Cushman & Wakefield announced the $1.58 million sale of 1600 Tomlinson Avenue, a 10-unit, 7,350 s/f multifamily property in Morris Park. Robert M. Shapiro, Jonathan Squires and Michael Fioravanti represented the seller. Located on the corner of Tomlinson and Pierce Avenues, the fully occupied property comprises three two-bedroom units and seven one-bedroom units. The buildings are within walking distance to the Westchester Square Subway Station and the Morris Park Subway Station. The Bronx Zoo, Botanical Gardens, Albert Einstein College of Medicine and Jacobi Medical Center are in close proximity.
Colliers International Group Inc. closed the sale of 7 Becker Farm Road, a multi-tenant office building in Roseland, New Jersey. Jacklene Chesler, Matthew Brown and Patrick Norris completed the transaction on behalf of the seller. Located in Essex County, 7 Becker Farm Road is a four-story office building that is currently occupied by three tenants with short term leases in-place. The building features on-site amenities including a fitness center, cafeteria and conference center. It also recently underwent a renovation to the common areas including the lobby, cafeteria and partial building LED upgrades. Colliers completed the sale via transaction platform Tenx.com.
GFI Realty Services announced the $2.095 million sale of 227 Malcolm X Boulevard, a mixed-use building comprised of four units and a ground floor retail space located in the Bedford-Stuyvesant section of Brooklyn. Zach Fuchs represented the buyer, Mark Guindi. Joseph Landau and Moshe Goldberger, both of GFI Realty, represented the seller, Mordy Getz. Constructed in 1910, the three-story building totals approximately 4,983 s/f and is composed of four three-bedroom apartments.
Marcus & Millichap announced the sale of Holiday Inn Buffalo International Airport, a 207-room hotel located in Buffalo, NY. The asset sold for $3,925,000. Jerry Swon, Daniel Zagoria and Luke Prybylski, along with Will Nollmann, investment specialists in Manhattan, represented the seller, DSM California, LLC. The buyer, Stephen Development, LLC was also secured and represented by the four. The team used the Ten X platform to sell the hotel, which had been purchased by the sellers a year prior and lostg its flag. Built in 1968, the hotel is located within proximity to the U.S./Canadian border and the Buffalo Niagara International Airport.
TerraCRG has closed on the sale of three individual multifamily buildings across the borough totaling nearly $8.5 million. Partner Matt Cosentino executed all three sales in a span of four weeks.
• 377 13th Street (pictured top) is a four-story, eight-unit building in Park Slope with approximately 6,000 gross square feet. After a substantial rehabilitation, the building has a projected rent roll of approximately $320,000 and, at a closing price of $3,650,000, represents $608 per gross square foot.
• 285 Quincy Street is a 21-unit, rent stabilized building in Bedford Stuyvesant with 32,000 s/f, large units, and significant vacancy. The property is close to the G train and Herbert Von King Park. Klosed Properties acquired the property for $2,500,000.
• 11 Stagg Street is a 3-story, six-unit building in East Williamsburg with approximately 4,500 gross square feet. The closing price of $2,300,000 represents approximately $511 per gross square foot. The property is located in close proximity to both the L and G trains.
Terra CRG’s Peter Matheos and Mike Rafter exclusively represented 1027 LLC in the sale of an approximately 12,500 s/f development site at 1020 Cortelyou Road in Ditmas Park for $1,995,000. The sale paves the way for buyer, Sam Qureshi, to build up to a 12,490 s/f, five-story mixed-use building featuring eight residential units and ground-floor retail. The closing price represents $160/SF according to the proposed plans. The site sits in the heart of Ditmas Park’s Cortelyou Road retail corridor.
Transwestern Real Estate Services (TRS) represented Paterson Charter School for Science and Technology (PCSST) in the $2 million purchase of an 18,660 s/f building at 39-53 East 34th St. in Paterson, NJ. The site will become PCSST’s newest school, opening for the 2021-2022 academic year to serve children in grades two and three. PCSST was represented by Lindsay Ornstein and Stephen Powers, Arthur Skelskie and Leslie Florio, formerly of Transwestern’s New Jersey office. The seller, Cobert Realty LLC, was represented by Mitch Roman of CRESA. The project team includes NorthStar Owners Representation and SephAri Design. PCSST currently operates three school campuses in Paterson. The new school will serve approximately 300 students and will feature a new playground. The building was formerly a textile manufacturing and warehouse facility and was built circa 1930.
NAI James E. Hanson negotiated the sale of a 8,340 s/f office condominium unit located at 7 Ridgedale Avenue in Cedar Knolls, NJ. Josh Levering and William Ericksen represented the seller, Redlands Corporation, a third-party entity representing the nonprofit tenant and owner of the unit, in the transaction with Safari Solutions. 7 Ridgedale Avenue is a two-story 62,000 s/f office condominium building that houses a range of professional and office tenants. A first-floor corner unit, the 8,340 s/f office space is in pristine condition and boasts a modern layout with glass entrance doors, both large and small conference areas, perimeter offices and central workstations. Further enhancing the value of the transaction was the inclusion of modern fixtures and furniture as well as IT, security and filing systems utilized by the previous owner.
J.G. Petrucci Company has sold 1151 Commerce Center Boulevard to a global ergonomic products developer. The facility provides the international company direct access to their Northeast consumer base. Situated on 8.5 acres, Pureland Flex Center 1 is a 95,872 s/f Class A facility, featuring 32 ft. clear height, LED lighting, and ample vehicle parking. JLL’s Dean Torosian represented J.G. Petrucci in the transaction. Irene Tang of GD Commercial Real Estate represented the ergonomic products developer.
The Tri-State Investment Sales Group for Avison Young announced the following exclusive assignments:
• 355 Bleecker Street, a 4,275 s/f, three-story building in the West Village neighborhood. Currently the property is comprised of a retail space on the ground floor and lower level with two floor through apartments above. The asking price is $8,300,000. James Nelson, David Shalom, Eric Karmitz and Bradley Rothschild are marketing the property.
• 1148 Pacific Street, a 6,770 s/f five-story residential building comprised of 10 free-market units in the Crown Heights neighborhood of Brooklyn. The asking price for the building is $4.75 million, a 5.3% in-place cap rate. Brandon Polakoff, Fritz Richter and Jeremy Stenberg are marketing the property on behalf of Pacific Sunshine Realty. The property has been recently redeveloped and has protected 2B tax class.
Concourse Realty Partners has been retained to sell three adjoining warehouse buildings in Hunts Point. The assemblage (pictured top) includes 1180 Randall Avenue, 1194 Randall Avenue, and 531 Tiffany Street combine for 51,250 s/f and 36,250 s/f will be delivered vacant. The M1-2 zoning offers 48,150 s/f of additional air rights. The properties offer 700 feet of frontage on three of Hunts Point’s widest streets. There is block-through access in the middle of the property and the buildings are equipped with heavy power. Bradley Evans, David Simone and Ed Gevinski are handling the sale.
GFI Realty Services has been named the exclusive sales agent for 199 Malcolm X Boulevard, a three-story, mixed-use property in the Bedford-Stuyvesant section of Brooklyn. Ohad Babo and Zachary Fuchs will oversee marketing of the property, with pricing targeted at $3.350- million. Constructed in 1910, the gut renovated property is comprised of five three-bedroom apartments and two ground floor retail spaces.
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