Barcel Group completes sales of four buildings totaling $16.3 million

Brooklyn, NY Barcel Group has completed the sale of four buildings totaling $16.3 million. Two of the four properties are located in Queens. The Brooklyn properties are 1445-1457 Fulton St. and 257 Himrod St. The Queens properties are 41-40 40th St. and 60-76 71st Ave.

 1445-1457 Fulton Street – Brooklyn, NY

1445-1457 Fulton Street – Brooklyn, NY

1445-1457 Fulton St. is a 5-story walk-up building located in Bedford-Stuyvesant neighborhood. The corner property consists of 16 residential apartments and five retail stores. The building was built in 1910 and is a total of 18,300 s/f. The property sold for $7.9 million or 14x GRM. Marcel Fridman and Andrea Lugo represented all the parties in this off-market transaction.

257 Himrod St. is a 3-story walk-up building located in the Bushwick neighborhood. The property consists of six residential units. The building was built in 1931 and is a total of 4,500 s/f. The property sold for $1.625 million or 16X GRM. Fridman represented all the parties involved in this off-market transaction.

41-40 40th St. is a 4-story walk-up building located in Sunnyside, Queens. The property consists of 23 units. The building was built in 1920 and totals 13,500 s/f. The property was sold for $5.15 million or 16X GRM. Fridman represented all parties in this off-market transaction.

60-76 71st Ave. is a 3-story walk-up building consisting of six units. The property was built in 1930 and is a total of 5,800 s/f. The property sold for $1.625 million or $280 per s/f. Fridman represented all parties in this off-market transaction.

ON THE SCENE: This week’s sales and exclusives under $10 million

BY REW STAFF | FEBRUARY 2, 2017

AGENTS

Ariel Property Advisors has been exclusively retained to sell 174 East 205th Street, a newly constructed medical/professional building in the Bedford Park section of The Bronx. The asking price for the seven-story property is $5.9 million. The elevator building, which spans 17,000 s/f, is located on the south side of East 205th Street between Grand Concourse and East Mosholu Parkway South.

Built in 2016 and designed to serve the nearby hospitals, it offers investors the opportunity to subdivide the floors. Exclusive agents Marko Agbaba, Scot Hirschfield, Jason M. Gold and Christopher Gillis are representing the seller. The asset benefits from in-place ICAP abatements which cover about 94 percent of the current tax bill. The tax break expires June 30, 2041. The property is located near several major hospitals of The Bronx and in close proximity to Bedford Park, Lehman College, Williamsbridge Oval Recreation Center and the New York Botanical Garden.

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Besen & Associates announced the following exclusive assignments:
 

• Jack A. Cohen has been retained to sell 757-767 Flatbush Avenue in the Prospect Lefferts Gardens neighborhood of Brooklyn. This property, built in 1925, is a single-story retail strip with 8 stores on 4 contiguous lots and approximately 125ft. of frontage on Flatbush Avenue. The properties have 11,654 and 64,932 buildable square feet. All leases have clauses for tax reimbursements calculated by the tenants’ proportionate share of increases over their base year. Asking price is $10,500,000.

• Greg Corbin and Miguel Jauregui have been retained exclusively to sell 220-236 Warburton Avenue and 76 Locust Hill Avenue in Yonkers, NY. This development site package consists of a 140,000 buildable square foot with a combined frontage of 700 ft. Warburton Avenue is an 88,500 buildable square foot development opportunity. The property is located in Getty Square, on the northeast corner of Warburton Avenue and Lamartine Avenue. The site includes various vacant buildings, all of which are teardowns, on four adjoining parcels on for a combined 300 by 235 ft. plot with street frontage of 535 ft. Asking price is $2,450,000. Locust Hill Avenue is a 52,250 buildable square foot development site. The property is located in Getty Square, near Lafayette Place. The site includes various vacant buildings, all of which are teardowns, on a 164 by 255 ft. plot. Asking price is $1,450,000.

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Cushman & Wakefield was exclusively selected to market the following properties:

• A package of 22 condominium units within Gateway Condominiums at 257 Central Avenue in White Plains, New York. The asking price is listed at $8.95 million. The condominium units, totaling approximately 27,751 s/f are free market two-bedroom, two-bathrooms with high-end luxury finishes, a washer and dryer, a gas fireplace, central air and a terrace. They are located within a four-story, elevator serviced luxury apartment building with a gym, picnic area, children’s playground and on-site garage parking. A Cushman & Wakefield team of Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa is leading the efforts. The property is close to the Galleria and Westchester Mall, and City Center and a 40 minute train ride to Midtown Manhattan.

• The retail condominium unit at the base of 480 Broome Street in Manhattan’s SoHo Cast Iron Historic District. The asking price is $11,000,000. Robert Burton is handling the assignment. Originally developed in 1883, the 2,300 s/f retail showroom has 25 ft. of frontage on Broome Street, 16 ft. ceiling heights, and over 1,700 s/f of storage space. Additional features include skylights, an outdoor patio space with exposed brick, and fitting rooms with modern finishes.

SALES

Alpha Realty announced the sale of 6214 11th Avenue in the Borough Park section of Brooklyn for $6,200,000. Managing Partners Glenn Raff and Lev Mavashev represented the seller and director of sales Jacob Aranov represented the buyer, a private investor group led by Raymond Ahboot. The retail component featured a 6,000 s/f single story building, with a total of 8 commercial units, while the development aspect of the deal included a vacant lot with 11,000 s/f buildable. The buyer was searching for an income producing property with available space for future development.

