News

A multifamily building at 2886 Briggs Avenue, located between East 198th and East 199th Streets in the Bedford Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $3,050,000.  

The six-story walkup building contains approximately 30,425 square feet and sits on a 50’ x 125’ lot.  It consists of 31 residential units, of which 20 are one-bedroom and 11 are two–bedroom units.  The sale price equates to approximately $100 per square foot.

The building is located along a quiet, tree-lined street in the desirable Bedford Park neighborhood.  It is just off the Grand Concourse commercial corridor, across from Academy of Mt. St. Ursula, and blocks from the New York Botanical Garden.  The property is conveniently located between the Botanical Garden Metro-North train station, the Bedford Park B and D station, and the Bedford Park Boulevard #4 station.  Express and local bus lines service the area as well.

“This property’s rents were well below market and the building needed work, making it perfect for experienced operators with the willingness to undertake the major renovations, file MCIs, and reposition the building,” said Cushman & Wakefield’s Karl Brumback, who exclusively handled this transaction.  “The in-place cap rate was well under 5%.  We had a stampede with over 25 offers in under three weeks as deals at $100,000 per unit with upside are rare in this market,” said Karl Brumback.

Click here for press release

Agents: Karl Brumback

Cushman & Wakefield has been retained on an exclusive basis to sell the Ninth Avenue Portfolio, a prime redevelopment/conversion opportunity situated in the heart of Manhattan’s Clinton neighborhood.  The asking price is $50,000,000.

The portfolio consists of four contiguous mixed-use buildings and one apartment building located at 692, 694, 696, and 698-700 Ninth Avenue and 356 West 48th Street, on the southeast corner of Ninth Avenue and West 48th Street.  

The five buildings total approximately 45,695 square feet and are zoned C1-5/R8 within the Special Clinton District, which limits the as-of-right FAR to a maximum of 4.2.  They hold a total of approximately 52,429 buildable square feet.  The properties feature significant frontage, with approximately 100’ on Ninth Avenue and 125’ on West 48th Street, creating a prime flagship retail opportunity.

The portfolio benefits from its proximity to Times Square, Hudson Yards, West Side Highway, Port Authority Bus Terminal, as well as 15 subway lines and numerous bus lines.
 
The Ninth Avenue Portfolio is being marketed exclusively by Cushman & Wakefield’s Thomas A. Donovan and Christoffer Brodhead.

Click here for listing details

Neighborhoods: Midtown West

An apartment building at 409 East 87th Street, located between First and York Avenues on Manhattan’s Upper East Side, was sold in a transaction valued at $6,500,000.
 
The five-story walk-up building contains approximately 8,590 square feet on a 25’ x 100.71’ lot.  It consists of 20 free market units, with 18 studios and two duplexes.  The sale price equates to approximately $757 per square foot.
 
The property is located less than a block from Carl Schurz Park in the heart of Yorkville.  It is within a short walking distance to the 86th Street statin of the 4, 5, and 6 trains and the Second Avenue subway in the near future.
 
“Highly contested at a sub 3.5% cap rate, this transaction demonstrates the solid fundamentals and assured appreciation found on the Upper East Side,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively represented the seller in this transaction with Bob Knakal, Chairman, New York Investment Sales.  The buyer was represented by John Corrado of Weichert, Realtors – The Franzese Group.

Click here for press release

Neighborhoods: Upper East Side

Cushman & Wakefield has been retained on an exclusive basis to sell Bergen Gardens, consisting of a portfolio of six apartment buildings at 1061, 1073, and 1089 East 73rd Street and 1054, 1070, and 1086 Bergen Avenue in Brooklyn’s Bergen Beach neighborhood.  Additionally, ownership is also offering a well-located commercial/retail pad site.  The multifamily building portfolio and commercial/retail pad site have a combined asking price of $58,000,000.

“Given the explosive residential growth in Brooklyn, this property has tremendous upside potential, given the increase of higher income families moving to outer borough locations in search of reasonable rents,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Alex Svetlakou, Edward Gevinski, and Mitchell Levine.  “This offering presents the opportunity for a purchaser to acquire a safe investment with consistent cash flow for years to come,” said Svetlakou.

Bergen Gardens consists of six walk-up, garden-style apartment buildings that encompass an entire city block with frontage on East 73rd Street, Avenue K, Bergen Avenue, and Ralph Avenue.  The Garden Style buildings total approximately 167,850 gross square feet and 144 residential units, of which 36 are one-bedroom, 36 are two-bedroom, and 72 are three-bedroom units.  The buildings were built in two phases in 2004 and 2006 under a New York City Housing Development Corporation (HDC) program.  The portfolio benefits from the 25-year 421-a tax abatement program in separate phases, one of which has 17 years remaining and the other has 15 years remaining.  The asking price of the residential portfolio is $55,000,000.

