New York

Ariel Properties Advisors Brokers Two Multifamily Sales in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Ariel Properties Advisors has brokered the sale of two multifamily properties in Northern Manhattan totaling $9.4 million. In the first transaction, a 14,010-square-foot walk-up property, located at 532 West 152nd St., sold for $6.7 million, or $335,000 per unit. The building features one one-bedroom unit, eight two-bedroom units and 11 three-bedroom units. In the second deal, a 9,345-square-foot multifamily property, located at 273 West 140th St., sold for $2.7 million, or $270,000 per unit. The property features six one-bedroom units and four two-bedroom apartments. Victor Sozio, Michael Tortorici, Josh Berkowitz, Matthew Gillis and Samuel Atlas of Ariel Properties represented the sellers and buyers in both transactions. The names of the sellers and buyers were not released.

August 10, 2015

Multifamily New York Northeast

Akelius Acquires Six-Building Apartment Portfolio in Brooklyn

by Amy Works August 10, 2015

NEW YORK CITY — Akelius US LLC has acquired a six-building residential portfolio in Brooklyn for an undisclosed price. With properties in Crown Heights, Flatbush and Prospect Lefferts, the portfolio consists of 378 apartments. This is the sixth acquisition by the Swedish real estate company, Akelius, in the United States. The company now owns two properties in Manhattan and nine in Brooklyn.

August 10, 2015

Multifamily New York Northeast Retail

Silvershore Properties Sells 10-Building Portfolio for $39.4M

by Amy Works August 7, 2015

NEW YORK CITY — Silvershore Properties has completed the disposition of a 10-building portfolio of walk-up residential buildings in Brooklyn and Queens. Related Cos. acquired the portfolio for $39.4 million. Totaling 66,500 square feet, the portfolio features 76 residential units and two stores. The portfolio includes seven Brooklyn buildings in Greenpoint, Clinton Hill, Carroll Gardens, Prospect Heights, and three properties in Queens in Long Island City and Astoria. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Devin Cohen of Rosewood Realty represented the seller in the transaction.

August 7, 2015

New York Northeast Retail

Eastern Consolidated Arranges $9.7M Sale of Retail Condo in Greenwich Village

by Amy Works August 7, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail condominium located at 205 Bleecker St., also known as 1 Minetta St., in Greenwich Village. At more than 6,000 square feet, the corner site sold for $9.7 million. Max Hakim of Eastern Consolidated represented the seller, Forest Hills Property Group, while Evan Street, also of Eastern, represented the buyers, Infinity Real Estate and Seven Equities, in the transaction.

August 7, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $15.8M Sale of Mixed-Use Building in Manhattan

by Amy Works August 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 6, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $58M Sale of 14 Upper Manhattan Multifamily Buildings

by Amy Works August 5, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of 14 multifamily properties, with 176 residential units and eight retail stores, located in Upper Manhattan, in two separate transactions. Morningside Partners I LP and 9-11 CPN LLC sold the properties for $58 million to an undisclosed private investor. Thirteen of the walk-up apartment buildings are located on one city block between Manhattan Avenue, Frederick Douglass Boulevard, West 114th Street and West 115th Street in Morningside Heights. The 13 properties, which total more than 125,000 square feet, sold for $47 million, or $376 per square foot. In a separate transaction, a five-story, 23,640-square-foot property located at 9-11 Central Park North sold for $11 million, or $465 per square foot.

August 5, 2015

New York Northeast Retail

Urstadt Biddle Properties Acquires 25,000 SF Shopping Center in New York

by Amy Works August 5, 2015

HARRISON, N.Y. — Urstadt Biddle Properties Inc. has acquired The Harrison Shopping Center in Harrison. Located on Halstead Avenue, the 25,000-square-foot shopping center is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer. Additional tenants include a bakery, hair salon, florist, restaurants and A&T. Urstadt Biddle acquired the property, which was built in 1957, for an undisclosed price in an all-cash transaction. The name of the seller was not released.

August 5, 2015

Loans New Jersey New York Northeast Office Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

New York Northeast Office

Damianos Realty Groups Acquires Smithtown Office Building for $10.6M

by Amy Works August 3, 2015

SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.

August 3, 2015

Multifamily New York Northeast

Cignature Realty Brokers $7M Sale of Multifamily Property in Manhattan

by Amy Works August 3, 2015

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.

August 3, 2015

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