ON THE SCENE: Roundup of this week’s middle market sales

by

Marcus & Millichap announced the following sales:
• 224 Court Street, Brooklyn, a 3,600 s/f mixed-use property, sold for $2,200,000. Shaun Riney, Michael Salvatico and Robbie Ferman represented the seller, a private investor, and buyer, private investor. The building features two two-bedroom apartments and one commercial unit. It was constructed in 1931 on a 1,580 s/f lot .
• 73-99 Empire Boulevard, a 30,697 s/f industrial property in Brooklyn, sold for $15,195,258. John Brennan, Jason Grunberg, Jakub H. Nowak and Samuel Finkler represented the seller and the buyer, an individual/personal trust. 73 Empire Boulevard is a mixed-use development site built full on 198.17 by 200 ft. 99 Empire Boulevard is an 8,000 s/f t retail property. Both properties are zoned R6/C1-3, C8-2.
• Admiral Apartments, a 26-unit apartment property at 20 Wyoming Ave in Long Beach, NY, sold for $4,000,000. Jesse Limon and Said Boukhalfa represented the seller, Platzer Family LP. The buyer, PE 20 Wyoming LLC. was secured by Limon. The 20-unit apartment building has two detached houses with a total of six additional units and 13 parking spots. The sale marks the property’s first change of ownership in 70 years.

•••
The Metro North Investment Sales Team of Northeast Private Client Group (NEPCG) announced the sale of three multi-family properties in Connecticut. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart represented the seller and procured the buyer in all three transactions.
• Willow Woods Apartments, a 52-unit multi-family property in Hamden, sold for $6,500,000, or $125,961 per unit. Constructed in 1973, the property features a mix of one-, two-bedroom and three-bedroom apartments.
• Willow Park Apartments, a 21-unit multi-family property in Danbury, sold for $3,550,000, or $169,047 per unit.
• Cedar Street Apartments, an 18-unit multi-family property in Branford, sold for $2,675,000, or $148,611 per unit. The property was converted in 2011 from a senior living home to ian apartment building.

DAVID ALGARIN

•••
The Oak & Avery Group announced the sale of a 10-unit mixed-use building, 820 White Plains Rd, Eastchester, NY. Anthony Watkins and David Algarin represented both the sellers and the buyer, in the $1,850,000 transaction, which represents a 5.5% Cap Rate. The building is 30% Rent Stabilized and the buyer has a long-term hold strategy.

•••
Bestreich Realty Group (BRG) announced the closing of 117 Jewel Street, greenpoint, Brooklyn, for $1,611,000. Located between Meserole Avenue and Norman Avenue, the four-apartment multifamily is 25 by 60 ft. with lot dimensions measuring 25 by 100 ft. and a total square footage of 3,000 s/f. the site is zoned R6B with and FAR 2.0 and is tax class 2A. The seller is 117 Jewel Street LLC and the new buyers are Jewel Street Inc. Derek Bestreich Luke Sproviero, Donal Flaherty, Hakeem Lecky and Corey Haynes facilitated both sides of the transaction.

215 McCLELLAN

•••
CBRE announced the $3.95 million sale of 215 McClellan Street, a 35-unit residential property with three commercial retail spaces totaling 35,000 s/f in the Concourse section of the Bronx. Minford Associates acquired the property from 215 McClellan Realty LLC. Elli Klapper and Charles Berger represented the seller, one of the largest owners . Located two blocks from the 167th Street subway station, 215 McClellan Street is a five-story property. During the last 10 years, major capital improvements have included new windows, kitchens and bathrooms, a new roof and exterior painting. The apartments are comprised of one- and two-bedrooms. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer.

•••
Katz & Associates announced the sale of 589 Tuckahoe Road, a freestanding former 24-Hour Fitness facility situated on 1.69 acres in Yonkers. The sale price was $4.25 million. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the seller. Tyler Lyman of True Commercial, represented the buyer, Carpionato Realty.

•••
Keller Williams NYC announced the $2.6 million sale of a commercial condo at 820 Second Avenue in Midtown Manhattan. The sale price equates to $504 psf. The 5,150 s/f office condo is located on the 7th floor of the Diplomat Center building, which was built in 1964 and consists of 19 stories. The building features a 24/7 attended lobby and newly renovated common corridor on the 7th floor. Justin Harris and Michael Rudder of Rudder Property Group represented the seller. Julia Maksimova, Keller Williams NYC, represented the buyer.

