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A blog for breaking sales and neighborhood real estate news.

A five family brownstone at 272 Hicks Street, located between Joralemon and State Streets, in Brooklyn Heights Historic District, was sold in a transaction valued at $1,450,000.

The four-story building is approximately 3,060 square feet and sits on a 17’ x 84’ lot. The C2 Class building is comprised of a duplex apartment, from the garden to the parlor floor, and four studios. Three of the units, including the duplex, are vacant. The sale price equates to $473.85 per square foot.

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Neighborhoods: Fort Greene/ Agents: Stephen Palmese

A development site at 634 East New York Avenue, located between Albany and Kingston Avenues in Crown Heights, Brooklyn, was sold in an all cash transaction valued at $650,000.

This prime development site is 40’ x 200’ and contains approximately 19,440 square feet. This site is ideally located blocks away from Kings County Hospital Center and the 2 and 5 trains. The sale price equates to $33 per buildable square foot.

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Neighborhoods: Crown Heights/ Agents: Stephen Preuss

The subject property is a prime corner lot consisting of a gas station and service center with yard. The gas pumps only are leased to Delta Gas for another 9 years left on their original 20 year term gross lease for $3,100 per month. The service center with parking and yard will be delivered vacant upon closing. The total lot size is 10,500 SF with a 1,200 SF service center and is zoned M1-1. The property is conveniently located in College Point in close proximity to Whitestone and Downtown Flushing just West of the Van Wyck Expressway and East of College Point Boulevard surrounded by several shopping centers including Whitepoint, Northside Plaza and 20th Avenue Mall. This asset is ideal for a user, investor or developer. Car Wash can be added.

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Neighborhoods: College Point/ Agents: Stephen Preuss

A walk-up apartment building at 317-319 Second Avenue, located on the west side of Second Avenue between East 18th and 19th Streets in Manhattan’s coveted Gramercy Park neighborhood, was sold in an all cash transaction valued at $4,750,000.

The six-story building is approximately 14,447 square feet and sits on a 35’ x 98’ lot.  There are 18 residential apartments, of which 10 are rent stabilized, two are rent controlled, and six are free market. The property had been fairly neglected over the years and all the apartments including the free market ones are in need of extensive renovation. The sale price equates to a 4.67% capitalization rate, 13.18 gross rent multiple and $329 per square foot. The buyer was Terrence Lowenberg and Todd Cohen of Icon Realty Management, LLC. The seller was Jelstone Realty Corp.

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Neighborhoods: Gramercy Park/ Agents: John Ciraulo

A vacant lot at 491 Myrtle Avenue, located in Brooklyn’s Fort Greene neighborhood, was sold in an all cash transaction valued at $420,500.

The lot is 21’ x 84’ and is located in an R7A zone, which can accommodate approximately 6,085 buildable square feet.

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Neighborhoods: Fort Greene/ Agents: Stephen Palmese

14 and 24 Thayer Street are two adjacent, 43 unit, walkup apartment buildings located on the south side of Thayer Street between Sherman Avenue and Nagle Avenue. They are both within one block from the 1 train and just 2 blocks from the A train on Dyckman Street. 14 Thayer Street’s average rent per net square foot is approximately $18 and the average monthly rent is $957. 24 Thayer Street’s average rent per net square foot is $19 and the average monthly rent is $1,024. Combined the unit mix consists of 17 two room apts., 47 three room apts., 13 four room apts., and 9 five room apts.

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

A walk-up apartment building at 6709 8th Avenue, located near the intersection of Sunset Park, Dyker Heights, and Bay Ridge in Brooklyn, was sold in an all cash transaction valued at $840,000.

The three-story building is approximately 4,800 square feet and sits on a 20’ x 90’ lot.  There are six rent stabilized apartments; four of which are vacant. The sale price equates to $175 per square foot.

