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The Real Deal – 184 Kent Street

Rockpoint Group and Kushner Companies sold a 16,000-square-foot retail condo and 55,000 square feet of parking garage space at 184 Kent Avenue in Williamsburg for $11.7 million total. A joint venture between Regal Acquisitions and the limited liability company Jackson Group was the buyer. Rockpoint and Kushner provided the seller with financing. Matthew Marshall of Marshall Real Estate brokered the transaction.

Kushner, Rockpoint sell Brooklyn retail condo for $12M

Rockpoint Group and Kushner Companies have sold the retail condominium at 184 Kent Avenue in Williamsburg, Brooklyn, for $11.7 million.

Matthew J. Marshall of Marshall Real Estate represented the sellers and the buyers, a joint venture between Regal Acquisitions and The Jackson Group, LLC.  According to Marshal, a key component to the deal was that Rockpoint and Kushner provided seller financing for the deal.

The retail space is comprised of six different storefronts across 16,000 s/f occupied by Soul Cycle, La Nonna Restaurant, NYC Pets, Brightside Coffee and Pure Cleaners. One 4,500 s/f space was delivered vacant. The deal includes the garage condo, which comprised 55,000 s/f over three levels.

“The buyers plan to work with the tenants through their COVID rent abatements to support them and hopefully get them back into their full contract rent,” said Marshall, noting that the most pivotal space is the prime corner that Soul Cycle occupies.

“There is huge upside in the corner either to do a workout for Soul Cycle to leave, or get them back open and paying a contract rent with an arrears schedule.”

The garage space was delivered unencumbered and the buyer is looking to secure an operating agreement with a garage operator or a more traditional long-term lease with a garage operator.

The retail sits at the base of 184 Kent Avenue, a 350,000 s/f condominium property developed by Rockpoint and Kushner known as the Austin Nichols House.  The building contains 387 residential units which are almost completely sold out.


Real Estate Weekly – 150 Myrtle Avenue

Marshall Real Estate announced the sale of a retail condominium located at 150 Myrtle Avenue, Brooklyn. The 11,077 s/f unit is fully occupied by Fresh Market Grocery until 2025 with a 5-Year option to extend. The space has an all-glass façade, 18 ft. ceilings and over 350 ft. of wrap-around frontage. It closed at full $7,850,000 asking price at a Cap Rate of 6.25%. Matt Marshall represented both the seller, Benjamin Partners, and the purchaser, a private investor.

Real Estate Weekly – 333 Rector Place

Matthew Marshall of Marshall Real Estate, LLC, announced the sale of the retail condominium located at 333 Rector Place for $4,600,000. The property was sold by Cohen Equities and purchased by Ascot Properties NYC. The 5,460 s/f ground floor condo is currenlty occupied by a day care with a lease expiration in Fall of 2021. New ownership will either renew the daycare at a new rent or break the space up into smaller spaces to achieve greater replacement rents.

Union Sq. retail condo sold for $11.5M, will be marketed as restaurant space

Yaron Jacobi’s Premier Equities has acquired a Union Square retail condo for $11.5 million from seller Kenart Realties. The space is located at 835 Broadway on the southwest corner of Broadway and 13th Street and is home to a Chase Bank. The ground floor has 2,568 s/f, the basement has 2,162 s/f and 62 East 13th Street is the inline space. Previously it was occupied by Jeniette Spa but is primed for a restaurant/bar as there is already a vent stack that runs to the roof of the building. The ground floor has 2,100 s/f and the basement is 2,200 s/f.

Marshall Real Estate, LLC) represented both sides of the transaction. Kenart had owned the space for over 30 years. Premier plans to have the inline space l undergo construction immediately to make it attractive to restaurant/food/fast casual eateries. The corner space is leased to Chase until 2022 and they have a FMV purchase option. There rent is below market and will trigger a big uptick in gross rent.

