New York

Time Equities, Hamlin Ventures Acquire 34 Prince Street in Manhattan

by Amy Works November 11, 2014

NEW YORK CITY — Co-developers Time Equities and Hamlin Ventures have acquired 34 Prince Street, the former convent and school of St. Patrick’s Old Cathedral complex in Manhattan’s Northern Little Italy neighborhood, for $30.7 million. The joint venture plans to transform the property, which was built in 1825, into a seven luxury condominium residences and two townhomes. Designed by Marvel Architects, the renovated property will feature two townhomes ranging in size from 9,000 to more than 10,000 square feet, and loft residences ranging in size from 2,600 to nearly 5,000 square feet, with many featuring private outdoor space. CORE will handle the sales for the townhomes, which offer home customization options. This acquisition is the second development venture for the team. Its first project, 14 Townhouses, was completed in spring 2014.

November 11, 2014

Multifamily New York Northeast

Marcus & Millichap Brokers $1.65M Apartment Building Sale in Brooklyn

by Amy Works November 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 377 Manhattan Avenue in Brooklyn. The six-unit apartment building sold for $1.65 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office listed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.

November 11, 2014

Multifamily New York Northeast

Clarion Partners Takes 36-Unit Printhouse Lofts in Williamsburg

by Amy Works November 10, 2014

NEW YORK CITY — Clarion Partners has acquired Printhouse Lofts, an apartment building located in Williamsburg, from New York City-based Greystone for an undisclosed price. Located at 139 North 10th St., the 1900s industrial-style warehouse was converted into a luxury rental apartment building by Greystone. The pet-friendly property offers 28 one-bedroom units, six two-bedroom units and two three-bedroom units. Community amenities include laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space. The property was 100 percent leased at the time of sale. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF arranged the sale.

November 10, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges Two Apartment Building Sales Totaling $13.3M

by Amy Works November 10, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located on Manhattan’s Upper East Side, for $13.3 million, or $443,333 per unit. Located at 312-314 East 91st St., the two five-story walkup apartment buildings feature a total of 30 residential units. The buildings offer a unit mix of 19 two-bedroom apartments and 11 one-bedroom units. Additionally, the properties, which are zoned R8B, include 2,214 square feet of unused air rights. Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Hanweiler of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction.

November 10, 2014

Mixed-Use New York Northeast

Marcus & Millichap Arranges Sale of 8,800 SF Mixed-Use Building in Brooklyn

by Amy Works November 7, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of 731 Meeker Avenue in Brooklyn. The 8,800-square-foot mixed-use property sold for $1.8 million. Shaun Riley, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a private investor, in the transaction.

November 7, 2014

Multifamily New York Northeast

Ariel Properties Brokers $10M Sale of Washington Heights Multifamily Portfolio

by Amy Works November 6, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a three-building multifamily portfolio in New York City’s Washington Heights neighborhood. The 60-unit portfolio, which totals 45,543 square feet, sold for $10 million. The property at 432-434 West 163rd St. is a six-story walk-up with 30 two-bedroom residential units. The two contiguous buildings at 612-618 West 182nd St. also offer 30 residential units with two one-bedroom units, three two-bedroom units, 15 three-bedroom units and 11 four-bedroom units. Each property also features a super’s unit in the basement. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Marko Agbaba represented the seller and procured the buyer, both private investment firms, in the transaction.

November 6, 2014

Loans New York Northeast Office Retail

Madison Realty Capital Provides $66M in Financing for Three Flushing Properties

by Amy Works November 5, 2014

NEW YORK CITY — Madison Realty Capital (MRC) has provided $66 million in financing for a 100,500-square-foot retail and office property, a 24,000-square-foot retail condominium and an 88-car parking garage in Flushing, Queens. The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, including the three-story office/retail building at 41-60 Main Street and commercial/parking property at 133-38 Sanford Avenue. The borrower plans to use the loan to recapitalize the properties from the special servicer who was managing the assets.

November 5, 2014

Mixed-Use New York Northeast

RKF Arranges $32.3M Sale of Mixed-Use Building in SoHo

by Amy Works November 5, 2014

NEW YORK CITY — RKF has arranged the $32.3 million sale of 102 Green Street, a retail/residential property located in Manhattan’s SoHo district. SL Green purchased the property from BLDG Greene Street LLC. The acquisition includes the 9,200-square-foot building and 5,500 square feet of air rights for future commercial development. Galeria Melissa, a high-end designer shoe salon, currently occupies the 2,000-square-foot retail component within the property. The asset also features two residential units on the second and third floors. Jeff Fishman and Ross Berkowitz of RKF represented the seller and procured the buyer. Additionally, Fishman represented BLDG Green Street LCC in its purchase of the property for $11.9 million in June 2012.

November 5, 2014

Mixed-Use New York Northeast

TerraCRG Brokers $6.7M Sale of Brooklyn Commercial Loft Building

by Amy Works November 5, 2014

NEW YORK CITY — TerraCRG has brokered the sale a commercial loft building located at 46 Old Fulton St. in the Dumbo/Fulton Ferry district of Brooklyn. The four-story, 17,864-square-foot loft building sold for $6.7 million or $375 per square foot. The property has a total of 22,330 gross usable square feet and 42 feet of frontage on Old Fulton Street. The existing building is configured as nine commercial units with a full basement. The 3,466-square-foot retail space and the entire fourth floor was delivered vacant. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented both the buyer and seller in the transaction.

November 5, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

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