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Barcel Group announced the sale of four buildings totaling $16,300,000. Two of the properties are located in Brooklyn and the other two properties are located in Queens. The Brooklyn properties are 1445-1457 Fulton Street and 257 Himrod Street. The Queens properties are 41-40 40th Street and 60-76 71st Avenue.
• 1445-1457 Fulton Street is a 5story walk-up building located in Bedford-Stuyvesant Brooklyn, the corner property consists of 16 residential apartments and 5 retail stores. The building was built in 1910 and is a total of 18300 square feet. The property sold for $7,900,000 or 14x GRM. Marcel Fridman and Andrea Lugo represented all the parties in this off-market transaction.
• 257 Himrod Street is a 3story walk-up building located in Bushwick Brooklyn, the property consists of 6 residential units. The building was built in 1931 and is a total of 4500 square feet. The property sold for $1,625,000 or 16X GRM. Marcel Fridman represented all the parties involved in this off-market transaction.
• 41-40 40th Street is a 4story walk-up building located in Sunnyside Queens. The property consists of 23 units. The building was built in 1920 and is a total of 13500 square feet. The property was sold for $5,150,000 or 16X GRM. Marcel Fridman represented all parties in this off-market transaction.
• 60-76 71st Avenue is a 3story walk-up building consisting of 6 units. The property was built in 1930 and is a total of 5800 square feet. The Property sold for $1,625,000 or $280 per square foot. Marcel Fridman represented all parties in this off-market transaction.

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EPIC Commercial Realty announced the sale of 673 Halsey Street, an apartment building in Bedford-Stuyvesant, Brooklyn, for $3,500,000. Located on Halsey Street, between Ralph Avenue and Patchen Avenue, the property is a three-story walk-up residential building comprised of eight units. It has been fully renovated and is delivered vacant, with J-51 tax abatement zeroing out the taxes. Consisting of all one-bedroom and two-bedroom units, the property is built 4,700 s/f of gross building area. The subject building is situated three blocks from the Halsey St [J, Z] train station. A Investment Sales Associate Yuriy Ustoyev represented the seller; CEO Yona Edelkopf represented the buyer.

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Eric S. Goldschmidt, senior partner at Goldschmidt & Associates, announced that he co-brokered the sale of 70-80 Spring Street, Ossining, New York. Goldschmidt represented the seller and Nicholas McMillan of Giner Realty represented the purchaser, 3415 Knox Avenue, LLC. The sales price was close to the $2,395,000 asking price. The 2 buildings consist of 15 apartments, 2 retail stores and 15 on-site parking spaces. It is adjacent to the Ossining Court and Police Station. The buildings are newly renovated and fully occupied.

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Ed Graf of Houlihan-Parnes has arranged for the sale of a mixed-use property located at 10 Delaware Avenue, Endicott, New York in the amount of $1,125,000. The property consists of 75 multi-family units, and a 26,406 s/f commercial building. In addition to the 75 multi-family units and the commercial space, there is a loft building that can be converted to an additional 10 apartments.

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Time Equities Inc. (TEI) announced the acquisition of 18 residential condominium units at Lagoon Estates Condominiums, a gated, garden style townhouse/apartment complex consisting of four buildings, located at 1-60 Patricia Lane in the Bronx, NY, for $5 million from Lagoon Development Corp. Brian Soto, Asset Manager at TEI, along with TEI’s Associate Director of Acquisitions & Senior Counsel, Max Pastor, managed the acquisition on behalf of the firm. Marc Yaverbaum, MYC & Associates Inc. represented the seller. Originally developed in 2004, Lagoon Estates, located on the site of the former Bronx Beach and Pool, is a 44-unit development offering a private beach with views of the Eastchester Bay, Long Island Sound and City Island. TEI’s purchase includes one, one-bedroom unit and 17 two-bedroom units. All units have terraces and parking. Currently, Lagoon Estates is about 94 percent occupied, with one vacancy available for rent.

Fridman of Barcel Group brokers 5 building sales totaling $9.725 million

Brooklyn, NY Barcel Group has completed the sale of five buildings totaling $9.725 million. The properties are 657 Flushing Ave., 17-08 Madison St., 16-63 Madison St.,17-34 Menahan St. and 6610 Forest Ave. all located in the Ridgewood neighborhood.

 16-63 Madison Street – Brooklyn, NY

16-63 Madison Street – Brooklyn, NY

657 Flushing Ave. is a 3-story walk-up building located in Williamsburg, the corner property consists of two residential apartments and two retail stores. The building was built in 1931 and is a total of 3,000 s/f. The property sold for $1.6 million. Marcel Fridman represented all parties in this off-market transaction.

17-08 Madison St. is a 3-story walk-up building, the property consists of 6 residential units. The building was built in 1931 and is a total of 5,600 s/f. The property sold for $1.7 million or $300 per s/f. Fridman and Andrea Lugo represented the purchaser in this off-market transaction.

16-63 Madison St. is a 3-story walk-up building consisting of 6 units. The building was built in 1931 and is a total of 5,600 s/f. The property was fully vacant at closing. The purchaser plans to fully gut rehab the building. The property was sold for $2.55 million or $455 per s/f. Fridman represented all parties in this off market transaction.

66-10 Forest Ave. is a 4-story walk-up building consisting of 4 units and 2 stores. The corner property was built in 1930 and is a total of 5,800 s/f. The property was fully vacant at closing and sold for $1.5 million or $258 per s/f. Fridman and Bart Zimmermann represented all parties in this off-market transaction.

17-34 Menahan St. is a 3-story walk-up building consisting of 5 units. The property was built in 1931 and was recently fully gut renovated. The property was fully occupied at closing and sold for $2.375 million or a 5% cap rate. Fridman represented all parties in this off-market transaction.

Barcel Group handles five sales totaling $19.7 million

Brooklyn, NY Barcel Group has completed sale of five buildings totaling $19.7 million. The properties are 1247 Ave. V, 526 Lafayette Ave., 426 & 434 49th St. and a elevator building located in the Prospect Park South area.

1247 Ave. V is a four-story walk-up building located in Sheepshead bay, the property consists of 12 units. The building was built in 1927 and consists of 12,000 s/f. The property sold for $2 million (15x GRM). Marcel Fridman represented all parties in this off market transaction.

 526 Lafayette Avenue – Brooklyn, NY

526 Lafayette Avenue – Brooklyn, NY

526 Lafayette Ave. is four-story walk-up building located in Bedford-Stuyvesant, the property consists of 20 units. The building was built in 1931 and consists of 18,000 s/f. The property sold for $5.6 million (18x GRM). Fridman & Andrea Lugo represented all parties in this off market transaction

426 & 434 49th St. are two four-story walk-up buildings consisting of 8 units each. The buildings were built in 1931 and consist of a total of 14,000 s/f. The properties sold for $3.45 million (18X GRM). Fridman and Bart Zimmermann represented all parties in this off market transaction.

