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A blog for breaking sales and neighborhood real estate news.

November 23, 2015 | Real Estate Business Online | Amy Works

Cushman & Wakefield has arranged the sale of two development sites, located at 181 Troutman St. and 303 Stockholm St. in Brooklyn’s Bushwick neighborhood. The sites sold for $2.6 million, or $236 per buildable square foot, in an all-cash transaction...

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Neighborhoods: Bushwick

A mixed-use building at 20-22 Court Street, located at the intersection of Moore Street and Washington Place in Hackensack, New Jersey, was sold in an all-cash transaction valued at $2,300,000.

The four-story building contains approximately 12,052 square feet and features ground floor retail space, premier office space on floors two through four, and 42 surface parking spaces. The retail space is occupied by Valley National Bank, offering drive-through banking and a 24-hour ATM. The sale price equates to approximately $191 per square foot.

Located in the heart of Downtown Hackensack, the property is at the center of a well-developed transportation network, which connects it to boroughs in New Jersey, New York City, and Newark International Airport. It is in close proximity to I-80, Route 17, and Route 4 and is served by two train stations on the NJ Pascack Valley Line, providing access to Secaucus Junction and Hoboken Terminal. Additionally, the property is located in the city’s designated redevelopment zone, with several new developments currently in the planning and construction phases.

“After our extensive marketing process that drew interest from investors across the Tri-State area, we were able to identify the perfect buyer from out-of-state for our client, who was thrilled with the 4.6 % cap rate we achieved,” said Cushman & Wakefield’s Dmitry Shaplyka, who exclusively represented the seller in this transaction.

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Neighborhoods: Bergen County/ Agents: Dmitry Shaplyka

By, Lev Kimyagarov, Cushman & Wakefield

Real estate in the New York City tri-state area trades more frequently than anywhere else in the world. In any region, real estate values are driven by location.  With the condensed layout of New York City, neighborhoods and even smaller communities have pricing and trends of their own. There is a tendency for trends in New York to follow one neighborhood to the next. In a few cases, one or two neighborhoods decide to defy these ideas. In recent years, there has been a surge of luxury housing developments and conversions. Most of these projects have been condominium based, despite East Harlem putting up a fight.

East Harlem is the area of Manhattan running north of East 96th Street and east of Fifth Avenue. Though the area was originally settled in 1654 by Dutch Governor Peter Stuyvesant and was named “Nieuw Haarlem,” the name was changed to “Harlem” with the arrival of the English in 1664. The region’s flat land provided some of New York’s most illustrious early families with vast farms and estates. In the 1800s, East Harlem developed into an early railroad suburb that provided housing for working-class immigrants relocating from the overcrowded Lower East Side.  The earliest waves of immigrants to occupy east Harlem were predominantly German and Irish families, followed by Italian and European Jewish families. In the mid-1900s, African Americans and Puerto Ricans began settling there, leading to the community being referred to as “Spanish Harlem” or “El Barrio.”

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Cushman & Wakefield has been retained on an exclusive basis to sell a prime corner portfolio of mixed-use properties located on the northwest corner of Tenth Avenue and West 22nd Street and adjacent to the High Line in Manhattan’s Chelsea neighborhood. Ownership is requesting proposals for this sale.

The properties, located at 505 West 22nd Street and 203, 205, and 207 Tenth Avenue, are being offered for sale for the first time in over 30 years.  They feature protected rooftop views of the Chelsea Historic District to the east and the High Line running north and south. The buildings boast 162’ of frontage, affording the site prominent exposure for retail tenants in a rapidly developing part of the city. The properties total 26 apartments and four ground floor retail spaces, all along the avenue. Additionally, the site benefits from approximately 7,185 square feet of air rights that may be used for development in a neighborhood that commands condominium sell out values of over $3,000 per square foot.

“The High Line Portfolio presents a rare opportunity to purchase one of the last prime corners in West Chelsea left undeveloped. Being adjacent to the High Line to the west and having light and air preserved by the Chelsea Historic District to the east also makes it one of the best corners,” said Cushman & Wakefield’s Brock Emmetsberger, who is exclusively marketing this property along with Winfield Clifford. “From location and in-place income to retail frontage, development rights, and flexible zoning, the High Line Portfolio is one of Manhattan’s premier investment properties,” added Winfield Clifford.

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Neighborhoods: Chelsea/ Agents: Winfield Clifford

Two development sites, located at 181 Troutman Street and 303 Stockholm Street in Brooklyn’s Bushwick neighborhood, were sold in an all-cash transaction valued at $2,600,000.

The residential development sites combine for approximately 11,000 buildable square feet. The properties were delivered vacant and the sale price equates to approximately $236 per buildable square foot.

