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PRESS RELEASE
58 South Service Road
Melville, NY 11747
www.cbre.com
For Immediate Release
Contact:
Jimmy Lappas, Great Ink Communications – [email protected]
Lindsay Church, Great Ink Communications – [email protected]
Prolific CBRE Investment Properties Team
Sees Sales Activity Continue to Heat Up in the NY Outer Boroughs
***
Arranges $5.2 Mln Sale of 1125-7 Sheridan Ave. in the Bronx
and $4.4 Mln Sale of 2748 Ocean Ave. in Brooklyn
Long Island City, NY – March 25, 2015 – Following a tremendous 2014, CBRE Group’s Tri-State Investment
Properties Team is on pace to set a record-breaking year in 2015 as sales activity in Brooklyn and the
Bronx continues to heat up. Most recently, CBRE arranged the $5.2 million sale of 1125-7 Sheridan Avenue
in the Bronx and $4.4 million sale of 2748 Ocean Avenue in Brooklyn. Both sales have set purchase price
benchmarks in their respective markets.
The CBRE team of Elli Klapper, Charles Berger and Mark Silverman represented the seller in the disposition
of 1125-7 Sheridan Avenue, a 49-unit multifamily property in the Fleetwood – Concourse Village area of
the Bronx with four retail units on the ground floor. Built in 1927, the residential building was purchased
by a local real estate investment company through a 1031 Exchange. The new ownership plans a number
of capital improvements, including conversion from oil heat to gas.
“Right now, demand for investment properties and specifically multifamily assets, is extremely robust in
the Bronx,” notes Mr. Klapper. “This is a very favorable time for owners to monetize their investments.
This is highlighted by the Sheridan Avenue deal, with the buyer using 1031 Exchange funds and the seller
having recently closed on a replacement investment property also utilizing a 1031 Exchange.”
Mr. Klapper and Mr. Berger, along with colleague Matt Giordano also arranged the sale of 2748 Ocean
Avenue, a newly constructed medical office building totaling over 17,000 square feet. The CBRE team
represented the seller and procured the buyer, who acquired the property as a long-term investment. The
seven-story property includes a surgical center on the lower level and eight tenant parking spaces. The
building is centrally located only 1.5 miles from Coney Island Hospital and within a six mile radius to
several other hospitals and medical facilities.
According to Mr. Klapper, “This transaction highlights the continued strength of the Brooklyn commercial
real estate market. Working closely with our client, we were able to secure approximately $300/SF for the
property by utilizing CBRE’s industry leading market knowledge, outstanding data and targeted list of
potential investors.”
CBRE Press Release
The CBRE Investment Properties team has been extremely active over the past six months having
completed the sale/disposition of more than a dozen properties through the Outer Boroughs of New York.
The team is widely recognized as the market-leader in assisting its clients in monetizing their investment
properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest
commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000
employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices
(excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment
management; and research and consulting. Please visit our website at www.cbre.com