New York

Houlihan-Parnes Realtors Brokers Sale of Apartment Building in the Bronx

by Amy Works April 14, 2015

NEW YORK CITY — Houlihan-Parnes Realtors has brokered the sale of an apartment building located at 2275 Morris Ave. in the University Heights neighborhood of the Bronx. A Great Neck, Long Island-based real estate holding company purchased the building for $2.7 million from an undisclosed seller. The five-story walk-up building features 25 apartment units and five ground-floor retail units. The buyer facilitated the acquisition with a five-year loan, which features a 3.5 percent interest rate and a 30-year amortization schedule. Jeremiah Houlihan negotiated the transaction. The seller was represented by Valentin Djonovic P.C. and the buyer was represented by James Prince, Esq.

April 14, 2015

Multifamily New York Northeast

GFI Realty Arranges $1.2M Sale of Bushwick Multifamily Property

by Amy Works April 14, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of an apartment building located at 138 St. Nicholas Ave. in the Bushwick section of Brooklyn. The three-story walk-up sold for $1.2 million or 16 times the rent roll. Constructed in 1931, the property features six apartments. Kobi Zamir of GFI Realty Services represented the buyer, and Ron Kavrai, also of GFI, represented the seller in the transaction. The buyer and seller are both local investors.

April 14, 2015

Multifamily New York Northeast Pennsylvania

Marcus & Millichap Arranges $88M Sale of Manufactured Housing Portfolio

by Amy Works April 13, 2015

PITTSFORD, N.Y. — Marcus & Millichap has brokered the sale of an 11-property manufactured housing portfolio located in western New York and Pennsylvania. Federal Capital Partners and Horizon Land Co. purchased the 2,413-site portfolio from Pittsford-based Morgan Management. Jonathon McClellan, Kyle Baskin, J.D. Parker and Mark Taylor of Marcus & Millichap represented the seller in the transaction.

April 13, 2015

New York Northeast Retail

Cushman & Wakefield Brokers $86M Sale of Manhattan Retail Property

by Amy Works April 10, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

April 10, 2015

Hospitality New York Northeast

Muss Development Launches $43M Renovation of New York Marriott at the Brooklyn Bridge

by Amy Works April 10, 2015

NEW YORK CITY — Muss Development LLC has launched a $43 million renovation and repositioning program for the 667-unit New York Marriott at the Brooklyn Bridge, located at 333 Adams St. in downtown Brooklyn. The first phase of renovation, including The Bar, front desk and M Club Lounge, will be revealed in May. The renovation of the hotel’s ballroom and meeting rooms is slated for completion in September. Additionally, the redesign of the guestrooms will be revealed this spring, with renovations expected to be complete in 2016.

April 10, 2015

Loans New York Northeast Office

Meridian Capital Arranges $48M in Refinancing for NYC Office Building

by Amy Works April 9, 2015

NEW YORK CITY — Meridian Capital Group has arranged $48 million in refinancing for an office property located at 1156 Avenue of the Americas in New York City. The borrower was APF Properties. The seven-year loan, which was provided by a regional balance sheet lender, features a fixed rate, a five-year extension option and five years of interest-only payments followed by a 30-year amortization schedule. The nine-story office property offers 71,900 square feet of office space and 8,000 square feet of retail space. Tal Bar-Or of Meridian negotiated the financing on behalf of the borrower.

April 9, 2015

New York Northeast Office

WeWork Leases 180,000 SF of Office Space in NYC’s Times Square

by Amy Works April 8, 2015

NEW YORK CITY — WeWork has signed a 19-year lease for 180,000 square feet of office space at 1460 Broadway in Times Square. The company will occupy the entire 16-story building except for the second and third floors, which will be converted into a multi-level retail space. WeWork, a provider of shared workspace, community and services for entrepreneurs, freelancers, startups and small businesses, will take occupancy of the property later this year. The property is jointly owned by Himmel + Meringoff and The Swig Company. Additional terms of the lease were not released.

April 8, 2015

Multifamily New York Northeast Office

Triangle Equities Completes Construction of Residential/Office Building in Queens

by Amy Works April 7, 2015

NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.

April 7, 2015

Mixed-Use New York Northeast

Broadway 152 LLC Purchases 69,876 SF Mixed-Use Property in Manhattan for $27M

by Amy Works April 7, 2015

NEW YORK CITY — Institutional Property Advisors (IPA) has brokered the sale of a mixed-use property located at 3671 Broadway in Manhattan’s Hamilton Heights neighborhood. Broadway 152 LLC purchased the 69,876-square-foot property from G-Way Management LLC for $27 million, or $386 per square foot. Built in 1908, the six-story building features 48 residential units and six ground-level retail spaces. The apartments feature hardwood floors, stainless steel appliances, granite countertops, exposed brick walls and recessed lighting. Peter Von Der Ahe, Scott Edelstein, Joe Koicim, Seth Glasser and Rafi Moskowitz of IPA, a division of Marcus & Millichap, represented the seller in the transaction.

April 7, 2015

New York Northeast Office

NorthStar Realty Finance Closes €1.1B Pan-European Office Portfolio

by Amy Works April 6, 2015

NEW YORK CITY — New York City-based NorthStar Realty Finance Corp. has closed the acquisition of a €1.1 billion ($1.2 billion U.S.) pan-European office portfolio that the company entered into an agreement to purchase in 2014. The approximately 186,000-square-meter (2 million-square-foot) portfolio comprises 11 Class A office properties located in seven of Europe’s top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. NorthStar Realty financed the acquisition with €530 million of the seven year senior mortgages, denominated primarily in the local currencies of the respective properties, with a current weighted average interest rate of approximately 1.8 percent. NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm.

April 6, 2015

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