Read More - CPEX Real Estate

2nd Quarter 2015
Featuring:
• CPEX Spotlight
• Find out what’s new in our
Sneak Peek
• CPEX World
• Featured Properties &
Notable Transactions
NEWSLETTER
®
www.cpexre.com
INVESTMENT SALES | LEASING | ACQUISITIONS | ADVISORY
CPEX Real Estate | 81 Willoughby Street, 8th Floor | Brooklyn | NY 11201 | T: 718.935.1800
LETTER FROM
THE PARTNERS
It seems like only yesterday we were
celebrating a successful 2014 with you
all at the CPEX Holiday Party, so it’s
hard to believe the second quarter of
2015 is already underway. You know
how the saying goes: time flies when
you’re signing leases and closing sales!
Timothy King | Managing Partner
The first three months of the year have
certainly flown by. CPEX has closed several notable transactions, including the
sale of a couple of retail properties on
Flatbush Avenue and the second piece
of a development assemblage in Prospect Lefferts Gardens, among others.
Brian Leary | Managing Partner
ICSC RECon Vegas is nearly upon us,
and our teams have been hard at work preparing for the CPEX excursion
out west. We have some new research reports in the works, and a sneak
peek at some other materials that you won’t want to miss.
As has been the case in recent years, Brooklyn and the outer boroughs
are extremely active in the commercial real estate industry, and so are we!
If you don’t already receive your quarterly newsletter and would like to,
please contact Louisa Graham at lgraham@cpexre.com.
Thanks for reading!
TABLE OF CONTENTS
CPEX SPOTLIGHT
1
SNEAK PEEK 2
CPEX WORLD 3
FEATURED PROPERTIES & NOTABLE TRANSACTIONS
5
MULTI-FAMILY SALES5 6
RETAIL
SALES 8
RETAIL LEASING OFFICE SALES & LEASING 10
DEVELOPMENT & CONVERSION SALES 12
MIXED-USE SALES 14
INDUSTRIAL SALES & LEASING
15
CONTACT OUR TEAMS
19 5
SPOTLIGHT
SNEAK PEEK
Q& A
Ryan Condren: What he expects to achieve at ICSC Las Vegas
Q: What was your
past experience
like at ICSC?
R: CPEX started
attending ICSC
when we were
founded in 2008.
This was in the dog
days of commercial real estate after the market crashed, and the fledgling days
of our company – how times have changed! Each year we’ve gotten more and
more out of the event, and it has certainly been interesting to see how both the
conference and our company have evolved over the last several years.
Q: How is ICSC NY different from ICSC RECon Las Vegas?
R: ICSC in Las Vegas is about five times larger than its New York counterpart,
so I find I do a lot more walking in Sin City than the Big Apple.
Q: If you’re a local company, based out of Brooklyn, why is it important to you
to attend ICSC in Las Vegas?
R: Brooklyn has quickly become a destination for both national and international retailers. Even though I’m more than halfway across the country, every
five minutes I find myself running into somebody who is looking to learn more
about the Brooklyn retail market.
Keep your eye out for our Spring/
Summer 2015 Magazine at the
upcoming ICSC RECon Las Vegas event
on May 18-20, booth #N3347Z. You can
also email info@cpexre.com to request
your copy of the magazine.
SPRING/SUMMER
2015 MAGAZINE
®
81 WILLOUGHBY STREET, 8TH FLOOR | BROOKLYN, NY | 11201 | 718.935.1800
WWW.CPEXRE.COM
Practice your commercial real estate
terminology with us! CPEX’s weekly
Coach’s Corner is a great tool to refresh
your memory, or teach you important
terminology about commercial
real estate. Visit www.cpexre.com/
coachcorner to learn this week’s term!
Q: What are you looking to do differently at this ICSC event?
R: I’m just looking to stick to the fundamentals of real estate brokerage – a
lot of handshaking, schmoozing, business card exchanging, and (hopefully)
deal-making. I want to continue to educate brokers, tenants, developers, and
others in the real estate industry about the ongoing growth and still unfulfilled
potential of Brooklyn retail.