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Neighborhoods: Bay Ridge, Sunset Park, Dyker Heights/ Agents: Jeffrey Shalom

422 St. Nicholas Avenue is a 26’ wide, five (5) story, walk-up apartment building located on the east side of St. Nicholas Avenue between West 129th and 133rd Street. The building consists of ten (10) units, nine (9) of which are three-bedroom units and one (1) two-bedroom unit. The subject property is in excellent condition and is located just steps away from St. Nicholas Par. The property is easily accessible to all downtown and outer borough locations via the A, B, & C subway lines at 135th Street and St. Nicholas Avenue. Offering excellent cash flow, new renovations, and future upside, 422 St. Nicholas Avenue stands out as a premier Central Harlem opportunity.

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Neighborhoods: Harlem

A retail building at 2111-2113 86th Street, located between Bay Parkway and 21st Avenue in Brooklyn’s Bensonhurst neighborhood, was sold in an all cash transaction valued at $3,900,000.

The one-story building contains approximately 3,600 square feet, sits on a 40’ x 100’ lot, and has significant air rights. The building is located on one of the busiest retail blocks in South Brooklyn. The adjoining properties house The Gap and Footaction (a division of Foot Locker). Other retailers on the block include AT&T Wireless, Rainbow, Verizon Wireless, Game Stop, Joyce Leslie, CVS, Payless Shoes, Children’s Place, T-Mobile, Cohen’s Fashion Optical, Fabco Shoes, Citibank and TD Bank. The building was delivered vacant and sold to Alex Adjmi of A & H Acquisitions.

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Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

A mixed-use building at 708 5th Avenue aka 232-236 22nd Street, located on the corner of 5th Avenue and 22nd Street on the border of Brooklyn’s Park Slope and Sunset Park neighborhoods, was sold in an all cash transaction valued at $1,600,000 which equates to a cap rate of approximately 6.7%.

This four-story corner building is approximately 12,000 square feet and sits on a 50’ x 100’ lot. There are 12 railroad-style two-bedroom apartments and two commercial units. The property is located four blocks from the R train at 4th Avenue and 25th Street.

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Neighborhoods: Sunset Park, Park Slope

Massey Knakal Realty Services is pleased to offer the sale of senior notes for two development sites in Staten Island. The loans are non-performing, as maturity defaults have occurred. These offerings are being sold on an all-cash, as-is basis.

Neighborhoods: Staten Island/ Agents: James Nelson

Three story mixed-use corner brick building in Dyker Heights. There is a sit-down restaurant with a connecting private party/dining room on the first floor. There are two 5-room apartments on the 2nd floor and two on the 3rd floor. Two of the apartments were recently renovated and have their own heating systems. Building has been very well maintained. Tenants pay for their electric and gas use. Large apartments. All tenants are month to month.

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Neighborhoods: Dyker Heights/ Agents: Jeffrey Shalom

A post office building at 2038 Hillside Avenue, located on a major thoroughfare in New Hyde Park in Nassau County, was sold in an all cash transaction valued at $880,000.

This one-story building is approximately 2,550 square feet and sits on a 40’ x 152’ lot. The current tenant, the U.S. Post Office, is in lease until 2013 and has a five-year option to renew. This post office is not on the list of locations for possible closure or consolidation. Both the seller and the buyer are investors. The sale price equates to $345 per square foot.

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Neighborhoods: Nassau County

Massey Knakal Realty Services is proud to present three ground floor condominium units designated for community facility use within the Avery, a modern, thirty (30) story luxury condominium constructed in 2006 and located on Riverside Blvd between 64th and 65th Streets. Units A and B are extremely bright, finished office units on the two corners of the building along Riverside Blvd. with 14 foot ceilings. Unit C is located on the 64th Street side and is also bright, finished office space. Given the offering’s prime Upper West Side location, the office condominiums at 100 Riverside Boulevard are ideal for non-profit, school/day care, medical, dental or other community facility use.

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Neighborhoods: Midtown West/ Agents: Paul Smadbeck

Three contiguous buildings with NNN retail stores at 1598-1602 Pitkin Avenue, located in the prime retail area of Brownsville, Brooklyn, was sold in an all cash transaction values $ 2,050,000.

