NEW YORK CITY — Ariel Property Advisors has arranged the $5.9 million sale of the Liberty-Tuckerton Assemblage, a 22,928-square-foot development site in Jamaica, Queens. Located at 150-28 Liberty Ave., 150-30 Liberty Ave. and 299 Tuckerton St., the site is nearby the Jamaica Hospital & Medical Center as well as York College. Michael Tortorici, Sean Kelly, Victor Sozio, Matthew Lev and Alexander Taic of Ariel Property Advisors represented the seller, a private company, in the transaction. The buyer was The Sandhu Group, led by Tejpal Sandhu.
NEW YORK AND NEW JERSEY — Supermarket chains Lidl US and Best Market have announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. Beginning next year, the German discount retailer will convert the Best Market stores to the Lidl brand. The process will involve the remodeling, reinvestment and reflagging of Best Market locations as Lidl stores. Best Market is a privately owned fruit and grocery store chain headquartered in Bethpage, New York. Of the 27 Best Market locations, 24 are located in Long Island, two are located in New York City and one is located in New Jersey. The terms of the acquisition are undisclosed, and it is expected to close in the first quarter of 2019.
NEW YORK CITY — Newmark Knight Frank has secured a $23.5 million loan to refinance a multifamily property in Manhattan. Located at 16 E. 18th St., the 10-story property includes eight full-floor units as well as ground-floor retail space occupied by Paragon Sports. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Josh Egert of NKF secured the financing on behalf of real estate investment firm Stone Street Properties. The lender was undisclosed.
YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.
NEW YORK CITY — Cushman & Wakefield has brokered the $4.5 million sale of a 10,000-square-foot warehouse in the Astoria neighborhood of Queens. Located at 19-57 Steinway St., the single-story property features 16-foot ceiling heights and four drive-in gates. A month-to-month tenant currently occupies the warehouse. Stephen R. Preuss of Cushman & Wakefield represented the seller, 19-57 Steinway ST RTY CP, in the transaction. The buyer was J&N Development.
NEW YORK CITY — Cushman & Wakefield has brokered the $10.5 million sale of a three-story, mixed-use property in Long Island City. Located at 44-61 11th St., the 18,500-square-foot property includes retail and office space and is fully leased to four separate tenants. Stephen Preuss of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
SAYVILLE, N.Y. — NAI Long Island has negotiated the $1.6 million sale of a medical office building in Sayville. Located at 160 Middle Road, the 7,300-square-foot property is currently occupied by Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John A. Zimmerly, M.D., in the transaction. The buyer was 1449 Holdings LLC.
NEW YORK CITY — Youngwoo & Associates has broken ground on the Radio Tower & Hotel, a 235,000-square-foot, mixed-use property in the Washington Heights neighborhood of Manhattan. The 22-story building will include 155,000 square feet of office space, a 221-room boutique hotel and 8,000 square feet of ground-floor retail. The property is located on Amsterdam Avenue between 180th and 181st Streets. Youngwoo & Associates acquired the site, which was formerly a gas station, in 2013.
NEW YORK CITY — Marcus & Millichap has brokered the $11.8 million sale of a two-building apartment community in the Cobble Hill neighborhood of Brooklyn. Located at 439-441 Henry St., the property includes 73 feet of residential frontage on Henry Street. Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 acres along Shore Road. The unit mix includes 325 studios and 233 one-bedrooms. The buyers financed the acquisition with a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV LP, along with joint-venture partner NHP and Nuveen, will invest $52 million of equity in the property. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” says Joshua Plattner, who led the acquisition for Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to …