Q: How has having your company be one of the booth exhibitors at ICSC Las
Vegas benefited you?
CPEX is a proud sponsor of the
bi-weekly Real Estate Bisnow
newsletter. Stay up-to-date with us
and email info@cpexre.com
to subscribe.
R: I get to meet a lot of movers and shakers in the industry that I wouldn’t necessarily meet otherwise. It’s a great opportunity to share our company’s collective
work and expertise with an even broader audience on an even greater stage.
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CPEX WORLD
BISNOW AT BARCLAYS
Sean R. Kelly, Esq., Managing Director, Comments on the “4 Real
Challenges in Remaking Brooklyn”
Managing Director of CPEX’s Development
& Conversion Investment Sales Team, Sean
R. Kelly, Esq., participated as a panelist at
the last Bisnow event at Barclays in Brooklyn
on March 4, 2015. He shared his knowledge about the “development boom” and
the challenges Brooklyn is facing at the last
Bisnow event in Brooklyn. To learn more,
visit www.cpexre.com/press.
CPEX’S FIRST ST. PATRICK’S DAY BREAKFAST
What a great success!
The Managing Partners at CPEX, along with Rob
Walsh, hosted their first St. Patrick’s Day Breakfast
at McMahon’s Public House. “Our guests were
welcomed with bag pipes and an Irish Breakfast,”
said Greg Roberts, COO at CPEX. “In addition, it
was a pleasure having Terry Golway as our guest
of honor, who was able to give us a glimpse into
Irish-American history.” CPEX is planning on hosting their second St. Patrick’s Day Breakfast next
year and we hope to see you there!
REACHING OUT COMMUNITY SERVICES HONORS CPEX REAL ESTATE
7th Annual Dinner Benefit to Fill Empty Plates
This year, CPEX Real Estate is being honored by Reaching-Out
Community Services for its “Exemplary Leadership in Community
Services.” The event will take place on May 13, 2015 at 7:00 pm.
at Gargiulo’s. For further information, to show support, or to sign
up for this event, please email Louisa at lgraham@cpexre.com or
call 718-687-4215.
CPEX WISHES KRISTINA TRIGLIA FAREWELL
It is very sad to see Kristina go, but we wish her all the best!
One of our favorite members of the CPEX family left early this
year to pursue a different career. She played an essential role on
the Retail Leasing Team and is one of the reasons CPEX is what
it is today. She was the perfect embodiment of what CPEX is
striving for. Good luck in your new career, Kristina!
CONGRATULATIONS TO THE CPEX RETAIL LEASING TEAM FOR
BEING THE ONLY TEAM TO HAVE EACH MEMBER RECOGNIZED AS
A 2014 COSTAR POWER BROKER!
Managing Partner Timothy D. King, Managing Director Ryan Condren, Associate
Director George Danut, and Associate Director Kristina Triglia were all honored
with the award, which recognizes the select few commercial real estate brokers
and brokerage firms who performed at the industry’s highest level and achieved
remarkable sales and leasing success. Kristina was the only woman honored under
the Retail Leasing category in the Brooklyn market, and Ryan won the award for
the third time in his career.
“Teamwork is the cornerstone of the CPEX culture and the reason why CPEX clients
and customers rewarded us with their business, allowing us to receive this recognition,” said Tim.
The CPEX Retail Leasing Team completed 28 transactions in 2014 for a total of
202,974 square feet, and an aggregate lease value of over $166 million. Clearly
well deserved!
CPEX Real Estate was also recognized as a firm for its achievements in both sales
and leasing, the third straight year it has been named a top sales and leasing firm.
“This award is a testament to the hard work of our sales and leasing teams, as well
as the dedicated support of our Operations team” said CPEX COO Greg Roberts.
“We are very humbled to have been presented this award, and look forward to
carrying this momentum into 2015.”
OUR MAGEN DAVID STUDENTS ARE BACK!
CPEX is excited to welcome this spring’s high school mentees!