The Prospect Park South property is a six-story elevator building consisting of 32 units. The property was built in 1915 and consists of 33,000 s/f. The property sold for $8.65 million (19X GRM). Fridman represented all parties in this off market transaction.

Fridman and Zimmermann of Barcel Group complete $17 million sale; reps Seller, BCB Property Management and purchaser, Pangash Prsad

 991-993 President Street – Brooklyn, NY

991-993 President Street – Brooklyn, NY

Brooklyn, NY Barcel Group arranged the sale of 991-993 President St., located in the Crown Heights section of the borough. Marcel Fridman, president of Barcel Group, represented the seller, BCB Property Management and Bart Zimmermann represented the purchaser, Pangash Prsad in this off-market transaction.
The 63-unit, four-story walk-up apartment building sold for $17 million. The transaction price reflects a gross rent multiple of 16.25, and a capitalization rate of 4.75%. The 45,100 s/f building traded for $368 per s/f. The properties were built in 1925, they consist of mostly one bedroom and two bedroom apartments, of which, only 35% of units are rented at market rent which leaves the new owner a tremendous amount of additional income potential.
The building is located in a prime area Crown Heights. The occupants are drawn to the buildings location because of its close proximity to major subway lines and the ever popular Prospect Park.
By traveling just a half a block from the building tenants can escape the city atmosphere and enjoy the park that features miles of walking and running paths, as well as the Brooklyn Botanical Gardens.

Fridman of the Barcel Group secures multiple sales totaling $15.15 million; including $5.65 million sale of six-story elevator building

Staten Island, NY Marcel Fridman of the Barcel Group arranged the following transactions totaling $15.15 million:

 585 N. Railroad Avenue - Staten Island, NY

585 N. Railroad Avenue - Staten Island, NY

* 585 N. Railroad Ave. in Staten Island was sold to a local family. The five-story elevator building with 35 apartments sold for 10 x rent at $4.7 million. The buyer and seller was represented by Marcel Fridman of the Barcel Group.

* 89-21 153rd St. in Queens sold for 10x rent at $5.65 million. The six-story elevator building consists of 45 apartments. The seller, NY Affordable housing LLC, was represented by Fridman. Fridman also represented the buyer, a local family.

*107 Boerum Place in Brooklyn sold for 18x rent roll at $1.3 million. The property consists of 8 units. Fridman represented the buyer, S. Rozenberg Associates and the seller, 107 Boerum Realty Corp.

* The 5 unit free market building at 806 Dean St. in Brooklyn sold for 13x rent at $1.25 million. Fridman represented the seller, a local family, and the buyer, a local investor.

* 167 Waverly Ave. was sold for $2.25 million. Fridman represented the seller, Ely Management, and the buyer, Silvershore Properties.

Fridman of Barcel Group sells two building package for $13.9 million

 220 Osgood Avenue - Staten Island, NY

220 Osgood Avenue - Staten Island, NY

Staten Island, NY Barcel Group arranged the $13.9 million sale of a 2 building package, 220 Osgood Ave.and 51 Coursen Place, totaling 115 apartments. Marcel Fridman, president of Barcel Group, represented the seller and purchaser in this off-market transaction.

220 Osgood Ave. is a 6-story elevator building built in 1973 the property consists of 85 units and a parking lot for 50 cars. 51 Coursen Place is a 3-story walk-up building built in 1971 the property consists of 30 apartments and 20 parking spots. The total package sold for 8.5 times the gross rent or $121,000 per unit.

The building is located in the North Island section of Staten Island. With close distance to the Verrazano Bridge, the Staten Island Ferry, and the ferris wheel project. The area is drawing renters from Brooklyn that are being priced out of that market.

"This area has recently seen an increase in the rents that these types of buildings can command. The buyer quickly realized the opportunity for steady income, as well as future upside," said Fridman.

Silvershore Grabs Three Bed-Stuy Properties for $3.6M

BY TOBIAS SALINGER | DEC. 17, 2014, 12:48 PM

 137 PATCHEN AVENUE.

137 PATCHEN AVENUE.

Silvershore Properties closed on the purchase three multifamily buildings along Patchen Avenue in Bed-Stuy for $3.6 million on Monday, Commercial Observer has learned.

The apartment buildings at 137148 and 150 Patchen Avenue, which total 22 units, add up to seven properties Silvershore has picked up in Brooklyn in November and December for a collective $15 million, company officials said.

“These are excellent properties for our portfolio,” said Silvershore’s David Shorenstein in a prepared statement. “They have strong income potential and asset value. We are always in the market for such acquisitions.”

 148-150 PATCHEN AVENUE. (SILVERSHORE)

148-150 PATCHEN AVENUE. (SILVERSHORE)

Patch Realty Corp. previously owned the three buildings, which together represent around 20,000 square feet and sit on a two-block stretch near the border of the Bushwick area, according to public records that don’t yet reflect the new transaction. Marcel Fridman of Barcel Group facilitated the transaction on behalf of both the buyer and seller, representatives for Silvershore said.

Silvershore has acquired 36 properties in New York City in 2014 and now owns 70 overall, primarily in Brooklyn, according to company officials.

“Our holdings have grown considerably in Brooklyn this year,” said Silvershore’s Jason Silverstein in a prepared statement. “For 2015, we are intent on acquiring additional properties in neighborhoods we are active in.”

Update: This story was updated to include the name of the broker who arranged the sale.

On The Scene: $10M Brooklyn apartment portfolio for sale; Barcel group closes on Queens deal

BY REW STAFF | JUNE 11, 2014

AGENTS

Besen & Associates is marketing 2265 Grand Avenue, a 5-story corner mixed use walkup building with 20 apartments and 6 stores. The property was built in 1925 and is approximately 25,500 gross square feet. Apartment layouts include 16 one-bedrooms and 4 two-bedrooms. The average apartment rent is $950 per month. The property is located two blocks from the 4 subway station at Jerome Avenue.
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ERG Property Advisors announced the availability of 66 Hendrix Street, Brooklyn, NY. The lot size is 2,542 s/f and the building approximately 6,585 s/f. It is a three story building located on the corner of Jamaica Avenue and Hendrix Street. The building is fully occupied with 3 commercial tenants and 6 residential tenants. The building has seperately metered boilers. All tenants are responsible for their own utilities and expenses.The commerial tenants are responsible for their share of real estate taxes. The asking price for this building is $1,650,000. Ian Ellman is handling the assignment.