661 WASHINGTON

•••
Compass announced that Adelaide Polsinelli, vice chairman, and Udi Eliasi, have closed on the sale of 661 Washington Street, a West Village residential property one block from the Hudson River. The sale price was $8,400,000, approximately $840 psf with a projected cap rate of 4.9%. The property contains a variety of renovated one, two and three bedroom apartments and is adjacent to the prestigious Village Community School. Targo Capital Partners acquired the property.

•••
Ariel Property Advisors arranged the following sales:
• 175 Clinton Street sold for $3.25 million. The five-unit multifamily building is located in the Historical District of Brooklyn Heights. The sale was arranged by a team including Sean Kelly, Jiani Zhou and David Khukhashvili.
• The corner commercial condominium unit at 613 Baltic Street, a brand-new, 44-unit luxury building developed by JDS Development in Park Slope. The sale price was $1.4 million. The condominium totals 1,880 s/f and is designated for retail use. The unit offers 39 ft. of frontage on 4th Avenue, Park Slope’s most heavily used commercial thoroughfare, as well as 58 feet of frontage on Baltic Street. The sale was arranged by Sean Kelly, Stephen Vorvolakos, David Khukhashvili and Jiani Zhou.

21 West 35th Street has approved plans for a three-story restaurant and bar.

•••
Alan Stenson, senior director at Brax Realty, announced the sale of a 5,943 s/f vacant commercial building in Midtown. The property, 21 West 35th Street, between 5th Avenue and 6th Avenues, sold for $3,500,000. Delivered vacant, 21 West 35th Street is zoned M1-6 and there are approved plans in place for a three-story plus cellar bar and restaurant with a retractable roof providing direct views of the Empire State Building. It traded for $588 psf in its raw state and the air rights were sold in a different transaction.

•••
Newmark announced the sale of 7 Knickerbocker Avenue in Bushwick, Brooklyn to Worthless Bricks, LLC. The 10,000 s/f industrial space with dual frontage on both Johnson and Knickerbocker Avenues sold for $5.3 million. Brian Segall and George Martinecz represented the buyer while Larry Roberts was the in-house representative of the seller, Washington Square Partners. The new owners will repurpose the property as a studio and event space for emerging artist. Located in an Opportunity Zone, the property features 15 ft. ceiling heights and the potential for development with 10,000 s/f of buildable air rights.

MICHAEL RUDDER

•••
Rudder Property Group announced the sale of a 9,816 s/f office condominium to Olshan Properties at 99 Hudson Street. Olshan Properties, which already owns several full-floor office condominiums in the building, purchased the 12th floor space from CM&F Group, a family-owned professional liability insurance company, for $7,275,000 ($741 psf). The asking price was $8,500,000. Michael Rudder and Justin Harris of represented the sellers and the buyer.

DIANA SIEGEL

•••
HSP Real Estate Group announced the sale of 244 East 48th Street in a deal brokered by former agents Diana Siegel (now with Resolution Real Estate Partners) and Todd Korren (now with Avison & Young).The six-and-a-half story, 6,800 s/f property, which underwent a two-year gut renovation that was completed in 2016, has been purchased by the Republic of Malta for $8,400,000 for use as a mission and consulate. The original negotiations for the sale began in late 2019 when both agents were with HSP. The mansion-sized property, features seven bedrooms, eight full bathrooms, formal dining room, expansive living room, and 30-foot-deep landscaped garden. In addition, there is a five-passenger hydraulic elevator servicing all six floors, terrace on the sixth floor, full-floor roof deck, and balcony off the chef’s kitchen. Matthew Lesser of Leslie Garfield & Co. represented the seller.

•••
GFI Realty Service
announced the $3.55 million sale of 563-565 Nostrand Avenue, two adjacent three-story mixed-use buildings consisting of eight free market apartments and two ground floor retail units, located in the Crown Heights section of Brooklyn. Zachary Fuchs represented the seller. Chaim Streicher and Kobi Zamir represented the buyer, Mao Kai Zheng. The 6,378 s/f building is composed of four one-bedroom and four two-bedroom units, and two stores. It is situated in close proximity to numerous subway lines as well as Prospect Park. The buyer intends to hold onto to this property for the long term.

(Visited 1 times, 23 visits today)