News

Cushman & Wakefield has been retained on an exclusive basis to sell the Hazelwood Portfolio, consisting of four retail-driven properties on Manhattan Avenue in Brooklyn’s Greenpoint neighborhood.  The asking price is $20,000,000.

The four separate buildings total approximately 19,825 square feet with 20 units and are located on three tax lots.

764 Manhattan Avenue, located between Meserole and Norman Avenues, is a four-story building that contains approximately 11,875 square feet on a 50’ x 100’ lot.  It consists of four retail units, six free market apartments, and three rent stabilized apartments.  760 Manhattan Avenue, located between Meserole and Norman Avenues, is a two-story commercial building that contains approximately 2,450 square feet and consists of two retail units.  730 Manhattan Avenue, located between Meserole and Norman Avenues, is a three-story mixed-use building that contains approximately 2,970 square feet on a 25’ x 100’ lot.  It consists of a ground floor retail unit with two free market apartments above.  644 Manhattan Avenue, located between Nassau and Bedford Avenues, is a two-story commercial building that contains approximately 2,530 square feet on a 25’ x 100’ lot.  It consists of one retail unit and one residential unit.

“This portfolio presents the opportunity to purchase scale on a rarely available retail corridor in Greenpoint,” said Cushman & Wakefield’s Brendan Maddigan, who is exclusively marketing this portfolio.

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Neighborhoods: Greenpoint/ Agents: Brendan Maddigan

In 2014, 143 properties sold in the Westchester County property sales market, equaling 2013’s output. In the fourth quarter of this year, 37 properties were sold, down from 41 sold in 4Q13. The aggregate sales consideration in 2014 was $497M, down 23% from 2013, with $194M sold in 4Q14. Price per square foot across core property types averaged $227 on the year, a slight increase from 2013, with the fourth quarter averaging $180. Cap rates fell 70 bps on the year, to 7.1%.

The Westchester investment sales market has mirrored larger regional trends in the last five years, with transactional and pricing metrics showing gradual but stable growth over that time frame, as economic conditions have gradually improved, both locally and nationally. Unemployment in the county fell from 6.0% at the beginning of 2014 to 4.6% at the end of the year. U.S. GDP growth was strong over the majority of the year, and coupled with accelerating employment growth has boosted private consumption, leading to increased retail demand. Amid this growth, certain geopolitical uncertainty overseas, and the availability of investment grade product with an attractive risk/return profile, New York City has solidified itself as a prime target for property investment in the U.S. As a neighboring market, Westchester County benefits from the overflow of that demand, especially in the office sector as firms seeking to cut costs or move into more efficient space find availability north of the five boroughs.

Neighborhoods: Westchester County

A mixed-use building, located at 970 Lexington Avenue between East 70th and East 71st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,425,000.
 
The four-story landmarked building contains approximately 3,168 square feet and sits on an 18’ x 60’ lot.  The first two floors are retail units and the third and fourth floors are free market residential units.  Located just two blocks from Hunter College, the retail benefits from foot traffic from the school.  The property is conveniently located within short walking distance to the 68th Street station of the 6 train and the Second Avenue subway in the near future.  The sale price equates to approximately $2,344 per square foot.
 
“This opportunity generated a lot of interest from investors, retail users, and 1031 exchange buyers which ultimately enabled the owners to capitalize on New York City's vibrant market, while allowing the buyers, local investors, to obtain a building on a prime retail corridor that is a candidate for immediate expansion of the retail space,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively represented the seller in this transaction with Guthrie Garvin.  “Lexington Avenue properties remain highly sought after, and we were thrilled to achieve a sales price of over $2,300 per square foot, a 3.5% cap rate for our client,” said Garvin.  The buyer was represented by Nick Judson.

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Neighborhoods: Upper East Side

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 86-55 Queens Boulevard.  The property is located on the corner of Queens Boulevard and 55th Avenue in the Elmhurst neighborhood of Queens.  Ownership is requesting proposals.
 
