News

Cushman & Wakefield's James Nelson will moderate the REBNY new member seminar "Keys to Commercial Real Estate" on October 19th. 

The seminar will take place at the REBNY Mendik Education Center and speakers will include Cushman & Wakefield's Joanne Podell.

Click here for event information

September 27, 2015 | Commercial Observer | Adam Spagnolo

For a younger generation of New York City residents, Brooklyn has been embraced as the place to be: the uber-cool, super-trendy borough. For them, it’s the place they want to live, work and play in.

As far as the city’s commercial real estate community? Well on the whole, it seems like they might not exactly have an understanding of the changing demographic in the borough—in particular, when it comes to transportation trends. For many developers, brokers and tenants, the mindset is that development opportunities can only exist within close proximity to subway lines and Manhattan...

Cushman & Wakefield's James Nelson will be a panelist at the 14th annual RealShare New York.  Filled with valuable information and educational panel sessions, the conference will take place on October 14th at the Roosevelt Hotel.

In the "Transactions Outlook: Getting the Deals Done" panel, James Nelson will join the most active buyers, sellers and dealmakers in exploring the market conditions driving trends and how deals are being executed.

Click here for event information.

Two multifamily buildings, located at 1000 West and 522 10th Streets in Union City, New Jersey, were sold in an all-cash transaction valued at $2,120,000. The adjacent buildings combine for approximately 16,698 square feet, with 12 residential units consisting of one-bedroom and two-bedroom apartments.

Built in 2010, 1000 West Street is a four-story, elevator-serviced brick building containing nine residential units.  Additionally, it holds 13 covered parking spaces on the first floor. 522 10th Street is an adjacent three-family building. The sale price equates to approximately $127 per square foot and $176,667 per unit.

“We were able to identify the perfect buyer for our client due to our extensive marketing process,” said Cushman & Wakefield’s Fahri Ozturk, who exclusively represented the seller in this transaction with Alexander McGee.  The buyer was represented by Miriam Lebovitz of Dwell Realty.

Click here for press release

Neighborhoods: Hudson County/ Agents: Alexander McGee

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 45-57 Davis Street. The property is located between Jackson and Skillman Avenues in the Long Island City neighborhood of Queens. The asking price is $34,000,000, which equates to approximately $314 per buildable square foot.

Located within M1-5, R7-3, and LIC zoning districts, the site holds approximately 108,000 buildable square feet on a 216’ x 100’ lot. The site consists of three tax lots and currently holds a two-story building containing approximately 19,912 square feet.

“This site is situated directly across the street from 5 Pointz and many of the major new developments in the neighborhood,” said Cushman & Wakefield’s Stephen R. Preuss, who is exclusively marketing this property with David Chkheidze.  “This pocket of Long Island City gives a developer the opportunity to be situated near many of the developments that will drastically change the landscape of the area,” said Chkheidze.

Click here for listing details

Neighborhoods: Long Island City/ Agents: Stephen Preuss

September 25, 2015 | New York Observer | Paul Massey Jr.

It’s impossible not to notice all the cranes overlooking the New York City streetscape these days. Every few blocks there’s another, reaching into the sky, reminding passersby that New York is constantly reinventing itself.

But most of the construction we see going up today is for high-end commercial and luxury residential properties that will open over the next three to five years. Sure, there will be some set asides for moderate income New Yorkers, but no one should expect the city to become meaningfully more affordable any time soon, for businesses or families. In fact, prices will almost certainly rise along with the new buildings, just as they always do. New York’s metamorphoses have a habit of skewing to the more expensive...

Agents: Paul Massey Jr.

A luxury apartment building at 148 Greenwich Street, located on the corner of Greenwich Street and Cruikshank in the Village of Hempstead, Nassau County, was sold in an all-cash transaction valued at $6,350,000.

The 40-unit, five-story elevatored building contains approximately 49,952 square feet and sits on a 153’ x 183’ lot. Built in 2006, the building’s exterior is in excellent condition and it contains studio, one-bedroom and two-bedroom units. The fifth floor consists of four penthouse units, all two-bedroom and two-bathroom. Each unit has completely updated kitchen appliances, finishes, features a private balcony, and is independently metered. The property is fully fenced, equipped with cameras at all entrances, and has a parking lot consisting of 57 spaces. In addition, the building has a full basement of approximately 10,800 square feet with amenities that include a meeting room, and large storage room. The sale price equates to approximately $127 per square foot.

“This transaction had its challenges but diligent work and patience from all parties involved kept the deal alive,” said Cushman & Wakefield’s Daniel Abbondandolo, who exclusively handled this transaction with Benjamin Efraimov.  “With potential buyers being priced out of primary markets, many investors are looking at submarkets in Nassau County for higher rates of return,” said Efraimov.

