ON THE SCENE: Latest middle market sales

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625 WORTMAN AVENUE

The Rochlin Organization announced the sale of 625 Wortman Avenue in Brooklyn to GTJ REIT for $14 million. Located within the Spring Creek Industrial Market, the building is a one-story, 58,000 s/f industrial property that will be renovated by the new owners. The site comprises 1.61 acres and has a 12,000 s/f parking/loading area facing Wortman Avenue. Michael Levenstein of The Rochlin Organization represented the buyer, a non-listed REIT engaged in the acquisition, ownership and management of commercial real estate in the tri-state New York and Delaware areas. Adjacent to other GTJ holdings at 612 Wortman, 1070 Logan Street, and 606 Cozine Avenue, the property was an ideal addition to GTJ’s existing portfolio.

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Avison Young’s Tri-State Investment Sales Group has arranged the sale of 47 Saint Marks Place for $6.14 million. The five-story multifamily building includes 10 apartments across 7,990 s/f. Brandon Polakoff and Ryan McGuirl represented the seller, the Sobrino Family, in addition procuring the buyer, Davean Holdings. Built in 1900, 47 Saint Marks Place is a 10-unit pre-war multifamily building in the heart of the East Village neighborhood.

218-220 THIMPSON STREET

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Bestreich Realty Group (BRG) announced the sale of 218-220 Thompson Street in Greenwich Village for $11.2 million. A 50 ft. wide apartment building with 32 residential units and two stores, the building is located between Bleecker and West Third Streets. The sale prices equates to a cap rate below 4%, $610 psf and $329,412 per unit. This property is located between Bleecker Street & W 3rd Street. This was a sale of the property in over 50 years. Adam Lobel, Zachary Ziskin, Justin Zeitchik and Eli Zempsky represented the seller, the Mickenberg Family, and the buyer.

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Chesterfield Faring, Ltd, a New York based investment banking firm, has acquired a multifamily development of 20 townhomes in Dallas, Texas. The project, at 3911 North Hall Street in Park City, is a high-end development of connected market rate triplex townhomes located near downtown Dallas, that is close to completion. The 49,000 s/f development was bogged down in bank default over a year ago and as a result of this recapitalization construction will resume in the coming weeks. Urban Standard Capital, a New York-based investment firm, has arranged a $9.5 million acquisition and construction loan for Chesterfield Faring, Ltd. to take over the project.

1194 RANDALL AVENUE

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Concourse Realty Partners has sold three adjoining warehouse buildings in Hunts Point for $15.86 million. 1180 Randall Avenue, 1194 Randall Avenue, and 531 Tiffany Street combine for 51,250 s/f. The M1-2 zoning offers 48,150 s/f of additional air rights. The properties offer 700 ft. of frontage on three of Hunts Pointʼs widest streets, Randall, Tiffany and Worthen. There is block-through access in the middle of the property and the buildings are equipped with heavy power. Bradley Evans and David Simone represented the seller. Tom Cisco of Feinberg Bros., represented the buyer. The package was acquired by Joshua and Jack Guttman’s Pearl Realty Management.

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Cushman & Wakefield announced the following sales:
• 1824-1828 Anthony Avenue, a 55,000-buildable-square-foot development opportunity in the Mount Hope neighborhood of the Bronx, sold for $4,150,000. Jordan Sutton, Jonathan Squires and Josh Neustadter represented the seller, who had assembled three houses to create the site in an up-and-coming neighborhood. Located on the west side of Anthony Avenue, between Prospect Place and East 176th Street, the development site consists of three adjacent tax lots with three existing structures. Itis situated less than a 10-minute walk from the 174-175th Street and Tremont Avenue subway stations.
• 3254 Parkside Place (pictured top) a 98,158 s/f residential building that is currently under construction in the Norwood neighborhood of the Bronx, sold for $16,062,000. Jonathan Squires and Josh Neustadter represented the seller. Offering more than 1,500 feet of frontage, 3254 Parkside Place is situated on the corner of Parkside Place and Webster Avenue, just north of East 207th Street. The 98-unit complex will consist of 30 studios, 30 one-bedrooms, 28 two-bedrooms and 10 three-bedrooms, as well as 51 parking spaces. The asset is steps from the Williamsbridge Metro North Railroad Station and a few blocks from the 205th Street subway station. It also benefits from its proximity to the Bronx River Parkway and Henry Hudson Parkway.
• The Grove, a 340-unit multifamily community located at 6 Avon Parkway in Liverpool, NY, was sold for an undisclosed price. Brian Whitmer, Ryan Dowd and Peter Welch of Cushman & Wakefield, along with John Clark and Jonathan Weisnstein of Pyramid Brokerage, represented the seller, Corridor Ventures, and procured the buyer, a privately held real estate investment firm. Nate Lowy from Juniper Capital arranged Freddie Mac financing. The community is located next to one of the largest e-commerce distribution facilities in the nation. Built in 1965 and set on 20 acres, The Grove features a variety of unit types including one-, two- and three-bedroom floorplans in both apartment and townhome layouts. The asset is situated 10 minutes from downtown Syracuse and is in proximity to Interstates 690, 90 and 81, as well as Syracuse Hancock International Airport.

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Northeast Private Client Group announced that its Metro-North Investment Sales Team, consisting of Brad Balletto, Rich Edwards, Jeff Wright, Bob Paterno, and John Lockhart, closed on the sale of three mixed-use and one multifamily property in Connecticut.
• Big Shop Mixed-Use consists of two fully leased mixed-use buildings in the heart of Ridgefield Center in Connecticut. The 8,989 s/f property located at 1-7 Big Shop Lane sold for $4,750,000, which equates to $528.42 per square foot and a cap rate of 7.33%. This property has 10-commercial suites and four residential units.
• Boston Post Road Mixed-Use is a 70,506 s/f mixed-use building subject to a 75-year ground lease located at 670-680 Boston Post Road in Milford, CT. This property sold for $6,050,000, equating to $85.81 psf and a cap rate of 7.18%. Built in 2000, the property consists of 10 first-floor commercial suites and 32 residential apartments.
•Branford Theatre Building, located at 17-29 South Main Street in Branford, sold for $4,700,000. This 33,614 s/f mixed-use building sold for $139.82 psf with a cap rate of 6.08%. The property consists of 20 residential units and nine commercial spaces.
• Greenview Estates a 16-unit condo portfolio located at 10 Agney Avenue in Terryville, sold for $1,080,000, which equates to $67,500 per unit and a cap rate of 6.64%. The transaction included 16 of 18 of the total units in the complex.

80 JERICHO TURNPIKE

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Simi Capital announced the acquisition of a Long Island industrial property for $15 million in partnership with Cerberus Capital Management. Located at 80 Jericho Turnpike in Syosset, the asset is a six-acre site set to be utilized as an outdoor storage facility. It is situated near the intersection of major expressways and less than 30 miles from Midtown, Manhattan. This is Simi Capital’s second acquisition in the New York City metropolitan area within the last month. In mid-October, also in partnership with Cerberus Simi Capital purchased the outdoor storage facility at 2577 Forest Avenue in Staten Island for $19 million.

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Redwood Realty Advisors announced the sale of Matawan Village in Matawan, New Jersey, for $11.35 million, or $157,638 per unit. The 72-unit garden-style apartment community is located directly across the street from a NJ Transit bus stop with service to New York City. Kevin McCrann represented both the buyer and the seller in the transaction.

MATAWAN VILLAGE

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