The property currently consists of an approximately 6,000 square foot diner on a 21,552 square foot lot.  It features approximately 70.81’ of frontage on Queens Boulevard and 205.5’ of frontage on 55th Avenue, directly across from the Queens Place Shopping Mall.  The property is located in a C4-2 zoning district and benefits from approximately 49,980 square feet of development rights.

The property is adjacent to the most active retail corridor in Queens and is near Queens Center and Queens Place Mall.  It is in close proximity to the Long Island Expressway, Grand Central Parkway, Van Wyck Expressway, and Brooklyn-Queens Expressway.  It is also one block from the M and R subway lines at Grand Avenue as well as numerous bus lines. 
 
“As Queens continues to flourish with approximately 10,000 residential units coming to market, Elmhurst has solidified its reputation as a highly trafficked enclave benefiting from rising rents, which has resulted in opportunistic retail development,” said Cushman & Wakefield’s Stephen P. Palmese, who is exclusively marketing this property with Thomas A. Donovan.  “Not only does 85-55 Queens Boulevard offer immediate access to multiple lines of transportation, it is adjacent to the popular Queens Place Mall, making the property a truly remarkable development opportunity,” said Donovan.

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Neighborhoods: Elmhurst/ Agents: Stephen Palmese

A mixed-use building at 2147 Second Avenue, located between East 110th and East 111th Streets in the Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $7,500,000.
 
The nine-story elevator-serviced building contains approximately 16,128 square feet and sits on a 25.25’ x 100’ lot.  Newly-constructed, it consists of approximately 1,950 square feet of commercial space on the ground floor and 16 residential units on the second through ninth floors.  The property benefits from a 421a tax exemption and it was delivered vacant.  The sale price equates to approximately $465 per square foot.

This property is located in the heart of the vibrant East Harlem community within walking distance of Central Park as well as the East River Plaza, Northern Manhattan’s premier shopping destination.  Public transportation is easily accessible via the 6 subway line stop at East 110th Street and Lexington Avenue.  The Second Avenue subway, when completed, will include stops at 106th and 116th Streets and transform Manhattan’s east side.

“The East Harlem investment sales market continues to strengthen as investors take a closer look at the neighborhood while values elsewhere are triple the cost,” said Cushman & Wakefield’s Lev Kimyagarov, who exclusively represented the seller in this transaction.  The buyer was represented by Edmond Levy of Cornerstone Real Estate Investments.

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Neighborhoods: Harlem

Massey Knakal, which was acquired by Cushman & Wakefield on December 31, 2014, recently honored the top producers of the firm for 2014 at their annual award ceremony.  Stephen P. Palmese, James P. Nelson, John F. Ciraulo and Thomas A. Donovan were among those named Top Salesperson of the Year. Additionally, Brendan Gotch was named Retail Leasing Agent of the Year and Scott Aiese was named Agent of the Year within the Capital Services division.

“Our people are our greatest assets. We are extremely proud of our top producers and their dedication to their clients and their business. Most importantly, we’re proud of how they uphold and pursue our company values,” said Paul J. Massey Jr., President, New York Investment Sales.

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Agents: John Ciraulo, Stephen Palmese

Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 181 Bleecker Street.  The property is located between MacDougal and Sullivan Streets in Manhattan’s South Village Historic District.  Ownership is requesting offers.
 
The three-story building contains approximately 3,720 square feet and sits on a 24’ x 75’ lot.  The ground floor consists of a vacant retail unit which was fully vented for a restaurant and features a sellable lower level.  The above floors consist of recently renovated floor-through residential units, with a three-bedroom two-bathroom and a three-bedroom one-bathroom unit.  The property benefits from air rights as well, potentially allowing an addition subject to landmarks’ approval.

The property is located in close proximity to New York University, driving long-term foot traffic and growth on the block.  This offering presents an excellent redevelopment, conversion, or investment opportunity in one of Manhattan’s premier neighborhoods.  

