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July 1, 2015
Globe St.
James Nelson

For the July 2015 Nelson Report, I had the pleasure of sitting down with Mike Slattery, the Senior Vice President of REBNY, to discuss the New York City Landmarks Law.

JAMES: Can you give us a background on why the NYC Landmarks Commission was formed?

MIKE: The Landmarks Law was enacted in 1965 to preserve the City’s architectural, cultural, and historical properties, in reaction to the demolition of Penn Station...

Click here for the full interview.


Agents: James Nelson

Featured Closing: 55 Third Avenue, New York, NY 10003

7/2/2015 10:44:05 AM/ Cushman & Wakefield/ Closings

A retail condominium at 55 Third Avenue, located on the corner of Third Avenue and East 11th Street in Manhattan’s East Village neighborhood, was sold in an all-cash transaction valued at $24,350,000.
 
The condominium contains approximately 15,311 square feet with over 200’ of wraparound frontage along one of the area’s main retail corridors.  Currently, it is divided into three separate spaces on the ground floor and basement.  The sale price equates to approximately $1,590 per square foot.
 

Ownership is in the process of completely renovating the existing building into a luxury mixed-use redevelopment.  Their plans will allow for the creation of additional space upon completion.  The plans call for the existing lobby space to be moved further east along East 11th Street which will allow the current lobby to be incorporated into the corner retail space upon vacancy, increasing the Third Avenue retail footage by approximately 1,314 square feet.
 
The retail condominium greatly benefits from its location in the East Village, one of Manhattan’s most dynamic and lively residential neighborhoods.  The property is easily accessible through a variety of transportation options, including Union Square and its seven subway lines.
 
“There is great upside in this asset as the corner retail is rented well below market and rolling in the next few years.  It will be expanded in conjunction with a repositioning of the apartment building above which includes the building of a new lobby and amenity space.  Meanwhile, the investment is complimented by strong in place income from one of the most popular bar and restaurants, The Smith, on the Avenue,” said Cushman & Wakefield’s James Nelson, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales. The seller of the property is Benchmark.

Click here for press release

Neighborhoods: East Village/ Agents: James Nelson, Robert Knakal



Cushman & Wakefield has been retained on an exclusive basis to sell an apartment building at 40-08 76th Street.  The property is located between Roosevelt Avenue and Broadway in the Elmhurst neighborhood of Queens. The asking price is $7,500,000.‎

Built in 2007, the seven-story plus cellar, elevator-serviced building contains approximately 18,500 square feet on a 40’ x 100’ lot.  It consists of retail and community use on the ground floor, leasable lower level retail and 10 residential units above.  There is a master lease in place for the ground floor and lower level, which expires in 2017. The residential portion consists of eight two-bedroom, two-bathroom units with balconies, and two three-bedroom, three-bathroom duplexes with terraces.

The property is fully occupied, posing a prime investment or 1031 exchange opportunity. It is located two blocks from the 74th Street-Broadway mass transit hub at Roosevelt Avenue, with the E, F, M, R, and 7 subway lines as well as numerous bus lines.‎

"With rents that are well below market rates and a prime Elmhurst/Jackson Heights location, this offering presents an ideal investment opportunity with tremendous upside potential,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Daniel Abbondandolo.

Click here for listing details

Neighborhoods: Elmhurst/ Agents: Daniel Abbondandolo, Thomas Donovan



A development site at 186 Greenpoint Avenue, located between Leonard and Eckford Streets in Brooklyn’s Greenpoint neighborhood, was sold in an all-cash transaction valued at $2,500,000.

The site holds approximately 7,194 buildable square feet for residential development on a 25’ x 112.58’ irregular lot.  Plans have been approved by the DOB to build a five-story residential building, with six large apartment.  The property is conveniently located less than two blocks from the Greenpoint Avenue G train station.  The sale price equates to approximately $348 per square foot.

“There was a tremendous amount of interest in this site and we received several competitive offers, with our client ultimately choosing the buyer who could close the quickest to win out,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Greenpoint/ Agents: Brendan Maddigan

Cushman & Wakefield has been retained on an exclusive basis to sell two mixed-use buildings at 199 and 205 Bedford Avenue in Brooklyn’s Williamsburg neighborhood.  Ownership is requesting proposals.

