New York

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson March 27, 2018

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

March 27, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Facilitates Sale of $44.1M Apartment Building in Manhattan

by David Cohen March 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a 56,700-square-foot apartment building in Manhattan for $44.1 million. Located at 1274-1275 Fifth Ave., the six-story, 54-unit building sold at a capitalization rate of 2.71 percent. Former New York City Mayor Fiorello LaGuardia, who held office from 1934-1945, lived in the penthouse of the building shortly before Gracie Mansion became the official mayoral residence in 1942. Billy Billitzer of Rosewood Realty represented the buyer, Akelius Real Estate Management. Aaron Jungreis, also of Rosewood, represented the seller, Ofer Yardeni’s Stonehenge Partners. The property is located just east of Central Park on Fifth Avenue’s Museum Mile.

March 26, 2018

Acquisitions Multifamily New York Northeast

GFI Realty Services Brokers Sale of 46-Unit Apartment Building in Brooklyn for $12.5M

by David Cohen March 26, 2018

NEW YORK CITY — GFI Realty Services has arranged the sale of a six-story, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war property, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty represented the seller in the transaction, Madeleine Behette, a local investor. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Boulevard and 3rd Avenue.

March 26, 2018

Acquisitions Multifamily New York Northeast

Westbridge Realty Arranges Sale of Six-Unit Apartment Building in Queens for $2.2M

by David Cohen March 26, 2018

NEW YORK CITY — Westbridge Realty Group has arranged the sale of a 5,600-square-foot apartment building located at 20-35 Gates Ave in the Ridgewood neighborhood of Queens. The vacant six-unit building, which was built in 1930, sold for $2.2 million. The sales price equates to $379,000 per unit. Adam Traub and Isaac Shrem of Westbridge Realty represented both the buyer, an active investor in Queens, and the seller, a long-term holder who purchased the property in 1985.

March 26, 2018

Acquisitions New York Northeast Office

Rosewood Arranges Sale of 21,000 SF Medical Office Building in Long Island for $9.7M

by David Cohen March 23, 2018

LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.

March 23, 2018

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $63M Bridge-to-HUD Loan for Skilled Nursing Facility in Brooklyn

by David Cohen March 23, 2018

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.

March 23, 2018

Leasing Activity New York Northeast Office

Savitt Partners Secures Four Leases Totaling 19,000 SF in Midtown Manhattan

by David Cohen March 23, 2018

NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

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.

March 22, 2018

Acquisitions New York Northeast

Besen & Associates Brokers Sale of 20,000 SF Multi-Use Building in Hudson Heights for $9.1M

by David Cohen March 22, 2018

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.

March 22, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen March 21, 2018

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.

March 21, 2018

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