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Massey Knakal Realty Services announced the following exclusive assignments:
• The Eastern Parkway Multifamily Portfolio, five properties located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway in Brooklyn’s Ocean Hill neighborhood, are asking $10,000,000. The portfolio includes five walk-up properties consisting of four multifamily buildings and one mixed-use building. The buildings combine for approximately 73,450 s/f, featuring 60 residential units and one commercial unit. Stephen P. Palmese is marketing this portfolio with Bob Knakal and Edward Gevinski.

A community facility condominium at 313 West 83rd Street. The asking price is $7,950,000. The fully-renovated three-story condominium unit is currently owner-occupied and contains approximately 6,000 s/f on the bottom three floors of a six-story cond-op building. Constructed in the early 1980s, the building was divided into two separate condominium units; one for the subject unit and a second for 18 co-operative apartments that make up the remainder of the building. Features include an auditorium space, library, offices and classrooms, a full service kitchen and a finished basement. This property is being marketed by Bob Knakal and Hall Oster.

 

Two adjacent commercial buildings at 1136 and 1138 Neill Avenue in the Morris Park neighborhood of the Bronx. The asking price is $1,150,000. The adjacent three-story buildings combine for approximately 4,212 s/f. Combined internally, they are currently configured as first and second floor offices, with one tenant occupying each floor. This property is being marketed by Nicholas Burns.
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TerraCRG has been retained as the exclusive agent for the sale of 994 Atlantic Avenue on the border of Crown Heights and Clinton Hill in Brooklyn. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, and Michael Hernandez are representing the seller and have presented the property with an asking price of $1,300,000. The 3,200 s/f mixed use, three story property consists of two 2-bedroom apartments and a ground floor retail space, all of which are occupied. The building is zoned M1-1, which means it is overbuilt by 1,600 s/f and is grandfathered in for mixed use.

SALES

ARM Real Estate Group announced the $2.4 million off-market sale of 476 Union Avenue, East Williamsburg, Brooklyn. Anand Melwani and Harrisson Zavala represented both the buyer, 476 Union Avenue LLC, a local design and development firm, and the seller, a local family. There are three units in the front three-story building and one unit in the two-story rear building consisting of a total of 4,243 s/f. The building was constructed in 2004. The buyer plans to extend the depth of the front building and add a floor or two to the existing structure and will demolish the rear building. Additionally, the zoning allows for a retail use on the ground floor so that apartment is expected to be converted to retail.

The Barcel Group announced the following sales:
• 116 East 19th Street in Brooklyn, a 10-unit property, was sold for $1,230,000 by a local family. The buyer was Silver Shore Proeprties. The building sold for 10X the ret roll. Marcel Fridman reprsented both buyer and seller.
• Two elevator building consisting of 84 units and a parking lot located at 89-21 153rd Street and 8822 Parsons Boulevard in Queens. The sale price was $10.25 million, 10.5 times the rent roll. Marcel Fridman represented buyer and seller, both local investors.
• 1267 Forest Avenue, Staten Island, a two-story retail strip comprising 29,000s/f sold for $5.25 million, an 8.5 percent cap rate. Marcel Fridman represented the buyer. Bart Zimmerman, also of the Barcel Group, represented the seller.

C3 Realty Group announced the sale of a 9-building multifamily portfolio comprised of five Brooklyn properties and four Upper Manhattan properties. The properties located at 861, 880, 908, 914, 917 Greene Avenue in Brooklyn, and 1473 Amsterdam Avenue, 545 W 133rd Street, 162 & 174 E 109th Street in Upper Manhattan were initially gut renovated in the early 1990’s through the NYC Vacant buildings program, and subject to HPD Regulatory Agreements. The seller, an undisclosed California-based fund, retained Ron Cypers and Steven Westreich of C3 Realty Group exclusively to handle the disposition of the assets to a local operator. The portfolio is comprised of 75 apartments and one commercial unit, for $5,700,000.

Rosewood Realty Group announced the $1.2 million sale of 795 Flatbush Avenue in Flatbush, Brooklyn. The 5,000 s/f three-story walk-up apartment building with 3,400 s/f of air rights, consists of four apartments and one commercial unit. It was built in 1931. Michael Kerwin represented both the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC. It sold for 9.3 times the rent roll.
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TerraCRG closed on the sale of the industrial buildings at 12-18 Commerce Street between Richards Street and Columbia Street in Red Hook. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, and Michael Hernandez sold the property for $1,850,000, which equates to $231 psf.

ON THE SCENE: Hilly Soleiman, Robert Shapiro, Marcel Fridman

BY REW STAFF | JANUARY 8, 2014

AGENTS

Hilly Soleiman and Amit Doshi of Besen & Associates have been exclusively retained to market 100 Clinton Street, Brooklyn NY 11201. The subject property is a approximately 12,800 s/f two-story medical office building with 47,500 buildable square feet. Located in Downtown Brooklyn.
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Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 730 West 183rd Street. The property is located on the corner of West 183rd Street and Robert Magaw Place in Manhattan’s Hudson Heights neighborhood. The asking price is $11,000,000.

The five-story walk-up building contains approximately 40,000 square feet and sits on a 100’ x 92’ lot. It consists of 44 residential units, of which 21 are three-room, 14 are four-room, and eight are five-room apartments. This offering presents investors with a rare opportunity to capitalize on below market rents in one of Northern Manhattan’s most established and sought-after neighborhoods.

The property is ideally located near the bustling Broadway and 181st Street retail corridors and surrounded by neighborhood anchors such as New York Presbyterian Hospital, Port Authority Bus Terminal, Fort Tryon Park, and P.S. 187 Hudson Cliffs. It is in close proximity to the Henry Hudson Parkway and Riverside Drive, and public transportation is easily accessible with the A train stop at Fort Washington Avenue and West 181st Street.