The buildings are located on the same block and total approximately 7,200 square feet, with five residential and two commercial units.  They are one block from the Bedford Avenue L train station.

“The retail development pipeline on Bedford Avenue is unmatched in comparison to any other corridor in New York City that we know of. Bedford Avenue is still in its early stages and is poised to become one of the most highly sought after retail destinations, arguably in the country,” said Cushman & Wakefield’s Brendan Maddigan, who is exclusively marketing these properties.

Click here for press release

Neighborhoods: Williamsburg/ Agents: Brendan Maddigan





June 24, 2015
Real Estate Weekly

James Nelson of Cushman & Wakefield sat down with Arik Lifshitz, from DSA Property Group, David Shorenstein, from Silver Shore Properties, and Danny Fishman from GAIA ,to discuss their current projects, their business strategy and pricing in the city.

James Nelson: Please tell us a little bit about your company and your current holdings.

Arik Lifshitz:We are an owner/operator, mostly a family office, although we do partner with outside individuals and institutions, as well. Most of our holdings are in New York City, specifically Manhattan, Queens, and Brooklyn. Recently, we started buying in Miami and we also have investments in Jerusalem, Israel...

Click here for the full interview.

Agents: James Nelson

A mixed-use building at 309 Amsterdam Avenue, located between West 74th and West 75th Streets in Manhattan’s Upper West Side – Central Park West Historic District, was sold in a transaction valued at $6,650,000.
 
The four-story building contains approximately 4,080 square feet on a 17’ x 81’ lot.  It consists of a 1,200-square foot retail space with exceptionally high ceilings and three floor-through, one-bedroom apartments.  Delivered entirely vacant, the sale price equates to approximately $1,630 per square foot. The purchaser is an investor who will make improvements and re-rent the store and apartments to hold for income.

The property is located in one of the busiest shopping and dining locations on the Upper West Side, and is less than two blocks from the express and local 72nd Street 1, 2, and 3 trains.

“Mixed-use properties on the Upper West Side, especially below 86th Street, simply don’t trade that often, so when one hits the market properly and people actually know about it, there is huge demand,” said Cushman & Wakefield’s Paul Smadbeck, who exclusively handled this transaction for the seller along with Robert Stufano. “In the end we found the right buyer who paid a significant premium to get the property in their first New York City purchase,” Smadbeck added.

Click here for press release

Neighborhoods: Upper West Side/ Agents: Paul Smadbeck



Cushman & Wakefield has been retained on an exclusive basis to sell a retail condominium at 325 Lexington Avenue, located between East 38th and East 39th Streets in Manhattan’s Midtown East neighborhood.   Ownership is requesting proposals.
 
The condominium contains approximately 2,317 square feet on the ground floor with 800 square feet of lower level space.  It is located at the base of 325 LEX, a newly-developed, 31-story luxury condo building.  The unit is vented and features approximately 20’ ceilings, allowing for a variety of uses including restaurant. 

The space is vacant, therefore a buyer could occupy the space immediately or lease it.  It is located across the street from Lexington’s Cocktail & Liquor Bar and nearby retails include The Junction, La Brochette, Starbucks, Black Shack Burger, Pip’s Place, and Rare.  Additionally, the property benefits from a 10-year 421a tax abatement, which has six years remaining.

“The unit has a glass façade and benefits from approximately 20’ of frontage providing excellent visibility,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with John Ciraulo and Helen Hwang.

Click here for listing details

Neighborhoods: Midtown East/ Agents: James Nelson, John Ciraulo



Featured Closing: 175 Cedar Lane, Teaneck, NJ 07666

6/24/2015 9:49:40 AM/ Cushman & Wakefield/ Closings

The Teaneck Professional Building, a medical office building at 175 Cedar Lane between Queen Anne and Grange Roads in Teaneck, New Jersey, was sold in an all-cash transaction valued at $2,850,000.
 
The three-story building contains approximately 14,651 square feet and sits on an 87’ x 150’ lot.  It benefits from a long-standing history of high occupancy.  The sale price equates to approximately $195 per square foot.