Last year, we had a separate mentorship program
specifically designed for our partnership with Magen David Yeshiva High School. This year, CPEX is excited to
welcome back another round of Magen David Mentees.
Be on the lookout on CPEX’s social media outlets, to
learn more about our current students’ experience.
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FEATURED PROPERTIES & NOTABLE TRANSACTIONS
MULTI-FAMILY
SALES
FEATURED LISTINGS
703 Carroll Street
266-268 67th Street
Sold
For Sale
Park Slope, Brooklyn, NY 11215
Bay Ridge, Brooklyn, NY 11220
8-Unit Residential Walk-Up Building
17-Unit Multi-Family Walk-Up Building
Size: Lot SF 4,000; Building SF 14,080
Asking Price: $4,300,000
194 Bay 22nd Street
For Sale
Bath Beach, Brooklyn, NY 11214
16-Unit Multi-Family Walk-Up Building
Size: Lot SF 5,051; Building SF 13,940
Asking Price: $4,100,000
MULTI-FAMILY
SALES
NOTABLE TRANSACTIONS
295 Degraw Street
Sold
Cobble Hill, Brooklyn, NY 11231
8-Unit Multi-Family Walk-Up Building
SOLD
5
Size: Lot SF 2,652
Sale Price: $3,800,000
SOLD
Size: Lot SF 2,750; Building SF 8,800
Sale Price: $4,600,000
RETAIL SALES
FEATURED LISTINGS
66 Washington Avenue, Unit 2C
For Sale
Clinton Hill, Brooklyn, NY 11205
Retail Condominium
Size: Lot SF 1,630; Condo SF 2,705
Asking Price: $950,000
260 Beach 116th Street
For Sale
Rockaway Park, Queens, NY 11694
Retail Building
Size: Lot SF 6,700; Building SF 3,840
Asking Price: $1,700,000
6
1580 Flatbush Avenue
440 Atlantic Avenue
For Sale
Sold
Flatbush, Brooklyn, NY 11210
Boerum Hill, Brooklyn, NY 11217
Size: Lot SF 6,667; Building SF 12,200
Asking Price: $16,000,000
Size: Lot SF 2,846; Building SF 4,756
Sale Price: $3,250,000
Retail Building
RETAIL SALES
NOTABLE TRANSACTIONS
2038-2050 Flatbush Avenue
Sold
Marine Park, Brooklyn, NY 11234
Retail Building
Size: Lot SF 15,391; Building SF 15,000
SOLD
RETAIL LEASING
FEATURED LISTINGS
55-01 Myrtle Avenue
For Lease
Ridgewood, Queens, NY 11385
Retail Space
Size: Available SF 5,664
Asking Price: Pricing Upon Request
2058-2062 Flatbush Avenue
81 Willoughby Street
Marine Park, Brooklyn, NY 11234
Retail Building
Size: Lot SF 6,000; Building SF 5,900
7
SOLD
Sale Price: $4,500,000
Sold
SOLD
8-Unit Multi-Family Building
Sale Price: $1,800,000
For Lease
Downtown Brooklyn, Brooklyn, NY 11201
Retail Space
Size: Available SF 9,000
Asking Price: Pricing Upon Request
8
976 Fulton Street
221-06 Merrick Boulevard
For Lease
Leased
Clinton Hill, Brooklyn, NY 11238
Springfield Gardens, Queens, NY 11413
Size: Available SF 1,200
Asking Price: Pricing Upon Request
Size: Total SF 17,637
Tenant: Advance Auto Parts
Retail Space
Retail Space
RETAIL LEASING
NOTABLE TRANSACTIONS
195 Court Street
Leased
