CPEX negotiates two Brooklyn sales totaling $2.767 million; Includes $1.625 million by Leary, Kelly and Sendogdular

CPEX has completed two sales totaling $2.767 million. In the first deal, the CPEX N.Y. Mixed-Use Team sold a mixed-use property located at 200 Columbia St. The property consists of one commercial unit and six rent stabilized residential apartments and has a certificate of occupancy for the same. The building is 5,712 s/f with M1-1 zoning and it sold for $1.142 million in an all-cash transaction. The property was delivered with one rent stabilized tenant and one commercial tenant. The new owner plans to renovate the residential portion of the building, as well as, upgrade the building's entire infrastructure including but not limited to: the common areas, mechanical systems, utilities and roof. Associate directors Scott Burk, Esq. and Andre Sigourney of the Mixed-Use Team represented the sellers. The property is located in the Columbia Waterfront district, a small charming enclave in northwestern Brooklyn, nestled between the Brooklyn Queens Expressway and Buttermilk Channel. "Fueled by the strength of the surging residential rental market along with the highly desirable location of the property, we received an enormous amount of interest from the local commercial real estate investment community. In particular, several re-developers looking for value-add projects with long term value investigated the subject property," said Burk. In addition, significant activity from local investors helped generate over 15 offers on the subject property. In the second deal, CPEX's Development and Conversion Sales Team has arranged the sale of a landmark conversion/development site in Greenwood Heights located at 750-751 5th Ave. The properties, situated on the southwest corner of 25th St. & 5th Ave., were sold to Green-Wood Cemetery for $1.625 million in an all-cash transaction. The sale consisted of two properties on contiguous tax lots, totaling 7,500 s/f of land. The landmarked greenhouse is 2,500 s/f and the adjacent property is a two-story building totaling 4,000 s/f and is not landmarked. Both properties are currently zoned M1-1D, allowing for multiple commercial uses as well as residential. The properties were delivered vacant at closing. CPEX's Development and Conversion Sales Team consisting of managing partner Brian Leary, managing director Sean Kelly Esq., and associate Cengiz Sendogdular represented McGovern Florist, the seller, in this transaction and procured the buyer, Green-Wood Cemetery. The 19th century Victorian building, McGovern Weir Greenhouse was constructed in 1895 and was designated as a landmark in 1982. Located opposite the entrance to Green-Wood, the properties were utilized as a florist owned and operated by the McGovern family for multiple generations. Green-Wood plans on completing a landmarked renovation on the existing greenhouse to restore it to its original state. They will also further develop the adjacent property. Green-Wood intends to have a multiple use facility completed by 2014. Green-Wood Cemetery consists of 478 acres of sprawling land and is registered as a national landmark. It is estimated that 300,000 plus tourists visit this attraction on an annual basis. "This was an interesting assignment and during the marketing process the level of interest and various creative uses presented were in abundance. The end result was the most logical option for the seller. To have such a prestigious landmarked organization such as Green-Wood purchase this asset and create a treasure that will be embedded in the community for years to come is gratifying," said Leary. For further information, please contact CPEX, [email protected] , or (718) 935-1800. CPEX was founded in September 2008 by Timothy King and Brian Leary, two prominent leaders in the New York City commercial real estate industry. The founders have provided a broad range of real estate and business services locally, nationally and internationally throughout their career. CPEX provides a full range of services for both real estate and business owners, through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization for each market. Real estate services include: sales, leasing, acquisitions and advisory. Business services include: sales, acquisition, and advisory. To these teams, CPEX adds additional resources and support. Each business line is backed up with its own dedicated operations team. The operations team carries out tasks such as scheduling, preparing materials and documentation, client reporting, coordinating public relations, advertising and marketing efforts, and working with CPEX administration. Teams are further supported by our centralized in-house research, technology and marketing & media groups. This type of support allows our sales force and advisory team to remain singularly focused on executing assignments. The CPEX operating platform consisting of multiple people working together in a specialized system is proven achieve maximum results for our clients.