Building Sales Report. In this issue:

Transcription

1 Investment Property Sales Building Sales Report Neighborhood Focus: Manhattan: Midtown East, Flatiron, Murray Hill, Union Square, Gramercy Park Queens: Astoria, Long Island City, Sunnyside, Woodside, Forest Hills & Rego Park By Rubin S. Isak, CEO/Co-Founder Released June risak@falcoisak.com or call direct at (212) In this issue: Letter from Rubin S. Isak Topic: Our Platform Highlighted Building Sales Manhattan Sold Property Queens Sold Property Recent Exclusives Sold by Rubin Isak New Proposed Developments

2 This year we will be welcoming our seventh year since founding Falco & Isak Realty Services. Why have we been so successful since September 2008? One of the main reasons is our platform. When my business partner, John Falco, who I met while working at Massey Knakal Realty Services (now Cushman & Wakefield), and I started Falco & Isak Realty Services, we knew we needed to keep the local expertise approach alive. Our platform is simple: Topic: Falco & Isak Realty Services: Our Platform 1. We only sell investment property our attention is never diverted to other real estate activities (leasing, financing or management). We do ONE thing and we are one of the best at it. 2. We only represent sellers exclusively we are Owner Advocates. We never put ourselves in the position to have a conflict of interest by representing Sellers and Buyers at the same time. We are not Buyer s Brokers, we are a true Seller s Broker. Our interests are completely aligned with the sellers interests at all times. 3. We Utilize a Neighborhood system approach Each one of our brokers handles a specific neighborhood. The neighborhood expert will know everything going on in their specific neighborhood who is buying & selling, recent sales, rental prices, zoning change proposals, new developments, cap rates, GRM s and other critical data metrics. The BENEFIT to the seller is that the broker is better able to justify to Purchasers why they should pay a premium for a specific property. We are the only firm in the New York metropolitan area that can say we only represent sellers exclusively, we only sell commercial/investment property and we utilize a neighborhood system. We strive to be focused on only one part of the business which ensures our sellers never leave any, and I mean any, money on the table. The benefits to sellers is priceless. If you would like to learn more about our business and how our platform can NET you the most amount of money in the sale of your property, please don t hesitate to reach out to me. Warmest Regards, Rubin S. Isak CEO/Co-Founder If you didn t hire us to sell your property, you probably left money on the table. There isn't a law that says you have to sell your property for the most amount of money, but we think it s a philosophy that just makes sense. For more information on this report or to get a complimentary evaluation for your building, call me anytime at or send me an at risak@falcoisak.com RUBIN S. ISAK CEO/Co-Founder Investment Sales risak@falcoisak.com Rubin Isak has been involved with the sale of over $500,000,000 worth of commercial/investment property. Prior to co-founding Falco & Isak Realty, Mr. Isak began his investment sales career at Massey Knakal Realty Services as Director of Sales (now Cushman and Wakefield). He is also a graduate of Baruch College with a degree in International Marketing. Mr. Isak is a proud member of the Community Housing Improvement Program (CHIP), the Real Estate Board of New York (REBNY) and the International Council of Shopping Centers (ICSC). He can be reached directly at or anytime on his cell phone at

3 Highlighted Manhattan Recent Sales: June E 50th Street 6-Story Walk-up 15,896 SF 20 Res Units + Retail SOLD for $13,950,000 on 3/9/ E 58th Street Vacant 4-story Townhome 8,850SF Development Site 12,400 Buildable SF SOLD for $6,200,000 on 3/9/2015 $500/BSF 129 W 56th Street (Bet Sixth & Seventh Ave) 5 Story Walk-up 8,180 SF 8 Residential + 1 Restaurant SOLD for $10,450,000 on 3/17/ W 50th Street (Bet Eighth & Ninth Avenues) 7 Story Multi-family 81,050 SF Total of 102 Residential Units + Office Space SOLD for $72,000,000 on 3/23/ Third Avenue (Bet 47th & 48th Street) 26-Story Office Building 504,953 SF 98.7% Leased at time of sale SOLD for $360,000,000 on 4/23/ W 25th St 28 W 25th St & 24 W 25th St 3-Office Building Package Total of 272,033 SF SOLD for $210,000,000 on 3/5/2015

4 Highlighted Manhattan Recent Sales: June 2015 (Continued..) 240 Fifth Avenue (Bet W 27th & W 28th St) 5-Story Walk-up Retail/Office 14,000 SF SOLD for $22,100,000 on 3/5/ Park Avenue (Corner of E 36th Street) 20-Story Multi-family 236,315 SF 237 Residential units 200 Car Garage 3 Medical Offices SOLD for $179,000,000 on 3/12/2015 Cap Rate 3.5% 125 W 16th Street, Chelsea 6-Story Elevator Apartment Building 40 Residential + 2 Office Spaces 39,504 SF 3.64% Cap Rate SOLD for $41,500,000 on 4/24/2015 The Crown Building 730 Fifth Avenue (57th Street) 26-Story 390k SF Retail + Office Building 100,000 SF of Retail + 290,000 SF of Office SOLD for $1.775 billion on 4/17/2015

