben Khakshoor represented both the seller, Morris Lieberman and the buyer, Prana Investments.
The units feature 2 studios, 32 one bedrooms, 44 two bedrooms and 20 three bedrooms.

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ENCLAVE AT WATERS EDGE

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RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City – and Wildhorn Capital, an Austin, TX-based multifamily operator – announce the acquisition of Enclave at Waters Edge, a 184-residence multifamily development located at 12330 Metric Blvd in Austin, TX, for an undisclosed price. This transaction marks RockFarmer Properties’ second venture into the Austin, TX, multifamily market – and marks the fourth acquisition made by RockFarmer’s recently launched Opportunity Fund V. Newmark represented the buyer and the seller in this transaction. The firm also helped secure financing for the acquisition on RockFarmer’s behalf.

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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.

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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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