OLD BETHPAGE, N.Y. — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 42,500-square-foot property at 195 Sweet Hollow Road in Old Bethpage for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp., in the transaction. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance Relocation Molloy Brothers Moving and Storage, which has relocated its operations to Farmingdale, N.Y. The one-story property has a 5,000-square-foot office.
NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a six-story elevator office building with ground-floor retail space at 84 Bowery for $9.38 million. The 14,250-square-foot building is encumbered by a long-term master lease at substantially below-market rent. Peter Carillo and Adelaide Polsinelli represented the seller, Richard Shongut Realty Corp., and Carillo procured the buyer, a private investor. Chris Matousek of Eastern Consolidated served as the analyst for the deal. “The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo said. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”
NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.
NEW YORK CITY — GFI Realty Services has arranged the sale of 1424 Avenue J, a mixed-use retail and multifamily property in the Midwood section of Brooklyn, for $3.6 million. Di Fara Pizza occupies the property. GFI Realty’s Shulem Paneth and Eli Matyas represented the seller, a foreign investor, in the transaction. GFI’s Sylvia Spielman represented the buyer, a local investor with several properties in the area. The four-story building is comprised of six apartments and four stores, all of which are currently occupied.
NEW YORK CITY — Red Apple Group and Mc Gowan have completed construction at The Margo, a 15-story, mixed-use building featuring 228 apartments and ground-floor retail space at 180 Myrtle Avenue in downtown Brooklyn. Construction management firm Mc Gowan oversaw construction of the 250,000-square-foot building for developer Red Apple Group. Dattner Architects designed the property. Features include south-facing gardens and terraces, an exercise room, playroom and lounge. More than 10,600 square feet of commercial space anchors the first floor, along with a community area. Additionally, the building has approximately 133 ground-floor parking spaces with the capacity to increase available parking through the use of stackers. The building also features a 114-space bicycle room. Tenants began moving into the building in early September.
NEW YORK CITY— Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn. The six-story property, located at 756 Myrtle Avenue, comprises 72 units; 17,000 square feet of retail space on the ground floor, partially occupied by Duane Reade; and a 48-car parking garage. Sam Shifer of Meridian negotiated the five-year loan, which provided by a regional balance sheet lender and features a fixed-rate of 3.25 percent as well as an interest-only component.
MIDDLETOWN, NEW YORK — Holliday Fenoglio Fowler (HFF) has arranged the $8 million sale of two adjacent buildings totaling 68,831 square feet in the Hudson Valley community of Middletown. The two properties, 100 and 110 Crystal Run Road, are located in the healthcare-focused district of Middletown near the recently completed Orange Regional Medical Center. They offer immediate access to Interstate 84 as well as close proximity to Route 17, Interstate 87 and the Port Jervis Line, a commuter rail line offering access to Manhattan. The 43,518-square-foot 100 Crystal Run Road is fully leased to law, consulting and healthcare companies, including DaVita Dialysis Center and Cornerstone Environmental Group, while the 24,380-square-foot 110 Crystal Run Road is 95 percent leased. Tenants include Orange Regional Medical Center and Prime Time Early Learning Center. Rob Hinckley, Stephen Simonelli, Michael Oliver, and Jose Cruz of HFF represented the undisclosed seller.
NEW YORK CITY — U.S. Bank, the fifth largest commercial bank in the United States, is relocating its New York City headquarters from 461 Fifth Avenue to Three Bryant Park. Cushman & Wakefield has closed a 68,000-square-foot, multi-level sublease with U.S. Bank at the property, which is owned by the Ivanhoé Cambridge/Callahan partnership. U.S. Bank is subleasing the space from MetLife. Bruce Mosler, John Cefaly, Ethan Silverstein, and Peyton Horn of Cushman & Wakefield represented MetLife in the transaction. U.S. Bank was represented by Michael Burlant, Dale Schlather, Jon Herman and Greg Herman of Cushman & Wakefield. Three floors of Midtown Manhattan office space remain available for sublease at the property.
NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.