Click here for press release

Neighborhoods: Nassau County/ Agents: Daniel Abbondandolo

Bob Knakal, Chairman of New York Investment Sales at Cushman & Wakefield, will be a speaker at Bisnow's New York State of the Market.  The event will feature expert panelists talking about New York's new development pipeline, growth across asset classes, and capital markets.
 
The event will take place on October 22nd at 4 Times Square.

Click here for event information

A development site at 213-215 20th Street, located between Fourth and Fifth Avenues in Brooklyn’s Greenwood Heights neighborhood, was sold in an all-cash transaction valued at $3,000,000.

The approximately 50’ x 100.17’ site consists of two contiguous parcels located in an R6B zoning district.  The site currently consists of two, two-family buildings which were delivered vacant.  It holds approximately 10,000 buildable square feet, with the sale price equating to approximately $300 per buildable square foot.

“By marketing these two parcels together, we were able to create a premium for each, and offer the market a 50 foot site. Through our extensive process, we were able to procure a buyer that closed on the two parcels for $300 per buildable square foot, making it one of the highest recorded development site sales in Greenwood Heights,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction.

Click here for press release

By, Josh Lipton, Cushman & Wakefield

New York City’s most fashionable neighborhood, the Meatpacking District, where hip restaurants, exclusive clubs, and boutiques dot the cobblestone streets, is coming to Upper Manhattan.  Call it the Mini-Meatpacking District and, while still in the early stages, all the ingredients are there for the next big thing in Harlem’s Manhattanville neighborhood.  Located just west of Broadway and running from 125th to 135th Streets, a submarket worthy of its own name is emerging.  Like the Meatpacking District, this pocket of West Harlem is quickly becoming home to more and more college students and young professionals seeking swish boutiques, trendy restaurants and rooftop escapades much like their Downtown counterparts.  To spur commercial and residential developers, the City has offered tax exemptions to encourage the area’s transformation.  The cobblestoned streets and industrial buildings are already in place; let the conversion of existing structures begin!

The transformation of this area is undoubtedly being driven by the multi-Columbia University Expansion Project.  Started in 2009, the 17-acre site, which sits on four large blocks from West 129th to 133rd Streets between Broadway and Twelfth Avenue, will feature more than 6.8 million square feet of state-of-the-art teaching and research facilities, as well as parking, support services and community-oriented retail space, including bars, restaurants and live music.  When completed, the Expansion Project is expected to generate more than 6,000 jobs and bring more than $11 billion in economic activity to the area.  

Click here to read full article

Neighborhoods: Harlem

Cushman & Wakefield has been retained on an exclusive basis to sell a warehouse and office building at 34-10 Borden Avenue. The property is located on the southwest corner of Borden Avenue and 34th Street in the Long Island City neighborhood of Queens. Ownership is requesting proposals.

The property consists of a two-story building containing approximately 8,977 square feet on a 85’ x 100’ irregular lot. It is visible to approximately 150,000 cars driving on the Long Island Expressway at Van Dam Street and benefits from a permitted 12’ x 16’ fully programmable LED sign. Additionally, the building features two, 20’ x 48’ billboards that are currently not permitted.

“The advertising available on this building provides tremendous value for a user to have their brand displayed to a strong daily audience on Borden Avenue and the Long Island Expressway. The LED sign alone has drawn serious interest,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Conrad Martin.

Click here for listing details

Neighborhoods: Long Island City

A residential building at 2 Pierrepont Street, located on the southeast corner of Pierrepont Street and Pierrepont Place in Brooklyn Heights, was sold in an all-cash transaction.

The 12-story building contains approximately 40,178 square feet on a 42’ x 100’ lot. It consists of 39 residential units, totaling approximately 26,700 rentable square feet. The unit mix consists of 13 studios, 4 one-bedrooms, 18 two-bedrooms, 3 three-bedrooms, and 1 four-bedroom.

“2 Pierrepont Street provides an extraordinary conversion property in one of New York City’s top ranked residential neighborhoods,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

A property at 206-212 Wadsworth Avenue, located on the corner of Wadsworth Avenue and West 184th Street in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $8,000,000.

The property was previously owned and occupied by Wadsworth Avenue Baptist Church Inc. Its primary goal was to set aside space and construct a first-rate facility, with state-of-the-art amenities, specifically designed to meet the programmatic and operational needs of the Church and its programs and activities. The Church will occupy a condominium unit in the new development. The property was purchased by Leo Tsimmer of the Caerus Group.

The site is rectangular in shape and has approximately 100 feet of frontage on Wadsworth Avenue and 150 feet of frontage along West 184th Street.  The site holds approximately 97,422 buildable square feet and the sale price equates to approximately $82 per buildable square foot.

“This was a tremendously complex and rewarding opportunity to work on and see to completion,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction.  “We are thrilled to have ultimately found the perfect developer, Caerus Group, that was able to understand the terrific development opportunity that exists while ensuring the Wadsworth Baptist Church will continue to flourish in the community in the future,” he continued.   