The property is ideally located within close proximity of Holy Name Medical Center.  It just east of the main Cedar Lane business district and steps from a New Jersey Transit bus stop that provides connectivity to Manhattan.  Additionally, it is just minutes to downtown Hackensack, Route 4, the New Jersey Turnpike/Route 80, and the George Washington Bridge.

“The property received a great amount of interest from investors due to it being a medical office building in close proximity to Holy Name Hospital,” said Cushman & Wakefield’s Seth Pollack, who exclusively represented the seller in this transaction.  The buyer was represented by Moshe Rosenwasser.

Click here for press release

Neighborhoods: Bergen County/ Agents: Seth Pollack



Cushman & Wakefield has announced the sale of 36 West 71st Street, a historic four-unit townhouse located between Central Park West and Columbus Avenue in Manhattan’s Upper West Side. The $14,000,000 sale price of the 20 foot wide property represented the third highest price ever paid for an Upper West Side multi-unit row house behind the sale earlier this year of 9 West 82nd Street (2-units – 23 feet wide), and the 2006 sale of the former Beaux Arts mansion at 15 West 68th Street (12 units, 25 feet wide), also sold by Cushman & Wakefield.   

The historic Renaissance Revival townhouse was constructed in 1887 and designed by John H. Duncan.  The property contains approximately 7,620 square feet and is configured as four units, with a beautifully renovated owner’s duplex/triplex with finished cellar and south-facing garden, and three floor-through apartments on the upper floors renovated to luxury standards.  

“The park blocks from 68th to 76th Street represent the Gold Coast of the Upper West Side, and this sale is indicative of that,” said Paul Smadbeck of Cushman & Wakefield who exclusively handled the sale with co-exclusive broker Harris Philip of Alexander Hidalgo Real Estate. Vandenberg, Inc. represented the buyer. “The price we obtained for this four-unit property actually exceeded the 2014 average for Upper West Side single-family homes, and that is all about the location,” Smadbeck added.   

Click here for press release

Neighborhoods: Upper West Side/ Agents: Paul Smadbeck



A mixed-use building at 1217-1221 Bedford Avenue, located between Hancock and Halsey Streets in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $6,250,000.
 
The four-story building contains approximately 14,760 square feet and features 60 feet of frontage on Bedford Avenue and access to Halsey Street via driveway from the rear side.  The sale price equates to approximately $423 per square foot.

The property is conveniently located just two blocks from the Franklin Avenue and Nostrand Avenue stops for the A/C train lines, offering access to Manhattan within 20 minutes.  The Franklin Avenue shuttle with service to Prospect Park and the Botanical Gardens is nearby as well.  The property also benefits from close proximity to Fulton Street, one of the area’s strongest retail corridors, drawing national retailers and substantial foot traffic. 

“This site offered this developer an opportunity for cash flow in the short term, with substantial mixed-use conversion potential on one of the best positioned locations in the neighborhood,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction with Robert M. Shapiro.

Click here for press release

Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian, Robert Shapiro



Four multifamily buildings, located at 508-512 West 158th Street, 516 West 159th Street, and 522 West 161st Street in Manhattan’s Washington Heights neighborhood, were sold in an all-cash transaction valued at $15,000,000.

The sale represents the final tranche of the New Manhattan Portfolio to close. The portfolio was divided into four portions which were sold with an aggregate value of $55,125,500. The first piece, 1771 and 1773 First Avenue, was sold in an all-cash transaction valued at $14,525,500. The second piece, 15-17 Arden Street and 149 and 157 Vermilyea Avenue, was sold in an all-cash transaction valued at $14,100,000.  The third piece, 506 and 510 West 150th Street, was sold in an all-cash transaction valued at $11,500,000.

508-512 West 158th Street, 516 West 159th Street, and 522 West 161st Street are all located on the south side of their respective streets between Broadway and Amsterdam Avenue.  They combine for 78 residential units and one commercial space across approximately 62,680 square feet.  The residential unit mix consist of one, one-bedroom, 38 two-bedroom, 38 three-bedroom, and one four-bedroom apartment.  Recent capital improvements include new roofs on 508-512 West 158th Street, new entry and vestibule doors, as well as a DVR security system on 516 West 159th Street.  The sale price equates to approximately $239 per square foot.