5 Highlighted Queens Recent Sales: June Queens Plaza N, LIC Single Story Retail Development Site 55,200 Buildable SF $298.62/BSF SOLD for $16,484,000 on 4/17/2015 $298.62/SF Tenant: New York Sports Club Austin Street, Forest Hills 4-story Retail 25,245 SF SOLD for $17,000,000 on 3/3/ Astoria Blvd, Astoria 4-Building Mixed-use Package 15,555 SF C2-3/R7X/R7B Development Site 47,457 Buildable SF SOLD for $6,900,000 on 3/10/2015 $145/BSF th Street, Woodside 3-Story Walk-up 6-Family 3,900 SF 16X GRM 2.6% Cap Rate $243/SF SOLD for $951,000 on 4/2/ th Street, Astoria 4-Story Elevator 10 Apts Built in % Cap rate 17.7X GRM $345/SF $345,000/Unit SOLD for $3,450,000 on 3/12/2015

6 Highlighted Queens Recent Sales, continued: June 2015 The Center Building Northern Boulevard, LIC 444,406 SF 8-Story Office Building 5.9% Cap Rate $319/sf SOLD for $142,000,000 on 3/18/ st Street, LIC Factory/Development Site 32,500 Buildable SF 50 x 103 6,500 SF lot Zoning: M1-3 SOLD for $2,900,000 on 4/2/2015 $89/BSF Queens Boulevard, Rego Park Retail Building/Future Development Site 2 Lots Total 160 x ,000 SF lot Zoning: C1-2/R7-1 Total 55,040 Buildable SF $222/BSF SOLD for a total of $12,225,000 on 2/10/ th Drive, LIC Factory/Development Site 45,000SF Factory 86,976 Buildable SF 222 x 100 Zoning: M1-4/R7A/LIC SOLD for $21,850,000 on 4/10/2015 $251/BSF

7 RECENT NEW BUILDING PERMITS FILED: Midtown East, Flatiron, Murray Hill, Union Square, Gramercy Park 323 E 53 rd Street- Application filed to construct a New 8,014SF, 6-Story Apartment Building, 11 Units 227 Lexington Ave- Application filed to construct a New 33,518SF, 14-story, mixed-use bldg, 36 Apts 591 Third Ave- Application filed to construct a New 75,927SF, 20-Story Apartment bldg, 74 Apts 308 E 59 th Street- Application filed to construct a 5-Story Mixed-use building consisting of 12,406SF with 12 Apartments 234 E 23 rd Street - Application filed to construct a 41-Story, 96,774SF, Mixed-use building consisting of 44 Apartments 281 Fifth Avenue - Application filed to construct a 52-Story, 216,981SF, Mixed-use building consisting of 141 Apartments 36 E 57 th Street - Application filed to construct a one-story 2,451SF Retail building RECENT NEW BUILDING PERMITS FILED: Astoria, Long Island City, Sunnyside, Woodside, Forest Hills & Rego Park nd Road, Forest Hills - Application filed to construct a 27,225, 7-Story mixed-use building with 23 Apts Austin Street, Forest Hills Application filed to construct a 15,624SF, 7-Story building with 21 Apts Astoria Boulevard, Astoria Application filed to construct a 8,817SF, 6-Story building with 10 Apts th Avenue, LIC Application filed to construct a 14,500SF, 7-Story mixed-use building with 18 Apts st Street, Astoria Application filed to construct a 10,252SF, 7-Story mixed-use building w/10 Apts th Street, LIC Application filed to construct a 5-Story, 29,530SF mixed-use building with 42 Apts th Street, Woodside Application filed to construct a 8,195SF, 4-Story Office building Recent Exclusives Sold by Rubin Isak: ST Street, Astoria New York 125 of frontage Single Story Retail Building SOLD EXCLUSIVELY BY RUBIN ISAK: $6.35M The West 76 th Street Portfolio: 303, 329 & 331 w 76 TH Street, New York UWS 3 Townhomes totaling 30 residential units: SOLD EXCLUSIVELY BY RUBIN ISAK: $15.5M 22.6X Gross Rent 2.5% Cap Rate $904/SF

8 IF YOU ARE CONSIDERING THE SALE OF YOUR PROPERTY, GIVE ME A CALL AT OR Presorted Standard US Postage PAID JB Direct For more information or for a free evaluation of your property, contact: RUBIN S. ISAK CEO/Co-Founder Investment Building Sales Manhattan Queens Direct: Cell risak@falcoisak.com