“Bleecker Street is exploding with some of the city’s most dynamic retailers, making 181 Bleecker Street an ideal investor/user opportunity,” said Cushman & Wakefield’s Mitchell Levine, who is exclusively marketing this property with James Nelson.

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Neighborhoods: Greenwich Village

The industrial sector saw 64 properties sold, a 12% increase
from 2013, with 17 properties sold in the fourth quarter, down
from 20 sold in 4Q13. Total dollar volume for the year reached
$129M,  representing  a  34%  increase  from  2013’s  total,  with
$27M sold in 4Q14, a decrease of 33% from 4Q13. Price per
square foot averaged $112, up 14% from 2013’s average, with
the fourth quarter averaging $117, up 29% from 4Q13’s average.

A development site at 150 Van Cortlandt Avenue East, located just steps from Mosholu Parkway and Grand Concourse in the Bedford Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $6,800,000.

The property is an approximately 19,811 square foot lot with 190’ of frontage on Van Cortlandt Avenue East.  Currently an operating service station and formerly a gasoline fill station, all underground gasoline tanks were removed in February 1997.  The site holds approximately 142,639 buildable square feet, with the sale price equating to approximately $48 per buildable square foot.

The property benefits from excellent transportation options.  It is six blocks from the 4 and D trains at the Bedford Park station and the area is serviced by several express and local bus lines.  It is also a short walk to Van Cortlandt Park, the Mosholu Parkway greenway, Lehman College, Bronx High School of Science and DeWitt Clinton high School.

“This site has it all - location, scale, and great access to parks and transportation.  The Bronx development market continues to strengthen as market-rate developers take a closer look at the borough while land values elsewhere are triple the cost,” said Cushman & Wakefield’s Karl Brumback, who exclusively handled this transaction.

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Agents: Karl Brumback

The  office  sector  saw  49  properties  sold,  a  decrease  of  17%
from 2013, with 10 properties sold in the fourth quarter, down
from 14 sold in 4Q13. Total dollar volume for the year reached
$174M, 11% lower than 2013’s total, with $89M sold in 4Q14,
over five times as much as the total in 4Q13. Price per square
foot  averaged  $179,  down  11%  from  2013’s  average,  with  the
fourth quarter averaging $164, down 21% from 4Q13’s average.
Cap rates climbed 46 bps on the year, to 7.0%.

Cushman & Wakefield has been retained to secure a tenant for a retail space at 190 Dyckman Street. The space is located between Vermilyea Avenue and Broadway in Manhattan’s Inwood neighborhood.

The space contains approximately 5,700 square feet on the ground floor with 14-foot ceilings and an additional 2,350 square feet of selling basement space.  Formerly occupied by Duane Reade, it benefits from approximately 57 feet of highly visible frontage along Inwood’s primary shopping corridor.  The space features 800 amp electric service and 3.5’ gas line, making it ideal for restaurant or fast food use.  The space is divisible and all uses will be considered.

Inwood experiences very heavy foot traffic from both its residential and work force populations.  The space is located one block from the A express train and neighboring retailers include Starbucks, McDonald’s, GNC, Planet Fitness, Duane Reade, and 7-Eleven.  

“This space is a rare opportunity for the right national tenant to capitalize on the steadily increasing income demographic that is transforming the Inwood area. With the tremendous success of Starbucks one block away and the grand opening of Tryon Public House around the corner, the demand for quality retail in the area has been well documented,” said Cushman & Wakefield’s Dylan Murphy, who is exclusively marketing this space. “Divisible to 3,000 square feet, this is an ideal space for a wide variety of food, grocery, and apparel retailers,” Murphy continued.

