ON THE SCENE: Latest middle market sales

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Adelaide Polsinelli, Vice Chairman of Compass, has closed on the second phase of the sale of a package of seven medical office condos at the Corinthian, located at 345 East 37th Street for a total purchase price of $12,000,000. 345 East 37th Street (pictured top) represents the largest package of medical condos sold in the last several years. The Corinthian Office Condominiums is a three-story, 32-unit office condo at the base of the 57-story Corinthian luxury residential tower in Midtown East. The purchasers were national investors. The sellers were Kevin Chisholm and Bastien Broda, managing partners of 60 Guilders, LLC.

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Fox Run Properties LLC has acquired the 279-acre Okemo Valley Golf Club in Ludlow, VT. Fox Run is a special purpose company established for the acquisition and operation of the former Okemo Valley club. The new owner has renamed the property the Fox Run Golf Club. The club includes a nationally ranked par-70 course, clubhouse, indoor golf training center, and restaurant, as well as 120 open acres with future development potential. The seller, Vail Resorts, purchased the club along with the adjacent Okemo Mountain ski resort in 2018.

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Hudson Hill Partners announced the following acquisitions:
• A fully occupied retail shopping mall and adjacent development parcel in Somers, in Westchester County for $2.75 million. The Lincolndale Village Plaza, at 155 Route 202, is a single-story shopping mall with a dozen tenants. The 10,578 s/f property on 1.59-acres sold for a 7.75% cap rate. It also has 60 on-site parking spaces and includes an additional 1.19-acre parcel with development potential. The seller, a local family who owned and developed the mall over 40 years ago, was represented by Matthew Torrance, Al Mirin, Bill Eisenhut, and Kate Schwartz of Cushman & Wakefield’s Capital Markets Group.
• A downtown White Plains multi-family building located a block from the city’s central business district for $1.4 million. The nine-unit building at 55 Davis Avenue, between Maple Avenue and Prospect Street in the Highlands neighborhood of White Plains, features three garages and nine outdoor parking spaces. It sold for 8.9 times the current rent roll, or $154,000 per unit. The 5,928 s/f building is comprised of eight one-bedroom layouts and one studio unit. The seller was a local owner who owned the building for over 16 years. The broker who represented the seller was David Algarin of the Oak & Avery Group.

315 W29TH STREET

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Invictus Property Advisors announced the $6.45 million sale of 315 West 29th Street, a six-story multifamily property in the Chelsea neighborhood of Manhattan. The property is a 5,808 s/f, 10-unit multifamily. It was delivered vacant with an Order & Determination from DHCR confirming that all the units were exempt from rent stabilization due to a substantial rehabilitation performed in 1985. The trade represents just one of 13 multifamily walkup buildings that have sold in the Chelsea submarket over the last 12 months and one of the only fully free market assets to have sold in this neighborhood. Josh Lipton and Andrew Levine of Invictus Property Advisors handled the sale.

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Marcus & Millichap
announced the following sales:
• 98 Forsyth Street, a 12,800 s/f mixed-use property located on the Lower East Side of New York, sold for $5,950,000. Said Boukhalfa of Marucs & Millichap represented the seller, 98 Forsyth Corp, and secured the buyer, YYY Realty CO LLC. The eight-unit property was built in 1900. JLL said it marketed the mixed-use property on behalf of the seller, Harris Levy. Sang Kung Co. acquired the building. The JLL Capital Markets team representing the seller included Hall Oster, Teddy Galligan, Guthrie Garvin, Braedon Gait, Jack Norton and Solomon Michailow.
. • 31-20 54th Street, a 69-unit apartment property located in Queens, sold for $9,700,000. Shaun Riney, Mark Zarrella, Dylan Walsh and Sean Fopeano, represented the seller and secured the buyer. The building totals 67,611 s/f with a unit mix of 48 one-bedrooms, 13 two-bedrooms, seven studios, and one commercial unit.
• 1400 Avenue U, a four-story 13,217 s/f mixed-use building located in Brooklyn, sold for $3,750,000. John Brennan represented the seller and secured the buyer. Located on the corner of Avenue U and East 14th Street, the asset has 12 apartments and six rental units. There are nine two-bedroom units and three one-bedroom units. This transaction marks the first sale since 1991 after long-term family ownership.
• 217-01 Merrick Blvd., a 3,471 s/f mixed-use property located in Queens, sold for $1,320,000. Dwane Omar Jones represented the seller and secured the buyer. The property is located in a mixed-use R5D, C2-3 zoning district and was built in 2003. There are two ground-floor retail tenants and three office units on the second floor.