Click here for full press release

Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Cushman & Wakefield's James Nelson will be a panelist at the 14th annual RealShare New York.  Filled with valuable information and educational panel sessions, the conference will take place on October 14th at the Roosevelt Hotel.

In the "Transactions Outlook: Getting the Deals Done" panel, James Nelson will join the most active buyers, sellers and dealmakers in exploring the market conditions driving trends and how deals are being executed.

Click here for event information.

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 423-425 Westchester and 601 Bergen Avenues. The property is located on the southeast corner of Westchester and Bergen Avenues in “The Hub” section of the South Bronx. The asking price is $8,225,000.

The site consists of two adjacent lots which combine for approximately 19,965 square feet. Situated within a C4-4 zoning district, it features a residential FAR of 3.44, equating to approximately 68,680 buildable square feet. The site also allows for a commercial FAR of 3.4, equating to approximately 67,881 buildable square feet.

The property is being exclusively marketed by Cushman & Wakefield’s Nick Burns and David Simone.

Click here for listing details

Neighborhoods: The Hub

A retail building at 41-19 Bell Boulevard, located between 41st and 42nd Avenues in the Bayside neighborhood of Queens, was sold in an all-cash transaction valued at $4,000,000.

The single-story building contains approximately 4,648 square feet on a 26’ x 141’ irregular lot and is net leased to Lucille Roberts. Zoned C2-2/R6B, the property benefits from approximately 11,426 buildable square feet and features a mezzanine and lower level. The sale price equates a 3.9% capitalization rate and approximately $860 per square foot, a record for Bayside.

Ideally situated on the retail corridor of Bell Boulevard, the property is just steps from the LIRR Bayside Station. Additionally, numerous national brand retailers are within walking distance.

“Bayside has been generating a lot of attention from local and foreign investors looking to capitalize on the upside in the area. This property has tremendous add-on value with below-market rent and development rights which fueled our marketing and allowed us to procure a buyer at a record-breaking price,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Bayside/ Agents: Stephen Preuss

Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 370-374 Columbus Avenue, located between West 77th and West 78th Streets on Manhattan’s Upper West Side.  The asking price is $50,000,000.
 
The five-story elevator building contains approximately 31,125 square feet and sits on 78’ x 103.17’ lot.  It consists of 54 residential units and two commercial units with significant near-term upside potential in the retail component which features approximately 78 feet of frontage directly across from New York City’s iconic American Museum of Natural History where the entrance to a new 220,000 SF museum addition is planned. The property also holds approximately 30,065 square feet of additional development rights. 
 
 
This property is being marketed exclusively by Bob Knakal, Chairman, New York Investment Sales and Paul Smadbeck.

Click here for listing details

Neighborhoods: Upper West Side

A mixed-use building at 1902 Church Avenue, located on the southeast corner of Church Avenue and East 19th Street in Brooklyn’s Flatbush neighborhood, was sold in an all-cash transaction valued at $3,300,000.

The three-story building contains approximately 9,250 square feet and features 35’ of frontage on Church Avenue. The unit mix consists of nine rent stabilized apartments and three commercial units. The sale price equates to approximately $357 per square foot.

“1902 Church Avenue is well situated in an emerging section of Flatbush, which allowed the seller to take advantage of high market conditions, and the buyer to benefit from long-term growth,” said Cushman & Wakefield’s Richard Velotta, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Flatbush

September 14, 2015 | The Street | Valerie Young

Macroeconomic turmoil is once again putting the U.S. real estate market in the spotlight, but this time it's part of the solution, not the problem.

American real estate is becoming a refuge for Chinese investors, particularly insurance companies that may amass $3.32 trillion in premiums by 2020, who are seeking reliable returns as the world's second-largest economy slows and its stock markets decline, according to both advisers and industry executives...

Cushman & Wakefield has been retained on an exclusive basis to sell a warehouse and office building at 11-02 37th Avenue.  The property is located on the southeast corner of 37th Avenue and 11th Street in the Long Island City neighborhood of Queens.

The two-story building sits on an approximately 75’ x 100’ lot and contains approximately 15,000 square feet, with 7,500 square feet of workshop space and 7,500 square feet of office space.  The property offers a roll up loading dock on both the 11th Street and 37th Avenue sides.  The ground floor features approximately 20-foot ceilings with a portion of mezzanine space.  The second floor offers a full elevator and lobby and consists of cubicle space, executive offices, restrooms, full conference room, and administrative space.

“This property is in close proximity to the F, N, and Q subway stops as well as major bus lines.  Additionally, the Queensboro Bridge is just four blocks away offering a tremendous opportunity for a potential user to be situated near key transportation outlets,” said David Chkheidze of Cushman & Wakefield, who is exclusively marketing the property with Daniel Abbondandolo and Conrad Martin.

Click here for listing details

Neighborhoods: Long Island City/ Agents: Daniel Abbondandolo