The properties are all located within one block of the Broadway retail corridor, as well as neighborhood anchors such as New York Presbyterian Hospital, City College, and the George Washington Bus Terminal.  Tenants benefit from proximity to public transportation, with the #1 subway line at Broadway and West 145th, West 155th, and West 168th Streets, the C subway line at St. Nicholas Avenue and West 155th Street, and the A subway line at Broadway and West 168th Street.  Additionally, numerous bus lines service the area.

“This sale represents the fundamental strength of the Northern Manhattan multifamily market.   Investors continue to be bullish uptown due lack of product, increasing values, and continuous upside,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.

Click here for press release

Neighborhoods: Washington Heights/ Agents: Robert Shapiro, Robert Knakal







Cushman & Wakefield has been retained on an exclusive basis to sell a loft building / development opportunity at 217-219 West 21st Street.  The property is located between Seventh and Eighth Avenues in Manhattan’s Chelsea neighborhood.  Ownership is requesting proposals.
 
The “Star Cinema Building” is a three-story, industrial-style loft building contains approximately 13,040 square feet and sits on a 50’ x 98.75’ lot.  Each floor boasts high ceilings and large windows, which provide a tremendous amount of light and air.  The property is equipped with a freight elevator and two highly-coveted curb cuts with garage bays, allowing for on-site parking to remain or for conversion to a variety of creative uses.  The site’s R8B zoning permits 4.0 FAR for residential use, allowing for a structure of up to approximately 19,750 square feet.  The additional air rights offer an exceptional opportunity to develop a substantial luxury residential project in the heart of Chelsea.

While the ground floor, basement, and half of the second floor will be delivered vacant, the commercial tenants occupying a portion of the second floor and entirety of the third floor have leases that expire no later than December 31, 2017.  The tenancy provides potential purchases with immediate in-place income while planning for conversion/renovation.  Potential purchasers will have a tremendous opportunity to create a luxury residential project or end-user conversion in one of Manhattan’s most dynamic neighborhoods.

Chelsea has experienced an unprecedented level of development and economic activity over the past decade.  It is undoubtedly one of the most desirable residential enclaves in New York City due to its beautiful tree-lined streets and historic charm, combined with its unrivaled amenities including Chelsea Market, the High Line, and a growing list of world-class galleries, restaurants, retailers, and hotels.  This property benefits from superior transportation options, with seven subway lines just two blocks away on West 23rd Street and Seventh Avenue.

“The property offers a variety of uses like none other - tremendous ceiling heights and width that serve well for an art gallery or residence, available air rights for additional development, and even a possible parking component. It is extremely rare to find several unique elements all in one property,” said Cushman & Wakefield’s Brock Emmetsberger, who is exclusively marketing this property with Bob Knakal, Chairman, New York Investment Sales.

Click here for listing details

Neighborhoods: Chelsea/ Agents: Brock Emmetsberger, Robert Knakal



A multifamily property at 690-702 New Lots Avenue, located between Warwick and Jerome Streets in Brooklyn’s New Lots neighborhood, was sold in an all-cash transaction valued at $1,650,000.

The property contains four contiguous tax lots measuring approximately 120’ x 100’.  They encompass six two-family units that combine for a total of approximately 12,096 square feet.  Construction on the units was completed in 2008 and each unit contains an individual meter for gas and electric.  The sale price equates to $136 per square foot.

The property resides in a residential zone (R5) and is located just two blocks from the number 3 subway line at the New Lots Avenue station.

“690-702 New Lots presented a terrific opportunity to own large, free-market, residential units with upside, as we continue to see prices increase in the East New York multifamily market,” said Cushman & Wakefield’s Edward Gevinski, who exclusively handled this transaction with Brock Emmetsberger.

Click here for press release

Neighborhoods: New Lots/ Agents: Brock Emmetsberger, Edward Gevinski



Featured Listing: 97-17 64th Road, Rego Park, NY 11374

6/17/2015 5:26:09 PM/ Cushman & Wakefield/ Listings

Cushman & Wakefield has been retained on an exclusive basis to sell a newly constructed office building at 97-17 64th Road.  The property is located between Queens Boulevard and 98th Street in the Rego Park neighborhood of Queens.  The asking price is $7,950,000.
 
