ON THE SCENE: Latest middle market sales, exclusives

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SALES

1414-1424 Cromwell Avenue

Ariel Property Advisors announced the sale of 1414-1424 Cromwell Avenue in the Mount Eden neighborhood of the Bronx. The building, which can be used for commercial, industrial or warehouse space, was purchased for $4.35 million. Jason Gold, Michael Tortorici and Daniel Mahfar brokered the sale. Held by the owner for more than 30 years, the 26,787 s/f building has been used as a parking garage for nearly 20 years and is currently leased to a parking operator. The building sits just outside the recently rezoned Jerome Avenue district, an area where many investors have shown significant interest for future development.

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Bestreich Realty Group (BRG) announced the closing of 342 9th Street in Park Slope, Brooklyn for $2,000,000. The four-apartment multifamily is located between 5th and 6th Avenue. It is 3,269 s/f priced at $623 per s/f. It’s zoned R6A with an FAR 3 and Tax Class 2A. The seller was Mary Biondo and the buyers were Keter Holdings. Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates and Daniel Shawah facilitated both sides of the transaction.

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Cushman & Wakefield announced the sale of 1524-1526 Mayflower Avenue, a 6,600 s/f mixed-use property in the Pelham Bay neighborhood of the Bronx. The final sale price was $1,300,000. Jonathan Squires and Michael Fioravanti represented the seller. The three-story property features a deli, two offices, two apartments, two garages and a parking lot. It is located four blocks from the Middletown Road subway station in proximity to multiple nearby medical institutions.

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Marcus & Millichap announced the following sales:
• 1106 Bushwick Avenue (pictured top) an 8-unit apartment building located in Brooklyn, sold for $1,700,000. Jordan T. Fessler and Matthew R. Peters, represented the seller and the buyer. The sale price equates to $531 psf. The four-story stone property was built in 1931 and offers 3,200 rentable square feet on a 20 by 80 ft. lot. There are currently eight free market residential units, comprised of six one-bedroom apartments and two studio apartments.
• 1469 & 1471 Bay Ridge Parkway, two contiguous apartment buildings in Brooklyn, sold for $2,550,000. John Brennan and Samuel Finkler, represented the seller and the buyer. The properties are located on Bay Ridge Parkway between 14th Avenue and 15th Avenue in the Dyker Heights neighborhood. The two 5,280 s/f buildings have 12 units total; one three-bedroom apartment, nine two-bedroom apartments, one one-bedroom apartment, and one studio apartment. At the time of closing, there were two vacant two-bedroom apartments and two vacant driveways.
• 50-07 and 50-09 5th Street, two lots located in Queens, NY with development rights, sold for a combined $4,520,000. The buyer, a developer, was secured and represented by Jonathan Eshaghian and Jakub H. Nowak, The structures on the two sites will be demolished and redeveloped into new residential condominiums. Together, the two sites equal 15,000 s/f.

10 WEST 46TH STREET

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Rudder Property Group has closed on the sale of a 4,658 s/f full-floor office condominium to Shefi Diamonds at 10 West 46th Street. The luxury jewelry manufacturing company purchased the 15th floor space from GHH Associates LLC for $4,200,000 ($902 psf. The asking price was $4,500,000 million. 10 West 46th Street is a 20-story, 80,000 s/f office condominium tower built in 1985 and located in the heart of Manhattan’s Jewelry District. The building is the first of its kind to be built specifically for jewelry-related tenants. Shefi Diamond’s new office features floor-to-ceiling windows and owner-controlled HVAC. Michael Rudder and Justin Harris of Rudder Property Group represented the sellers. Harlan Cygielman of Manhattan Realty Advisors represented the buyer.

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TerraCRG has closed on the sale of a 7-unit rent-stabilized property at 42 St. Johns Place in Park Slope. Matt Cosentino represented the seller, Ken Solomon, in the off-market transaction. The property has been in the seller’s family for nearly six decades. Saint John Brownstone Holdings purchased the four-story, 3,420 s/f property for $1.5 million, which reflects a 5.5% capitalization rate at $439 psf.

AGENTS

Brian Whelan’s team at B6 Real Estate Advisors has been retained to arrange the sale of 552 West 161st Street located between Broadway and Amsterdam avenue in Washington Heights. The property consists of seven residential units which are 100% occupied. Current ownership has gut renovated the free-market units and made significant capital improvements throughout. Prospective buyer will enjoy strong cash flow and low operating costs. Asking price is $1,890,000.

552 West 161st Street

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