NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily property located at 477 Third St. in Brooklyn’s Park Slope neighborhood. The 20-unit apartment building sold for $12 million, or $818 per square foot. The five-story walk-up features a mix of one- and two-bedroom units, as well as on-site laundry facilities. The buyer, a multi-generational local investor, plans to implement improvements to the property and maintain it as a long-term rental building. Erik Yankelovich of GFI Realty represented the undisclosed seller, while Moshe Gelbstein, also of GFI Realty, represented the buyer in the transaction.
NEW YORK CITY — New York REIT Inc. has closed on a $325 million in refinancing for 1440 Broadway, an office building located steps away from Times Square. The 25-story building features 755,679 square feet of office space. The completion of the financing is another step in the company’s strategic initiatives plan to build a best-in-class Manhattan real estate portfolio for the benefit of its shareholders.
NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square-foot center is anchored by the soon-to-be BJ’s Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Realty Associates, developed and sold the property. Acquisition financing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton.
NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.
NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.
BUFFALO, N.Y. — Picone Construction Corp. is constructing a $4.5 million, five-story mixed-use building at 301 Ohio St. in Buffalo. The 52,000-square-foot property will house two restaurants, 10,000 square feet of commercial space and 21 one- and two-bedroom apartments. Residential units will feature balconies overlooking the Buffalo River. Designed by Chaintreuil, Jenson, Stark Architects, the project is slated for completion in 2016.
NEW YORK CITY — An undisclosed buyer has acquired Gramercy Court, a residential property located at 152-156 E. 22nd St. in Manhattan, for $32.5 million. Built in 1908, the property features 43 residential units, ranging from studio to five-bedroom units; 1,390 square feet of retail space; and 18,337 square feet of air rights. Jeff Julien, Rob Hinckley and Cindy True of HFF represented the seller, 152-156 East 22nd Street LLC, a private family, in the transaction.
NEW YORK CITY — SL Green Realty Corp. has sold its interest in a commercial office condominium located at 315 W. 36th St. in New York City. Walter & Samuels Inc. acquired the 35.5 percent stake for a gross asset valuation of $115 million, or $779 per square foot. The 17-story property features 14 loft condominiums across the upper seven floors and 132,945 square feet of office space across the lower nine levels. Designed by George and Andrew Blum in 1925, the building is listed in the National Architectural Trust. SL Green acquired its interest in the property in late 2012 at a gross asset valuation of $45 million. Woody Heller of Savills Studley advised SL Green in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $4 million in financing for a mixed-use property in the Hell’s Kitchen neighborhood of Manhattan. Provided by JPMorgan Chase, the seven-year loan features a fixed-rate of 3.8 percent. Located at 755 Ninth Ave., the five-story property features 20 apartments and 2,000 square feet of retail space. Brian Flax and Blake Orman of Meridian’s New York City headquarters office negotiated the financing for the undisclosed borrower.
NEW YORK CITY — Thor Equities has purchased a 43,000-square-foot apartment building located at 526 W. 111th St. in Manhattan’s Morningside Heights neighborhood. Situated between Broadway and Amsterdam Avenue, the six-story property features 45 residential rental units. The purchase price and name of the seller were not disclosed. Aaron Jungreis of Rosewood Realty brokered the $30 million transaction.