ONE Commercial Brokers Four Sales, Including Three SRO Buildings.

New York, NY – March 21, 2018

ONE Commercial Realty Services has arranged four sales totaling $5 million. 

The first deal is a sale of 663 Macdonough Street in Brooklyn. The property sold for $1.75 million. A three (3) story, multi-family walk-up building, totaling six (6) free market residential units and on the North side of Macdonough Street between Saratoga Avenue and Howard Avenue. Located adjacent to Bushwick, the area is up and coming and is a great opportunity for an investor. Bedford Stuyvesant is becoming very diverse with a lot of new restaurants and cafes opening up such as Macdonough Café.

Executive Managing Director Josh Lipton, Director of Investment Sales Andrew Levine and Senior Associate Stephen Ramkelawan represented the seller.

“The building was a 4-unit vacant 4,200 SF shell with DOB approved plans for 6 units.  The property represents a prime opportunity for a developer to reposition the asset and benefit from the blossoming Ocean Hill submarket of Bedford-Stuyvesant.”, said Stephen Ramkelawan, Senior Associate of Investment Sales at ONE Commercial.

 

ONE Commercial also brokered the sale of 611 West 142nd Street.  The building sold for $1.35 million. 

The subject property is a 15’ wide townhouse located in Hamilton Heights on West 142nd Street between Broadway and Riverside Drive. The property was a vacant shell totaling 2,880 SF with an additional extension of 900 SF proposed. Residents can take advantage of a number of national retailers on 145th Street, including: Starbucks, Duane Reade, Chase Bank, and New York Sports Club. The building also benefits from its close proximity to major academic institutions such as Columbia University and its Manhatanville Expansion Project and City College just a few blocks southeast.

Exclusive agents Josh Lipton and Andrew Levine represented the owner.

“A vacant shell in prime West Harlem between Broadway and Riverside, 611 West 142nd Street represents a tremendous opportunity for new Ownership.  Two-family townhouse can, in this submarket, sell for more than $900 sq. ft.  Alternatively, rents for multi-family properties a few blocks north of the Columbia University Expansion Project are garnering $55-$60 sq. ft. for new product.  Either approach is a winner for the purchaser.”, said ONE Commercial’s Executive Managing Director Josh Lipton.

 

ONE Commercial also closed the $1.3 million sale of 719 Saint Nicholas Avenue. 

The subject property is a 19’ wide mixed-use walk-up SRO building located in the heart of Hamilton Heights on Saint Nicholas Avenue between West 145th Street and West 146th Street. The landmarked building is 5,260 SF and boasts 11’ to 12’ ceilings, and unique architectural features. The property consists of one (1) ground floor retail unit totaling 1,239 SF that is currently vacant. There are also twelve (12) residential units, three (3) of which are currently occupied. The adjacent property at 721 Saint Nicholas Avenue was recently redeveloped into a four (4) unit boutique condominium with sellouts projected upwards of $1,050 SF. Additionally the ground floor retail at 721 Saint Nicholas was recently sold to a bar/restaurant operator, strengthening an evolving retail corridor.

Exclusive agents Josh Lipton and Andrew Levine represented the owner.

The property is situated just one block north of the A, B, C, & D subway lines at 145th Street and Saint Nicholas Avenue. Residents take advantage of a number of national retailers on 145th Street, including: Starbucks, Duane Reade, Chase Bank, and New York Sports Club. The building also benefits from its close proximity to major academic institutions such as Columbia University and its Manhatanville Expansion Project and City College just five blocks south. 719 Saint Nicholas Avenue represents a prime opportunity for investors and owner-users alike.

“In the heart of a central Harlem, 719 St. Nicholas Avenue was delivered with nine (9) vacant apartments with upside rental potential as well as vacant retail space.  New Ownership is well positioned to maximize the income of the asset in the near term.”, said ONE Commercial’s Director of Investment Sales Andrew Levine.

 

ONE Commercial also announced the sale of 423 East 136th Street. The vacant SRO building was sold for $600K. 

The subject property is a 16.67’ wide walk-up SRO building located in the heart of the Mott Haven district in the Bronx on 136th Street between Willis Avenue and Brown Place. The building, which was previously a church, totals 3,000 SF and consists of thirteen (13) residential units. The property was delivered vacant. The property neighbors a busy commercial corridor on 138th Street that offers a wide variety of shops and restaurants.

Exclusive agents Josh Lipton and Andrew Levine represented the owner.

The building is situated a few short blocks away from the 6 subway line at Brook Avenue and East 138th Street.

“The vacant asset represented a blank canvas for the purchaser to convert the building into a live-plus income or multi-family income producing building in an emerging neighborhood in the Bronx.”, said ONE Commercial’s Executive Managing Director Josh Lipton.

 

About ONE Commercial

Powered by a highly skilled team, ONE Commercial is one of New York’s preeminent full-service commercial real estate firms, priding itself in providing best in class services to our clients on a consistent basis and is one of the preferred brokerage throughout New York City. With localized knowledge of each of New York City’s geographic areas, our professional brokers provide very specific market knowledge and industry expertise to investors and owners alike. As a result, we achieve superior results for our clients.