Avery Hall Investments plans to construct a 14- to 16-story apartment building at 274 Fourth Avenue, contingent on the rezoning passing and the developer buying air rights from an adjacent Metropolitan Transportation Authority substation to make it larger, the Brooklyn Paper first reported.

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TerraCRG announced the following sales:
• An 11,000 s/f development site at 2771 – 2777 Atlantic Avenue in Cypress Hills for $2,950,000. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown represented the seller, 2771 Atlantic Realty, LLC. The site has the potential to bring up to 55 new housing units to the market. It is located within an Opportunity Zone and allows for approximately 43,700 buildable square feet and is split-zoned R8A/R5B, C2-4, EC-5. There are currently three mixed-use buildings on the lots that will be delivered vacant.
• The $3.15 million sale of an approximately 3,600 s/f property located at 305 Nevins Street in the Gowanus rezoning area. Dan Marks and Daniel Lebor were the sole brokers in the off-market transaction. The building is leased to Ample Hills Creamery s, which will remain at the location per the terms of it lease. Avery Hall Investments has two potential plans for a development site in Gowanus. Both depend on the city rezoning the neighborhood, and one relies on acquiring 50,000 s/f of air rights. The developer has unveiled proposals for a 14-story residential building with 125 apartments at 272 Fourth Avenue. Under this scenario, more than 30 units would be set aside for low- to middle-income tenants. Avery also is eyeing 50,000 square feet of air rights owned by the city, which could be transferred from an adjacent MTA substation at 276 Fourth Avenue. If the rezoning is approved and Avery wins the bid for the air rights, it could build up to 200 residential units, with 50 affordable apartments. The company estimates that total cost of development, with the air rights purchase, would clock in around $120 million. Without the rights, it would total $90 million.

I-78 SOLAR FARM

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Cushman & Wakefield arranged the sale of I-78 Solar Farm, a 49-acre site located just off Exit 3 of Interstate 78 in Warren County. The final sale price was $3,500,000. Andy Merin, Kyle Schmidt, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, RDG at Pohatcong LLC, and procured the buyer, Turner Group. I-78 Solar Farm houses a brand new, state-of-the-art 10-megawatt solar farm installed and operated by NJR Clean Energy Ventures III. The property is fully leased to NJR Clean Energy Ventures III, a subsidiary of New Jersey Resources Corporation, on a long-term basis. The 49-acre site is part of an overall 170-acre development, which, once constructed, will include 244 single family townhomes and a 120-unit apartment complex.

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Josh Goldflam, co-founder and principal of Highcap Group, arranged the sale of 70-16 66th Street in Queens, for $1,270,000. The seller was the Trocha family that has owned the property over two generations for 62 years. The buyer was local private investor, Xin Lu. Situated in the Glendale neighborhood, the 25 foot wide brick building offers 5,712 gross square feet with six apartments. The property was sold fully occupied except for one unit. The sale price equates to 11 times the gross rent roll, 6.2% CAP Rate, $222 psf and $211,666 per unit.

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Tulfra Real Estate arranged the sale of four units totaling 64,584 s/f at the Totowa Business Center, located at 930 Riverview Drive in Totowa, NJ, to longtime tenant Emergence Church. Harry Rosen, of DL Rosen & Company, represented the buyer. The seller’s broker was Alan Cafiero, Marcus & Millichap. Emergence Church relocated to the Totowa Business Center in 2011 to accommodate its growing congregation. Units B3, B4, B5, and B7 were part of the acquisition at the Totowa Business Center.

2215 Route 4, Fort Lee, NJ.

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Weiss Realty affiliate, 2215 Route 4 Associates LLC, has sold a Bergen County retail asset that includes a Starbucks Coffee Drive-thru and a Bank of America ATM kiosk located on Route 4 East in Fort Lee, NJ to the JDA Group. The 20,000 s/f property was a former Shell gas station and purchased by the Weiss affiliate in 2008. The ground-up build to suit project for Starbucks Coffee Company and the Bank of America ATM was completed in 2010. JDA Group, the Hoboken-based real estate development company acquired the property for $5.55 million, its first stand-alone retail property in Northern New Jersey. JLL’s J.B. Bruno orchestrated the off-market transaction for the buyer.

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