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A blog for breaking sales and neighborhood real estate news.

Yesterday Monday March 30, 2009 at 4pm Mayor Bloomberg signed approval of the Bed-Stuy Gateway Improvement District in the Bedford-Stuyvesant section of Brooklyn.  After years of work, the formation of this BID also marks the beginning of an exciting $9MM+ city funded transformation of the shopping experience on Fulton Street between Classon and Troy Avenues.  With key factors like proximity to market center and superior access to transportation this streetscape initiative is the missing link in finally recognizing the deep consumer buying power of neighboring residential blocks.  These results would not have been possible without the leadership of one of the most proactive, cohesive and progressive retail associations in the borough. 

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Neighborhoods: Bedford Stuyvesant

Two properties being sold as a package. Combined 29 units, 12 studios, 12 three bedrooms 4 four bedrooms and one duplex. The RR is 317,663, Expenses $134,224 and including a reserve for vacancy for an NOI of $173,909.

Great location. Close to everything including parks and the Brooklyn's Children's Museum.

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Neighborhoods: Crown Heights

A two story industrial manufacturing building consisting of 14,375 Gross
SF. The property is equipped with two 9.5’ x 12.5’ drive in roll up doors. The ceiling heights in the warehouse are approximately 7’ and 13’ feet clear. There are two separate entrances to the second floor offices on both 33rd Street and Queens Boulevard.

The property is located on the northwest corner of Queens Boulevard and 33rd Street in Long Island City approximately 5-10 minutes from midtown Manhattan via 59th Street bridge. The property has 100’ feet of frontage on Queens Boulevard with a depth of 100’ feet on 33rd Street. The subject
property is located in the Long Island City Queens Industrial Business Zone that provides numerous incentives for relocating businesses in the boroughs. *All square footage figures & potential uses should be independently verified.

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Neighborhoods: Long Island City/ Agents: Stephen Preuss

This sale represents two buildings on one lot totaling approximately 9,163 square feet. One of the buildings is vacant, while the other is occupied by two 3-bedroom apartments. Residential rents for newly constructed apartments range from $1,000-$1,300 for 1 bedrooms, $1,350-$1,700 for 2 bedrooms, and $1700-$1900 for 3 bedrooms.

Coney Island is set to undergo a sweeping zoning change to take effect in the summer of 2009. The nearby major thoroughfares are Surf Avenue, Neptune Avenue, Mermaid Avenue, and Belt Parkway. Transportation includes the B68, B64, B82, B74, B36, X28, X38, and X29 buses as well as D, F, N, and Q subway lines at the multi-million dollar Stillwell Avenue Station.

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Neighborhoods: Coney Island

Treasury Secretary, Timothy Geithner, rolled out some of the details of what insiders are referring to as TALF 2.0.  This program has two componets, the Legacy Loan Program and the Legacy Securities Program. These programs are expected to help the commercial real estate industry based upon the premise that loans and securitiees collateralized by real estate are fundamentally undervalued due to a liquidity discount as opposed to drastically reduced cash flow expectation.

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The property is a 4 story walk-up apartment building located on 18th Avenue in Brooklyn. The property is approximately 28,536 sq. ft. and consists of 31 residential apartments.

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Neighborhoods: Flatbush

135 Lafayette Avenue is a (2) story industrial – flex space building located in North White Plains, Town of North Castle. The ground floor is cement block construction warehouse/garage (10,384+/- SF) with a smaller second floor office space of approximately 1600 +/- SF. Ceiling height in the warehouse is 12', loading dock with 2 Overhead doors at 16' and column spacing in the warehouse is approx 21', newer rubber roof. There is parking for 14-16 vehicles at the right side of the building as well as additional off street parking.

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Neighborhoods: Westchester County

A five (5) story, 20' foot wide townhouse with a three story rear extension. The building consists of 8 units, of which two are Rent Controlled, one is free market, and the rest are Owner Occupied. The property has much of its original detail intact. 3 floors are owner occupied and could be delivered vacant in addition to the parlor floor studio. All the windows have been replaced, and the facade has been completely refurbished.

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Neighborhoods: Upper West Side/ Agents: Paul Smadbeck

256 Fifth Avenue is a six story building with 12,960 square feet on a plot of 24’8” by 100’. The building, constructed in 1893, has a beautifully intricate terra cotta façade, which the American Institute of Architects describes in their guide to New York City as an example of architectural “virtuosity.” The buildings systems have been carefully maintained and all required fillings and permits are current.

There are approximately 11,700 square feet of additional development rights; however, as the building is within the Madison Square North Historic District only a portion may ultimately be approved for development by the Landmarks Preservation Commission. 256 Fifth Avenue will always be a link equal in style from a gilded age of another century to the current wave of new development.