This property is being marketed exclusively by Massey Knakal Chairman Bob Knakal and Robert Shapiro.

SALES

Barcel Group announce the following transactions:
•585 N. Rail Road Avenue Staten Island, NY. A five-story elevator building with 35 apartments sold for 10 x rent price at $4,700,000. The buyer was represented by Marcel Fridman of Barcel Group, as well as the seller.
•89-21 153rd St, Queens, NY. A 6-story elevator building with 45 apartments sold for $5,650,000, which was 10 X the rent. Both the buyer and seller were repped by the Marcel Fridman of Barcel Group.
•107 Boerum Place, Brooklyn, NY, sold for $1,300,000. The 8-unit building sold for 18x the rent roll. Both buyer and seller were repped by Marcel Fridman of Barcel Group.
•806 Dean Street, Brooklyn, NY. A 5-unit free market building was sold for 13x the rent for $1,250,000. Both buyer and seller were repped by Marcel Fridman of Barcel Group.
•167 Waverly Ave, Brooklyn, NY. The building sold at a 4 cap or 17 x the rent for $2,250,000. Both buyer and seller were repped by Marcel Fridman of Barcel Group.

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CBRE Group, Inc. announced that it brokered the sale of an incomplete New Jersey condominium project, Riverwalk at Rahway, on behalf of the seller and buyer.

CBRE NY Outer Boroughs’ Elli Klapper and Matt Giordano and New Jersey Private Capital Group’s Charles Berger completed the $2.125-million transaction.

The sale consisted of a portion of the project’s 86 townhomes in Rahway’s Essex Street Redevelopment area, along the Rahway River. The community lies in a Transit Village within walking distance to New Jersey Transit’s Rahway Train Station, where the Northeast Corridor Line and North Jersey Coast Line converge.

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Adrian Langsner-Smilovici and Moses Pavel of Delta Commercial Real Estate arranged the sale of 61 Jefferson Avenue and 106 & 108 Melrose Street for $4.7 million.

The total size of the properties is 20,000 SF. Plans for its usage have not yet been announced.

Langsner-Smilovici and Pavel represented both the buyer and the seller in this transaction. The buyers are Cheryl and John Weiss, the seller was Nat Barzily.
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Charles Chang, Associate Broker of Manhattan-based investment sales firm Highcap Group, announced the $8.1 million sale of 10-19 Irving Avenue in Ridgewood, NY.

The two-story 75,600 square foot building had been owner occupied since the 1990’s.

Situated on the corner of Irving and Covert Street within an M1 zone, a portion of the building boasts 30’ ceilings. The property also has an additional 78,270 square feet in air rights.

The purchaser plans to reopen the 288 foot wall of windows which has been blocked for over two decades and convert the property to a production studio. Chang exclusively represented the seller in the transaction.
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Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of a 9,700 square-foot property at 34-39 56th Street in the Woodside neighborhood of Queens, NY, for $2.15 million. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement.

Vincent Lopez of Kalmon Dolgin Affiliates was the broker for both the buyer, Video Concepts, and the seller, IL Nuraghe, in the transaction.

For the past 20 years, Video Concepts has been a leader in production and staging, creative services, interactive media, and event planning solutions. The company is relocating and expanding from a self-owned, 4,400 square-foot space at 18-25 26th Road in Astoria.

The two-story warehouse at 34-39 56th Street features 24-foot ceilings, two drive-in doors, a 1,200 SF mezzanine level, and eight parking spaces. The building underwent a state-of-the-art renovation by the Eastern Paralyzed Veterans Association before the seller, IL Nuraghe, purchased the building for wholesale wine storage. IL Nuraghe then sold the wine business and rented the property to Eurocraft Stone, a marble manufacturer, until listing the asset for sale with Kalmon Dolgin Affiliates.

The building at 34-39 56th Street in Astoria is located between 37th Avenue and Broadway, conveniently located near the Brooklyn Queens Expressway, Northern Boulevard, Queens Boulevard, and the Grand Central Parkway. The Woodside Long Island Railroad station and 7, M, and R subway lines are nearby, providing quick access to Manhattan, Brooklyn, and Long Island.
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TerraCRG announced that they have closed on the sale of the development site located at 34 Conselyea Street between Lorimer Street and Union Avenue in the Williamsburg neighborhood of Brooklyn.

The property sold for $1,150,000, equal to $307 per Buildable SF. The 25 ft x 75 ft residentially-zoned site has approximately 3,750 Gross Buildable SF and is ideal for a townhouse or boutique condominium development. The property is just one block from the Lorimer Street L station and the Metropolitan Avenue G station.

The TerraCRG team who handled the sale consists of Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez.

The Barcel Group brokers two Bronx sales totaling $15.66 million and 174 units; Includes $9.16 million sale of 2555-2565 Grand Concourse by Zimmermann

 Bart Zimmermann, The Barcel Group

Bart Zimmermann, The Barcel Group

 Marcel Fridman, The Barcel Group

Marcel Fridman, The Barcel Group

Bronx, NY The Barcel Group (@BarcelGroup) has brokered the sale of five buildings in the Fordam Manor section totaling $15.66 million and 174 units.

Bart Zimmermann of Barcel represented both parties in the sale of 2555-2565 Grand Concourse. The deal sold for $9.16 million which comprised of three buildings totaling 200 ft. of frontage with 90 apartments and six stores. This marks the first sale of the properties in over 30 years.

Marcel Fridman of Barcel represented both parties in the sale of 2828 & 2885 Valentine Ave. The buildings total 84 units and 79,000 s/f. The two buildings sold for $6.5 million which equaled six times the gross rent.

Fridman said, "The buildings have tremendous upside with the average rent only being $1,000. The purchaser quickly realized this opportunity and jumped on the deal."

 2555-2565 Grand Concourse - Bronx, NY

2555-2565 Grand Concourse - Bronx, NY

The Commercial Observer’s 30 Under 30

BY JOTHAM SEDERSTROM | NOV. 27, 2012, 7 A.M.