835 Broadway – SOLD

IMAGE: Yaron Jacobi (@Y_Jacobi) & Matt Marshall (@MRENYC)
DATE: 11/21/2019
ADDRESS: 835 Broadway
MARKET: Union Square
ASSET TYPE: Retail Condo
SALE PRICE: $11,500,000
SF: 9,030 SF (Ground – 4,668 SF, Lower – 4,362)
PPSF: $2,463
SELLER: Kenneth Kahn
BUYER: Yaron Jacobi @PremierEquities & Jenel
BROKERS: Matthew Marshall @MRENYC
#YaronJacobi #MatthewMarshall #NYC #NewYork #UnionSquare #KennethKahn #PremierEquities #Jenel #MarshallRealEstate #TradedNY

Closing Announcement: 2082 Frederick Douglass Blvd – Retail Condo

Klosed Properties is proud to announce the acquisition of the retail condominium at 2082 Frederick Douglass Blvd, New York, NY. The property is a 860 SF Retail Condo, located in West Harlem. The property is long-term leased to 87 Orange Street Bar & Restaurant.
Steven Kachanian, Principal said: “Even when most investors are running away from retail assets, we capitalize on opportunities as long as they are properly priced, well located, and have future upside potential. We finalized this acquisition within hours from our first inspection.”
Jacob Namdar, Senior Director of Acquisitions said: “Given the downturn of the retail market, we were still able to secure a long-term lease with a strong operator. This West Harlem location is only getting better.”

Adam Hajibai, Director of Acquisitions added: “We have been primarily focusing on acquisitions in Harlem, the Bronx, and Brooklyn. We are very excited for 2019, and looking to expand our portfolio heavily.”
This marks our 1st acquisition in 2019, while we are currently under hard contract to purchase 7 additional properties.
Please reach us to discuss new opportunities:
Jacob Namdar – or 646.688.3666
Adam Hajibai – or 516.858.0024 

Please see our updated acquisition criteria below:

We are aggressively looking to acquire value-add properties in the boroughs & NY-Metro area. Our focus is on vacant/occupied retail condos, mixed use, and multifamily buildings (up to 200 units per asset), in NYC, Brooklyn, Bronx, & Queens.

NYC & Boroughs: 
Mixed Use Buildings, Multifamily (up to 200 units), Retail Condominiums, 
Retail Co-ops, Office Buildings, Strip Centers, Shopping Centers, NNN, & Residential Conversions. Looking for properties with upside and value-addpotential.

East Coast & Midwest:
Freestanding NNN & Grocery-Anchored Shopping Centers with value-add potential. Tenants desired: fast-food, drug stores, dollar stores, supermarkets, and all banks. Our core focus is on properties, where tenants are paying below-market rents and have short-term leases. 

Current Budget is $1M – $100M

Midwood picks up a pair of Chelsea buildings for $23M

Seller Renatus Group bought mixed-use properties last year for $10.5M
By Rich Bockmann | October 13, 2017 11:50AM

John Usdan’s Midwood Investment and Development picked up a pair of mixed-use Chelsea buildings for $23.4 million.

The Park Avenue-based firm bought the properties at 152 and 154 Seventh Avenue at the corner of 19th Street from the Renatus Group, property records filed with the city Friday show.

Representatives for Rantus did not respond to a request for comment, and a spokesperson for Midwood declined to comment.

Renatus bought the properties for $10.5 million last year from longtime owner Michael Connolly.

Broker Matthew Marshall of Marshall Real Estate, who represented Renatus in the sale, said the investor made a number of improvements to the properties, including gut renovating a number of apartments and converting them from rent-stabilized to market rate.

Renatus renewed retail tenant Peter McManus – one of the oldest family owned bars in the city – to a 10 year lease and re-tenanted two other retail spaces. The properties come with about 14,000 square feet of air rights, which he said Midwood could monetize down the line if they choose to redevelop the properties in the future.

“Midwood’s purchased what’s basically a stabilized asset that has the future potential for possible development down the road,” he said.

Brooklyn investor Joseph Brunner, who had been rumored to be connected to Renatus, appears as the signatory for the seller in property records.

