New York

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.

September 1, 2015

Mixed-Use Multifamily New York Northeast Retail

Treetop Development Sells 12-Building Multifamily Portfolio for $35M

by Amy Works August 31, 2015

NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.

August 31, 2015

Industrial New York Northeast

Cushman & Wakefield Arranges $6M Sale of South Bronx Warehouse Building

by Amy Works August 31, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a warehouse building located at 521 Bergen Ave. in the South Bronx. The six-story, 44,070-square-foot warehouse sold for $6 million, or $136 per square foot, in an all-cash transaction. The property, which is zoned for both commercial and residential use, features a freight elevator and full basement. Nick Burns and David Simone of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 31, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Arranges $1.3M Sale of Land Parcel in Brooklyn

by Amy Works August 31, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.

August 31, 2015

Loans Multifamily New York Northeast Student Housing

Love Funding Closes $14.3M Loan to Rehabilitate Senior Apartment Community in New York

by Amy Works August 28, 2015

SPARKILL, N.Y. — Love Funding has closed a $14.3 million loan for the rehabilitation of Thorpe Village, a senior apartment community in Sparkill. Built in 1981, Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. The rehabilitation will include replacing windows, improving insulation and installing new kitchen flooring, cabinetry, appliances and energy-efficient boilers and water heaters. Bruce Gerhart of Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.

August 28, 2015

New York Northeast Retail

RCG Ventures Acquires 83,273 SF Shopping Center in Niagara Falls

by Amy Works August 28, 2015

NIAGARA FALLS, N.Y. — RCG Ventures (Fund III) has acquired Pine Plaza, a shopping center located in Niagara Falls, for an undisclosed sum. The 83,273-square-foot center is anchored by OfficeMax and Planet Fitness. Susan Bands and Sharon Bands of Marcus & Millichap represented the undisclosed seller, while Jeff Miller provided in-house representation for RCG.

August 28, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $7.3M Sale of Mixed-Use Portfolio

by Amy Works August 28, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a two-building, mixed-use portfolio located at 667 E. 187th St. and 1704 Van Buren St. in the Little Italy and Van Nest neighborhoods of the North Bronx. The properties, which total 36,750 square feet, sold for $7.3 million, or $200 per square foot, in an all-cash transaction. The five-story walk-up buildings feature 39 apartment units and six ground-floor commercial units. The residential mix includes 17 one-bedroom units, 21 two-bedroom units and one three-bedroom apartment. Karl Brumback and Nick Burns of Cushman & Wakefield handled the transaction.

August 28, 2015

Multifamily New York Northeast

Crest Realties Sells Brooklyn Multifamily Building for $21.1M

by Amy Works August 27, 2015

NEW YORK CITY — An elevator-serviced multifamily building, located at 100 Luquer St. in Brooklyn’s Carroll Gardens neighborhood, sold in an all-cash transaction for $21.1 million, or $947 per square foot. Crest Realties sold the property, which was constructed in 2011, to an undisclosed buyer. The 22,280-square-foot property features more than 20 residential units with floor-to-ceiling windows, direct elevator access into units’ living spaces and private outdoor spaces. On-site amenities include on-premise parking, storage locker space, a fully equipped gym and a private and shared roof deck. Stephen Palmese, Robert Shapiro and Winfield Clifford of Cushman & Wakefield handled the transaction.

August 27, 2015

Mixed-Use Multifamily New York Northeast Retail

GFI Realty Arranges $16M Acquisition of Washington Heights Mixed-Use Property

by Amy Works August 27, 2015

NEW YORK CITY — GFI Realty Services has arranged the acquisition of a mixed-use property located at 3750 Broadway in Manhattan’s Washington Heights neighborhood. A Miami-based investor purchased the property for $16 million from Monarch Realty Holdings LLC. The elevator building features 32 residential apartments and four ground-floor retail units. Ohad Babo of GFI Realty represented the seller, while Roni Abudi, also of GFI, represented the buyer in the transaction.

August 27, 2015

New York Northeast Retail

Indoor Golf Location Leases 6,435 SF at Dewitt Town Center in Syracuse

by Amy Works August 27, 2015

SYRACUSE, N.Y. — Par’s Indoor Golf has leased 6,435 square feet of retail space at 3179 Erie Blvd. within Dewitt Town Center in Syracuse. The family-owned-and-operated indoor golf center features six state-of-the-art golf simulators. The new location is slated to open at the end of October. Lindsey Forcione of The Icon Companies represented the tenant, while Grazi Zazzara, also of The Icon Companies, represented the undisclosed landlord in the transaction.

August 27, 2015

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