News:
Brokerage
Posted: February 19, 2019
Holloman of Lee & Associates NYC closes $11.5 million sale with Bruman Realty
Queens, NY Alfonso Holloman, CCIM, senior managing director/principal of Lee & Associates NYC has arranged the sale of the property at 26-24 & 26-26 Fourth St., between 26th and 27th Aves., in the Hallets Cove subsection of Astoria for $11.5 million to Bruman Realty. The property consists of two contiguous tax lots, which account for a combined total of 25,473 s/f, zoned residential. One of the tax lots is improved with a 20,000 s/f warehouse and the remainder is vacant land. A total of 67,982 s/f can be built on the property as of right.
“Located in the Astoria neighborhood of Hallets Cove, this property couldn’t be positioned better in terms of development opportunities,” said Holloman, who represented Bruman Realty and the unnamed seller. “The combination of the recent Amazon announcement and the Durst Organization’s seven-building megaproject currently under construction nearby will add to the excitement in this rapidly changing neighborhood.”
The Astoria dock of the NYC Ferry is less than a five-minute walk from the property, providing convenient access to both lower and midtown Manhattan.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
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
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
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,
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
