NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment property located at 2041 Palmetto St. in Queens. A limited liability company acquired the six-unit property for $1.8 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.
NEW YORK CITY — Madison Realty Capital has provided $48.5 million in financing to Cornell Realty Management for a development site located at 257-263 W. 34th St. on Manhattan’s West Side. Cornell Realty plans to development the property, which is an assemblage of adjacent sites, into a 35,000-square-foot retail building with four floors above grade and 80 feet of frontage on W. 34th Street. The borrower needed immediate funding to buy out a partner and take ownership of the properties to complete the assemblage and start predevelopment. Madison Realty Capital funded $42.5 million at closing and provided a future funding commitment of $6 million.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use property located at 507 Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Klosed Properties acquired the property from 507 Myrtle LLC for $3.2 million. The three-story, 3,762-square-foot property consists of two retail stores and four apartments. Additionally, the property offers 10,000 square feet of buildable square feet for future development. Akil Rossi of Eastern Consolidated represented the seller and buyer in the off-market deal.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 109-111 Franklin St. in the Greenpoint neighborhood of Brooklyn. An international investor acquired the 10,394-square-foot property from a longtime owner for $7.1 million, or $683 per square foot. The four-story walk-up features 12 two-bedroom, rent-stabilized apartments and four fully leased retail units. Jonathan Schwartz of Eastern Consolidated represented the seller and buyer in the off-market transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story walk-up building at 759 Saint Nicholas Ave. in Manhattan’s Sugar Hill neighborhood. The asset sold for $2.5 million, or $384 per square foot, in an all-cash transaction. The 6,540-square-foot property features nine residential units divided into one studio and eight one-bedroom apartments. Additionally, the building features a renovated ground-floor lobby and upgraded roofing, gas boilers and meters. Josh Lipton of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a development site at 570 Nostrand Ave. in Brooklyn. The 4,550-square-foot site sold for $4.5 million, or $246 per buildable square foot. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a developer, in the transaction.
NEW YORK CITY — Avery Hall Investments, in partnership with Aria Development Group, has topped out 465 Pacific Street, its 30-unit luxury condominium project in Brooklyn’s Boerum Hill neighborhood. Designed by Morris Adjmi, the property will feature residential units ranging from one to five bedrooms, a 3,000-square-foot terraced penthouse, a 1,300-square-foot communal rooftop terrace, indoor parking, a fitness center, children’s playroom and doorman service. The property is managed by Stribling Marketing Associates and is already more than 90 percent sold.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.