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Longtime Bowery landlord sells three buildings for $24M

Buyer Ari Zagdanski’s Kinsman Property Group has no immediate dev plans
By Rich Bockmann | June 13, 2017 01:20PM

The family of Bowery landlord David A. Cohen sold a trio of properties in Nolita to investor Ari Zagdanski for $23.5 million, sources involved in the transaction told The Real Deal.

The low-lying buildings are home to the kinds of lighting-supply stores that have long characterized the gritty strip, and though the properties come with air rights, Zagdanski said he has no immediate plans to develop the property.

Cohen’s adult children oversaw the all-cash sale of 162-166 Bowery, which have about 75 feet of frontage along the thoroughfare.

“They live down in Florida and the plan was to sell this,” said Matthew Marshall of the brokerage Marshall Real Estate, which brokered the deal. “They already identified something to buy down in Florida closer to home.”

The Cohens, who owned the buildings since the 1970s, have passive interests in other properties in the neighborhood, but Marshall said those would be longer-term holds for the family.

“This is pretty much the only thing left they own where there’s a controlling interest,” he said.

The three properties have two retail units and 11 residential apartments spanning 23,379 square feet, with another 21,249 square feet worth of air rights.

The site had previously been in contract with a different broker as a mixed-use development site asking $30 million, but that deal fell apart. Zagdanski told TRD that he has no plans to redevelop the property, but has his eye on the retail spaces, where leases are expiring in the mid-term.

This is the second purchase in New York City for Zagdanski’s firm, Kinsmen Property Group. The company bought the 122-unit Icon rental building at 306 West 48th Street in 2012. He comes from a construction and development family with properties in Toronto and Ontario and is branching out in the city.

“This is now our second acquisition and we’re looking to grow our portfolio in New York,” he said.

Alex Heydt of Town Residential was involved in the deal on the buyer’s side.

The properties sit a block north from the site at 134-142 Bowery that John Young’s Emmut Properties bought for $47 million in 2015 with plans to develop a 62-unit apartment-hotel with retail on the ground floor.


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RKF Arranges $10M Sale of Downtown Manhattan Retail Space

by Laura Calugar

The firm represented Premier Equities in the sale of the 1,400-square-foot retail space at 682 Broadway in the NoHo historic district.
The retail space at 682 Broadway, New York

The retail space at 682 Broadway, New York

New York—RKF, an independent real estate firm specializing in retail leasing, investment sales and consulting services, recently announced that it has closed the sale of a 1,400-square-foot prime retail space at 682 Broadway in NoHo for $10 million. RKF represented the owner, Manhattan-based Premier Equities, while Marshall Real Estate represented the buyer, Ascot Properties LLC.

Situated on the southeast corner of Great Jones Street and Broadway in NoHo, the building is in close proximity to NYU and benefits from a high volume of pedestrian traffic. The corner retail space includes 1,000 square feet on the ground floor, 400 square feet in the basement and 50 feet of frontage. The space is leased to health and wellness retailer GNC for 10 years. GNC has been at this location for the past two decades. According to RKF, GNC currently pays an annual rent of $475,000 for this space.

“This is one of NoHo’s busiest corners, just steps away from iconic thoroughfares Bond Street, Washington Square Park and SoHo. This sale shows the strength and continued demand for income-producing retail in downtown Manhattan,” said Brian Segall, RKF’s vice president, in a prepared statement.

RKF has recently arranged various investment sales in Manhattan, including a 2,354-square-foot retail condominium at 42 Hudson St., in Tribeca, a $4.9 million sale of a 2,800-square-foot building at 28 East 13th St., in Union Square, and the $2.2 million sale of a 4,535-square-foot retail condo at 1810 Third Ave., on the Upper East Side. The firm also arranged a lease with Time Warner Cable to open its second “Experience Store” in Manhattan last March.

RKF is currently marketing the sale of an 8,439-square-foot retail condominium at 347 Bowery and an 8,752-square-foot new-construction retail condominium at 882 Fulton St., in Brooklyn.

