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.