NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 153 Eagle St. in Brooklyn. The six-unit property sold for $1.7 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both of which are private investors, in the transaction.
NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 729 Lafayette Ave. in Brooklyn. Bart Zimmerman of the Barcel Group purchased the 17-unit property for $5.4 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company in the transaction.
NEW YORK CITY — HFF has arranged the sale of and financing for The Montrose, a multifamily building located in Manhattan’s Murray Hill. Gaia Real Estate Investments LLC purchased the property for an undisclosed price. Located on 308 East 38th St., the 22-story building offers 97 residential units, a 24-hour attendant, a sundeck with views of the Manhattan skyline and East River, a fitness center and tenant lounge with billiards and a flat-screen television. Built in 2001, the building is currently 100 percent leased. Andrew Scandalios, Eric Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller, while Steven Klein and Christopher Peck, also of HFF, arranged the financing for the transaction.
NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.
NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.
FARMINGVILLE, N.Y. — STREAM Capital Partners has brokered the sale of a property located at 2350 N. Ocean Ave. in Farmingville. The property is under a long-term ground lease to Stop & Shop. A private REIT purchased the property for $3.2 million from a private owner. Jordan Shtulman and Jonathan Wolfe of STREAM Capital Partners represented the seller in the transaction.
NEW YORK CITY — American Realty Capital New York City REIT Inc. (NYCR) has entered into an agreement to acquire an institutional-quality office building in downtown Manhattan for $253 million, exclusive of closing costs. Located at 123 William St., the 545,000-square-foot property is currently 81 percent leased. The property’s largest tenants include the State of New York, the City of New York, the United States of America, the Securities Training Corp. and McAloon & Friedman PC. Additional terms of the transaction were not released.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a commercial loft building located at 34 West 17th St. in New York City’s Flatiron District. Extell Development sold the 25,000-square-foot property for $20 million to Atkins & Breskin Co. The 10-story, pre-war building features ground-level and basement retail components. Additionally, the currently vacant property is zoned for residential, office, retail or mixed-use development. Ronald Solarz, Chris Matousek and Michael Levine represented the seller and procured the buyer in the deal.