181 Troutman Street, located between Wilson and Central Avenues, is currently improved by a two-story, two-unit building that contains approximately 2,025 square feet and was gut-renovated in 2009. It benefits from approximately 3,475 square feet of additional air rights. 303 Stockholm Street, located between Wyckoff and Irving Avenues, is currently vacant land on an approximately 25’ x 100’ lot.

The properties are ideally located near multiple public transportation options, including the L, J, M, and Z trains, offering access to Manhattan and Williamsburg within 20 minutes. Additionally, the properties benefit from close proximity to many of Bushwick’s already flourishing art galleries, night life, and dining options.

This transaction was exclusively handled by Cushman & Wakefield’s Michael Amirkhanian.

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Neighborhoods: Bushwick

November 18, 2015 | Real Estate Weekly | Christian Bautista

Over the past few years, Chinese investors have been aggressive in commandeering New York City real estate.

November 18, 2015 | Commercial Observer | Robert Knakal

In last week’s column, I discussed several factors market participants take into consideration to determine whether they are optimistic or pessimistic about how the investment sales market in New York City is doing today and its performance moving forward. In addition to many local metrics, there are several macroeconomic factors that are helping to shape those opinions, such as the national debt, unfunded obligations, inflation, consumer confidence/spending, housing, GDP growth, interest rates and unemployment.

Bloomberg Business | November 11, 2015 | Oshrat Carmiel

On the eastern fringe of New York’s Long Island City, far from the apartment towers that are remaking the skyline, one real estate owner wants to know how much investors might pay for office space.

In the past 18 months, Manhattan landlords Vornado Realty Trust and RXR Realty LLC bought office properties in the same area of the Queens neighborhood for $325 and $346 a square foot, respectively. Now, a smaller listing nearby will seek to top those deals. The package of two adjoining buildings is going on the market Wednesday for $29 million, or $375 a square foot...

Neighborhoods: Long Island City

The retail property sales market in New York City has shown a surprisingly disappointing level with regard to average price per square foot so far this year. Is this because the market is getting softer? Is it because of the types of properties that are being sold?

November 17, 2015 | New York Real Estate Journal

Cushman & Wakefield has been retained on an exclusive basis to sell the Flatbush Retail Portfolio, a portfolio consisting of five retail and mixed-use buildings located along the major retail thoroughfare of Flatbush Ave.

The properties are well-positioned as they occupy both the northeast and southwest corners of Flatbush Ave. along Nostrand Ave. and Hillel Place as well as the entire block-front from the southwest corner of Flatbush Ave. to Kenilworth Place in the heart of the neighborhood’s most vibrant retail area. In total, the portfolio features 445 ft. of retail frontage, of which, approximately 320 ft. is directly located along Flatbush Ave. An investor has the opportunity to control three major corners and an entire block within one of the major commercial thoroughfares in Brooklyn. The buildings total 42,900 gross s/f and are occupied by a variety of retail, office and residential tenants...

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Neighborhoods: Flatbush

November 11, 2015 | Commercial Observer | Bob Knakal

The investment sales market’s recovery after The Great Recession began in 2010 and now has five years under its belt. As history has shown us, our market, like all markets, is cyclical, so the question is not if the market will turn, but when. Trying to figure out if, and when, the market is turning is one of the most difficult things to determine. We rely on many factors to try to pick up the scent. We look at current momentum, activity on current transactions, investor sentiment and also try to apply historical reference from past market turns...

Cushman & Wakefield has been retained on an exclusive basis to sell two buildings at 45-01 Northern Boulevard and 34-08 46th Street in the Long Island City neighborhood of Queens. The asking price is $29,000,000.

45-01 Northern Boulevard, located between 45th and 46th Streets, is a retail/office building that has approximately 283’ of frontage on the northeast corner of Northern Boulevard. It benefits from two billboards on the roof facing Northern Boulevard and 45th Street. Currently overbuilt, this property poses a great opportunity for an investor or user looking for a property with upside potential.

34-08 46th Street, located between 34th Avenue and Northern Boulevard, is a two-story mixed-use building that consists of two commercial units and one residential unit with available parking for up to six cars. Situated within a C2-4/R6B zoning district, it currently allows for an FAR of 2.0 and approximately 12,000 buildable square feet.

“Both properties present a truly unique owner/investor opportunity along the busy Northern Boulevard corridor in Long Island City,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing these properties along with Conrad Martin. “The properties offer a tremendous footprint in Long Island City and potential buyers will benefit greatly from both the accessibility and visibility of this site,” he continued.

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Neighborhoods: Long Island City

A mixed-use building at 1481 York Avenue, located between East 78th and East 79th Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,350,000.

The five-story building contains approximately 7,500 square feet and sits on a 25’ x 75’ lot. The unit mix consists of one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free market units were delivered vacant. Additionally, there are approximately 11,250 square feet of air rights remaining. The sale price equates to approximately $980 per square foot.

