ON THE STAGE: Latest middle market sales
Highcap Group announced that Rodney Nassimian organized the sale of the development site located at 28-12 41st Ave in the Queens Plaza North sub-district of Long Island City in Queens, NY. The property located one block from the Queensboro Bridge sits on a 50 by 100 sq. Ft. Lot zoned M1-5 / R7-3, which allows for construction of 25,000 square feet. It was a family business for over 40 years and the first sale since the 1980s. Nassimian was able to negotiate the sale with an active buyer in the Long Island City market and successfully hit the seller’s target price within a week. . The sale price was $ 6,175,000, or $ 247 per buildable square foot.
Ariel Real Estate Advisors arranged the $ 3.35 million sale of 109 East 9th Street, a five-story mixed-use building in the East Village. Located on the north side of East 9th Street between Third and Fourth Avenue, the 6,260 m² property consists of 13 residential units and one commercial unit, delivered vacant, which span the entire ground floor and floor. basement, as well as most of the second floor. . The sale was organized by a team including Victor Sozio, Michael Tortorici, Howard Raber, Matthew Gillis and Jack Moran. Owned by a family for around 70 years who operated the retail space as a coffee roaster and distributor, the property was eventually rented out as a popular bar. The space, equipped with two full bars, a fully operational kitchen and five bathrooms, is turnkey. The property’s 13 residential units occupy spaces on the second, third and fourth floors; four of these dwellings will be delivered vacant. The property is zoned C6-2A and up to 15,083 square feet buildable, as of right. According to public records, the buyers were Michael and Yuri Geylik of MGNY Consulting.
TerraCRG announced the sale of a four-unit mixed-use building at 329 Nostrand Avenue in Bedford-Stuyvesant. Matthew Cosentino represented the vendor, MBH 329 Nostrand LLC. The property contains three residential units and a commercial unit on the ground floor. The buyer, Ahmed Kaid, purchased the building for $ 2,150,000, which reflects a capitalization rate of 5.3% at $ 515 / sq.
Schuckman Real Estate announced the sale of a 7-Eleven single-tenant asset at 65 Atlantic Avenue, Oceanside, NY. 7-Eleven has been operating there since 2006. The 3,000 square foot freestanding building sits on 16,901 square feet of land at the intersection of Long Beach Road and Lincoln Avenue. Matt Colantonio and Edward Gottlieb represented the seller, a longtime landlord who originally signed the 7-Eleven lease, and recruited a local buyer. The sale closed for $ 1,510,000.
Marcus & Millichap announced the following sales:
• Five Guys & America’s Best, a 5,256 s / f net leased property located in Liverpool, NY, sold for $ 2,180,000. The purchaser, a private investor, was secured and represented by Daniel Reyhan and Matthew R. Peters. The transaction was part of a 1031 swap, in which the duo helped the buyer sell their eight-unit rent-stabilized building in Brooklyn at a capitalization rate of less than 4% and trade it in for new construction. , triple net property, operating above 6.5% return. Five Guys & America’s Best is located at 3810 NY-31 in Liverpool, NY.
• 466 Myrtle Avenue, Brooklyn, a 2,600 square foot mixed-use property, sold for $ 2,460,000. Shaun riney and Andrew Bronsteen represented the seller. The buyer used Exchange 1031 to leverage and purchase their first property in Clinton Hill. The property is made up of three total units; a commercial space and two two-bedroom apartments. The building sits on 1490 square feet of land in the Clinton Hill neighborhood.
• 415 Bergen Street, a four-apartment building in Park Slope, sold for $ 3,000,000. Jakub nowak and Jesse kay represented both the seller and the buyer. 415 Bergen Street is a vacant four-family brownstone that sold for $ 750 per square foot. The building totals 4,900 s / f and is a short walk from the Atlantic Avenue / Barclays Center trains. The property is zoned R6A, which allows for significant redevelopment opportunities.