In addition to residential portfolio, ownership is also offering a well-located commercial/retail pad site, adjacent to Bergen Gardens.  This retail opportunity will allow an investor to capitalize on the tremendous synergies for revenue growth while providing an amenity to the tenants at Bergen Gardens.  Approved plans and permits from the Board of Standards and Appeals include a proposed 5,162-square foot retail building and on-site parking for 18 spaces.  The asking price of the commercial/retail pad site is $3,000,000.

“In the past four years Brooklyn has seen an approximate 30% increase in rental rates for studio, one, and two-bedroom apartments. As the northwest neighborhoods of Brooklyn continue to foster high-end development, the southeast neighborhoods of the borough will continue to house an influx of tenants looking for more affordable rents with a supplementary suburban feel,” said Gevinski.

Click here for listing details

Neighborhoods: Bergen Beach

Cushman & Wakefield's Garrett Thelander will be a speaker at Bisnow's 6th Annual NYC Capital Markets Summit on May 28th.  The event will feature a team of debt and equity experts discussing how New York stacks up nationally, pinpointing who's investing/lending and where they're doing it, and what it takes to get a deal done in today's market.

Click here for event information

Two contiguous mixed-use buildings at 39-32/34 Bell Boulevard, located between 39th and 41st Avenues in the Bayside neighborhood of Queens, was sold in a transaction valued at $3,800,000.
 
The two, two-story buildings total approximately 5,200 square feet on a 37’ x 82’ lot.  Fully-leased, they combine for two retail stores and four residential units.  Recent updates to the properties include high-end gut renovations for each apartment, new cement walkways, and upgraded interiors.  The sale price equates to approximately $731 per square foot.

Bell Boulevard is the busiest thoroughfare in Bayside, full of restaurants, bars, shops, and other neighborhood amenities.  The buildings are one block from the Bayside LIRR station and have direct access to major thoroughfares including Northern Boulevard, Clearview Expressway, and Cross Island Parkway.

“Through extensive marketing and presence on Bell Boulevard, we were able to achieve a record price per square foot for this asset type in Bayside. The package provides great upside for the investor in an area that is continuing to see an abundance of attention in the real estate world,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively represented the seller in this transaction.  The buyer was represented by Jimmy J. Ma of Golden Bridge Realty.

Click here for press release

Neighborhoods: Bayside/ Agents: Stephen Preuss

In the latest Knakal News Network installment hosted by Jon Hageman, Director at Cushman & Wakefield, Bob Knakal discusses the impact of interest rates on the New York real estate market.

Click here to view

A retail building at 396 Rockaway Avenue, located on the corner of Roosevelt and Rockaway Avenues in Valley Stream, Long Island, was sold in an all-cash transaction valued at $1,750,000.
 
The fully-leased, single-story building contains approximately 8,300 square feet on a 9,130-square foot lot.  It features approximately 183’ of wraparound frontage only one block south of West Sunrise Highway.  The property is well-maintained and consists of five individual retail stores with strong tenants in place.  The sale price equates to approximately $211 per square foot.

“The area is getting a lot of attention thanks to a new multifamily development on the south east corner of Rockaway Avenue and Sunrise Highway.  Proximity to the Long Island Rail-Road has become a major focal point for development and this property benefits from its location less than a half-mile from the Valley Stream station,” said Cushman & Wakefield’s Daniel Abbondandolo, who exclusively handled this transaction with Michael Amirkhanian.

Click here for press release

Neighborhoods: Nassau County/ Agents: Daniel Abbondandolo

A mixed-use building at 1004-1008 Second Avenue, located on the corner of Second Avenue and East 53rd Street in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $20,000,000.
 
The five-story building contains approximately 15,605 square feet and features excellent visibility with approximately 117’ of frontage on Second Avenue and East 53rd Street.  It consists of two commercial units leased to restaurants and 25 residential units, of which 19 are free market, four are rent stabilized, and two are rent controlled.  The building was delivered in excellent condition and the sale price equates to approximately $1,282 per square foot.

There are significant luxury condominium developments on the block, transforming the Second Avenue corridor.  There is a subway stop on East 53rd Street and Third Avenue and the Second Avenue subway will have a station on East 55th Street, making transportation easily accessible.

