NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.
NEW YORK CITY — Cushman & Wakefield has arranged the $14.3 million sale of a five-story, mixed-use building in the Greenwich Village neighborhood of Manhattan. Hall Oster, Guthrie Garvin, Michael Gembecki and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. Located at 228 Thompson St., the building has recently undergone a complete renovation and includes ground-floor retail space as well as four large apartments above. The property features stainless steel appliances, private outdoor spaces and a curated common roof deck.
NEW YORK CITY — Marcus & Millichap has brokered the $8.6 million sale of a six-story apartment building in the Prospect Heights neighborhood of Brooklyn. Located at 528-530 Bergen St., the property consists of 21 residential units and 11 onsite parking spaces. Matt Fotis and Dylan Renicker of Marcus & Millichap represented the seller, a private investor. The buyer, a local private investor, purchased the property in a 1031 exchange.
As the e-commerce industry continues to grow and evolve, demand for industrial warehouse product located in dense urban areas situated with access to transit infrastructure, particularly air transit, has grown. The industrial sector has been experiencing multiple years of record rent growth, both locally in New York City and nationally, with average asking rents reaching nearly $30 per square foot in western Brooklyn and parts of Queens. This rapid rise in rents is driving property values higher and generating robust investor demand for this asset class. By way of example, the newly constructed FedEx warehouse in Maspeth, Queens recently sold for nearly $750 per square foot. Simultaneously, we are seeing the evolution and realignment of the supply chain to match a changing retail landscape. E-commerce sales have caused a 300 percent increase in the demand for logistics and distribution spaces, as opposed to traditional brick-and-mortar retail locations. The impact of e-commerce will only continue to accelerate, and the need for new industrial product will grow along with it. For every $1 billion increase in e-commerce sales, an additional 1 million square feet of distribution space will be required. And it’s not solely e-commerce companies that are starting to think about …
WEST HEMPSTEAD, N.Y. — Island Associates has brokered the $4 million sale of a retail property in West Hempstead. Located at 605 Woodfield Road, the property consists of a 36,000-square-foot building occupied by Western Beef supermarket and Gino’s Pizzaria. Roger Delisle of Island Associates served as sole broker in the transaction. The seller was Carvel Holding Corp., which was the original operator of a supermarket at the location. Western Beef, the current operator of the supermarket, purchased the property.
NEW YORK CITY — JLL has arranged a $221.8 million bridge loan through JP Morgan to finance a retail portfolio in the Williamsburg neighborhood of Brooklyn. Jonathan Schwartz, Aaron Appel, Michael Diaz and Sean Baillie of JLL secured the three-year, interest-only loan on behalf of owners RedSky Capital and JZ Capital Partners. The portfolio consists of 15 retail properties located on North 6th Street and Bedford Avenue. Three of the properties on North 6th Street are fully leased to a tenant roster that includes Urban Outfitters, Vans, Everlane and Aland. The remaining properties are in the process of being improved and leased.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a vacant, five-story retail building in the Soho neighborhood of Manhattan for $46.7 million. Henri Kessler and Nelson Lee of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. Located at 446-448 Broadway, the cast-iron building was developed by architect John B. Snook in 1877.
MONTAUK, N.Y. — HFF has brokered the sale of Atlantic Terrace, a 96-room, full-service beach resort in Montauk. The sales price was not disclosed. The resort is located at 21 Oceanview Terrace and features oceanfront views with direct beach access, outdoor swimming pool and fitness center. KC Patel, Daniel C. Peek and Manuel de Zárraga of HFF represented the private seller in the transaction. Bridgeton Holdings purchased the property unencumbered of existing management.
NEW YORK CITY — The Manhates Group has negotiated the $9.3 million sale of a 10-unit multifamily building in the Chelsea neighborhood of Manhattan. The 9,375-square-foot property is located at 445 W. 21st St. Michael Sherman of The Manhates Group represented the buyer, ECA New York Real Estate Advisors, in the transaction. Houlihan-Parnes Realtors represented the undisclosed sellers.
NEW YORK CITY — Two former Eastern Consolidated principals have launched a commercial division at Compass in the firm’s New York metropolitan region. Adelaide Polsinelli and Ronda Rogovin will help the residential brokerage firm build an investment sales team, following Eastern’s closure in July. Compass Commercial will focus on providing technology, marketing and support to help agents grow their business in the commercial real estate sector. The team also includes agents Mitchell Goldstick and Trystan Polsinelli.
