The seller was represented in the transaction by attorney Jeffrey Randall Karp, a private practitioner affiliated with Eastern Consolidated Properties Inc. The purchaser was represented by partners Barry E. Shimkin and Steven V. Campo of Greenberg Traurig LLP. Charles L. Goldenberg served as consultant for the transaction.
In other recent sales, Eastern sold 76-18 69th Place also known as "The Glendale" in Glendale, Queens for $4.1 million. The five-story commercial building comprising 55,000 sf has 12-foot ceilings through-out, and will be delivered vacant. Originally built as a Textile Factory in the early 1900's, the building is constructed of heavy-duty post and beam construction with a 150-pound live load floor capacity.
Mitch Perl, senior director at Eastern, procured the buyer, investment clients of the firm and Jeffrey Troy, senior director and Paul Nigido, an Eastern analyst represented the seller, David Rabinowitz of Red Oak Glendale LLC.
Marcia Rose Yawitz, a director at Eastern since 2000 with over $86 million in sales, says, "Many of my customers are now going outside of New York City in order to receive a decent return. They prefer any elevator, residential building in good areas in Manhattan, Queens or Brooklyn or any commercial property that is zoned residential which could eventually be converted to residential. Sellers, on the other hand are looking for 1031 exchanges which is critical to them and will pay a higher price for properties in order to avoid taxes on their profits."
Eastern also completed the sale of the 12,750-sf 210 East 95th St. for $2.8 million or more than ten times the rent roll. A five-story walk-up apartment building located between Second and Third Avenues, with 15 all rent stabilized, extra-large apartments and one rented commercial space. The property had recently undergone extensive renovations.
Ronda Rogovin, senior director at Eastern procured the buyer, K.S. Realty and Deborah Gutoff, also an Eastern senior director, represented the seller, Carlton Management.
"Today, one of the strongest of these sectors is residential development and residential redevelopment," notes Eric Anton, a senior director at Eastern since 1998 with $650 million in sales. "Developers are seeking projects that can be initiated quickly. Oftentimes purchasers are willing to pay record prices in order to avoid a long, drawn out competitive process in order to get the project underway quickly. Long-term owners may be able to realize spectacular pricing if they can deliver good sites that are ready for development."
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