NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story co-op apartment building located at 121-131 Fort George Ave. in the Hudson Heights section of Manhattan. Fort George Property LLC, Fort George Realty LLC and NY Tryon sold the building to Fort George Housing LLC and NYC Partnership Housing Development Fund for $9.5 million. All of the co-op shares were sold in the transaction. Built in 1960, the building features 44 apartment units. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the deal.
New York
NEW YORK CITY — EVO Real Estate Group has arranged the acquisition of an office condominium located at 633 Third Ave. in the Midtown section of New York City. Zionist Organization of America acquired the 10,105-square-foot property from Time Equities for $9.3 million. The buyer is relocating from 4 E. 34th St. and plans to take occupancy of the space in September. Jonata Dayan and Jonathan Ben-Dayan of EVO represented the buyer, while Brandon Medeiros provided in-house representation for the seller.
NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.
REIT Merger: Global Net Lease to Acquire American Realty Capital Global Trust II for $247M
by John Nelson
NEW YORK — Global Net Lease Inc. (NYSE: GNL) has approved a definitive merger agreement to acquire all of the outstanding common stock of American Realty Capital Global Trust II Inc., a non-traded REIT, for approximately $247 million. Both REITs focus on acquiring single-tenant net leased commercial properties in sale-leaseback transactions. The property types include office, retail and industrial. The combined companies create a larger global net lease REIT with an expected enterprise value of $3.3 billion. The transaction joins two complementary U.S. and European net lease portfolios with a combined asset base of 345 properties in seven countries spanning 23 million square feet. The portfolio is currently net leased to 99 tenants. “We are excited about GNL’s combination with Global II, which represents another positive step in the evolution of our company and reinforces our efforts to grow accretively, creating shareholder value,” says Scott Bowman, CEO and president of GNL. Under the terms of the agreement, Global II shareholders will receive 2.27 shares of GNL for each share of Global II common stock they own, which implies $19.59 per each share of Global II. Upon closing, Global II shareholders will own approximately 14 percent of the combined company. The …
Newmark Holdings, Olmstead Properties Acquire 225,000 SF Office Building in Long Island City for $61M
by Amy Works
NEW YORK CITY — Newmark Holdings, in partnership with Olmstead Properties, has acquired an office building located at 43-01 22nd St. in the Courthouse Square section of Long Island City, for $61 million. The companies will now share equal ownership of the six-story, 225,000-square-foot building. The buyers plan to implement an extensive capital improvements program to renovate the building with improvements to the lobby, windows, elevators and restrooms. The seller was a private family, which had owned the property since the 1920s.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a single-story retail building located at 630 Forest Ave. in the West New Brighton section of Staten Island. 12 Franklin Realty Corp. purchased the 7,836-square-foot building from 630 Forest Avenue LLC for $4.9 million. Built in 1930, the building is currently leased to Duane Reade. Michael Guttman of Rosewood Realty represented the buyer and the seller in the deal.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of 14 multifamily buildings located at 308-310 and 318-340 W. 49th St. in the Hell’s Kitchen neighborhood of Manhattan. Black Spruce Management has acquired the portfolio from The Orbach Group for $110 million. Totaling 136,000 square feet, the portfolio features 273 apartment units. Additionally, the portfolio has approximately 75,000 square feet of air rights, but only 10,000 square feet are usable due to the Special Clinton Zoning District. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.
NEW YORK CITY — XIN Development International has acquired the iconic RKO Keith’s Theater, located at 135-35 Northern Blvd. in the Flushing neighborhood of Queens. JK Equities sold the property in an all-cash transaction valued at $65.8 million. The property features fully approved and permitted plans for an approximately 389,746-square-foot mixed-use project featuring residential, retail and community facility components. Bob Knakal, Stephen Preuss and Jonathan Hageman of Cushman & Wakefield represented the seller, while Albert Benalloul of RLTY NYC represented the buyer.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 477 Amsterdam Ave. in Manhattan’s Upper West Side. Herliem Amsterdam LLC acquired the five-story, 9,500-square-foot property from 477 Amsterdam Avenue for $17.1 million, or $1,800 per square foot. The building features eight residential apartments and two commercial units. Hall Oster, Teddy Galligan and Bryan Smadbeck of Cushman & Wakefield represented the seller, while Dylan Pichulik of XL Real Property Management represented the buyer in the deal.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a development site located at 21 Powers St. in the Williamsburg section of Brooklyn. Powers 21 LLC acquired the site from 21 Powers LLC for $5.7 million, or $428 per square foot. A one-story warehouse occupied the site, which features 13,438 buildable square feet. Scott Burk and Jacob Tzfanya of Eastern Consolidated represented the seller, while Chad Sinsheimer of Eastern Consolidated represented the buyer in the deal.