Image via Google Street View

Ascot Properties NYC Betting on Soho With Two Commercial Condo Buys Within As Many Weeks

Lucky Bhalla‘s Ascot Properties NYC is bullish on Soho as the company scooped up two commercial condominium units in the neighborhood, one for $38.5 million and the other for $8.5 million, in a period of less than two weeks, Michael Brown, the vice president of Ascot, told Commercial Observer.

Last Thursday, the company purchased a 6,050-square-foot co-op at 138 Greene Street for $38.5 million from Thor Equities and Premier Equities, Mr. Brown said. Matthew Marshall from Marshall Real Estate negotiated the deal.

“We believe that this is an unparalleled asset” said Mr. Bhalla in a prepared statement. “Thirty feet of frontage on Soho’s best street provides a retailer or brand with unparalleled exposure and the full selling basement allows for a true flagship location.”

High-end Italian furniture store B&B Italia is leasing the space until the end of August.

The Real Deal reported in January when the deal was in contract for more than double what the sellers paid for it in mid-2014. Thor didn’t immediately respond to CO’s request for comment via a spokesman.

414-416 Greene Street.

In the second deal, the family-run Valroge Corporation carved out a 2,900-square-foot commercial condominium unit on the ground floor and basement at 414 West Broadwaybetween Prince and Spring Streets for Ascot, holding onto the upper residential portion of the building for itself, Mr. Brown said. Ascot paid $8.5 million for it on March 8. Antique store Paracelso is in the space on a month-to-month basis, Mr. Brown said.

“414 West Broadway is a deal that took a long time to complete but we worked very closely with the seller and are excited to have this space on the best block of West Broadway,” Mr. Brown said.

Joshua Siegelman from Winick Realty Group negotiated the deal. A spokeswoman for Winick didn’t immediately respond to a request for comment. Valerie Berk, the chief executive officer of Valroge, declined to comment.

Ascot also owns a commercial condo at 43 Wooster Street between Broome and Grand Streets that was leased to Wooster Street Social Club tattoo parlor when the company purchased it for $3.5 million in July 2012. The condo spans 4,000 square feet on the ground floor and 2,700 square feet below ground. Ascot is leasing the unit to clothing store 260 Sample Sale until at least the end of the year. (Love Hate Social Club, formerly Wooster Street Social Club, moved to Stellar Management’s123-127 Lafayette Street between Howard and Canal Streets in Soho, as CO reported in April 2015.)

A year prior, Ascot purchased a commercial condo (4,000 square feet at grade and 4,000 square feet below grade) from Salmon & Marshall at 131 Greene Street, directly across the street from Ascot’s newly acquired 138 Greene Street, for $6.9 million. Google leases the space as has been previously reported. Mr. Brown declined to discuss the tenant.


Brunner buys Nolita rental buildings from Marolda for $31M

Brooklyn developer Joseph Brunner’s most recent deal took him to Manhattan, where he purchased two Nolita rental buildings for $31 million, according to property records filed with the city Monday.

Brunner closed on 55 Spring Street and 57 Spring Street last month, acquiring the buildings from Marolda Properties for $15.5 million each. The five-story buildings, located between Lafayette and Mulberry streets, house a combined 33 residential units.

The properties also include three commercial units across a combined 18,552 square feet, and feature a total of 32,754 buildable square feet. Neither Brunner nor Marolda could be reached for comment.

Brunner and partner Abe Mandel recently went into contract on a Williamsburg development site for nearly $700 per buildable square foot, as The Real Deal reported, while the city’s Department of Buildings denied Brunner’s permit application last week for an eight-story rental project at 1134 Fulton Street in Bedford-Stuyvesant.

Marolda, meanwhile, recently sold a three-building Lower East Side rental complex to Akelius Real Estate Management for $24 million. Marolda faced an investigation by the state’s Division of Housing and Community Renewal last year for allegedly throwing tenants out of rent-controlled apartments.

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