Recent Commercial Real Estate Transactions (May 2017)
1.) 1733 Second Avenue (Manhattan)
In Yorkville, a private investor from Kiaton L.L.C. bought an 8,050 square foot, five story walkup. The property, previously owned by Simon Sellman, is a mixed use property with 13 apartment studios, 1 one-bedroom unit and a laundromat that occupies 1,500 square feet of retail space at the ground level. The transaction was brokered by Capital Property Partner and Eric Goodman Realty with a closing price of $8,000,000.
2.) 752 Coney Island Avenue (Brooklyn)
A 10 year lease has been signed by Plant Love House, a family run Thai restaurant located in Prospect Height for a bigger location that provides three stories and 1,600 square feet. This mixed use masonry building, once occupied by Propellerhead, an American Bistro, can seat up to 70 people and it also includes a 15 foot bar, a basement with a prep area and walk-in refrigerator, and a backyard patio that can accommodate a maximum of 20 customers. Ideal Properties Group handled the transaction which is an estimated $65,400 in annual rent, and the restaurant is expected to open this June.
3.) 115-121 East 116th Street (Manhattan)
For a total of $14.8 million, Abro Management, a private investment group, bought a six-story elevator building located in East Harlem. This building, measured at 47,450 square feet, was built in 1925 and contains 18 studios, 7 one bedroom units and 24 two bedroom units. The Rosewood Realty Group were the official brokers for this closed deal.
4.) 223 Mott Street (Manhattan)
Icon Realty Management has just bought a five story mixed use walk up in the Nolita district for a total of $9.5 million. Marcus and Millichap assisted in this transaction. The 9,170 square foot building, previously owned by Ragone Real Estate, was built around 1900 and has an equal combination of one and two bedroom units that sums up to 18 apartments. In addition, this newly bought property includes a children’s clothing store and a hair spa at the ground level which takes up an additional 865 square feet of commercial space.
Images from Apartments.com, Realtor.com, The New York Times and Marcus and Millichap