• 147 Metropolitan Avenue, Brooklyn, a 3,250 square foot mixed-use property, sold for $ 3,900,000. Said Boukhalfa represented the Seller, Metro Kosher Frozen Desserts, Inc. The Buyer, an individual / personal trust, was secured and represented by Boukhalfa and Jesse Limon. The property has reached $ 1,200 psf and over $ 50,000 above the list price. The property was built in 1950 and consists of a commercial unit and a loft.
the Group of rocks completed the sale of a ground leased Harley-Davidson property located at 1973 Forest Avenue in Staten Island, New York for $ 5,550,000. The 8,299 s / f property is located on the northwest corner of Forest Avenue and Van Name Avenue. Harley-Davidson’s ground lease has approximately 18 years remaining. There are five five-year renewal options with 10 percent rent increases in each option. Harley-Davidson is an American motorcycle manufacturer, founded in Milwaukee, Wisconsin in 1903. It is one of the two major American motorcycle manufacturers to survive the Great Depression. Randy Blankstein and Jimmy goodman of the Boulder Group represented both parties in the transaction. The buyer was a New York-based developer and the seller was a New York-based real estate investor.
Angel CommerceI have announced that Thomas Luthy, a franchise owner of Mosquito Squad, has purchased 240 Depot Road in Milford, CT, a 19,714 square foot industrial condominium, for $ 1,325,000. The property was purchased from Irving Associates LLC in an off-market transaction. Jon Angel was the only broker in the transaction. With approximately 250 franchises in the United States and operations in Kenya and Indonesia, Mosquito Squad specializes in removing mosquitoes and ticks from outdoor living spaces. 240 Depot Road is located less than a mile from I-95. It has a loading dock and two access doors.
North East Private Client Group 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 the three transactions:
• Atlantic Street Apartments, a 16-unit apartment building in Bridgeport, Connecticut, sold for $ 1,900,000, which equates to a price of $ 118,750 per unit. Atlantic Street Apartments is a waterfront property built in 1983.
• A 14-unit multi-family portfolio located in Greenwich, Connecticut, sold for $ 3,575,000. This works out to a price of $ 255,357 per unit. This portfolio consists of three buildings: two located on North Water Street and a third located on Beech Street.
• Fairfield Avenue Apartments, a 21-unit multi-family building located in Norwalk, Connecticut, sold for $ 3,875,000. This equates to a unit price of $ 184,523. This property is in close proximity to South Norwalk and its entertainment, dining, shopping and transit amenities.
Redwood Realty Advisors announced that Steve matovski arranged the sale of two properties in Jersey City, NJ for a combined price of $ 3,950,000:
• The two-building, 17-unit, multi-family development in McGinley Square is within walking distance of JSQ PATH and St. Peter’s University. Each has received significant capital expenditures in recent years. The selling price was a neighborhood record of $ 232,000 per unit.
SP Capital Group (SPCG) announced the closure of 2238 Valentine Avenue in the Fordham section of the Bronx for $ 2,200,000. The 16 unit multi-family property is located between E182nd and E183rd Street. Jess Pham, Roni Soleimani and Josh pomerantz facilitated both sides of transactions. Transactions reached a cap rate of 6.75% and $ 137,000 per unit. The seller was Bogdan Wiszniewski and the buyer was the Dushi family. The buyer purchased the property as 1031 purchase and closed within 45 days. The buyer plans to hold the asset for the long term.
NAI James E. Hanson announced the following sales:
• The sale and partial leaseback of an 11-building, 332,400 square foot, 45.75-acre industrial campus located at 4636 Somerton Road in Trevose, Pennsylvania. André Somple and Justin allesio represented the vendor, SUEZ Water Technologies and Solutions (WTS) USA. JG Petrucci Company was the buyer. As part of the agreement, SUEZ USA leased 93, s / f to keep its head office in the building. In addition, RLS USA, Inc., a former GE subsidiary, will lease 20,000 s / f for research and development. A mixed-use campus of office, specialty labs and warehouse space, 4636 Somerton Road enjoys a strategic regional location in Bucks County, 15 miles from Philadelphia and 80 miles from New York City.
• A 114,500 square foot industrial building at 230 West Crescent Avenue in Allendale, NJ. Michael walters represented the buyer, The Hampshire Companies, in the transaction with the Borough of Allendale. Walters will partner with Richard Van Houten of The Van Houten Group to rent the property. Conveniently located between Garden State Parkway and Interstate 287, 230 W. Crescent Avenue has 102,000 s / f warehouse space and 12,500 s / f of downtown Allendale office space. . In addition, the building has ceiling heights of 18 to 22 feet, 19 tailgates and three drive-ins. The Borough of Allendale saw an opportunity to sell 230 W. Crescent Avenue to a leading institutional real estate investor and redeploy the capital from the sale to finance municipal improvements. The Hampshire Companies will undertake a capital improvement plan for the currently vacant property which will include the replacement of its roof.
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