NEW YORK CITY — Cushman & Wakefield has brokered the $5.4 million sale of a 5,467-square-foot mixed-use building on the Lower East Side of Manhattan. Located at 48 Clinton St., the four-story property was formerly known as the Loho Studios and has hosted a number of recording artists through the years, including Willie Nelson, John Mayer, Joey Ramone, Phish, Patti Smith, Lindsay Lohan, OAR, Art Garfunkel and Joan Jett. Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley of Cushman & Wakefield represented the seller, the Blue Man Group, in the transaction. The buyer was Arani Bose.
NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.
AcquisitionsCompany NewsHealthcareMarylandMultifamilyNew YorkNortheastSeniors HousingSoutheastTennesseeTop Stories
Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M
HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …
HICKSVILLE, N.Y. — Cushman & Wakefield has arranged a $28 million construction loan for the development of a 195,610-square-foot distribution facility in Hicksville. Located at 344 Duffy Ave., the ground-up construction project sits on an approximately nine-acre lot. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield secured the financing for the borrower, Lincoln Equities Group. The lender was Heitman Capital Group. Terms of the financing were not disclosed.
NEW YORK CITY — Brax Realty has brokered the $4.7 million sale of a 15-unit apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 340 W. 48th St., the property consists of 14 studio and a single one-bedroom apartment. Of the 15 units, six were vacant at the time of sale. Alan Stenson of Brax Realty represented the seller, 340 W. 48th Street LLC, in the transaction. The seller had owned the property for 44 years. The buyer was undisclosed.
NEW YORK CITY — Compass Commercial has arranged the sale of an 8,400-square-foot retail center in the Greenwich Village neighborhood of Manhattan. The sales price was not disclosed. Located at 44-58 E. 8th St., the property is comprised of seven retail units. The tenant roster includes Dunkin’ Donuts, Verizon, uBreakiFix and a Chinese restaurant. Also included in the sale is an underground parking garage with 40 spaces. Adelaide Polsinelli and Mitchell Goldstick of Compass represented both the seller, Three Street Realty Co., and the buyer, a local investor, in the transaction.
Longtime New York City retail broker Faith Hope Consolo passed away Sunday, December 23 in her Upper East Side home. Consolo, the Chairman of Retail at Douglas Elliman Real Estate, was 73. Consolo, New York’s self-appointed “Queen of Retail,” was a powerhouse in the New York real estate community. She was well known for her larger-than-life personality and for her “You Need Faith” motto. In a companywide memo, Douglas Elliman’s President and CEO Steven James wrote: “Faith was a legend in New York commercial real estate, especially the New York City retail stores and businesses. Many of her clients were long term ones. They believed in her to get the job done! And she did! She was a high-voltage character but deep down there was a heart that just wanted to be loved.” Prior to joining Douglas Elliman in 2005, Consolo was a vice chairman at Garrick-Aug Worldwide for 20 years. Her clients included Cartier, Versace, Zara and Louis Vuitton. Consolo was a frequent contributor to several France Media publications, including Shopping Center Business and Northeast Real Estate Business.
NEW YORK CITY — Venture Capital Properties has arranged the $1.3M sale of a multifamily building in the Bushwick neighborhood of Brooklyn. Located at 279-281 Evergreen Ave., the property contains six units, two of which were vacant at the time of sale. The remaining four units are rent stabilized. Jacob Stavsky, Kevin Darouvar & Roy Oskar of Venture Capital Properties represented the buyer, the Rosilio family, and the undisclosed seller in the off-market transaction.
NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …
LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.