New York

Slate Property Group, GreenOak Real Estate to Acquire RiverTower in Manhattan for $390M

by Katie Sloan November 5, 2015

NEW YORK CITY — A joint venture of Slate Property Group and GreenOak Real Estate is in contract to acquire RiverTower at Sutton Place, a 38-story multifamily complex located at 420 E. 54th St. in Manhattan’s Sutton Place neighborhood. The purchase price is $390 million. The building is comprised of 311 one-, two- and three-bedroom units. Building amenities include a bicycle room, porte-cochere driveway, 182-car below grade parking garage, a 28,000-square-foot landscaped plaza, dual street entrances and a fitness center. Originally developed by Harry Macklowe in 1982, the property was purchased by Equity Residential in 2010. Slate and GreenOak plan to implement a comprehensive building renovation and unit upgrades throughout. RiverTower is located in close proximity to both the United Nations and the East River. Nearby public transportation includes the “E” and “6” subway lines, and easy access to FDR Drive. Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller, Equity Residential, in the transaction. Slate Property Group is an owner, operator and developer of residential and commercial real estate in the New York metropolitan area. During the last six years, principals of Slate Property Group have purchased in excess of $1.5 billion in real estate assets. …

November 5, 2015

Mixed-Use Multifamily New York Northeast Retail

Joint Venture Selected to Redevelop, Manage Flatbush Caton Market in NYC

by Amy Works November 5, 2015

NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.

November 5, 2015

Loans New York Northeast Office Retail

HFF Secures $89M in Refinancing for Retail, Office Building in NYC’s Meatpacking District

by Amy Works November 5, 2015

NEW YORK CITY — HFF has arranged $89 million in refinancing for a retail and office building located at 401 W. 14th St. in the Meatpacking District. MetLife provided the borrower, Taconic Investment Partners, with a 15-year, interest-only, fixed-rate loan. The four-story building is 100 percent leased to Hugo Boss, The Kooples, Apple Inc. and Raptor Capital Management. HFF secured the financing on behalf of the borrower.

November 5, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Arranges $16.7M Sale of Five-Property Portfolio in Brooklyn

by Amy Works November 5, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of The Duke Properties Brooklyn Portfolio, a package of four multifamily buildings and one mixed-use property in Brooklyn. The assets sold for $16.7 million, or $382 per square foot, in an all-cash transaction. The properties are located at 29 Brooklyn Ave., 137 MacDonough St., 235 Malcolm X Blvd., 1509 Pacific Ave. and 300 Palmetto St. Totaling approximately 43,750 square feet, the buildings feature 49 apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

November 5, 2015

Loans Multifamily New York Northeast Retail

NorthMarq Arranges $4.2M Construction Loan for Retail, Multifamily Property in Huntington, N.Y.

by Amy Works November 5, 2015

HUNTINGTON, N.Y. — NorthMarq Capital has arranged a $4.2 million construction loan for a 17,340-square-foot retail and apartment building located at 425 New York Ave. in Huntington. The 2.5-year loan features an interest-only payment period during the construction with an option to convert to a permanent loan. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower through NorthMarq’s relationship with a regional bank.

November 5, 2015

Multifamily New York Northeast

Cushman & Wakefield Arranges $29.1M Fee Position Sale of Multifamily Property in Manhattan

by Amy Works November 4, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the fee position sale of a multifamily property located at 1080 Amsterdam Ave. in Manhattan’s Upper West Side. Mount Sinai St. Luke’s sold the fee position for $29.1 million to an undisclosed buyer. Constructed in 1932, the 20-story, 82,250-square-foot apartment building was leased in 2012 to a partnership of SL Green and Stonehedge, who have since completed a full gut-renovation of the entire property. The property is subject to a 99-year net lease that commenced in 2012. Hall Oster, Paul Massey Jr., Teddy Galligan and Andrew Berry of Cushman & Wakefield brokered the transaction.

November 4, 2015

New York Northeast Retail

Island Associates Brokers $7.8M Sale of Land Parcel Huntington

by Amy Works November 4, 2015

HUNTINGTON, N.Y. — Island Associates has brokered the sale of a six-acre land parcel on Jericho Turnpike in Huntington. Matrix/Crest Group acquired the property for $7.8 million. The buyer plans to redevelop the site into a LA Fitness with two or three pad sites. The site offers access to Jericho Turnpike and W. Hills Road, which see more than 35,000 passing cars each day. Roger Delisle of Island Associates represented the seller, a former Rice Chevrolet car dealer, and the buyer in the transaction.

November 4, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3M Sale of Apartment Building in Brooklyn

by Amy Works November 4, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 168 Driggs Ave. in Brooklyn. The asset, which features six rental units, sold for $3 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a developer, and secured the buyer, a limited liability company, in the transaction.

November 4, 2015

Multifamily New York Northeast

Ariel Properties Brokers $90M Sale of 13-Property Multifamily Portfolio in the Bronx

by Amy Works November 3, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.

November 3, 2015

Multifamily New York Northeast

Apartment Building in Brooklyn Sells for $5.6M

by Amy Works November 3, 2015

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.

November 3, 2015

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