NEW YORK CITY — Multi-Employer Property Trust (MEPT), advised by Bentall Kennedy Limited Partnership, and Cove Property Group have acquired Two Rector Street, a 26-story office property located in Manhattan’s financial district. CIM Group and Kushner Companies sold the 476,000-square-foot property for an undisclosed price. The buyers plan to renovate and reposition the building as a Class A office property. Once renovated, the building is expected to cater to technology, advertising, media and information tenants as well as traditional finance, insurance and real estate tenants.
NEW YORK CITY — Tavros Development Partners, in partnership with Charney Construction & Development and 1 Oak Development, has acquired a development site located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg neighborhood. The Dime Savings Bank of Williamsburgh sold the property for $80 million. The development offering consists of a combined four properties (263-277 S. 5th St., 262-272 S. 4th St. and 205 Havemeyer St.) and allows for a buildable envelope of approximately 230,000 square feet. The property’s zoning designation permits both mixed-use and commercial development. James Nelson, Brendan Maddigan and Matt Nickerson of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the fee interest in 10 E. 34th St., an office property located in Manhattan. The asset was sold for $51.7 million, or $946 per square foot, in an all-cash transaction. The 10-story commercial loft building consists of full-floor units and a total rentable space of 54,680 square feet plus an additional 2,500 square feet in the basement designed for use by the ground-floor retail tenant. Bob Knakal, John Ciraulo and Jonathan Hageman of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a four-building multifamily portfolio in Brooklyn. Brooklyn-based J.Wasser & Co. acquired the portfolio from West 36 RS LLC for $3.5 million, or $185 per square foot. Totaling 18,960 square feet and 24 residential units, the properties are located at 2832, 2836, 2844 and 2850 W. 36th St. Steven Westreich of Westbridge Realty Group represented the buyer and seller in the off-market transaction.
NEW YORK CITY — The Howard Hughes Corp. has completed the sale of a development site located at 80 South St. in Lower Manhattan. China Oceanwide Holdings acquired the 42,694-square-foot lot for $390 million. Adjacent to the revitalized Seaport District, the site is capable of supporting 817,784 square feet of fully entitled development rights. The newly repositioned Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet of dining, shopping, entertainment and cultural event space.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a vacant building located at 216 Bowery in Manhattan. The 25-foot wide, 4,900-square-foot property sold for $13 million, or $2,653 per square foot. The property is located within the Little Italy Special District and is a short walk to multiple subway lines, including the J and Z at Bowery and Delancey Street, the 6 at Spring and Lafayette streets, the F at Second Avenue and East Houston, and the N and R at Broadway and Prince Street. Adelaide Polsinelli of Eastern Consolidated represented the buyer, an owner-user, and the seller, an out-of-state owner-user, in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of an office building located at 2571 E. 17th St. in Brooklyn’s Sheepshead Bay section. Vasco Ventures acquired the asset from a local investor for $3.4 million. The three-story 13,014-square-foot building was vacant at the time of sale. Erik Yankelovich of GFI Realty Services represented the seller and buyer in the transaction.