Melwani and Zavala of ARM Real Estate close $1.6 million sale of 17-01 Stanhope St.

ARM Real Estate arranged the sale of a residential building in Ridgewood for $1.6 million. ARM's Anand Melwani and Harrisson Zavala represented both sides in this off-market transaction of 17-01 Stanhope St., a three-story, six-unit, walk-up apartment building at the corner of Cypress Ave. The 5,150 s/f property (built in 1930) was sold by a long-term owner. The buyer was Stanhope Purchaser LLC, a local investor who focuses on the Ridgewood/Bushwick market. "There has been a lot of buzz about Ridgewood as an emerging market and this sale, priced at over $300 per s/f, shows that prices continue to rise," said Melwani. They also arranged the sale of a Flatiron 1,500 s/f retail leasehold interest at 28 East 22nd St. in Manhattan for $950,000 across the street from the glass condominium tower at 45 East 22nd St., being built by Bruce Eichner. The space is currently occupied by Green Cleaners until 2023. "This is a very interesting deal with 51 years remaining on the leasehold interest," said Melwani, who represented the buyer, 22nd Street Retail LLC, a private investor who focuses on retail investments. Keller Williams Michelle Siegel and Maura Jarach represented the seller, ASA Associates, the sponsor of the coop.