New York

Broad Street Development Buys Residential Portfolio in NYC for $178.5M

by Amy Works December 23, 2014

NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.

December 23, 2014

New York Northeast Office

MMCC Closes $29.6M Acquisition Loan for International Corporate Center in New York

by Amy Works December 23, 2014

RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.

December 23, 2014

Loans Mixed-Use New York Northeast

HFF Arranges $40M Loan for SoHo Mixed-Use Development

by Amy Works December 22, 2014

NEW YORK CITY — HFF has arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site located at the corner of Lafayette and Houston streets in Manhattan’s SoHo neighborhood. The firm worked on behalf of the borrower, LargaVista Cos., to secure the 20-year, fixed-rate loan through a national life insurance company. The development site is an 11,622-square-foot site with 365 feet of frontage along Crosby, Lafayette and Houston streets. A joint venture between LargaVista Cos. and Related Cos. plans to construct a seven-story mixed-use, retail and office building on the property. Mike Tepedino and Michael Gigliotti of HFF negotiated the transaction.

December 22, 2014

New York Northeast Retail

DLC Management Corp. Buys 518,000 SF Power Center in New York

by Amy Works December 22, 2014

POUGHKEEPSIE, N.Y. — DLC Management Corp. has acquired The Shoppes at South Hills, a retail power center located in Poughkeepsie. The 518,000-square-foot center was purchased for an undisclosed price. The Shoppes at South Hills is occupied by a variety of tenants, including ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby, Kmart, Ashley Furniture HomeStore, Bob’s Discount Furniture and Chuck E. Cheese. Jose Cruz and Marc Duvall of HFF represented the undisclosed seller in the transaction.

December 22, 2014

Industrial New York Northeast

Kalmon Dolgin Affiliates Brokers $5M Warehouse, Parking Lot Sale in Brooklyn

by Amy Works December 22, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of a warehouse and parking lot at 39 Ferris St. in the Red Hook section of Brooklyn. Kobe Bussan USA purchased the 6,000-square-foot warehouse and 14,000-square-foot parking lot from 39 Ferris Street LLC for $5 million. The buyer, a Japanese supermarket and restaurant, plans to open a new location at the site. Jeffrey Unger of Kalmon Dolgin represented the seller, while Yoko Evans of Furumoto Realty represented the buyer in the transaction.

December 22, 2014

New York Northeast

Cushman & Wakefield to Acquire Massey Knakal Realty Services

by Amy Works December 19, 2014

NEW YORK CITY — Cushman & Wakefield has entered into an agreement to acquire Massey Knakal Realty Services. The acquisition will enhance Cushman & Wakefield’s global commercial real estate services with a more formidable capital markets presence in the New York Tri-State region. Massey Knakal was founded in 1988 and has more than 200 employees serving more than 200,000 property owners in New York City’s five boroughs, Westchester County, Long Island and New Jersey. The firm is best known for its work in the mid-sized office, retail and apartment building markets. Since its founding, Massey Knakal has closed more than 5,000 transactions, with a market value in excess of $21 billion. The acquisition has been approved by the parties’ respective governing bodies and is expected to close prior to year-end 2014, subject to customary closing conditions. Goldman, Sachs & Co. advised Cushman & Wakefield, while Perella Weinberg Partners LLC advised Massey Knakal in the transaction.

December 19, 2014

New York Northeast Office

Avison Young Brokers $135M Sale of UCP of NYC’s Former Program Center

by Amy Works December 18, 2014

NEW YORK CITY — Avison Young has arranged the sale of United Cerebral Palsy of New York City’s (UCP of NYC) former program center at 122 East 23rd St in Manhattan. Toll Brothers purchased the property for $135 million, or $750 per square foot. The asset includes a land parcel and an existing four-story, 60,000-square-foot building. The property offers a total of 180,000 square feet of development rights with zoning that allows for residential, retail and community uses. Jon Epstein, Vincent Carrega, Neil Helman and Charles Kingsley of Avison Young’s New York City-based capital markets team represented UCP of NYC and identified the buyer in the transaction.

December 18, 2014

Mixed-Use New York Northeast

TerraCRG Arranges Three Brooklyn Mixed-Use Buildings Sales Totaling $3.83M

by Amy Works December 18, 2014

NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.

December 18, 2014

New York Northeast

Schorsch Resigns, ARCP Announces Management, Corporate Governance Changes

by Amy Works December 17, 2014

NEW YORK CITY — American Realty Capital Properties Inc. (ARCP) has made changes to its management and corporate governance. Nicholas Schorsch has resigned as executive chairman of ARCP, the ARCP board of directors and the boards of directors of the non-traded REITs managed by Cole Capital, ARCP’s private capital business. Additionally, David Kay has stepped down as chief executive officer of ARCP and from the ARCP board of directors. Lisa Beeson stepped down as president and chief operating officer. William Stanley has been appointed lead independent director and chairman of the nominating and corporate governance committee for ARCP. Effective immediately, Stanley will serve as interim CEO and interim chairman of the board until permanent replacements are named. The search for a new CEO and chairman of the board has commenced. In addition to the management changes, ARCP is reviewing and re-evaluating its business relationships and strategies, as well as enhancing its corporate governance structure. ARCP is a self-managed commercial REIT focused on investing in single-tenant freestanding commercial properties subject to net leases with high-credit quality tenants. Additionally, ARCP acquires and manages assets on behalf of the Cole Capital non-traded REITs.

December 17, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges $2.3M Sale of Brooklyn Apartment Building

by Amy Works December 17, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

December 17, 2014

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