Sales Beat

Bronx Landlord Nabs Harlem Buildings for Double Their 2012 Price

2655 and 2657 Frederick Douglass Boulevard.

Castellan Real Estate Partners has sold a pair of rent-stabilized Harlem buildings to a Bronx landlord for $6.6 million, Commercial Observer has learned.

The buildings, 2655 and 2657 Frederick Douglass Boulevard at the corner of West 142nd Street, have a combined 26 apartments with an average asking rent of $1,376 per month, according to Besen & Associates, which represented both sides in the sale. Of those units, 14 are two-bedroom and 12 are three-bedroom apartments. Read More

Sales Beat

LES Walkup Across From W’burg Bridge Sells for $7.45M

174 Delancey Street.

An 11,261-square-foot, five-story walkup property at 174 Delancey Street, between Clinton and Attorney Streets, has sold for $7.45 million, Commercial Observer has learned. The buildings—one facing Delancey and the other in the rear of the lot, across a shared courtyard—include 22 one-bedroom apartments and two newly renovated 700-square-foot ground-floor retail spaces occupied by Pizza Italian and Bike Man.

Apartment rents average $1,436 per month and retail rents average $69 per foot. Read More

Sales Beat

San Francisco-based Prana Investments Sells Bronx Apartment Building for $10.5M

1530 Sheridan Avenue.

A longtime Bronx landlord has paid San Francisco-based Prana Investments $10.5 million for a six-story building with 84 apartments in the Claremont section of the Bronx, Commercial Observer has learned.

The 96,000-square-foot elevator property “offers investors upside and scale,” Besen & AssociatesAmit Doshi, who represented both sides in the deal at 1530 Sheridan Avenue, said in a prepared statement. Read More

Sales Beat

Peter Cooper Village Area Mixed-Use Building Trades for $5.6M

361 First Avenue

A mixed-use building on the northwest corner of 21st Street and First Avenue, across from Peter Cooper Village, has sold in an off-market deal for $1,120 per square foot.

The seller was Rye, NY-based JTU Management Inc., which acquired the property in July 2011 for $4.38 million, and the purchaser was a private investor listed as First Avenue Assets LLC, public records indicate. Read More

Trading CRE

ETRE Financial Files for IPO


On Monday, ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT (proposed ticker is ECAV) on the NASDAQ exchange. Operating as a limited liability corporation, ETRE REIT would allow public investment in individual commercial real estate properties with the properties held as separate real estate investment trusts. Read More


Bronx Housing Complex Sells for $24M

970 Boston Road in the Bronx

An affordable housing complex in the Morrisania section of the Bronx has sold for nearly $24 million.

Preservation Development Partners bought the Albert Goodman Plaza Apartments, at 970 Boston Road and 665 East 163rd Street, from Excel Bradshaw Management Group. The complex includes four elevator apartment buildings with 250 apartments and two commercial units. The sale price was $23.8 million. Read More

Sales Beat

Besen & Associates Arranges $23 M. Sale of Tilden Hall in East Flatbush, Brooklyn

Tilden Hall

Besen & Associates has arranged the $22.9 million sale of a nine-story, 86,360-square-foot city-run transitional housing facility for homeless families at 2520 Tilden Avenue in East Flatbush, Brooklyn.

Known as Tilden Hall, the nine-story residential building one block east of Bedford Avenue features 117 apartments and rests in a neighborhood characterized by row houses, cottage homes and an array of mom and pop stores.

It is leased to Highland Park Development, which signs bi-yearly service agreements with the city and its Department of Homeless Services to provide transitional housing, counseling and rehabilitation programs for families in need, which made the transaction stickier than your average multifamily deal, but also more promising for the buyer, United Realty Trust.

“The due diligence was more complex than your standard multifamily transaction,” said Greg Corbin of Besen & Associates, who arranged both sides of the transaction with business partner Amit Doshi.  “United Realty Partners acquired great bricks with an outstanding cap rate.” Read More

Sales Beat

New Year’s Eve Sale: Gilar Group Acquires 2410-2418 Broadway for $47 Million

2410-2418 Broadway, aka 214-218 West 89th Street

Albert and Robert Gilardian, of The Gilar Group, acquired 2410-2418 Broadway for $47 million. The transaction closed prior to the New Year and the seller, M.E. & A Realty Co., was motivated in part by concerns over the looming hikes in capital gains taxes and fiscal cliff concerns, according to a release prepared by Eastern Consolidated, which represented the seller in collaboration with Besen & AssociatesRead More

Sales Beat

172-174 Montague Street Sells for $12 Million

172-174 Montague Street

A 2-story retail property in Brooklyn Heights netted $12 million in a recent sale, it was announced Monday.

The 8,150-square-foot property on 172-174 Montague Street, which hosts a Hallmark Store and Eamonn’s Restaurant, was sold by a private investor who had recently relocated from Brooklyn to Arizona. The identity of the buyer, a developer, was not immediately disclosed.

Eamonn’s was scheduled to close on June 17, according to the Brooklyn Daily Eagle

Lynda Blumberg and David Davidson, both of Besen & Associates, handled the sale of the property.
The building is situated in the C5-2/DB zoning designation, which offers air rights of up to 60,000 square feet. Read More