New York

Cushman & Wakefield Arranges Sale of East Harlem Mixed-Use Property

by Amy Works March 27, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building, located at 2147 Second Ave. in Manhattan’s East Harlem neighborhood. The nine-story building sold for $7.5 million, or $465 per square foot, in an all-cash transaction. The newly constructed 16,128-square-foot property features 16 residential units and 1,950 square feet of ground-level commercial space. Lev Kimyagarov of Cushman & Wakefield represented the seller, while Edmond Levy of Cornerstone Real Estate Investments represented the seller in the transaction. The names of the seller and buyer were not released.

March 27, 2015

Multifamily New York Northeast

Shamah Properties Buys Eight-Building Multifamily Portfolio in Manhattan

by Amy Works March 26, 2015

NEW YORK CITY — Shamah Properties has acquired an eight-building multifamily portfolio for $44 million from Brooklyn, N.Y.-based E&M Associates. Located in Manhattan’s Washington Heights neighborhood, the 138,214-square-foot, 184-unit portfolio includes 535-539 West 162nd Street, 522-536 West 147th Street and 521-523 West 156th St. Steven Vegh of Westwood Realty Associates represented both the seller and buyer in the transaction. Additionally, Edward Setton of Shamah Properties negotiated the purchase and financing on behalf of the buyer. Shamco Management, Shamah Properties’ in-house management company, will manage the assets.

March 26, 2015

New York Northeast Retail

CPEX Brokers $4.5M Sale of Brooklyn Retail Property

by Amy Works March 26, 2015

NEW YORK CITY — CPEX has arranged the sale of a retail property located at 2038-2050 Flatbush Ave. in Brooklyn. The 15,000-square-foot property sold for $4.5 million, or $300 per square foot. The four-unit property was 76 percent occupied at the time of sale. Current tenants are Telco Stores and Sports Physical Therapy of NY. Andre Sigourney and Harrison Balisky of CPEX’s retail sales team represented the seller and buyer in the transaction. The names of the seller and buyer were not released.

March 26, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $30M Acquisition Loan for Multifamily Property

by Amy Works March 25, 2015

RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.

March 25, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $1.6M Apartment Building Sale in Brooklyn

by Amy Works March 25, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.

March 25, 2015

Loans Multifamily New York Northeast Seniors Housing

KeyBank Arranges $93.75M Loan for New York Seniors Housing Portfolio

by Amy Works March 24, 2015

LONG ISLAND, N.Y. — KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted-living communities in Long Island. The borrower was NorthStar Healthcare Income Inc., which acquired the 570-unit portfolio in September of 2014. The portfolio includes The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, N.Y. The properties are 100 percent leased to Arcadia Management Inc. Monique Bimler of KeyBank arranged the financing.

March 24, 2015

Multifamily New York Northeast

Federal Capital Partners, Horizon Land Co. Buy 2,413-Site Manufactured Housing Portfolio

by Amy Works March 24, 2015

VICTOR, N.Y. — Federal Capital Partners (FCP) and Horizon Land Co. has acquired an 11-community, 2,413-site manufactured housing portfolio in Western New York. The companies purchased the portfolio for $88 million from an undisclosed buyer. The portfolio includes Gypsum Mills, a 560-site community in Victor. M&T Bank provided senior debt financing for the acquisition. The acquisition brings FCP/Horizon’s total manufactured housing holdings to a 32 communities with approximately 5,600 sites.

March 24, 2015

Multifamily New York Northeast Retail

GFI Realty Services Brokers $8.9M Sale of Mixed-Use Property in Brooklyn

by Amy Works March 24, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of a corner mixed-use building in the Dyker Heights section of Brooklyn. Located at 910 81st St., the multifamily and retail property sold for $8.9 million, or $182,000 per residential unit. The four-story walk-up features 43 residential units and two retail spaces. Ben Katz of GFI Realty Investment Sales represented the undisclosed seller, while Erik Yankelovich, also of GFI, represented the buyer, a local investor, in the transaction.

March 24, 2015

Multifamily New York Northeast

Kalbridge Associates Sells Manhattan Multifamily Portfolio for $26M

by Amy Works March 23, 2015

NEW YORK CITY — Kalbridge Associates, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining multifamily buildings located at 113-117 Elizabeth St. in the Nolita section of Manhattan. A.D. Real Estate Investors purchased the 30-unit portfolio for $26 million. Each five-story building features 10 apartments in a mix of two- and three-bedroom layouts. Alex Heydt of TOWN Residential represented the seller, while Joe Messina and Stephen Ferrara, also of TOWN, represented the buyer in the transaction.

March 23, 2015

Multifamily New York Northeast

Eastern Consolidated Brokers $21M Sale of Apartment Building in Queens

by Amy Works March 23, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.

March 23, 2015

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