Tayar, Hazan and Rossano of Besen & Associates complete $7.5 million sale

Besen & Associates has completed the sale of 1444 Third Ave. located in the Upper East Side neighborhood. The transaction amounted to $7.5 million and was sold in an off-market transaction by the team of Assaf Tayar, Orly Hazan and Iris Rossano. Located on the southwest corner of Third Avenue and East 82nd St., the property is a 4-story, 7,197 s/f mixed use building along with a two-story building with an separate entrance on one 26 ft. by 102 ft. lot. The front building on Third Ave. contains a restaurant with two years left on lease, and there are nine apartments. Zoned C1-9 with a maximum allowable F.A.R. of 10, the property offers air rights with up to 26,000 buildable s/f. The purchaser ultimately plans to redevelop the property into a boutique condominium. Additionally, the firm completed the sale of 2261-2273 Adam Clayton Powell Jr. Blvd. in Harlem between West 133rd and West 134th Sts. The transaction amounted to $6.75 million and was sold by exclusive listing agent Shoy McKen and Orly Hazan who represented the purchaser. The portfolio includes three 5-story walkup apartment buildings with retail and a 25' x 75' vacant lot. The package consists of a total of 41 apartments and six stores with 39,455 s/f. The six retail stores consist of three restaurants, two beauty salons, and a boutique store. The buildings were all gut renovated with new systems and recently pointed exteriors. This allowed for a J-51 tax benefit with the exemption lasting another 13 years. 2265 Adam Clayton Powell Jr. Blvd. is a 1,875 s/f parking lot zoned C1-4/R7-2 with 6,450 buildable s/f. The property is located near the 2 and 3 trains at 135th St. and near St. Nicholas Park. The property sold for $127,360 per unit, $171 per s/f, a 10.3 gross rent multiplier, and a cap rate of 6.4. This portfolio was sold to a local private investor. Besen & Associates is a leading investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.