NYREJ

02-14-12

The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.

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Quick Read Marcus & Millichap represents seller of 13,225 s/f retail property Volume 24 ■ Issue 3 nyrej.com Glen Kunofsky and Judson Kauffman of Marcus & Mil- lichap worked directly with the seller. The property, a CVS in Valatie, sold for $4 million. SEE PAGE 15A, SHOPPING CENTERS COVER The Albanese Development Corp. purchases 510 West 22nd St. for $54.5 million February 14 - 27, 2012 SELLER OF SEVEN-STORY APT. BUILDING WAS DR. JAFAR; PURCHASED BY NEW CITY MGMT. Efrati of Entrepreneur Properties reps buyer and seller in $10 million sale QUEENS, NY Entrepreneur Proper- ties has completed the sale of 42-25 Hampton St. in the Elmhurst neighbor- hood for $10 million. The building is a seven-story el- evator with 78 apartments and an indoor park- ing garage. Entrepre- Ami Efrati neur Proper- ties, a new commercial brokerage firm launched by Ami Efrati, repre- sented both parties. The seller was Dr. Rasheed Jafar and the buyer was New City Management. This sale marks Entrepreneur Props. third commercial transac- tion within its first five months in business. 42-25 Hampton St., Elmhurst section, Queens The Albanese Development Corp. plans to redevelop the five-story garage into a class A commercial office building. The architect is Cook+Fox Architects. SEE PAGE ODM/DB COVER B 2 Sections 76 Pages M. Sioni ........................................2A Mayor Bloomberg .......................4A Executive of the Month............13A Shopping Centers ................15-26A Westchester Spotlight ........27-34A Names, Faces ............................39A ODM/DB.................................SEC. B Ask the Experts ......................7-22B Project of the Month ...........14-15B facebook.com/nyrej twitter.com/nyrej http://nyrej.com/gplus Digital Edition nyrej.com Printed on recycled paper Fridman of The Barcel Group arranges the $7.1m sale of a Brooklyn mixed-use bldg. BROOKLYN, NY The Barcel Group has brokered the sale of 680 Manhattan Ave. located in the Greenpoint sec- tion. The walk- up, mixed-use building con- sists of 24 apartments, four stores and a cell phone tower. The building is in great condi- Marcel Fridman tion and the average rent per apart- ment is $1,500. The building sold for $7.1 mil- lion, reflecting a gross rent multiple of 11.5. The sellers of the multifamily have owned the property for over 25 years. The building is located on Manhattan Ave. and is surrounded by similar buildings. It is also located near public transportation. Marcel Fridman, president and founder of The Barcel Group, represented the buyer, a New York area investor. "Greenpoint has seen a great deal of development in the last few years. Many new restaurants and bars have opened up in the area, being just a few train stops away 80 Manhattan Ave., Greenpoint section, Brooklyn from Manhattan; Greenpoint is one of the hottest neighborhoods in Brooklyn. The buyer quickly realized the opportunity for steady income, as well as future upside," said Fridman. The seller, a locally-based fam- ily, was represented by Manhattan Apartments. •to comment on this story visit nyrej.com• Did you go out of business? Founder's Message I recently received a phone call from a company boss Roland Hopkins who said that his marketing budget had been cut in half for 2012. Did I have any suggestions? Since I have been doing newspaper marketing since 1963, appeared on radio for five years before that, and launched what is probably the first regional commercial real estate website 16 years ago, I guess he was calling the right person. So I consulted my Marketing Manual and here is what it said. 1. Seek media that has no waste circulation. Why? Because advertis- ing is charged by the number of readers or viewers - not the number that might be interested in your product or service. Example: The following figures come from "Googling" and can change at any time, but are close to being accurate. The Wall Street Journal has a daily readership of over 1.5 million. The cost of a display ad per inch is $1,936.24. A full-page ad is $243,966.24. If you were leasing office space in your city or town, how much waste circulation would you be paying for? The Boston Herald charges $122 per inch. The NY Times reaches over 900,000 readers per day and charges $1,541 for a full-page. By the way, our Journal with over 25,000 readers charges $31 per inch and discounts that figure to regular weekly or monthly advertisers to $12 per inch. How much waste circulation? Not much since our readers are just like you. They make their living in com- mercial real estate, one way or another. So you can see how important it is to find a niche publication that reaches your prospects, and one that you can afford. The pharmacy in your town would be wasting money buying in a regional pub, but always hits a home run in the local weekly. Now let's get back to the man who was asking my advice on how to spend his half budget. I checked the Marketing Manual and up popped Social Media – Face Book, Linked-in, and Twitter. They are all free services and allow the participant to talk about his product and service to prospects, friends, and make new friends. It also helps the user to learn CONTINUED ON PAGE 12 New York Real Estate Journal N ork Real Estate Journal

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