NEW YORK CITY — Two mixed-use properties, located at 4906-4908 4th Ave. in New York City's Brooklyn neighborhood, have been purchased for $1.69 million. Matt Fotis and Jeb Hollingsworth of Marcus & Millichap's Manhattan office represented the seller, a private investor. Dolly Amigon of Marcus & Millichap's Brooklyn office represented the buyer, a private owner based in Brooklyn.
NEW CASSELL, N.Y. — The Community Preservation Corporation (CPC) has provided a $3.63 million permanent loan for two residential buildings in New Cassell on behalf of the borrower, Stoneridge Homes. The mixed-use buildings are located at 735 and 816 Prospect Ave., and they feature a combined 50 apartment units and 27,000 square feet of retail space. Construction financing was provided through tax credit proceeds raised by First Sterling Financial, a loan from The Bank of New York and Nassau County Home Funds.
PASSAIC, N.J. — CB Richard Ellis' Private Capital Group has brokered the sale of a 6,000-square-foot mixed-use property, located at 249 Main Ave. in Passaic. Charles Berger of CBRE's Saddle Brook, N.J., office represented the buyer, who plans to renovated the property as an investment.
NEW YORK CITY — Marcus and Millichap has arranged the $1.35 million purchase of the 8,747-square-foot 437-439 Tompkins Avenue, a free-market brownstone development in Brooklyn. Shaun Riney of Marcus & Millichap's Brooklyn office and Matthew Fotis of the firm's Manhattan office represented both parties in the transaction.
CHICAGO — Chicago-based Essex Realty Group has negotiated the $1.05 million sale of a mixed-use property, located at 7453 N. Western in Chicago. The property contains six multifamily units and two retail spaces. Doug Fisher and Matt Welke of Essex represented the seller in the transaction. Jim Darrow and Jordan Gottlieb, also of Essex, represented the buyer.
HOUSTON — Hoar Construction has commenced construction on the 120,000-square-foot CityCentre Three, a mixed-use property slated to be six stories, located in CityCentre in Houston. Midway Cos. is still developing the property, which was designed by by Munoz & Albin with Kirksey Architects to achieve LEED Silver certification. The exterior will have a courtyard featuring fountains and landscaped seating areas. Construction for the property is expecting to last 12 months.
NEW YORK CITY — DelShah Capital has purchased Sunrise Terrace Condominiums, a mixed-use property located at 31-32 Union St. in Queens. The property features 32 upscale residential units, seven retail spaces and on-site parking. The property is being repositioned with help from Distinct New York and Prudential Douglas Elliman. No brokers were involved in the transaction. DelShah bought the mortgage from China Trust Bank for $5.4 million and won the foreclosure auction at $3.7 million.
NEW YORK CITY — New York City-based Jayvanka has purchased a five-story mixed-use building, located at 82 Christopher St. in NYC, from NYC-based Beck Street Capital. The property features two retail spaces and eight apartments in Greenwich Village. Recent renovations to the property include a facade restoration, common area upgrades and apartment improvements. James Nelson of Massey Knakal's NYC office represented the seller, and Rex Gonsalves of Halstead Property's SoHo office represented the buyer.
PORTLAND, ORE. — Marcus & Millichap Capital Corporation has arranged a $5.3-million CMBS loan for the acquisition of a mixed-use retail and multifamily property in Portland. The 10-year loan features a fixed rate of 5.5 percent with a 72 percent loan-to-value and a 30-year amortization schedule. Financing was arranged by Steven Wiltshire out of the firm’s Portland office.
HARRISON, N.J. — The 275-unit Phase I of Harrison Station, a mixed-use development, located at 300 Somerset St. in Harrison, has opened. Upon completion the property will feature 2,600 residences, a hotel and 80,000 square feet of retail space. Harrison Station is being developed by a joint venture between Ironstate Development Co. and The Pegasus Group, both based in Hoboken, N.J. Harrison Station first phase offers amenities including a fitness center, a lounge, an outdoor pool, a sand volleyball court, a parking garage and a landscaped courtyard.