“This sale and pricing was driven by the ongoing condo developments in the area and the anticipated retail values that will result,” said Cushman & Wakefield’s Clint Olsen, who exclusively represented the seller in this transaction.  The buyer was represented by Ricky Braha of JTRE.

Click here for press release

Neighborhoods: Midtown East

A multifamily building at 317 Putnam Avenue, located between Nostrand and Marcy Avenues in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $3,350,000.
 
The three-story walkup building contains approximately 5,900 square feet and sits on a 29.5’ x 100’ lot.  It consists of six, three-bedroom two-bathroom units, all of which are free market.  The building has been completely gut-renovated with high-end finishes in apartments, as well as new mechanicals, electric, and plumbing.  Each apartment has independent utilities, including boiler, hot water heater, and electric meter.  The sale price equates to approximately $568 per square foot, and $558,000 per unit.

The property is conveniently located just five blocks from the A/C train at Nostrand Avenue, offering access to Downtown Brooklyn and Manhattan within 20 minutes.

“This transaction was a home run for both parties involved, providing the seller with some of the highest sales metrics on record in the area, while also presenting the buyer with a beautifully renovated asset collecting a compelling and financeable 5.28% cap rate,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.

Click here for press release

Neighborhoods: Bedford Stuyvesant

Cushman & Wakefield has been retained to bring to market a joint venture opportunity with the Evangel Church in Long Island City to use available air rights for a residential development site.  The property is located at 39-21 Crescent Street between 39th and 40th Avenues in the Dutch Kills neighborhood of Long Island City.

The Evangel Church will continue to serve the community in this location.  It is only seeking a joint venture opportunity that would enhance the church and its school and ensure operations for future.

The neighborhood is one of the most appealing for residential developers, and this offering presents an incredible opportunity for any group interested in developing in the area.  Construction of the development will take place next to the existing sanctuary and the four-story school building on Crescent Avenue.  The property’s location offers close proximity to the subway providing easy access to Manhattan as well as a growing number of local amenities.

“With new development projects emerging in the area at an incredible rate this site offers a fantastic JV opportunity for a developer to partner with the Evangel Church and together make their mark in the heart of Long Island City,” stated Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Brendan Maddigan. “Long Island City is one of the city’s most exciting neighborhoods and the access to transportation makes this a very appealing site,” Mr. Maddigan added.

Click here for listing details

Neighborhoods: Long Island City/ Agents: Brendan Maddigan

If you're in Las Vegas for ICSC, be sure to stop by our booth at C1339!

Cushman & Wakefield has been retained on an exclusive basis to sell the Cresthaven residential development site, located at 150-14 Powells Cove Boulevard.  The site occupies the entire waterview blockfront on the north side of 6th Avenue between Powells Cove Boulevard and 150th Street in Whitestone, Queens.  Ownership is requesting proposals.

The approximately 6.1-acre lot has conceptual plans for 45 to 50 single-family homes.  It holds approximately 140,000 buildable square feet as-of-right and the proposed plans call for an average home lot size of 4,000-6,000 square feet and an average home size of 3,000 square feet. 

The site is located between the Throgs Neck and Whitestone Bridges in a desirable residential area of Whitestone.  It is easily accessible via car or bus at the 7th Avenue or 8th Avenue/150th Street stops. 

This property is being marketed exclusively by Cushman & Wakefield’s Stephen R. Preuss.

Click here for listing details

Neighborhoods: Whitestone/ Agents: Stephen Preuss

Cushman & Wakefield has been retained on an exclusive basis by Mount Sinai St. Luke's to sell the fee position of an apartment building at 1080 Amsterdam Avenue.  The property, located on the corner of Amsterdam Avenue and West 113th Street on Manhattan’s Upper West Side, is subject to a 99-year net lease.  Ownership is requesting proposals for the fee position.

The 20-story pre-war apartment building contains approximately 82,250 square feet and was leased in 2012 to a partnership of SL Green and Stonehenge, who have since completed a full gut-renovation of the entire property.  Constructed circa 1932, the building features approximately 140’ of combined frontage and stands at nearly 200’ tall making it the tallest multifamily building in the area.  It receives excellent light due to its southern exposure and offers stunning views of Midtown Manhattan, the Hudson River, and points east overlooking Morningside and Central Parks.

"As the fee owners of 1080 Amsterdam Avenue, Mount Sinai looks forward to a successful transaction negotiated by Cushman & Wakefield, the proceeds of which we plan to use to further enhance the quality health care services offered by Mount Sinai St. Luke's," said Tom Ahn, Vice President of the Real Estate Division, Mount Sinai Health System.