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Neighborhoods: Flatiron/ Agents: John Ciraulo

70 feet of prime retail frontage on Broadway.  Block-through property with potential for large-scale retail development.  Current NOI of $82,000 from six stores with leases through 2013.

 Located just steps away from the Marcy Avenue J,M,Z train station, at the foot of the Williamsburg Bridge.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

This one story corner industrial property is located in the industrial region of eastern Greenpoint. The building is built full to its footprint of 8,315 square feet. There are five roll down gates which provide access to both Humboldt Street and Calyer Street.

There is a lot of upside in this property as is represented by the low rents received for the two larger units. The property is located in the North Brooklyn Empire Zone which offers tax benefits to commercial enterprises. The Greenpoint Avenue G train station is located less than nine blocks away from the property and there is also easy access to the Brooklyn-Queens Expressway, Williamsburg Bridge, and Queensboro Bridge.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

East Village residential rental development opportunity, with foundation already in place. The foundation was poured prior to the June 2008 421-a deadline, enabling the full property tax exemption benefits. This site has plans for a six story (plus cellar and roof), 12 unit, rental building, w/ a total of 12,952 gross SF (10,741 SF above grade, 2,211 SF below grade). A Condo plan is also available. Another option is to file an “alt plan”and develop the property to custom specifications while still maintaining the 421-a tax benefits.

This is a unique project for a developer or user and is ready to go. Priced at $178 per gross buildable square foot, this is an opportunity not to be missed.

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Neighborhoods: East Village

6 Saint Nicholas Terrace is a 39’ wide, five (5) story walk-up building located on Saint Nicholas Terrace between 127th & St. Nicholas Park. 

6 St. Nicholas Terrace enjoys one of the most commercially convenient and easily accessible Central Harlem locations.  As a building of this size, condition and free market status rarely comes to market, 6 St. Nicholas Terrace presents a unique opportunity to operate an immaculate building with great cash flow.

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Neighborhoods: Harlem

147 East 30th Street is a 5 story, approximately 10,070 square foot, elevatored apartment building located on the north side of East 30th Street between Lexington and Third Avenues.

The building consists of twenty (20) residential units of which fourteen (14) are rent stabilized, five (5) are free market and one (1) is occupied by the superintendent.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo

A two-story retail property at 2174 86th Street in Brooklyn’s Bensonhurst neighborhood was sold in an all cash transaction valued at $1,200,000.

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

121 Ludlow is a fully renovated 3 story building located in the heart of the Lower East Side on Ludlow Street between Delancey and Rivington Streets. It is currently vacant on the ground floor with two commercial tenants above, an art studio on the 2nd Floor and a Hair Salon on the 3rd Floor. Leases expire in 2011 for one tenant and 2012 for the other. Utilities are all submetered. 13' high ceilings on ground floor, 12' on 2nd floor and 10' on 3rd floor. It is fully equipped for restaurant use, with exhaust systems in place, kitchen, and full basement with 9’ ceilings. This is a one of a kind opportunity for a user or investor to purchase a property in the hottest part of the Lower East Side. This is an extremely well built, fully renovated building.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

The subject properties are warehouse and office buildings and a vacant lot occupying the southeast and southwest corners of Westfield Avenue and Harrison Street in Elizabeth City, Union County, NJ. Adjacent to the subject property is an 8+ acre vacant site the city has assembled for a mixed use, transit-orient redevelopment. The site falls within the NJ Urban Transit Hub Tax Credit Program and qualifies for up to $75 million dollars in tax credits for approved development.

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Neighborhoods: Union County

This Crown Heights property consists of a two buildings on one lot. One is mixed use and the other is a tax payer. Combined, the properties have 8 stores and 2 apartments.

The property is partially occupied, but if needed, the owner has the ability to deliver the property vacant.

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Neighborhoods: Crown Heights

A commercial property at 42-02 21st Street in Long Island City sold in an all cash transaction valued at $3,325,000.

The property, which was delivered vacant, is strategically located at the entrance to the Queensboro Bridge and is the most visible gas station/repair shop in the Queens Plaza sub-district of Long Island City. The Sunoco-branded gas station (approximately 1,830 sq. ft.) is situated on a footprint of approximately 9,200 square feet. With a zoning designation of M1-4 and an F.A.R. of 2.0, this property has 18,400 buildable square feet for commercial or retail development.

Neighborhoods: Long Island City

The subject property is a completely renovated two-story corner brick commercial building on College Point Boulevard and 18th Avenue in College Point, Queens. The property consists of approx. 1,880 SF of first floor retail space and approx. 1,880 SF of second floor office space. The property also has a full basement and parking space at the rear of the building. The current owner has completely renovated the building including a new roof, electric, plumbing, (2) heating and cooling units (one per floor), tile floors, sheetrock walls and windows. The building will be delivered vacant which will be ideal for an owner-user or investor.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

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