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Neighborhoods: Inwood/ Agents: Dylan Murphy

The retail sector saw 155 properties sold, down 4% from 2013,
with 31 properties sold in the fourth quarter, down from 41 sold
in 4Q13. Total dollar volume for the year reached $388M, a drop
of 48% from 2013’s total, with $56M sold in 4Q14, a decrease
of 2% from 4Q13. As mentioned above, this year’s drop in dollar
volume resulted from 2013’s total being boosted by the $500M
sale of Green Acres Mall; excluding this sale, this year’s total of
$388M  represents  a  59%  increase  in  dollar  volume.  Price  per
square foot averaged $331, up 12% from 2013’s average, with the
fourth quarter averaging $306, up 5% from 4Q13’s average. Cap
rates fell 49 bps on the year, to 6.7%.

Cushman & Wakefield is pleased to announce the closing of a $22.0 million loan, collateralized by three mixed-use buildings at 92-94 Second Avenue, 192 First Avenue and 194 First Avenue in Manhattan’s East Village. The loan features a rate of 2.875% and a 30 year amortization schedule.

“The challenge with this financing was finding a lender to get comfortable with the month-to-month leases and the lack of historical financials. Fortunately, our client has a great reputation of repositioning assets such as these. Coupled with our unparalleled residential and retail lease comp data, we were able to arrive at an aggressive loan structure,” said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction with Omar Ferreira.

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Neighborhoods: East Village

The multifamily sector saw 18 properties sold, the same total as
2013,  with six  properties  sold  in  the  fourth  quarter. Total  dollar
volume ended the year at $95 million, falling by 21% from 2013’s total, with $14 million sold in 4Q14, a decrease of 14% from 4Q13. Price per square foot averaged $156, an increase of 19% from 2013’s average, with  the  fourth  quarter  averaging  $134,  down  2%  from  4Q13’s average. Cap rates fell 32 bps on the year, to 6.5%.

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 25 Hope Street.  The property is located between Roebling and Havemeyer Streets in Brooklyn’s Williamsburg neighborhood.  The asking price is $3,250,000.
 
The approximately 25’ x 91.5’ lot has plans approved by the DOB for the development of a six-story (includes two mezzanine levels), eight-unit residential building with lower level space.  The plans call for 6,624 square feet plus 2,208 buildable square feet in the lower level. Eight 421-a Tax Exemption certificates are included.  This site is shovel ready, saving a buyer months of pre-construction and costs.
 
The site is located in close proximity to the Lorimer Street L train station.  Nearby retailers include popular Brooklyn eateries such as Fette Sau, Caracas Arepa Bar, Bozu, Rye, Roebling Tea Room, and Momofuku Milk Bar, driving long-term foot traffic to the area.  This offering represents a prime boutique development opportunity, located in one of Brooklyn’s trendiest neighborhoods.
 
“This is the perfect opportunity to build a quality project in the heart of Williamsburg and take advantage of one of the best rental and condo markets we’ve ever seen,” said Brendan Maddigan of Cushman & Wakefield, who is exclusively marketing this property along with James Nelson.  

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan

Brendan Gotch has been named Leasing Agent of the Year based on 2014 production at Massey Knakal, which was acquired by Cushman & Wakefield.  In 2014 alone, he completed 18 leases with an aggregate rental value of over $22 million.

After joining Massey Knakal as an intern in 2003, Brendan saw his role continuously grow, leading to his current position as a Director of Retail Leasing for the firm. Prior to that, Brendan managed one of Massey Knakal’s top producing teams with Partner James Nelson. In May 2014, Brendan was named one of ‘Tomorrow’s Retail Leaders’ by the Real Estate Forum.

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Two residential apartment towers at 4101 and 4113 Broadway, located between West 173rd and 174th Streets in Manhattan’s Washington Heights neighborhood, were sold in an all-cash transaction valued at $42,000,000.
 
Literally towering above other buildings in the neighborhood, these two 12-story, elevator-serviced buildings are separated by a church and combine for approximately 126,005 gross square feet, 125 residential units and seven ground floor commercial units.  All of the residential units are rent stabilized and the unit mix consists of 63 one-bedroom, 36 two-bedroom, and 24 three-bedroom apartments.  The sale price equates to approximately $333 per square foot.