Cobble Hill, Brooklyn, NY 11201
Retail Space
Size: Total SF 800
LEASED
FEATURED LISTINGS
3858, 3848, 3820 Nostrand Avenue
For Lease
Sheepshead Bay, Brooklyn, NY 11235
Office Space
Size: Multiple Office Suites from 724 SF to 5,670 SF
Asking Price: $35 PSF
479 5th Avenue
1159 Flatbush Avenue
Leased
For Lease
Retail Space
Office/Daycare Building
Tenant: Sprint
Size: Available SF 4,200
Asking Price: Pricing Upon Request
Size: Total SF 1,210
9
OFFICE SALES & LEASING
Tenant: Marine Layer
Park Slope, Brooklyn, NY 11215
LEASED
LEASED
Flatbush, Brooklyn, NY 11226
10
66 Willow Avenue
35-37 36th Street
For Sale
Leased
Office Space
Office Space
Asking Priice: Pricing Upon Request
Tenant: Miami Ad School
Staten Island, NY 10305
Long Island City, Queens, NY 11106
Size: Total SF 48,000
65 Maspeth Avenue
For Lease
Brooklyn, NY 11211
Office Space
Size: Two suites: 950 SF and 1,800 SF
Asking Price: Upon Request
OFFICE SALES & LEASING
NOTABLE TRANSACTIONS
3858 Nostrand Avenue, Suite 101
DEVELOPMENT & CONVERSION SALES
FEATURED LISTINGS
147-07-37 94th Avenue
For Sale
Jamaica, Queens, NY 11435
Residential/Commercial Development Site
Size: Lot SF 35,000; Building SF 46,180;
Buildable SF 420,000
Asking Price: $24,000,000 or $1,260,000 per year
1134 Fulton Street
For Sale
Office Space
Development & Conversion Site
Size: Total SF 2,740
11
LEASED
Leased
Sheepshead Bay, Brooklyn, NY 11235
LEASED
Size: Total SF 11,820
Tenant: Medical
Clinton Hill, Brooklyn, NY 11216
Size: Lot SF 25,753; Building SF 33,736;
Buildable SF 228,752
Asking Price: Pricing Upon Request
12
886 Dahill Road
318-350 Clarkson Avenue
For Sale
Sold
Mapleton, Brooklyn, NY 11204
Prospect Lefferts Gardens, Brooklyn, NY 11226
Development & Conversion Site
Size: Lot SF 50,000; Buildable SF 200,000
Sale Price: $13,000,000
Development Site
Size: Lot SF 66,234; Buildable SF 313,950
Asking Price: $29,975,000 or $95 PPBSF
SOLD
619 Coney Island Avenue
186-190 21st Street
For Sale
Sold
Ditmas Park, Brooklyn, NY 11218
Greenwood Heights, Brooklyn, NY 11232
Commercial Development & Conversion Site
Development Site
Size: Lot SF 11,261; Buildable SF 33,783
Asking Price: $5,950,000
DEVELOPMENT & CONVERSION SALES
NOTABLE TRANSACTIONS
233 Duffield Street
Sold
13
MIXED-USE SALES
FEATURED LISTINGS
1074 Fulton Street
For Sale
Downtown Brooklyn, Brooklyn, NY 11201
Clinton Hill, Brooklyn, NY 11238
Size: Lot SF 2,174; Buildable SF 26,088
Size: Lot SF 2,904; Building SF 5,230; Buildable SF 12,197
Asking Price: $3,100,000
Development & Conversion Building
SOLD
SOLD
Size: Lot SF 10,017; Building SF 11,254;
Buildable SF 20,034
Sale Price: $6,250,000
Sale Price: $7,250,000
Mixed-Use Building
14
7003 3rd Avenue
For Sale
Bay Ridge, Brooklyn, NY 11209
