NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.
NEW YORK CITY — Besen & Associates has arranged the sale of 4468-4474 Broadway in northern Manhattan for $9.1 million. The sales price equates to $457 per square foot and a 3.75 percent capitalization rate. The two-story, 20,000-square-foot building consists of six stores and five offices. Built in 1991, the property features 100 feet of retail frontage along Broadway in the Hudson Heights neighborhood and is located just north of the George Washington Bridge between Fort Tyron Park and Harlem River Park. The property also includes 14,400 square feet of unused air rights. Hilly Soleiman, Amit Doshi and Ron Cohen of Besen & Associates represented the seller, Broadway 10th Ave. Corp. in the transaction. Alma Realty was the buyer.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.
SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of 151 Eighth Ave., a five-story mixed-use building in Manhattan’s Chelsea neighborhood, for $18.3 million. Brock Emmetsberger, Billy Simons and Rachel Aschendorf of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership made up of Stone Street Properties and Greenwich Village Capital. The 15,260-square-foot building contains 16 residential units, two retail units and one cell tower. Of the 16 apartments, 11 are free market, four are rent stabilized and one is rent controlled. The building is located in close proximity to retail and dining options that include Chelsea Market and Barneys New York.
NEW YORK CITY — The Blumenfeld Development Group has acquired an 80,000-square-foot industrial building at 260 Spur Drive South in Bay Shore, Long Island for $6.15 million. The property currently serves as the North American headquarters of Tensator, a provider of electronic queuing solutions in several industries including the retail and healthcare sectors. Blumenfeld, in partnership with The Hampshire Companies, acquired the property and negotiated a lease extension for Tensator. Kyle Burkhart of Cushman & Wakefield represented Tensator and Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the undisclosed seller in the transaction. Bay Shore is 50 miles east of Manhattan.
NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …
NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.