New York

Ariel Property Advisors Brokers $42.1M Sale of Three-Property Multifamily Portfolio in Central Harlem

by Amy Works March 10, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.

March 10, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Trinity Place Holdings Receives Approvals for 77 Greenwich Development

by Amy Works March 10, 2016

NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.

March 10, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $41M in Financing for Residential Property in New York

by Amy Works March 9, 2016

RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.

March 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital, USAA Real Estate Co. Acquire Mixed-Use Property in Manhattan

by Amy Works March 8, 2016

NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.

March 8, 2016

New York Northeast Office Retail

Mission Capital Secures $45M Loan for Savanna’s Acquisition of Manhattan Commercial Property

by Amy Works March 8, 2016

NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.

March 8, 2016

Healthcare New York Northeast

RD Management to Redevelop Retail Property into Regional Health, Wellness Center in New York

by Amy Works March 8, 2016

LATHAM, N.Y. — RD Management LLC, a real estate development and management organization, is redeveloping an existing retail property into a health and wellness plaza in Latham. Situated on New York State Route 2, the site, a former Kmart shopping center, spans 118,863 square feet. Located at 195 Troy Schenedtady Road and Swatling Road, the new health and wellness center will offer alternative and holistic healthcare services, close to Albany Medical School and Albany Pharmacy School, in addition to an existing 22,058-square-foot health and fitness training facility. RD Management owns 42 properties throughout New York and has more than 200 properties in its national portfolio.

March 8, 2016

Multifamily New York Northeast

Hodges Ward Elliott Brokers $140M Bronx Multifamily Portfolio Sale

by Amy Works March 7, 2016

NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.

March 7, 2016

Multifamily New York Northeast

Joint Venture Acquires 145,000 SF Building in Manhattan for Condo Conversion

by Amy Works March 7, 2016

NEW YORK CITY — Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have acquired a former grammar school building located at 45 Rivington St. in Manhattan for $116 million. The buyers plan to convert the existing six-story, 145,000-square-foot building into a luxury residential development. Originally designed in 1898, the Romanesque Revival-style building features 12-foot ceilings and a penthouse floor offering views of Midtown and downtown Manhattan.

March 7, 2016

Multifamily New York Northeast

GFI Realty Services Negotiates $7M Sale of Apartment Building in Brooklyn

by Amy Works March 7, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 531 E. 22nd St. in Brooklyn’s Ditmas Park section. Naad Realty LLC sold the six-story asset to Jason Wisotsky for $7 million. Situated in close proximity to Prospect Park and Brooklyn College, the elevator-serviced building features 35 residential units. Daniel Shragaei of GFI Realty Services brokered the transaction.

March 7, 2016

Multifamily New York Northeast

Greystar Equity Partners VIII Acquires Two NYC Multifamily Properties Totaling $336.3M

by Amy Works March 4, 2016

NEW YORK CITY — Greystar Equity Partners VIII has completed the acquisitions of two multifamily properties in New York City for an aggregate purchase price of $336.3 million. The two transactions mark the full investment of Greystar Equity Partners VIII LP, an $800 million vehicle that is part of Greystar Real Estate Partners’ flagship value-add series. In the first transaction, Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 W. 24th St. in Manhattan’s Chelsea neighborhood, for $211.3 million. The Chelsea features a variety of floor plans, a 5,200-square-foot parking garage, 11,000 square feet of prime retail space on the ground floor, a fitness center, media room, two rooftop decks and a resident lounge. In the second deal, Greystar purchased a 169-unit multifamily property comprising two buildings located at 247 N. 7th St. and 248 N. 8th St. in Brooklyn’s Williamsburg neighborhood for $125 million. The property features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge. Greystar will serve as property manager for both multifamily properties.

March 4, 2016

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