Mixed-Use Walk-Up Building
Size: Lot SF 4,056; Building SF 4,853; Buildable SF 8,112
Asking Price: $3,100,000
MIXED-USE
SALES
NOTABLE TRANSACTIONS
900 4th Avenue & 158 33rd Street
Sold
Greenwood Heights, Brooklyn, NY 11232
Mixed-Use Building
SOLD
11 Morningstar Road
For Sale
Mariners Harbor, Staten Island, NY 10303
Commercial/Retail/Industrial Corner
Size: Lot SF 26,200; Building SF 12,190;
Buildable SF 26,200
Sale Price: Pricing Upon Request
1563 63rd Street
For Sale
Borough Park, Brooklyn, NY 11219
Garage Space
Size: Lot SF 3,967; Building SF 3,967; Buildable
SF 3,967
Asking Price: Pricing Upon Request
Size: Combined Lot SF 3,617; Combined Building SF 5,600
Sale Price: $1,900,000
2847-2857 W 21st Street
INDUSTRIAL SALES & LEASING
FEATURED LISTINGS
305 3rd Avenue
For Lease
Coney Island, Brooklyn, NY 11224
Industrial Space
Size: Available SF 11,881
Sale Price: Pricing Upon Request
For Sale or Lease
Gowanus, Brooklyn, NY 11215
Industrial Space
Size: Available SF 8,123
Sale Price: Pricing Upon Request
15
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5381 Kings Highway
INDUSTRIAL
SALES & LEASING
NOTABLE TRANSACTIONS
767 & 771 3rd Avenue
For Sale or Lease
Sold
Flatlands, Brooklyn, NY 11203
Sunset Park, Brooklyn, NY 11232
Size: Available SF 80,000
Asking Price: Pricing Upon Request
Size: Lot SF 23,167; Building SF 43,838;
Buildable SF 111,201
Sale Price: $8,250,000
Industrial/Development Site
Industrial Building
SOLD
1684 Utica Avenue
415-419 Smith Street
Sold
For Lease
Carroll Gardens, Brooklyn, NY 11231
Flatlands, Brooklyn, NY 11234
Size: Available SF 6,741
Asking Price: $35 PSF
Size: Lot SF 2,000; Building SF 960
Sale Price: $335,000
Industrial/Garage Space
Industrial/Retail Space
1924-1934 Flatbush Avenue
For Ground Lease
Flatlands, Brooklyn, NY 11210
Industrial Building
Size: Available SF 9,860
Sale Price: Pricing Upon Request
17
SOLD
76 4th Street
In Contract
Carroll Gardens, Brooklyn, NY 11231
Industrial/Flex Space
Size: Lot SF 4,480; Building SF 4,480;
Buildable SF 8,960
In Contract
Visit www.cpexre.com/assignments to see more of our
current listings and completed transactions.
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CONTACT OUR TEAMS
THE EXECUTIVE TEAM
TIMOTHY D. KING
Managing Partner
Office: (718) 935-1800 Ext 225
Direct: (718) 687-4210
Fax: (718) 935-1822
Email: tking@cpexre.com
BRIAN T. LEARY
Managing Partner
Office: (718) 935-1800 Ext 229
Direct: (718) 687-4200
Fax: (718) 935-1822
Email: bleary@cpexre.com
GREGORY H. ROBERTS
Chief Operating Officer
Office: (718) 935-1800 Ext 221
Direct: (718) 687-4222
Fax: (718) 935-1822
Email: groberts@cpexre.com
THE DEVELOPMENT & CONVERSION TEAM
SEAN R. KELLY, ESQ.
