The Besen Buzz Spring 2015

Spring 2014 | Volume 4 | Issue 8

Murray Hill/Gramercy Portfolio

Spring 2015 | Volume 4 | Issue 10www.besengroup.com

MULTIPLE PORTFOLIO SALE TRANSACTIONS CLOSED IN Q1 2015Blockfront on Manhattan’s East Side & Three City Blocks in Brooklyn Sold

Contributing to a $19B first quarter for building sales, Besen & Associates closed four multi-property sale transactions at an aggregate value of $120,000,000. The properties include almost an entire block front in the Murray Hill section of Manhattan, three buildings in West Harlem and three full city blocks in south Brooklyn.

The Murray Hill transaction included five mixed use properties at 360, 362, 364, 366 and 368 Third Avenue, located between East 26th & 27th Streets. These walkup buildings consist of 56 apartments and 5 stores, and span 125 feet along the west side of Third Avenue. The properties were sold by three separate long-term owners, and the exclusive listings were handled by Daniel Shapiro and Matthew Garcia of Besen & Associates. Alex Frants procured the buyer. The portfolio traded for a total of $49.6 million to a partnership between Itzhaki Acquisitions and Continental Ventures. The price equated to $870 per square foot.

In West Harlem, a package of three walkup buildings was sold for $7,500,000 in March at 28 West 132nd Street, 3 West 137th Street and 273 West 150th Street. The package includes 45 residential rent-stabilized units and two retail stores. The properties amount to 40,000 total SF and come with a NYC Housing Preservation and Development regulatory agreement for another 20 years for which the buyer was pre-approved. The sale was completed solely by Shoy McKen.

In February Amit Doshi and Shallini Mehra closed the sale of 5407-5413 Kings Highway, also known as Clarendon Gardens, for $32,500,000. The subject property is a seven-building garden

The Besen Buzz

apartment complex that occupies a full city block in the East Flatbush neighborhood of Brooklyn. The complex includes 224 rent stabilized apartments and 97 parking spaces. The buildings were constructed in 1952 and have approximately 195,000 gross square feet and 23,790 square feet of unused air rights.

Amit Doshi and David Davidson of Besen & Associates completed the sale of Arlington Village in the East New York section of Brooklyn for $30 million. Located at 3100 and 3124 Atlantic Avenue, the property encompasses two city blocks across seven acres bound by Liberty Avenue, Montauk Avenue and Berriman Avenue. The portfolio was sold by the Fred Stark Estate after 50-plus years of ownership. This 12-building complex is comprised of eight 14-unit, 2-story walkup apartment buildings, three 24-unit buildings with 108 parking garages, one 16-unit building with 24 parking garages and 7,600 SF of retail on Liberty Avenue. There are a total of 210 units of which approximately 155 units were vacant at the time of sale. The properties were constructed in 1947-1948 and have approximately 186,100 gross SF. This property is zoned R5 with a C1-3 commercial overlay over the southeast portion providing for potentially an additional 200,000 SF of development rights.

“These were complex transactions from a number of standpoints,” stated Michael Besen. “Our teams worked diligently in representing their respective clients to achieve maximum pricing,” he concluded.

Harlem Porfolio

Clarendon Gardens Complex

Arlington Village

Bronx N/W PortfolioSix buildings with 188 apartments and 7 stores

$22,750,0009.0$165$121,0006.52% Amit Doshi, Lynda Blumberg

Price:GRM: Price/SF: Price/Unit:Cap Rate: Brokers:

2051-2055 Grand Concourse5-story elevator building with 63 apartments, 1 store

$10,025,00010.6$184 $159,100 5.74%Amit Doshi

Price:GRM: Price/SF: Price/Unit:Cap Rate: Broker:

511 West 181st Street | 2486 Valentine Avenue2 buildings with 53 apartments and 5 stores

$8,335,00010$193$138,9004.2%Amit Doshi, Lynda Blumberg


Parkchester Development Site | 310,525 BSFFull city block with 4 buildings & gas station

$14,700,000$47Lynda Blumberg, Amit Doshi

Price:Price/BSF:Brokers:

2463 Valentine Avenue | 2310 Valentine Avenue 2314 Valentine Avenue | 2376 Ryer AvenueFour walkup buildings with 95 apartments, 4 stores

