New York

Hines, Pacolet Milliken Enterprises and J.P. Morgan Sell 7 Bryant Park in NYC

by Amy Works May 18, 2015

NEW YORK CITY — Hines, along with Pacolet Milliken Enterprises and institutional investors advised by J.P. Morgan Asset Management, have sold 7 Bryant Park in New York City to an institutional investor for an undisclosed price. Located between West 39th and 40th streets, the 30-story, 470,000-square-foot property was designed by Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners. Currently, floors 15 through 27 and a first-floor retail space are available for lease. Hines has assumed on-site management responsibilities and CBRE has been selected as the exclusive leasing agent for the property. Phillips Lytle and Proskauer advised on the transaction.

May 18, 2015

Multifamily New York Northeast

Rosewood Realty Brokers $44M Sale of Multifamily Property in Brooklyn

by Amy Works May 18, 2015

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a multifamily property located at 805 St. Marks Ave. in Brooklyn’s Crown Heights neighborhood. Akelius Residential Property, the U.S. arm of Sweden-based Akelius, purchased the six-story, 172,000-square-foot property for $44 million, or 18.85 times the current rent roll. The property features 200 rent-stabilized and rent-controlled apartment units. Aaron Jungreis of Rosewood represented the seller, Burke Leighton Asset Management, while Billy Billitzer of Rosewood represented the buyer in the transaction.

May 18, 2015

New York Northeast

Cooper Commercial Arranges $9.3M Sale of Retail Plaza in New York

by Amy Works May 18, 2015

CLARENCE, N.Y. — The Cooper Commercial Investment Group has arranged the sale of the Jo-Ann Plaza retail center located in Clarence. A Brooklyn-based private investment group purchased the property for $9.3 million from a publicly traded REIT. The 92,720-square-foot property is 100 percent occupied by Jo-Ann Fabrics and Crafts, Big Lots and OfficeMax. Dan Cooper of the Cooper Commercial Investment Group represented the seller in the transaction.

May 18, 2015

Mixed-Use New York Northeast

Dalan Management, RWN Real Estate Partners Buy Mixed-Use Property for $14.6M

by Amy Works May 15, 2015

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to acquire a mixed-use property located at 235 Elizabeth St. in New York City’s Nolita district. Gordon Chin, who owned the property with his family since 1987, sold the property for $14.6 million, or approximately $800 per square foot. The six-story, 18,081-square-foot property features 27 residential apartments and three retail spaces. Daniel Altman of Belkin Burden Wenig and Goldman LLP provided legal counsel for the buyer in the transaction, which was brokered by George Solano of City Limits.

May 15, 2015

New York Northeast Retail

Eastern Consolidated Arranges $8M Sale from $107M Lee Estate Portfolio in Brooklyn

by Amy Works May 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged the $8 million sale of a retail property located in Brooklyn. Supermarket Farm Country, the current tenant, has purchased the 26,800-square-foot property located at 2203-2225 Linden Blvd. from the Lee Estate. Adelaide Polsinelli and Ben Tapper of Eastern Consolidated represented both parties in the transaction.

May 15, 2015

New York Northeast Retail

ARM Real Estate Group Brokers Sale of Retail Property in Queens

by Amy Works May 15, 2015

NEW YORK CITY — ARM Real Estate Group has brokered the sale of a corner retail building located in the Woodside neighborhood of Queens. The Daniel Group purchased the 9,500-square-foot property for $2.8 million from 5401 Nb LLC. Located at 540-01 Northern Blvd. and built in 1952, the property features three retail spaces: a Chinese restaurant, a convenience store and a carpet shop. The buyer plans to reposition the property once the current leases expire. Anand Melwani of ARM Real Estate Group represented both parties in the transaction.

May 15, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground for Residential Project in Washington Heights

by Amy Works May 14, 2015

NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.

May 14, 2015

Multifamily New York Northeast

Akelius US LLC Purchases Apartment Building in Manhattan

by Amy Works May 13, 2015

NEW YORK CITY — Sweden-based Akelius through its U.S. company, Akelius US LLC, has acquired an apartment building along East 21st St. in Manhattan’s Gramercy Park for an undisclosed price. Built in 1930, the property features 196 apartment units. This is the company’s second acquisition in the United States. Additional details of the transaction were not disclosed.

May 13, 2015

New York Northeast Office Restaurant Retail

TerraCRG Brokers $26.7M Purchase of Brooklyn Development Site

by Amy Works May 12, 2015

NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.

May 12, 2015

Multifamily New York Northeast

Rail Realty Breaks Ground on 74-Unit Apartment Complex in New York

by Amy Works May 12, 2015

PORT JEFFERSON, N.Y. — Port Jefferson-based Rail Realty has broken ground for the development of an apartment complex in Port Jefferson. The two-building community will feature 74 one- and two-bedroom, market-rate apartment units. Additionally the community will feature full amenities and secure on-site parking. The Town of Brookhaven Industrial Development Agency provided economic incentives for the project, which is expected to create 69 construction jobs and five permanent positions.

May 12, 2015

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