At 27, Ami Ziff has made his way onto this list by becoming director of national retail for Time Equities after a short but successful career in commercial real estate.

Mr. Ziff splits his time between running the firm’s national retail portfolio of strip centers, a growing portfolio of 25 centers across 16 states, and acquisition sourcing and new deals. In his career, Mr. Ziff has signed more than 1.2 million square feet of leases and closed in excess of $66 million in acquisitions.

“I have a real passion for retail,” said Mr. Ziff. “I sleep and breathe retail. I’ve worked on official and industrial buildings, and nothing has really captured my interest as retail does.”

“I’ve always loved the relationship aspect,” he continued. “If I have a relationship with a tenant in one state, I can put them in another state. There was a great opportunity on the retail side with Francis Greenburger [of Time Equities].”

One of his latest acquisitions was a 33,000-square-foot retail center in Queen Creek, Ariz., a state that figured prominently in Time Equities’ strategy of expanding into the West.

“My favorite retail location? It has to be New York City, because it’s unlike any other market,” he said. Time Equities “doesn’t own anything in New York, but Fifth Avenue in the 50s is outstanding.”

When he isn’t closing deals, Mr. Ziff actively fund-raises for the Livestrong Foundation and is an active supporter of the Jaffa Institute, Omi Arts Center and Columbia Greene Hospital Foundation. He also serves as the New York and Northern New Jersey Next Generation chair. —ME

Each year, hundreds of young real estate agents find themselves toiling the proverbial mail rooms of the city’s biggest brokerages, having left behind native cornfields of Nebraska, bayous of Louisiana and ivies of Massachusetts for a shot at playing in the big leagues. But commercial real estate has never been for the faint of heart, and thus for every college graduate who makes the cut as a junior broker at Studley and CBRE, an equal number of determined peers find themselves marveling at just how disciplined the competition can be.

And still there are the rest of you, who thrive off such tests of strength. And so it’s for you who we present The Commercial Observer’s first annual list of New York’s most promising young commercial real estate brokers under 30. From Jones Lang LaSalle’s youngest vice president to a broker who names Stonehenge co-founder Ofer Yardeni as a mentor, this year’s crop of talent proves that hard work and powerful connections pays off.

Earlier this month, we asked executives, communication directors and your peers to nominate individuals they most admired under the age of 30—the ones they believe rank high among New York’s next wave of tenant and landlord representatives, investment sales agents and retail fixers. And after reviewing client rosters and career statistics, we were able to whittle a long list of talented individuals into what you see before you.

So with that in mind, enjoy reading about this year’s crop of “30 Under 30” brokers today, but know that by next year these same agents may be nipping at your heels.—Jotham Sederstrom, Editor-In-Chief

Ross Berkowitz began his career with Robert K. Futterman as an intern while attending Baruch College in 2007, but his interest in the real estate world was already in place.

“I had family friends that were always really into real estate, and while was in college I actually interned with a landlord that I do business with now,” said Mr. Berkowitz, now 26. That landlord was Ofer Yardeni, co-founder of real estate firm Stonehenge, whom he counts as a mentor. Still, he gravitated toward a broker’s position. “I saw both sides of it, and brokerage intrigued me more.”

The internship with RKF turned into a position as a canvasser in 2008, which led to brokerage the following year. So far, Mr. Berkowitz—an associate with the firm—has accumulated 93,175 total square feet in his career. He benefited from working alongside RKF executive vice presidents Gary Alterman and Ariel Schuster, he said, and described his time canvassing as a training program that helped him better understand the city in which he now plies his trade.

The life of a broker is one of keeping track of constant changes in the market, said Mr. Berkowitz. He advises anyone just starting out in New York’s real estate game to be patient. “It takes time,” said the Scarsdale native. “I’m still learning that.”

Some of Mr. Berkowitz’s notable transactions include a 15,584-square-foot lease with office supply retailer Staples at 641 Avenue of the Americas this year, and 31,400 square feet at 100 Church Street leased in 2010 to businesses including Pret A Manger, Farber Oncology, Aroma Espresso Bar, the Anne Frank Center and Ray’s Barber Shop.

The majority of his work is on owner representation: he’s worked with Stonehenge Partners, SL Green Realty Corp., Invesco Real Estate, L.H. Charney Associates, Atlas Capital Group and Silverstein Properties.

In the future, Mr. Berkowitz would like to take his services beyond New York City. “I’d like to represent tenants across the country, but that takes time,” he said. —Karsten Strauss

Steven Binswanger has managed to stand out as an up-and-comer even in the huge talent pool at Eastdil Secured, which has completed $95 billion in property sale transactions since 2009.

Mr. Binswanger has been involved in $6 billion of those deals in his three years at the company, including the sale of 1633 Broadway in 2011, which valued the property at $2 billion.

At Eastdil, where he is an associate, “I get to work with the top people in real estate” including senior managing directors Doug Harmon and Adam Spies, he said.

“Learning from them is invaluable. The tougher thing is, you’re working with so many talented people, it’s hard to differentiate yourself. Everything we do is in teams, which change depending on deal. I’ve been lucky to be a part of great teams.”

Mr. Binswanger helped broker the sale of a 49 percent stake in 1633 Broadway to Paramount Group, giving the real estate company 100 percent of the property. Representing SL Green Realty Corp., his team recently closed the sale of a 49.5 percent stake in 521 Fifth Avenue to a joint venture between Quantum Global Real Estate and LaSalle Investment Management for $72 million, and Mr. Binswanger said he expects the group to add to its deal total by the end of the year.

The 29-year-old sales associate comes from a real estate background. His family owns the Philadelphia-based international brokerage Binswanger, where he interned while in college.

“My mentor is my grandfather, John Binswanger, who instilled a love of real estate at an early age,” he said. —Stephen Kleege

As an assistant director in Studley’s consulting department, William Colgan, 26, has actively worked on 7 million square feet of completed transactions since joining the firm in 2008.

Focused on strategic planning of transactions, Mr. Colgan uses his GAAP accounting and finance knowledge to tailor strategies and analyses to make both tenant and landlord happy.

“Sometimes tenants and landlords look at the same transactions differently,” he said. “There are many ways to cater to both parties in order to meet their objectives.”