The buildings are located in Washington Heights, undoubtedly one of Northern Manhattan’s most established and sought after residential enclaves anchored by major institutions such as Yeshiva University and New York Presbyterian Hospital.  Tenants benefit from the properties’ close proximity to the bustling 181st Street and St. Nicholas Avenue retail corridors and the convenience of numerous forms of transportation, including the 1 and A express trains and the George Washington Bridge Bus Station within walking distance.

“High-rise assets like these are unique in Northern Manhattan and therefore demand was through the roof,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Scott Aiese has been named company-wide Capital Services Agent of the Year based on 2014 production at Massey Knakal, which was acquired by Cushman & Wakefield.  In 2014 alone, Scott and his team closed over $334 million of financings secured by office, retail, and multifamily properties.   In May, Scott will reach his four year anniversary with the firm and has a team of three others working with him.  This year, Scott also won the company-wide Annual Morton Apfeldorf Award for Integrity.

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Cushman & Wakefield has been retained on an exclusive basis to sell the FreshDirect facility at 23-30 Borden Avenue, located between 23rd and 25th Streets in the Long Island City neighborhood of Queens.  Ownership is requesting proposals.

Due to FreshDirect’s impending move to a new location, this is a rare opportunity to acquire a unique asset of such a large scale with significant long-term development potential.  FreshDirect is seeking an outright sale of the property with a leaseback for a period of time that includes a 12-month tenant termination option.  This allows a potential purchaser the security of a guaranteed tenant at the time of sale in addition to a significant in-place revenue stream.

The property totals approximately 276,705 square feet on a 654’ x 329’ irregular lot, 90% of which includes state-of-the-art material management and refrigeration/freezer systems.  In addition, there is an approximately 6,500 square foot digital billboard located on the roof with direct visibility from the Long Island Expressway.  Since acquiring the property in 1999, FreshDirect has completed substantial capital improvements and upgrades to a majority of the building systems.  Due to the current zoning designation the maximum FAR is 2.0, which translates into a total buildable square footage of 406,552 or an additional 129,847 square feet of development rights.

“In recent years, the progression of the New York City real estate market has exerted upward pressure on the value of repositioning the city’s once thriving industrial/warehouse and manufacturing properties.  As a result, the demand for this product type has never been greater and continues to attract the attention of a rapidly transforming distribution industry,” stated Bob Knakal, Chairman – New York Investment Sales for Cushman & Wakefield, who is spearheading the marketing campaign for FreshDirect along with David Chkheidze.  “The property features direct access to all of New York City’s major distribution channels such as Pulaski Bridge, Long Island Expressway, Midtown Tunnel, and Brooklyn Queens Expressway, as well as barge and rail ports,” Mr. Knakal added.

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Neighborhoods: Long Island City

In  2014, 314 properties sold in the Nassau County property
sales market, a 2% decrease from 2013. In the fourth quarter of
this year, 71 properties were sold, down 15% from 4Q13. The
aggregate sales consideration in 2014 was $898M, down 28% from
2013, with $205M sold in 4Q14, an increase of 41% from 4Q13.
Price per square foot averaged $243 on the year, an increase of
7% from 2013, with the fourth quarter averaging $208, down 5%
from 4Q13’s average. Cap rates fell 32 bps on the year, to 6.8%.

The Nassau investment sales market has mirrored larger regional
trends in the last five years, with transactional and pricing metrics
showing stable growth over that time frame. In the largest sale of
the last ten years, The Macerich Company acquired Green Acres
Mall  from Vornado Realty Trust for $500M in January of  2013,
significantly boosting total dollar volume for that year. Excluding
this transaction from the data, dollar volume shows a healthy uptick
of 20% from 2013. In fact, with this adjustment, dollar volume has
seen year-over-year increases since 2009, ending 2014 at $746M,
143% higher than 2009’s total of  $369M.  Pricing has followed a similar pattern, having increased steadily since 2010, with 2014’s
average of $243 representing an 11% increase from 2010’s average.

Neighborhoods: Nassau County