The three-story brick buildings are located on a combined 60’ x 92.92’ corner lot of Pitkin Avenue and Amboy Street. The first floor is approximately 60’ x 93’ and the second and third floors are approximately 60’ x 55’. Each building is net-leased to the retail tenant and each has occupied the same space for over 10+ years. Above the retail stores are eight apartments that are all in need of a full renovation. The sale price equates to $163 per square foot and a 9% capitalization rate.

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Neighborhoods: Brownsville/ Agents: Edward Gevinski, Stephen Preuss

A retail site at 1071 North Broadway, located on the west side of North Broadway in Massapequa, New York, was sold in an all cash transaction valued at $830,000.

The single-story property, which was a former catering hall, is approximately 12,000 square feet and sits on a 32,000 square foot footprint. With close proximity to Southern State Parkway, this site presents a prime opportunity to develop in one of the most desirable neighborhoods in Nassau County. The sale price equates to $69 per square foot.

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Neighborhoods: Nassau County/ Agents: John Ciraulo

Massey Knakal Realty Services has been retained on an exclusive basis by ownership to facilitate the sale of the commercial co-operative located on the third floor of the mid-block building at 134 West 26th Street in New York, New York (Block: 801 ; Lot: 61). The property lies between Sixth and Seventh Avenues within the bustling downtown Chelsea neighborhood. The building was constructed in 1911. This offering consists of the entire third floor unit and features approximately 7,300 square feet of available space. The floor benefits from windows on three sides and an ideal layout for office use. The co-operative unit could be delivered vacant, making it a strong fit for investors and users alike.

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A two-story industrial loft building at 259-261 Banker Street, located between Calyer Street and Meserole Avenue in Brooklyn’s Greenpoint neighborhood, was sold in an all cash transaction valued at $2,000,000.

The former night club is approximately 18,144 square feet and sits on a 72’ x 126’ lot. The first floor of the club is approximately 9,000 square feet. There is an additional 4,500 square foot partially enclosed outdoor space. The club features three bars, a dance floor, and four bathrooms. Additionally, through a separate entrance, there is a 4,500 square foot renovated loft space with a full kitchen and bathroom. The property benefits from its close proximity to public transportation, McCarren Park, Transimitter Park and the East River State Park. The sale price equates to $110 per square foot.

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Neighborhoods: Greenpoint/ Agents: Mark Lively, Stephen Palmese

The subject property is a 9,000 square foot fully renovated single story retail building located on Main Street in Hackensack, NJ. The building contains a full basement, front and rear access to the building and a 17 car parking lot in the rear of the building. The building sits on a 16,000 square foot lot and is strategically located in close proximity to I-95, I-80, Route 4 and Route 46. The property is located less than 15 mile from New York City and less than 5 miles from the George Washington Bridge.

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Neighborhoods: Bergen County

Three buildings at 118 and 120-22 East 4th Street, located between First and Second Avenues in Manhattan’s East Village, were sold in an all cash transaction valued at $11,500,000.

The buildings were situated on two lots, with a combined 75’ of frontage, and approximately 26,000 gross square feet. The properties consist of 69 residential apartments with a unit mix of 24 one-bedroom apartments and 45 studios. With the tenant mix consisting of 40 rent stabilized and 29 free market apartments.  The properties are well kept with new brass plumbing, updated and rewired electric, two new gas burners, a newly installed laundry room and many renovated apartments. The sale price reflects a 5.78% “in-place” cap rate, 10.67 gross rent multiple and $442 per square foot.

The Seller was Bruce Miltenberg of Bread & Butter Realty, LLC.

“This sale demonstrates the strength of investor appetite for the multifamily rental marketplace that the East Village offers. We have found investors are extremely attracted to the low turnover rate of the tenants and the ease with which it takes to re-rent the apartments that do become vacant. In these buildings in particular it, is uncommon to have a vacancy for more the 2-3 days,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively handled this transaction with Massey Knakal First Vice President of Sales Joe Sitt and Director of Sales Craig Waggner.

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Neighborhoods: East Village/ Agents: John Ciraulo

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