A roster of clients that is too long to list in its entirety includes companies as diverse as the American Red Cross, CBS Broadcasting, Digital Studios, Fujitsu Limited, Haks Engineers, Hilton Worldwide, Ironshore Holdings, Summit Medical Group and Thomas Publishing.

Along with team members including Matthew Barlow, Brad Wolk, Jason Perla, Anthony Chow and Samantha Gentile, Mr. Colgan’s consulting group goes beyond the brokerage basics.

“The space itself is important, but we are heavily involved in the analytics and truly helping clients to understand the structure and financial commitments involved with a transaction,” Mr. Colgan said.

Mr. Colgan graduated with a Bachelor of Arts in economics from Harvard University, where he was a four-year varsity wrestler. He was introduced to Studley through an on-campus career fair and joined the firm after graduation.

“I’ve worked with and learned from brokers with different styles and pitch techniques here, which has largely helped in my success,” he said.

Mr. Colgan is a Harvard College Fund associate’s representative and a member of the Harvard Club of New York. He is also a volunteer with the Cystic Fibrosis Foundation. —Al Barbarino

Many young people grow up with a dream of making their mark on New York, but Lauren Crowley-Corrinet was uniquely intent on making that goal a reality. “I always had a love affair with the city,” she said, adding that it was one reason she matriculated at Barnard. Upon graduating, Ms. Crowley-Corrinet realized that “real estate is so much the fabric of New York” and a “tangible” expression of her city romance, and that CBRE was an ideal venue in which to nurture it.

In nearly seven years at CBRE, Ms. Crowley-Corrinet has accrued 5,289,000 square feet of transactions on behalf of clients including Société Générale, Young & Rubicam and Dow Jones. After she spent her undergraduate years in New York, the city “was in no way daunting to me,” she said. “You see past the things that might otherwise intimidate you.” Still, Ms. Crowley-Corrinet was “incredibly fortunate” to have CBRE’s Mary Ann Tighe, C.E.O., New York Tri-State Region, and Greg Tosko, Vice Chairman, New York Tri-State Region, offer crucial early guidance and the opportunity to work on deals (for instance, one involving Coach) normally out of a fledging broker’s reach.

Ms. Crowley-Corrinet proves especially adept at steering clients from their longtime homes into new offices—her transactions ushered the China Institute away from the Upper East Side and into a 50,413-square-foot condominium at 40 Rector Street and brought Y&R a 339,000-square-foot lease at 3 Columbus Circle after the advertising giant had spent 85 years at 285 Madison Avenue.

These transitional deals entail working with some people who are “really, really comfortable” where they are and somewhat reluctant to move, said Ms. Crowley-Corrinet. But the process works, so long as “you do your homework, build the groundwork and help clients learn the market.” Fittingly, Ms. Crowley-Corrinet is not content to stay put: “I love to be a part of the changing skyline.” —Billy Gray

Eric Ferriello came to his job at Colliers International as a result of the credit crunch, which hit three months after he started at his first job, as a commercial real estate lender at Webster Financial Corp. in Connecticut. “I wanted to steer away from the lending side,” the 27-year-old tenant representative recalled. “I saw brokerage as an opportunity to interface more with clients and people in general.”

Mr. Ferriello interviewed at the biggest real estate firms, and recalls hitting it off with Robert Tunis at GVA Williams, which would become Colliers International. Now part of a team with Mr. Tunis, the vice chairman of Colliers, and Leonard Garza, the company’s New York office director, Mr. Ferriello and his team have about 700,000 square feet worth of leases under his belt.

A series of transactions for CPX Interactive was typical of deals by Mr. Ferriello, who represents tenants on both the acquisition and disposition of office space. He helped the digital advertising company dispose of space on Long Island and complete a 10-year deal on 18,000 square feet at 1441 Broadway. He’s now helping the company with a national expansion as CPX looks to open a call center in North Carolina and offices in Los Angeles.

Mr. Ferriello said he’s benefited from “being a younger guy” and “having a lot of friends in media and tech sector,” as that industry has boomed in Manhattan. He sees no signs of that demand abating, and said the tech district will expand before long from Midtown South to the “cusp of Times Square.”

Clark Finney’s introduction to the world of New York City real estate came through a series of conversations he had during his senior year at Washington & Lee University with Cushman & Wakefield Vice President Gus Field.

Introduced by a mutual friend, Mr. Field described a team-oriented environment that appealed to the young Mr. Finney’s sense of sportsmanship and competition.

“I played sports my whole life, and that was something that I was looking for,” he said. The idea of trading in an actual physical commodity was also attractive, he added.

Now 29, Mr. Finney has moved approximately 2.7 million square feet of space since taking a job at Cushman in 2007, starting with a 4,500-square-foot lease at 140 Broadway when he was only 23 years old—four months into his burgeoning career at the firm. He attributes his success in the real estate game to a strong group of mentors there, including Executive Vice Chairman John Cefaly and Vice Chairman Robert Lowe, as well as Mr. Field. “They’ve taught me so much, I don’t know where to begin,” said Mr. Finney.

Launching his career in New York came with obstacles. Originally from Baltimore, Mr. Finney had to spend some time learning the lay of the city’s landscape and getting to know its landlords.

One of the secrets to his success, he said, is the ability to wake up each day and maintain a positive attitude while making a living in a cutthroat business. As for his advice to those just entering the real estate game, Mr. Finney says that the hardest worker will win in the end.

“It’s not an immediately easy business to get into and succeed in. It takes time,” he explained, noting that diligence and patience are essential to success. “Just continue to put your best foot forward every day.” —KS

Jeff Fischer, 28, is a competitor by nature.

Having played hockey and lacrosse growing up, and with a background in economics and a knack for math, his segue into brokerage was a smooth one.

“I approach life with a never-be-complacent attitude,” he told The Commercial Observer. It landed him a promotion to vice president at Jones Lang LaSalle in July 2012, and is the youngest broker currently holding this distinction in the tristate region.

“It sort of made me want to get the next one,” Mr. Fischer added. “But more importantly, my goal is to continue to grow as a broker—not to have a million different clients, but to have fewer and better clients, and to knock it out of the park for every one of them.”

