News:
Brokerage
Posted: June 2, 2020
French and Rock of Marcus & Millichap collaborate in $8.95m; Von Der Ahe, Riney and Salvatico complete two sales
White Plains, NY According to Marcus & Millichap regional manager and vice president John Krueger, the firm has completed the sale of 14 Mamaroneck Ave. The mixed retail/office site sold for $8.95 million.
Marcus & Millichap’s Joseph French, Jr. and Steven Rock of Marcus & Millichap Capital Corp. in the firm’s Westchester office, exclusively represented the seller, a private investor. The duo secured the buyer, also a private investor, with Rock arranging the debt financing terms. The loan amount was $5.53 million, and was provided by a regional lender.
Regarding the transaction, the duo said, “Through our long-term relationships, we were able to make an introduction to the seller and buyer and together collaborated to execute this transaction. We were able to achieve an above average price per s/f for a suburban office and retail property in a challenging market.”
The asset, located in downtown White Plains, is comprised of nine office tenants and one retail unit. Tenants include People’s United Bank, CitiMed, and multiple law offices. “This transaction proves there is strong demand for downtown White Plains assets with good long term tenancy to stabilize and provide strong cash flow.”
Additionally, the firm closed the following:
- The sale of 229 Kent Ave. which closed for $3 million at $1,304 per s/f. This deal was closed by Peter Von Der Ahe, Shaun Riney and Mike Salvatico of the NYM Group at Marcus & Millichap. This is a 2,900 s/f mixed-use property located in Williamsburg neighborhood of Brooklyn. It consists of three units–one retail and two free-market residential units. The residential units are currently occupied and the retail unit is vacant, it was formerly occupied by a bar.
- The sale of 276-278 Bedford Ave. which closed for $3.797 million at a $694 per s/f. It was closed by Von Der Ahe, Riney and Salvatico. This is a 5,472 s/f development site located in the Williamsburg neighborhood of Brooklyn.
Tags:
Brokerage
MORE FROM Brokerage
Horizon Kinetics relocates new headquarters to Tishman Speyer’s Rockefeller Center
Manhattan, NY According to Tishman Speyer investment boutique Horizon Kinetics Asset Management LLC will relocate its current New York office to 18,713 s/f on the 27th floor of 1270 Avenue of the Americas at
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)