“This transaction was a win for both the buyer and seller as the last time this building was sold was 35 years ago. The sales price indicates how strong the market continues to be east of Second Avenue on the Upper East Side,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively handled this transaction with Brett Weisblum.

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Neighborhoods: Upper East Side

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 78-06 Queens Boulevard. The property is located on the southeast corner of Queens Boulevard and Hillyer Street in the Elmhurst neighborhood of Queens. The asking price is $8,500,000.

Located within a C4-2 zoning district, the site holds approximately 49,335 buildable square feet and sits on a 80’ x 123’ irregular lot. The site has approved plans for a mixed-use hotel building to include 94 hotel rooms, 21 residential units, commercial space, and on-site parking.

This property is being exclusively marketed by Cushman & Wakefield’s Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa.

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Neighborhoods: Elmhurst

The Duke Properties Brooklyn Portfolio, consisting of four multifamily and one mixed-use building in Brooklyn, was sold in an all-cash transaction valued at $16,700,000. 

The five brick and limestone walkup buildings are located at 29 Brooklyn Avenue, 137 MacDonough Street, and 235 Malcolm X Boulevard in Bedford-Stuyvesant, 1509 Pacific Avenue in Crown Heights and 300 Palmetto Street in Bushwick.  The buildings total approximately 43,750 square feet across 49 apartments and two stores – 8 of the residential units were delivered renovated and 29 others are to be vacant.  The sales price equates to approximately $382 per square foot, or $327,000 per unit.

“The scale provided by packaging these properties together, along with the dynamic location of the portfolio, attracted substantial institutional interest,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.  “The purchaser has plans to reposition vacant units with quality finishes to match growing neighborhood demand,” Amirkhanian continued.

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Neighborhoods: Bushwick, Bedford Stuyvesant, Crown Heights

November 5, 2015 | Globe St. | James Nelson

Three months ago, I wrote about the implications of The Rent Act of 2015 for New York City landlords. Many owners may falsely believe that a new Mayor could overturn these rulings. Alternatively, others might think that these new laws will soon be appealed regardless. Unfortunately, it is not so simple.

I recently sat with Patrick Siconolfi, executive director of the Community Housing Improvement Program, to get a better sense. He advised that The Rent Act of 2015 is a state law passed by the NY State Legislature. The Governor signed it into law. Although Mayor de Blasio was extremely vocal in his support for many tenant friendly provisions, he did not have a vote...

November 3, 2015 | Queens Courier | Stephen Preuss

As we approach the end of 2015, we are beginning to investigate what is to become of next year’s market. Headlines we continue to see are centered on the impending rise in interest rates and the rent freeze in New York City. Although, the Fed has yet to implement a notable increase in rates, we have already seen a market slowdown with respect to overall transaction volume compared to last year...

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Agents: Stephen Preuss

In the latest KNN, Bob Knakal and Jon Hageman discuss rent regulations and affordable housing.

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Cushman & Wakefield has been retained on an exclusive basis to sell a development opportunity at 19-21 Beekman Street. The property is located between Nassau and William Streets in Manhattan’s Financial District. The asking price is $40,000,000.

The site contains approximately 44.25’ of frontage along Beekman Street and extends approximately 102.67’ deep. Situated within a C6-4 zoning district, it has a base residential FAR of 10.0, with a commercial FAR of 10.0. Additionally, ownership has purchased approximately 18,000 square feet of additional development rights from 47 Ann Street, allowing for the ability to build an approximately 64,000 square foot mixed-use development on the south side of Beekman Street.

“In a market where some Manhattan land prices have soared above $1,000 per buildable square foot, we’re excited to offer a site at $625 per buildable square foot, where a developer can deliver condos at a high demand price point,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property along with Will Suarez and Matt Nickerson.

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Neighborhoods: Financial District/ Agents: Guillermo Suarez

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 30-05 Whitestone Expressway.  The property is located between Linden Place and Farrington Street in the Flushing neighborhood of Queens.  The asking price is $60,000,000, which equates to approximately $160 per buildable square foot.

The rare development opportunity consists of an approximately 80,510 square foot lot.  There has been a proposed zoning change to C2-2/R6 or C4-3, which would allow up to approximately 386,448 buildable square feet.  This development site features a prime location right off the Whitestone Expressway and in proximity to Downtown Flushing, providing access to MTA buses, #7 subway line, and the Long Island Rail-Road.

“This is an extremely favorable opportunity for a developer to take advantage of the desirable Flushing marketplace at a reasonable price per square foot,” said Cushman & Wakefield’s Stephen R. Preuss, who is exclusively marketing this property.  “The site will yield a large mixed-use development which will be ideal for either condos or apartment rentals along with large box commercial, perfect for national and credit retailers looking for the density and visibility this site has to offer,” he continued.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

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