Mr. Fischer has had a hand in the leasing of 3.2 million square feet of space, specializing in the representation of high-end tenants in the Plaza District, as well as creative companies in Midtown South.

At JLL, he works under Scott Panzer, vice chairman, who refers to him as “the smartest person I’ve ever come across in real estate.”

He also works alongside Steven Rotter and Mort Schrader, managing directors, Howard Hersch, vice president, and Ben Casper, an associate. His notable clients include Newsweek, Russell Investments, Resources Global Professionals, Vox Media and Knighthead Capital.

Following a stint as a talent agent after graduating from the University of Wisconsin with a degree in economics in 2006, Mr. Fischer decided real estate was a better fit. “I wouldn’t do anything else in the world,” he said.

Signature transactions include KKR’s 130,000-square-foot expansion/renewal at 9 West 57th Street, Newsweek’s 50,000-square-foot new lease acquisition at 7 Hanover Square, Kaplan’s 38,200-square-foot disposition at 888 Seventh Avenue and Valinor Management’s new 12,000-square-foot lease at 510 Madison Avenue. —AB

Barcel Group completes three building sales totaling $4.305 million; Zimmerman and Fridman collaborate for $1.4 million sale

New York, NY According to the Barcel Group, the firm has completed the following transactions:

* 537 Lenox Ave.: Bart Zimmermann from the Barcel Group represented the buyer and seller for a five-story corner building containing eight apartments and one store. With a sales price of $1.805 million, the building sold for ten times its rent roll.

* Flatbush Ave., Brooklyn: Marcel Fridman of the Barcel Group represented the buyer and seller. The four-story building consists of 13 apartments and two stores. The building was sold for $1.1 million, or seven times its rent roll.

 1818-1824 Bath Avenue - Brooklyn, NY

1818-1824 Bath Avenue - Brooklyn, NY

* 1818-1824 Bath Ave., Brooklyn:Fridman and Zimmermann represented the buyer, while ReMax acted on behalf of the seller. The 10,000 s/f building has six apartments and three stores. It also has a parking lot with spaces for eight cars. The building sold for $1.4 million, or eleven times its rent roll, with an average rent per apartment of $800 per month.

Fridman of The Barcel Group arranges the $7.1 million sale of a Brooklyn mixed-use building

Brooklyn, NY The Barcel Group has brokered the sale of 680 Manhattan Ave. located in the Greenpoint section. The walk-up, mixed-use building consists of 24 apartments, four stores and a cell phone tower. The building is in great condition and the average rent per apartment is $1,500.

The building sold for $7.1 million, reflecting a gross rent multiple of 11.5.

 80 Manhattan Avenue, Greenpoint section - Brooklyn, NY

80 Manhattan Avenue, Greenpoint section - Brooklyn, NY

The sellers of the multifamily have owned the property for over 25 years. The building is located on Manhattan Ave. and is surrounded by similar buildings. It is also located near public transportation.

Marcel Fridman, president and founder of The Barcel Group, represented the buyer, a New York area investor.

"Greenpoint has seen a great deal of development in the last few years. Many new restaurants and bars have opened up in the area, being just a few train stops away from Manhattan; Greenpoint is one of the hottest neighborhoods in Brooklyn. The buyer quickly realized the opportunity for steady income, as well as future upside," said Fridman.

The seller, a locally-based family, was represented by Manhattan Apartments.

Fridman of The Barcel Group completes $1.82 million sale of eight-unit Brooklyn apartment building

Brooklyn, NY The Barcel Group has completed the sale of 159 Evergreen Ave., located in the Bushwick section. The eight-unit, recently developed, apartment building sold for $1.82 million. The transaction price reflects a gross rent multiple of 8.5. Marcel Fridman, president and co-founder of the Barcel group represented all parties. Fridman said, "Bushwick has seen a huge demand for apartments recently due to the extremely high residential rents of Williamsburg."

This area of Brooklyn has seen many new developments get off the ground in the last 12 months. Lots of new high end restaurants and bars have been opening up in Bushwick.

Fridman of Barcel Group brokers $21.15 million sale of five-building, 264-unit Bronx package; represents both buyer and seller of the Williamsbridge portfolio

Bronx, NY The Barcel Group has completed the sale of a five-building package located in the Willamsbridge section of the borough. The buildings are located at 4002-4004, 4012-4016, 4053-4055, 4126-4132 and 4136-4142 Carpenter Ave.

 Building part of the Carpenter Avenue package - Bronx, NY

Building part of the Carpenter Avenue package - Bronx, NY

The five buildings totaled 264 units. All the buildings are five-story, walk-up apartment buildings. The buildings traded for $21.15 million. The transaction price reflects a gross rent multiple of 7.5.

All the buildings are located on Carpenter Ave. within two blocks of Montefiore Hospital. Most of the tenants living in the buildings are employees of the hospital. The sellers have had these buildings in their family for over 30 years.

Marcel Fridman, president and co-founder of the Barcel group represented all the parties involved in this transaction.

Fridman said, "It's very rare to find five buildings with so many units on the same block for sale. The buildings have tremendous upside with the average rent only being at $825, the purchaser quickly realized this opportunity and jumped on the deal."

Bronx apartment package fetches $21m

A five-building portfolio of under-market apartments has been snapped up in Williamsbridge. 

Marcel Fridman, president and co-founder of the Barcel Group, brought the buildings--4002-4004 4012-4016, 4053-4055, 4126-4132 and 4136-4142 Carpenter Avenue--in the Bronx neighborhood to market and procured the buyer. 

In all, the five buildings contain 264 units. All are five story, walk-up apartment buildings located within two blocks of Montefiore hospital. 

According to Fridman, most of the tenants living in the buildings are employees of the hospital and average rents in the property are $825. 

"It's very rare to find five buildings with so many units on the same block for sale, said Fridman. "The property had been in the same family for over 30 years." 

The buildings traded for $21.15 million, a price that reflects a gross rent multiple of 7.5. 

"The buildings have tremendous upside with the average rent only being at $825; the purchaser quickly realized this opportunity and jumped on the deal," added Fridman.