Cushman & Wakefield has sold two multifamily buildings in New Jersey, located at 1000 West and 522 10th Streets in Union City. The properties were sold as an all-cash transaction with a value of $2,120,000.
The buildings are adjacent to each other and between the two provide approximately 16,698 square feet. This equates to 12 residential units of one and two bedroom apartments.
1000 West Street was built in 2010 and is a four-story brick building with elevators and which contains nine residential units. It also has 13 covered parking spaces on the first floor. The adjacent building, 522 10th Street is a three-family building. The sales price of these buildings works out at approximately $127 per square foot, or $176,667 for each unit.
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Cushman & Wakefield’s Fahri Ozturk exclusively represented the seller in this transaction with Alexander McGee and said “We were able to identify the perfect buyer for our client due to our extensive marketing process.” Miriam Lebovitz of Dwell Realty represented the buyer.
In another transaction a luxury apartment building at 148 Greenwich Street in Nassau County was sold for $6,350,000 and was an all-cash purchase. The 40 unit, 5 story property is in excellent condition and the selling price equates to approximately $127 per square foot. Daniel Abbondandolo exclusively handled this transaction for Cushman & Wakefield, with Benjamin Efraimov and said “With potential buyers being priced out of primary markets, many investors are looking at submarkets in Nassau County for higher rates of return.
A residential property at 2 Pierrepoint Street in Brooklyn Heights was sold in an all-cash transaction. The 12 story property has approximately 26,700 rentable square feet and consists of 39 residential units. Stephen P. Palmese exclusively handled the transaction for Cushman & Wakefield and commented “2 Pierrepoint Street provides an extraordinary conversion property in one of New York City’s top ranked residential neighborhoods.”
Cushman & Wakefield have been retained on an exclusive basis to sell a development site at 45-57 Davis Street. The asking price for this development is $34,000,000, equating to approximately $314 per buildable square foot. This property is in the Long Island City neighborhood of Queens, located between Jackson and Skillman Avenues.
There is currently a two-story building on the property of approximately 19,912 square feet. This property is close to multiple subway lines as well the LIRR. It is a prime location that will provide a great opportunity for future residential development. Stephen R. Preuss who is exclusively marketing the property with David Chkheidze, said “This pocket of Long Island City gives a developer the opportunity to be situated near to many of the developments that will drastically change the landscape of the area.”