Recent Commercial Real Estate Transactions

Recent Commercial Real Estate Transactions

- in Real Estate


Graffiti House

11-07 Welling Court (between 30th Avenue and Vernon Boulevard)

Astoria, Queens

This 19,475-square-foot seven-story rental building along the East River, completed in 2016, with a gym and roof deck, is available. The building is named Graffiti House for the revolving curated works by artists associated with the Ad Hoc Art community. Works displayed in the lobby and hallways are for sale, while more permanent art includes a geometric mural on the building’s south facade, fantastical birds painted on an outside wall of the indoor-outdoor garage and bold murals at different levels of the elevator shaft that can be seen through a glass wall of the elevator. The building’s 28 one-bedrooms, with rents going from about $2,800 to $4,800 per month, feature Italian-imported appliances, cabinets and countertop finishes; radiant heat flooring; floor-to-ceiling windows; and private balconies. Twenty-two years remain on the building’s 25-year tax abatement. The cap rate is about 5 percent.

Seller: Aki Development

Brokers: Dylan Walsh, Peter Von Der Ahe, Joe Koicim and Shaun Riney, Marcus & Millichap

A mixed-use building at 113 East Second Street in the East Village sold for $7.4 million.CreditCompass


113 East Second Street (between Avenue A and First Avenue)


A private investor plans to create several apartments in this 25-foot-wide, 6,993-square-foot, four-story vacant mixed-use building with an English basement. The East Village building, whose rear windows look onto a community garden, is configured with apartments and a commercial space. A seven-bedroom apartment occupies the top three floors, and a studio loft is on the garden level. The English basement has a 1,675-square-foot commercial space. Air rights total 583 square feet.

Buyer: 180 Source Realty

Buyer’s Brokers: Shlomo Gelernter and Moshe Herskovich, Besen & Associates

Sellers: Phil Hartman and Doris Kornich

Seller’s Broker: Nick Gavin, Compass

$19.20/SQ. FT.

$48,000 approximate annual rent

161 21st Street (between Fourth and Third Avenues)

Greenwood Heights, Brooklyn

Kennedy Construction Services, which focuses on high-end interiors, has signed a five-year lease for a 2,500-square-foot ground-floor space with 20-foot ceilings in this 1980 three-story commercial building. The company, which is relocating from Park Slope, Brooklyn, received a one-month rent concession for its build-out, and is to open in May.

Tenant: Kennedy Construction Services

Landlord: 161 21st Street Realty

Brokers: Alex Robayo and Andrew Westphal, Ideal Properties Group

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