The single biggest deal was the $8.5-million sale of 102 of the co-op units at 11 Park Ave. in Mount Vernon. The 138-unit building, built in 1969, had 75% of its controlling interest change hands for $88.03 per sf. The units totaled 96,556 splits among 13 studios, 24 one-bedrooms, 54 two-bedrooms and 11-three-bedrooms, with 42 units rent-stabilized.
Manhattan investors bought the units from the private seller in an all-cash deal. "The buyer came to us with the help of a co-broker," says Cheryl Cove of Massey Knakal, "which was perfectly logically since they already own other substantial holdings in the area." Cove and James Nelson represented the seller, and brokered the deal with Deborah Gutoff of Eastern Consolidated.
Hudson Cos. Inc. bought a 46,728-sf development site at 111 3rd St. in Gowanus, Brooklyn for $7.8 million in cash, $166.39 per sf. MK's Ken Freeman represented the seller, an electrical contracting company which is relocating to Red Hook. Hudson Cos., developer of the J Condominium in Dumbo, is planning a series of townhouses for the site, Freeman says.
A 20-year owner parted with 263 Palisade Ave. in Yonkers for $6.567 million in cash, or $89.47 per sf. Marco Lala represented the seller, and was the sole broker. A Westchester-based private investors gained the 64-unit, 73,400-sf property with a 6.24% cap rate and a gross rent multiple of 8.73.
Another Brooklyn development site, this time a 7,550-sf parcel at 155-159 North 4th St. in Williamsburg, sold for $2.9 million, or $192.05 per buildable sf. A Queens developer bought the property, zoned for 15,100 buildable sf, but made sure the seller had a 10,000-gallon oil tank was excavated from the property by closing. Mark Lively repped the seller.
In Harlem, a four-building portfolio at six, 12, 26 and 34 West 132nd St. was sold in a $3.5 million all-cash transaction. A Westchester-based private investors bought it from a private seller, represented by MK's Lala and Shimon Shkury. The buildings have 40 residential units, totaling 38,200 sf. The portfolio sold for a 5.37% cap rate, a gross rent multiple of 10.18, and $91.62 per sf.
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