Click here for listing details

Click here for press release

Neighborhoods: Upper West Side/ Agents: Paul Massey Jr.

A retail property at 1417-1427 Myrtle Avenue, located between Harman Street and Greene Avenue in Brooklyn’s Bushwick neighborhood, was sold in an all-cash transaction valued at $2,800,000.   

The five-unit retail property contains approximately 6,800 square feet and features approximately 100 feet of frontage on one of Bushwick’s prime corridors.  The site holds approximately 23,120 buildable square feet, offering additional development potential.  The sale price equates to approximately $412 per square foot and a 4% capitalization rate.

The M subway line is one block from the property at Knickerbocker Avenue and the L subway line is two blocks away at Wyckoff Avenue, with direct access to Williamsburg and Manhattan in 20 minutes.  Neighboring retailers include Dunkin’ Donuts, Burger King, Bank of America, and Rite Aid.

“Standing at less than 30% of as-of-right buildable potential, this cash flowing retail property offered this developer a reasonable return today with substantial mixed-use development upside nearby Bushwick’s two major train lines,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Bushwick

Cushman & Wakefield is pleased to announce that several of their agents have been presented with the CoStar Powerbroker award.  Robert Knakal, Thomas Donovan, Brendan Maddigan, Stephen Palmese, Stephen Preuss, Jeffrey Shalom, and Aliaksandr Svetlakov were among those honored as Top Sales Brokers and David Chkheidze was honored as a Top Retail Leasing Broker. Cushman & Wakefield acquired Massey Knakal Realty Services on December 31, 2014, and the award is based on the agents’ 2014 activity.  Additionally, Cushman & Wakefield’s Josh Kuriloff and Jonathan Serko were recognized as Top Office Leasing Brokers and Steven Soutendijk was recognized as a Top Retail Leasing Broker by CoStar.

Click here to view press release

Agents: Brendan Maddigan, Jeffrey Shalom, Stephen Preuss, Stephen Palmese

Cushman & Wakefield's Garrett Thelander will be a speaker at Bisnow's 6th Annual NYC Capital Markets Summit on May 28th.  The event will feature a team of debt and equity experts discussing how New York stacks up nationally, pinpointing who's investing/lending and where they're doing it, and what it takes to get a deal done in today's market.

Click here for event information

Cushman & Wakefield's Scott Aiese will be a speaker at the Second Annual Real Estate Weekly Young Leaders' Forum on June 4th.  The conference focuses on the next generation in New York real estate, shining the spotlight on leaders and innovators uner the age of 40.

Click here for event information

Cushman & Wakefield has been exclusively retained by The Dime Savings Bank of Williamsburgh to sell a large scale mixed-use development site in Brooklyn’s Williamsburg neighborhood.  The expansive site spans 186’ along 257 and 275 South 5th Street, and then runs through the block to 146 and 150 Marcy Avenue, 262 South 4th Street, and 209 Havemeyer Street.  The roughly 50,000 square foot lot could potentially yield a mixed-use development of about 230,500 square feet and 125,000 square feet of parking. Dime will eventually relocate their back office space, with the exception of the limestone-clad building where the bank will maintain a retail presence.
    
The development will afford impressive unobstructed views in almost every direction.  “A Williamsburg site of this scale is a rare offering, as only the Domino Sugar site has recently surpassed it,” said James Nelson, Vice Chairman at Cushman & Wakefield, who is exclusively marketing the site alongside Director, Brendan Maddigan.  “This neighborhood will soon rival North Williamsburg in development activity.  Nearby, the price paid by the buyers of completed residential condo units have achieved around $1,300 per square foot and rentals have reached over $7,000 per month,” added Maddigan.

Click here for press release

Neighborhoods: Williamsburg/ Agents: Brendan Maddigan

A development site at 270 Manhattan Avenue, located between Ainslie and Powers Streets in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $3,600,000.
 
The property measures approximately 50’ x 100’ and sits in an R6B zoning district.  It holds approximately 10,000 buildable square feet for residential development, and the sale price equates to approximately $360 per buildable square foot.

The property is located in a desirable section of Williamsburg, where there is an increasingly strong demand for new condominiums and luxury rentals.

“This property is located on a great block in one of the nicest residential pockets in Williamsburg,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction with James Nelson.  “It’s also one of the highest sales east of the BQE on a price per buildable square foot basis, especially considering strictly residential transactions,” Brendan continued.

Click here for press release

Neighborhoods: Williamsburg/ Agents: Brendan Maddigan