W’burg Resi Three-Pack Sells for $15.9M
Lauren Elkies Schram Jan. 13, 2016, 12:30 p.m.
The long-time owner of 119-123 Kent Avenue has sold the three four-story Williamsburg rental buildings spanning 15,000 square feet for $15.9 million, Commercial Observer has learned, more than $1.5 million less than the $17.5 million he was hoping for.
Anthony Fernicola sold the properties he owned for more than 30 years to a group led by CW Realty‘s Cheskie Weisz and Joyland Group’s Joel Wertzberger, according to broker Max Koshkerman of GFI Realty, who represented the buyers with colleague Joseph Landau in the Dec. 30, 2015 deal. Mr. Koshkerman along with M and J Realty Group’s James Tenaglia represented the seller.
“Asking prices are by nature negotiable, and the buyers presented Mr. Fernicola with the most competitive offer that translated to a fantastic return on his initial investment,” Mr. Koshkerman said, noting that these were Mr. Fernicola’s last real estate assets in the neighborhood.
The deal included 5,700 square feet of air rights, which the buyers will use to extend the retail space to the lot line, according to Mr. Koshkerman.
The retail space will be augmented to 5,625 square feet and will be continuous across all three buildings, which are comprised of 18 apartments, of which only two are occupied (by rent-stabilized tenants). The new owners will be sprucing up the units and banking on bagging a high-profile retailer.
“Most of the income will come from the retail,” Mr. Koshkerman said.
Last August, the purchasers nabbed 310 Graham Avenue, a Williamsburg development site, from Phil Masullo for $5.5 million, property records indicate. There they are planning a ground-up elevator residential rental building, according to Mr. Koshkerman, who co-represented the buyers and the seller in the deal.