Built in 2014, the seven-level building contains approximately 12,200 gross square feet and sits on a 25.5’ x 100’ lot.  It features elevator access to all seven levels and two on-site parking spaces. 

The building is in proximity to the 63rd Drive subway station and numerous bus lines, offering a short ride to Midtown Manhattan.  It is also within walking distance to the Rego Center Mall and in proximity to Queens Place, Queens Center Mall, the Long Island Expressway, and Grand Central Parkway.

“The quality of this newly built asset, along with its prime location makes it a rare find in today’s market,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Eugene Kim, Tommy Lin and Robert Rappa.

Click here for listing details

Neighborhoods: Rego Park/ Agents: Thomas Donovan



Cushman & Wakefield has been retained on an exclusive basis to sell a loft building at 13-17 Laight Street, occupying the entire block front between St. John’s Lane and Varick Street in Manhattan’s TriBeCa neighborhood.   Ownership is requesting proposals.
 
The six-story, elevator-serviced building is one of the most coveted properties in all of TriBeCa.  Currently a mixture of office and residential space, it contains over 117,000 rentable square feet and spans approximately 140’ along Laight Street and 99’ on Varick Street and St. John’s Lane, offering ideal rentable floor plates at over 16,000 square feet.  Several of the residential loft units have been newly renovated and feature a chef’s kitchen, stainless steel appliances, central heat and air conditioning, washer/dryer units, and hardwood floors throughout.

The property’s entire block front presence affords unparalleled views overlooking two parks and the Hudson River.  As the former home of TriBeCa Cinemas, where many of the TriBeCa Film Festival events were held, it is a building that is recognized around the world.  The property benefits from high ceilings, open floor plates, and light and air from three sides.  The building could be delivered almost entirely vacant, offering an exceptionally rare development opportunity.

This property is being marketed exclusively by Cushman & Wakefield’s James Nelson, Will Suarez, and David Shalom.

Click here for listing details

Neighborhoods: TriBeCa/ Agents: Guillermo Suarez, James Nelson



State of the Bronx Market

6/16/2015 11:43:42 AM/ Cushman & Wakefield/ News - General Real Estate News

In 1Q15, 150 properties sold in the Bronx, down 26% from 1Q14.  Aggregate sales consideration in 1Q15 was $447M, a decrease of 47% from 1Q14.

The Bronx turnover rate for 2015 is on pace for 2.8% of the total stock of properties, 4% lower than in 2014.





June 15, 2015
Globe St.

A large and prestigious development site that’s come up for sale on the Upper East Side could command a price of approximately $300 million, industry sources tell GlobeSt.com.

The World Wide Group is looking to sell 143-161 E. 60th St., an assemblage of six contiguous low-rise buildings that sit on approximately 19,685 square feet of land. The parcel features 200 feet of street frontage between Lexington and Third Avenues, bordering Midtown's Plaza District and the Upper East Side...

Click here for full article.


Neighborhoods: Upper East Side/ Agents: Clint Olsen, Robert Knakal

June 2, 2015
Globe St.
James Nelson

For the June 2015 Full Nelson, I had the pleasure of sitting down with Mike Slattery, the SVP of REBNY, to discuss the 421a program.  

James Nelson: What is the 421a Program and why is it needed?

Mike Slattery: The 421a Program is a tax exemption program to encourage the development of new housing in New York City.  It is especially needed today, because we have a significant housing issue in terms of both affordability and supply.  The program is there to help address these issues...

Click here for the full interview.


Agents: James Nelson

A development site at 1875 Atlantic Avenue, located on the corner of Atlantic Avenue and Columbus Place in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $7,300,000.

The property currently contains an approximately 18,620-square foot warehouse on a 116’ x 167.58’ lot.  It holds approximately 80,967 buildable square feet and the sale price equates to approximately $90 per buildable square foot.

The property is located three blocks from the Ralph Avenue C train station, providing access to Manhattan within 20 minutes and Downtown Brooklyn within 15 minutes.

“This site offered the buyer substantial scale for residential development along the subway, directly between core Bed-Stuy and Broadway Junction.  Sites like this will open the door to more development along this well positioned pocket,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian