This summer Sam Mizrahi of CENTURY 21 Mizrahi Realty had Hostess on the brain, and not because he misses the Twinkie. Sam and his team successfully sold two former Hostess distribution centers in New York City, one in Queens and one in the Bronx. Read on to learn how the team made it happen, and what the spaces are being used for with their new owners.
C21: How did this listing opportunity come about?
SM: For these deals, my client was the Apollo Group, who purchased 32 commercial properties in bankruptcy court. They were looking to begin selling them.
C21: Is this a new client for you?
SM: It is a new client relationship for me, but Global Client Solutions, which is a part of our parent company, Realogy, they recommended me.
C21: Do you specialize in commercial real estate exclusively?
SM: I do, I specialize in retail leasing and investment sales. I have five agents on my team, all focused on commercial. We do have a residential component to our office, my sister Rachel handles that.
C21: Once you were recommended to list the two Hostess distribution centers, what happened next?
SM: There were two properties, one in the Bronx and one in Queens. We listed the Bronx property and had half a dozen offers right out of the gate. It’s 26,000 square feet of building on a 66,000 square foot lot. It’s in the Baychester area of the Bronx, right near I-95. It’s a very high traffic area.
C21: What did you wind up selling it for?
SM: The property sold at $2.850 million to a private investor. They are putting national tenants into the space.
SM: The other location was in Woodside, Queens. Again, we had about a half dozen offers and the activity started even before it was formally posted.
C21: Who was the buyer?
SM: Ultimately it sold to Spaeth Designs, a company based in New York who designs department store windows. Ever seen the Christmas displays in New York? They do those windows. They purchased the property for $2.6 million dollars, it was listed at $1.8 million.
C21: How will they use the new space?
SM: This is going to be their new headquarters in New York. They are going to completely transform the property. They have been in business for over 60 years and they were operating out of a space on the west side. They have been looking for a new place for nearly two years. They’ve already invited me to their holiday showroom!
C21: What do you think made you so successful with these properties?
SM: I specialize in the Bronx, Queens and Brooklyn. My team knows these areas, we are highly skilled at not only selling these locations, but helping the new owners to lease the spaces.
C21: For those interested in working with you, what’s the best way to be in touch?
SM: Call me at my office 718-998-5700, or my cell phone 917-561-4526 or reach out via email at firstname.lastname@example.org.
C21: Thank you, Sam, and congratulations on these major deals. You are surely Smarter.Bolder.Faster.
Sam Mizrahi is a member of the CENTURY 21® Commercial Advisory Board and the CENTURY 21 Commercial Investment Network.