ON THE SCENE: Latest middle market sales

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Jonata Dayan, EVP/Commercial Condo-Co-op Sales, and Brett Weiss, Director of Resolution Real Estate Partners, LLC have arranged the sale of an 1,881 s/f commercial condominium at 800 Second Avenue, an 18-story Class-A office building close to the UN and Grand Central Terminal (pictured top). The sales price for the third floor office was $797 psf, or $1.5 million. The building largely caters to companies doing business with UN agencies and other government or related-industry organizations. The Resolution team represented the seller, J.A.A. Holdings, a law firm that originally purchased the space through Dayan in 2013. The buyer, PZPE Realty, LLC, a contractor specializing in Local Law 11 work, was represented by David Sirota of Dream Life Realty.

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2970 Third Avenue

Lee & Associates NYC arranged the sale of 2970 Third Avenue on behalf of both the seller, The Jackson Group, LLC, and the buyer, 5 Boro Real Estate Partners for $8.75 million. Delivered vacant, 5 Boro Real Estate Partners plans to redevelop 2970 Third Avenue, currently a 15,000 s/f single-story corner building located in the Hub South Bronx’s retail and commercial mecca –  into a 100,000 s/f, mixed-use building.  Steve Lorenzo represented The Jackson Group and 5 Boro Real Estate Partners. Lee & Associates NYC has also been tapped to exclusively market the redevelopment, which will include multiple floors of new retail and commercial space. 2970 Third Avenue is located next to Marshalls, Burlington Coat, Rainbow, Five Below, and ALDI grocery store.

158-174 UNION STREET

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CBRE announced the sale of The Schoolhouse, a three-building, 31-unit, apartment complex located at 158-174 Union Street in Ridgewood, New Jersey. A private real estate family acquired the boutique property for $14,325,000. The CBRE team of Nat Gambuzza and Spencer Beriont represented the seller, 158-174 Union Street LLC. The Schoolhouse was built in stages from 1960 to 1980 with private and common balconies. It is within walking distance to downtown Ridgewood and was meticulously maintained by long-term ownership. the property traded at a 4.16% cap rate and $462,000 per-unit.

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Marcus & Millichap announced the following sales:
• 162-168 Van Dyke Street, a 32,250 s/f industrial property located in Brooklyn, sold for $13,400,000. Jakub Nowak and Jesse Kay, represented the seller. The buyer was represented by VCPRE. The asset features 13-to-18-foot ceilings and nine-foot ceilings in the basement. The property is fitted with two large roll-up gates on Van Dyke Street and two large gates on Coffey Street. Additionally, the property is located within a qualified opportunity zone and the Southwest Brooklyn IBZ District. At the time of sale, the property was delivered vacant.
• Burger King, a 2,412 s/f net-leased property at 500 Fulton Avenue in Hempstead, NY, sold for $3,500,000. Michael Tuccillo and Anthony Cerrone brought the buyer to this transaction, Hempstead BK Property LLC. The seller, Hempstead Realty LLC, was represented by Silber Investment Properties. John Krueger, Regional Manager, Broker, of the Manhattan office, assisted in closing this transaction. This was a corporate backed NNN lease with Burger King with 16+ years remaining on the lease and four, five-year options.

784, 786, and 788 Rogers Avenue

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TerraCRG closed on the sale of three contiguous mixed-use buildings in Flatbush totaling $3.95 million. Matt Cosentino and Isaiah Thomas represented the seller, Deergrow Developments. 784, 786, and 788 Rogers Avenue each contain two residential units above a ground floor retail unit, together totaling 8,320 s/f. The free-market, gut renovated properties have a net operating income of about $245,000 annually, which equates to approximately a 6% cap rate. Jonathan Roh and Seung Hyun Kim acquired the properties, which are located two blocks away from the 2 and 5 trains at Church Avenue.

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NAI James E. Hanson announced the sale of a 13-unit apartment building at 193-197 Watchung Avenue in Bloomfield, NJ. Jonathan Kristofich represented both the private seller and buyer, 193 Watchung Avenue, LLC, in the transaction. The property is a two-story, 13-unit apartment building featuring surface parking and garages available for rent. Located just off Exit 151, it provides easy access to the Garden State Parkway , Interstate 280 and Routes 3 and 46. NJ Transit bus and rail connections are within walking distance of the property.

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NAI DiLeo-Bram & Co. announced that Richard Goski and Catherine Goski completed the sale of a 28,000 s/f warehouse located on a 0.75-acre parcel near downtown Cranford, NJ. The pair represented both the seller and purchaser, Harrison Developers, LLC, which is currently seeking approvals for a 75-unit luxury apartment building consisting of studio, one-, two-, and three-bedroom units with ground floor retail. The existing structure will be demolished.

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Gebroe-Hammer Associates announced the $11.6 million sale of a 35-unit, Class A apartment-home property located at 480 Paterson Ave., in East Rutherford, NJ. Built in 2021 and fully leased within 90 days, 480 Flatz is located at the Paterson Avenue/Hoboken Avenue Business District crossroads in the municipality’s Borough Center neighborhood. Ken Uranowitz and Debbie Pomerantz represented the developer, East Rutherford Builders, LLC, a joint venture of Diversified Properties, LLC and North Jersey Builders, LLC, in the trade. The buyer is a private unnamed investor. Situated in Lower Bergen County, East Rutherford is home to the three-venue Meadowlands Complex and American Dream Mall. The municipality is located about seven miles west of Midtown. Manhattan. Comprised of 35 total units (29 market rate and 6 affordable), the four-story midrise features seven different open-concept floorplan options.

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