Ocean Parkway Multifamily Trades for First Time in 30 Years

(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).

New York City

GFI Realty Services Inc. sold a 34,000 square foot garden apartment building at 2985 Ocean Parkway in Brooklyn for $5.2 million, making it the building’s first sale in over 30 years. The four-story multifamily walk up, located close to the Brighton Beach shopping district and just one block from the Q subway line, contains 39 rent stabilized apartments. GFI’s Shlomo Antebi represented both buyer and seller.

In Midtown West, the Rogosin Institute, which researches and treats kidney disease, signed a 20-year lease for a new West Side facility at 619 W. 54^th St., which Rogosin is establishing in partnership with St. Luke’s-Roosevelt Hospital Center. The space, leased at $26 million, totals 37,416 square feet with a separate patient entrance at 626 West 55^th St. Gerald Z. Gibian and Robert S. Shapiro of Grubb & Ellis Co.’s Healthcare Properties group represented Rogosin in the deal.

On the investment sales front, Massey Knakal sold a five-story federal style townhouse at 59 Morton St. in the West Village for $6.5 million in an all-cash transaction handled by Massey Knakal partner James P. Nelson. The Index of American Design in the 1930s declared this 25’ wide, 6,680 square foot townhouse the best example of late Federal style in the city. The townhouse is located between Hudson St. and Seventh Ave.; a rent controlled tenant pays $127 on the fourth floor, and a rent stabilized tenant pays $615 on the fifth floor. Massy Knakal most recently sold the house for $3.7 million in 2009.

Long Island

In Deer Park, NY, Turbo Contracting Corp. plans to start construction next week to rebuild Crazy Billy’s Wine & Spirits’ 1,600 square foot warehouse attached to the liquor shop on Deer Park Avenue. Heavy snow accumulated during the snowstorms this past winter caused the warehouse roof to collapse, wrecking the warehouse beyond repair.

Owners Billy and Patti Peterson opted to rebuild with environmentally sound and severe weather-resistant materials by using OceanSafe Inc.’s Steel Structure Insulating Panels (SSIP), the first commercial project on Long Island to do so. “We turned to OceanSafe because of its sustainable building system, which has proven energy-saving features and will reduce our overhead over time,” Billy Peterson says. SSIPs’ light weight also hastens construction, which is expected to take just one week.

Rhode Island

In Warwick, RI, Seavest Inc. in May began construction on a 62,454 square foot medical office building on 455 Toll Gate Rd. at Kent Hospital. Trammel Crow Co., Steffian Bradley Architects and Dimeo Construction Co. will develop the two-story Ambulatory Surgery and Medical Office Center at Kent Hospital, a $13.6 million project, which will house a 31,000 square foot Ambulatory Surgery Center and physician offices. Seavest holds the site in a long-term ground lease from the hospital, Rhode Island’s second largest, located 15 miles south of Providence. An additional $15 million project will include the construction of a lobby that will connect the new medical office building to the hospital.