NEW YORK CITY — Equicap has arranged $6.6 million in permanent financing for the refinance of a multifamily property located in Brooklyn’s Park Slope neighborhood. The non-recourse loan features a 10-year term with three years of interest-only payments and a 30-year amortization schedule at a 3.8 percent interest rate. The asset features 29 apartment units. Daniel Hilpert of Equicap negotiated the loan for the undisclosed borrower.
NEW YORK CITY — Blesso Properties has acquired the Broad and Boerum Building, located at 525 Broadway in Brooklyn’s Williamsburg neighborhood. The asset sold for $32.8 million, or $173 per buildable square foot. Formerly a branch of Lincoln Savings Bank, the property consists of a 60,300-square-foot office building and a 13,000-square-foot parking area. The site offers 189,150 buildable square feet. Michael Amirkhanian and Brendan Maddigan of Cushman & Wakefield represented the seller, Broad and Boerum LLC, while Benjamin Shafran of Citicore represented the buyer in the transaction.
NEW YORK CITY — Brooklyn Standard Properties (BSP) has acquired a four-story, mixed-use building located at 116 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. FAO Corp. sold the 6,000-square-foot property for $5.2 million. The building features eight apartment units, which BSP plans to convert into four two-bedroom units, one three-bedroom unit and a one-bedroom unit. BSP also plans to extend the rear of the building by 1,000 square feet on the first floor, converting the ground-floor space into a 2,500-square-foot commercial space. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a five-story, mixed-use building located at 165 W. 23rd St. in New York City’s Chelsea neighborhood. The asset sold for $11.9 million, or $1,471 per square foot. The property features a two-story restaurant and four multifamily units consisting of one studio, two one-bedroom units and one two-bedroom apartment. The apartment units were delivered vacant to the buyer. Peter Von Der Ahe, Shlomo Manne, Joe Koicim and Sean Lefkovits of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer in the transaction. The names of both parties were not released.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of a retail and residential property located at 210 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. An affiliate of Status Capital LLC acquired the three-story, 3,219-square-foot property for an undisclosed price. After purchasing the property in 2013, Savanna leased the ground-floor retail space to Juice Generation and converted the residential space into a luxury duplex townhome.
NEW YORK CITY — Welco Realty Inc., a partner of X Team International, has arranged a 50,000-square-foot leased with Fairway Market at Georgetown Shopping Center in Brooklyn. The store, which will be the second in Brooklyn, will be located on Ralph Avenue. Fairway Market will be replacing Waldbaum’s supermarket. Welco Realty represented both the tenant and the landlord, Astoria Holding Corp., in the transaction.
NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.
NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.