New York

HFF Arranges $27M Loan for Multifamily Community in Long Island

by Amy Works March 6, 2015

NEW YORK CITY — HFF has arranged $27 million in financing for The Hawthorne, a multifamily property in the Valley Stream submarket of Long Island in New York City. HFF secured the floating-rate loan for the borrower, Zeus Capital Managers, through Prime Finance. Located at 125 South Cottage St., the 90-unit residential community features 33 one- and 57 two-bedroom units averaging 1,115 square feet. Community amenities include a 15,000-square-foot courtyard with a fire pit and outdoor cooking and entertaining areas, a lounge with billiards, a fitness center and garage parking. Christopher Peck, Rob Hinckley, Andrew Scandalios and Christopher Rodriguez of HFF arranged the financing.

March 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Ariel Property Advisors Brokers Two Sales Totaling $4.8M in Queens

by Amy Works March 6, 2015

NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.

March 6, 2015

Industrial New York Northeast

Quinlan, BLT Buy 257,000 SF Self-Storage Facility in Brooklyn for $90M

by Amy Works March 5, 2015

NEW YORK CITY — Quinlan Development Group and Building & Land Technology (BLT) have purchased 37-53 Flatbush Avenue, also know as 76-92 Rockwell Place, in Brooklyn for $90 million. The buyers plan to convert the property, which is currently a 355-unit self-storage facility, into Class A creative office space. The property is located on top of the Atlantic Terminal, which offers NYC Subway and Long Island Railroad service. Andrew Sasson of Eastern Consolidated procured the seller, while Ben Tapper, also of Eastern Consolidated, represented the buyers in the transaction.

March 5, 2015

Loans Mixed-Use New York Northeast

HFF Arranges $42M Acquisition Loan for Mixed-Use Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — HFF has arranged $42 million in acquisition financing for a mixed-use property located at 1035 Third Ave. in Manhattan’s Upper East Side. HFF secured the six-year, floating-rate loan from Helaba Bank for Acadia Realty Trust. The funding was used for the acquisition and to reposition the property. The approximately 53,000-square-foot property features retail, office and parking space. Mike Tepedino, Jennifer Keller and Andrew Lane of HFF represented the borrower in the loan transaction.

March 5, 2015

Multifamily New York Northeast

GFI Realty Brokers $4.6M Sale of 18-Unit Multifamily Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story apartment building located at 469 West 153rd St., also known as 1881 Amsterdam Avenue, in the Hamilton Heights section of Manhattan. A local investor purchased the property, which features 18 residential units and a retail unit, for $4.6 million. Shawn Sadaghati and Yisroel Pershin of GFI Realty Services represented the seller, a local investor, while Sylvia Spielman of GFI Realty represented the buyer in the transaction.

March 5, 2015

Industrial New York Northeast

Madison Realty Capital Acquires 215,000 SF Warehouse Facility in Brooklyn

by Amy Works March 4, 2015

NEW YORK CITY — Madison Realty Capital has acquired a warehouse facility located at 29 Ryerson St. in Brooklyn’s Wallabout neighborhood. The vacant eight-story loft property sold for $45 million. MRC plans to convert the 215,000-square-foot property into Class A office space for creative/technology clients. The property features 15-foot ceiling heights, 440 feet of frontage on Ryerson Street and 110 feet of frontage along Flushing Avenue. The name of the seller was not released in the off-market transaction.

March 4, 2015

Industrial New York Northeast

Marcus & Millichap Brokers $3.5M Sale of Industrial Building in Brooklyn

by Amy Works March 4, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an industrial building located at 190 Morgan Ave. in Brooklyn. The 14,875-square-foot property sold for $3.5 million. Jakub Nowak and James McGuckin of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the deal.

March 4, 2015

New York Northeast Office

Savanna Sells 72,000 SF Manhattan Office Building to Real Estate Equities Corp.

by Amy Works March 3, 2015

NEW YORK CITY — Savanna has completed the disposition of 576 Fifth Avenue, a boutique office and retail building in Manhattan. Real Estate Equities Corp. acquired the 72,000-square-foot asset for an undisclosed price. Situated on the corner of Fifth Avenue and 47th Street, the property features a jewelry exchange on the ground floor and offices on the upper floors. Yoron Cohen, Richard Baxter, John Caplan, Scott Latham and Jason Gold of Jones Lang LaSallle represented Savanna in the transaction.

March 3, 2015

Healthcare New York Northeast Office

GFI Realty Arranges Sale of Sheepshead Bay Office Building

by Amy Works March 3, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of an office building located at 2118 Coney Island Ave. in the Sheepshead Bay area of Brooklyn. Constructed in the 1990s, the three-story, 4,800-square-foot medical office building sold for $2.2 million. Erik Yankelovich of GFI Realty Services represented the seller and buyer, both of which are local investors, in the transaction.

March 3, 2015

Multifamily New York Northeast

Alpha Realty Brokers $7.6M Apartment Building Sale in the Bronx

by Amy Works March 2, 2015

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1314 Seneca Ave. in the Hunts Point section of the Bronx. The 60-unit apartment building sold for $7.6 million, or $126,000 per unit. Constructed in 1928, the 64,000-square-foot elevator building features residential units and two retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty represented the seller. Both the seller and buyer were local private investors.

March 2, 2015

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