$13,450,0008.6$162$141,6006.8Amit Doshi, Lynda Blumberg


1115 College Avenue | 1249 Webster AvenueTwo walkup buildings with 53 apartments

$6,015,00010.5$121$113,500 5.6%Amit Doshi


1022-1024 Walton Avenue6-story building with 27 apartments, 4 stores

$4,250,0009.1$136 $157,4006.6%Amit Doshi


2415 Creston Avenue5-story building with 33 apartments

$3,825,0008.9$141 $115,9005.35%Amit Doshi, Ron Cohen


150 West 179th Street6-story elevator building with 36 apartments

$4,025,0009.7$120 $111,800 5.8%Amit Doshi


198, 202-206 Kearney AvenueFour buildings with 11 apartments, 2-family home

$2,850,00010.2$199$259,100 8.26%Greg Corbin, Miguel Jauregui


Spring 2015 | Volume 4 | Issue 10

Q1 2015 SELECTED SALES TRANSACTIONS

Clarendon Gardens Complex7 garden apartment buildings with 224 units

$32,500,00010$166$145,1005.5%Shallini Mehra, Amit Doshi


1043 50th Street3-story building with 6 apartments

$1,375,00016$229$229,2002.42%Joseph Friedman


Arlington Village | 3100 & 3124 Atlantic AvenueTwo city blocks with 12 buildings and 210 apartments

$30,000,0009.8$161$142,9006.37%David Davidson, Amit Doshi


290 North 6th Street2-story building with 3 apartments

$1,100,000$763$366,700David Davidson, Matt Garcia

Price: Price/SF: Price/Unit:Brokers:

BRO

NX

BRO

OKL

YN

Spring 2014 | Volume 4 | Issue8 Spring 2015 | Volume 4 | Issue 10

Q1 2015 SELECTED SALES TRANSACTIONS

www.besengroup.com

360, 362, 364, 366, 368 Third AvenueFive buildings with 56 apartments, 5 stores

$49,600,000$870$751,5001.5% Dan Shapiro, Alex Frants, Matthew Garcia

Price: Price/SF: Price/Unit:Cap Rate: Brokers:

53 West 8th Street5-story walkup building with 16 apartments & store

$6,600,00026$708$330,000 1.7%Ishan Chhabra, Amit Doshi


West Harlem PortfolioThree buildings with 45 apartments and 2 stores

$7,500,00011.9$187$153,0615.7%Shoy McKen

Price:GRM:Price/SF: Price/UnitCap Rate: Broker:

500 West 43rd StreetNet leased condo parking garage

$17,850,000Hertz4.7%Jesse Cirolli-Quinones, Alex Frants

Price:Tenant:Cap Rate:Brokers:

109 Madison Street5-story building with 22 apartments, 1 store

$8,000,00014$620$333,3005.6%Joseph Friedman, Robert Khoda


1356-1358 St. Nicholas Avenue5-story building with 12 apartments and 4 stores

$6,100,00012.7$412 $305,0005.3%Amit Doshi, Shallini Mehra


199 Audubon Avenue5-story building with 21 apartments and 5 stores

$5,650,00011.7$280 $269,0004.77%Shallini Mehra, Amit Doshi


Roosevelt Avenue2-story corner building with 13 stores

$5,250,0007.5$473 11%Abraham Aderet

Price:GRM: Price/SF: Cap Rate: Broker:

MA

NH

ATTAN

NO

RTH M

AN

HATTA

N&

QU

EENS

Q1 2015 Q4 2014 % Changevs. Q4 2014 Q1 2014 % Change

vs. Q1 2014

Total Volume ($B) $18.6B $17.5 6.4% $11.1B 68.1%

# of Transactions 1,254 1,364 -8.1% 1,205 4.1%

Median Price/SF $321 $312 2.8% $267 20.1%

Average Cap Rate (%) 4.2% 4.6% -8.1% 4.4% -4.3%

NYC COMMERCIAL PROPERTY SALES Q1 2015

Dollar volume and pricing for all commercial asset classes throughout New York City continued to show sharp year-over-year increases in Q1 2015. Sales of investment property reached $18.6 million, an explosive 68% higher than Q1 2014.

Cap rate compression continued to 4.2%, down 40 basis points from the previous quarter. Velocity was relatively flat versus Q1 2014 and down 8% from Q4. Based on performance to date, 2015 is expected to be another remarkably strong year for investment sales in New York City.

Spring 2014 | Volume 4 | Issue8

Besen & AssociatesMichael Besen212.689.8488

Besen RetailMatthew Mager212.213.6480

Besen CapitalAngela Ortiz646.424.5075

Chief Marketing OfficerRonald H. [email protected]

Marketing ManagerJared E. [email protected]

We are presently recruiting Investment Sales agents.Submit resumes in confidence to [email protected] or call (646) 424-5317.

The Besen Group381 Park Avenue SouthFifteenth FloorNew York, NY 100016212.689.8488

212.689.8488Please contact us for a complimentary asset evaluation.

Join our e-mail list: www.besenassociates.com/sign-up.htmView our listings at: www.besenassociates.com/exclusive-listings.htm

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For more information, visit us at: www.besengroup.com

NYC ManagementAri Weisfogel646.472.8726

Distressed Asset Advisory GroupSanjay Gandhi646.472.8725

Head of Analysis/ResearchMatthew [email protected]

Senior AnalystValentina [email protected]

Editorial Team:

Besen & Associates is ranked #3 in NYC in building sales based on the total number of transactions 2001-2014.

The Besen Buzz Spring 2015

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