Managing Director
Office: (718) 935-1800 Ext 234
Direct: (718) 687-4205
Fax: (718) 935-1822
Email: skelly@cpexre.com
SEAN SEARS
Associate
Office: (718) 935-1800 Ext 289
Direct: (718) 687-4227
Fax: (718) 935-1822
Email: ssears@cpexre.com
JAMES O’NEILL
Associate
Office: (718) 935-1800 Ext 304
Direct: (718) 687-4236
Fax: (718) 935-1822
Email: joneill@cpexre.com
CARL J. MATOS
Managing Director
Office: (718) 935-1800 Ext 328
Direct: (718) 687-4235
Fax: (718) 935-1822
Email: cmatos@cpexre.com
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THE MULTI-FAMILY TEAM
STEPHEN SAFINA
Associate Director
Office: (718) 935-1800 Ext 231
Direct: (718) 687-4201
Fax: (718) 935-1822
Email: ssafina@cpexre.com
LAWRENCE SARN
Associate Director
Office: (718) 935-1800 Ext 305
Direct: (718) 935-1821
Fax: (718) 935-1822
Email: lsarn@cpexre.com
THOMAS RYAN
Associate
Office: (718) 935-1800 Ext 295
Direct: (718) 208-1852
Fax: (718) 935-1822
Email: tryan@cpexre.com
THE MIXED-USE TEAM
BRIAN T. LEARY
Managing Partner
Office: (718) 935-1800 Ext 229
Direct: (718) 687-4200
Fax: (718) 935-1822
Email: bleary@cpexre.com
KEAT CHEW
Associate
Office: (718) 935-1800 Ext 226
Direct: (718) 687-4209
Fax: (718) 935-1822
Email: kchew@cpexre.com
THE RETAIL SALES TEAM
ANDRE SIGOURNEY
Associate Director
Office: (718) 935-1800 Ext 298
Direct: (718) 687-4228
Fax: (718) 935-1822
ALYONA CHYSTYAKOVA
Associate
Office: (718) 935-1800 Ext 227
Direct: (718) 687-4207
Fax: (718) 935-1822
Email: achystyakova@cpexre.com
Email: asigourney@cpexre.com
HARRISON BALISKY
Associate
Office: (718) 935-1800 Ext 244
Direct: (718) 687-4214
Fax: (718) 935-1822
Email: hbalisky@cpexre.com
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THE RETAIL LEASING TEAM
TIMOTHY D. KING
Managing Partner
Office: (718) 935-1800 Ext 225
Direct: (718) 687-4210
Fax: (718) 935-1822
Email: tking@cpexre.com
RYAN CONDREN
Managing Director
Office: (718) 935-1800 Ext 224
Direct: (718) 687-4212
Fax: (718) 935-1822
Email: rcondren@cpexre.com
GEORGE DANUT
Associate Director
Office: (718) 935-1800 Ext 238
Direct: (718) 687-4220
Fax: (718) 935-1822
Email: gdanut@cpexre.com
THE ADVISORY TEAM
TIMOTHY D. KING
Managing Partner
Office: (718) 935-1800 Ext 225
Direct: (718) 687-4210
Fax: (718) 935-1822
Email: tking@cpexre.com
BRIAN T. LEARY
Managing Partner
Office: (718) 935-1800 Ext 229
Direct: (718) 687-4200
Fax: (718) 935-1822
Email: bleary@cpexre.com
ROBERT WALSH
Senior Managing Director
Office: (718) 935-1800 Ext 322
Direct: (718) 208-1851
Fax: (718) 935-1822
Email: rwalsh@cpexre.com
GREGORY H. ROBERTS
Chief Operating Officer
Office: (718) 935-1800 Ext 221
Direct: (718) 687-4222
Fax: (718) 935-1822
Email: groberts@cpexre.com
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THE OFFICE TEAM
TIMOTHY D. KING
Managing Partner
Office: (718) 935-1800 Ext 225
Direct: (718) 687-4210
Fax: (718) 935-1822
Email: tking@cpexre.com
THE INDUSTRIAL TEAM
BRIAN T. LEARY
Managing Partner
Office: (718) 935-1800 Ext 229
Direct: (718) 687-4200
Fax: (718) 935-1822
Email: bleary@cpexre.com
RICHARD NOVAK
JACOB TZFANYA
Associate Director
Associate Director
Office: (718) 935-1800 Ext 233
Office: (718) 935-1800 Ext 242
Direct: (718) 687-4217
Direct: (718) 687-4211
Fax: (718) 935-1822
Fax: (718) 935-1822
Email: rnovak@cpexre.com
Email: jtzfanya@cpexre.com
ROSANNA TAPANG
Associate
Office: (718) 935-1800 Ext 290
Direct: (718) 687-4202
Fax: (718) 935-1822
Email: rtapang@cpexre.com
TIMOTHY CAHANEY
Associate
Office: (718) 935-1800
Direct: (718) 687-4235
Fax: (718) 935-1822
Email: tcahaney@cpexre.com
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®
81 Willoughby Street, 8th Floor | Brooklyn, NY 11201 | T: 718.935.1800 | F: 718.935.1822 | www.cpexre.com