New York

MHP Real Estate, HNA Property Holdings Acquire Office Building in New York for $210M

by Christina Cannon April 8, 2016

NEW YORK CITY — MHP Real Estate Services, in a partnership with HNA Property Holdings, has acquired 850 Third Avenue, a 617,000-square-foot office building in New York. Shorenstein Properties sold the 21-story building in an off-market transaction. MHP will serve as the operating partner of the joint venture, with HNA serving as majority partner. Morgan Stanley provided approximately $238 million in financing for MHP in the transaction, according to The Real Deal. The financing consists of a $210 million acquisition loan, a $17 million building loan, a $465,000 project loan and $10 million in debt transferred from the seller. The building, located between East 51st and 52nd streets, marks the second joint venture between MHP and HNA, with the partnership now owning more than 1 million square feet of office space. HNA will set up its U.S. headquarters at the property. Other tenants include Discovery Communications, Radio One and the City of New York. “The Midtown East office market is experiencing an extraordinary renaissance that will further redefine the city and reshape a time-tested enclave of New York business,” says Norman Sturner, CEO of MHP Real Estate Services. “The East Side rezoning efforts, along with the area’s existing transportation infrastructure and addition of the Second …

April 8, 2016

Multifamily New York Northeast

Akelius Acquires Six-Building Multifamily Property in Brooklyn for $57M

by Amy Works April 7, 2016

NEW YORK CITY — Akelius Residential Property AB has acquired a six-building multifamily property in Brooklyn’s Clinton Hill for $57 million. Built in 1930, the asset features 86 apartment units. The name of the seller was not released. With this transaction, Akelius now owns 1,013 apartments in New York City.

April 7, 2016

Multifamily New York Northeast

TerraCRG Negotiates $3.5M Sale of Multifamily Building in Brooklyn’s Park Slope

by Amy Works April 7, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 82 16th St. in the Park Slope/Gowanus neighborhood of Brooklyn. The asset sold for $3.5 million, or $572 per square foot. The four-story, 6,240-square-foot property features 16 rent-stabilized apartment units. Adam Hess, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

April 7, 2016

Multifamily New York Northeast

Anbau Enterprises Acquires Three Multifamily Buildings in Manhattan for $58M

by Amy Works April 6, 2016

NEW YORK CITY — Anbau Enterprises has acquired three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village for $58 million. The three-building portfolio features 71 rental units and totals more than 52,000 gross square feet. The name of the seller was not released.

April 6, 2016

Multifamily New York Northeast

Fortis Property, Joy Construction Sell Newly Developed Residential Property in Brooklyn

by Amy Works April 6, 2016

NEW YORK CITY — Fortis Property Group and Joy Construction Corp. have completed the disposition of Atelier Williamsburg, a newly developed residential property located at 239-261 N. Ninth St. in the Williamsburg neighborhood of Brooklyn, for an undisclosed sum. Completed in 2015, the 120-unit property features studio, one-bedroom and two-bedroom apartments, a 24-hour doorman, rooftop deck with barbecues and skyline views, resident lounge with billiards table and entertaining kitchen, landscaped courtyard and a state-of-the-art fitness center. Andrew Scandalios, Jeff Julien and Rob Hinckley of HFF represented the seller in the transaction. The name of the buyer was not released.

April 6, 2016

New York Northeast Office

Equity Office Invests $25M for Capital Improvement Program at Park Avenue Tower in NYC

by Amy Works April 5, 2016

NEW YORK CITY — Equity Office is executing a $25 million capital improvement program at Park Avenue Tower, a 300,000-square-foot office tower in Midtown. The renovations include a reinvented lobby by Gonzalez Architects; new transom windows on every floor; and The Club, a 20,000-square-foot amenity space for all tenants. The new space will include a state-of-the-art fitness center with executive locker room facility, a business and recreation lounge, conference center, a curated grab-and-go food service and innovative building technology. Additional renovations include a building within a building design concept; an outdoor plaza with bar/café designed by Moed De Armas & Shannon; 12-foot 9-inch ceiling heights; three-story office penthouse with 360-degree views; and iVisitor lobby technology, including iPad-carrying security guards to greet guests. The renovations are slated for completion by fourth quarter 2016.

April 5, 2016

Multifamily New York Northeast

Westbridge Realty Negotiates $1.8M Sale of Development Site in Brooklyn

by Amy Works April 5, 2016

NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.

April 5, 2016

Loans New York Northeast Office

Meridian Capital Secures $160M in Refinancing for Manhattan Office Building

by Amy Works April 4, 2016

NEW YORK CITY — Meridian Capital Group has arranged $160 million in permanent financing for the refinancing of an office building located at 245 Fifth Ave. in Manhattan. The borrower was 245 Fifth Owner LLC. The seven-year loan, which was provided by a life insurance company, features three years of interest-only payments and a 3.99 percent fixed rate. Built in 1926, the 26-story, 314,000-square-foot Class A office property features 12,652 square feet of retail space. Drew Anderman and Alan Blank of Meridian Capital Group arranged the financing.

April 4, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $60M Construction Loan for NYC Mixed-Use Development

by Amy Works April 4, 2016

NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.

April 4, 2016

New York Northeast Retail

Ariel Property Advisors Brokers $6.6M Sale of NNN-Leased Retail Property in the Bronx

by Amy Works April 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.

April 4, 2016

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