New York

Hornig, Brickman Redevelop Manufacturing Building into Office, Retail Project in NYC

by Amy Works March 3, 2017

NEW YORK CITY — Hornig Capital Partners and Brickman Real Estate are redeveloping a former box manufacturing building into Box Factory, an office and retail property located at 1519 Decatur St. on the Queens-Brooklyn border of Ridgewood and Bushwick. Fogarty Finger Architecture is designing the $10 million renovation, which will bring 55,570 square feet of office space and 7,430 square feet of retail space to the area. Completion is slated for June 2017. ABS Partners Real Estate is marketing the office portion of the project, while Ripco Realty is marketing the retail portion.

March 3, 2017

New York Northeast Office

Cushman & Wakefield Brokers $9.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a development site located at 233 Butler St. in the Gowanus section of Brooklyn. Private investors sold the property to an undisclosed buyer for $9.5 million, or $300 per buildable square foot. The development site is zoned M1-2, which allows for commercial development of 31,800 square feet. The site is currently improved by a two-story, 13,447-square-foot structure, which was once home to the Brooklyn headquarters for American Society for the Prevention of Cruelty to Animals. A majority of the land was vacant at the time of sale, while 5,400 square feet of building space will remain leased until September. Winfield Clifford of Cushman & Wakefield brokered the transaction.

March 2, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $25M Sale of Two Brooklyn Multifamily Buildings

by Amy Works March 1, 2017

NEW YORK CITY — Eastern Consolidated has arranged the sale of two contiguous, six-story multifamily buildings, located at 556-568 Lefferts Ave. and 570-582 Lefferts Ave. in the Crown Heights and Prospect Lefferts Gardens section of Brooklyn. Treetop Development acquired the two-building package, totaling 105,000 square feet, from F&I Realty Corp. for $25 million. The properties offer a total of 105 apartment units. Matt Spark and Matthew Leist of Eastern Consolidated represented the seller, while Sparks also procured the buyer in the deal.

March 1, 2017

Multifamily New York Northeast

Cushman & Wakefield Brokers $10M Sale of Five-Building Multifamily Portfolio in South Bronx

by Amy Works March 1, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-building multifamily portfolio located in the South Bronx. Gary Kassirer of Emerald Equity Group acquired the portfolio for $10 million, or $150 per square foot. Located on the south side of Crotona Park and Alexander Avenue in Mott Haven, the 28,865-square-foot portfolio features 68 residential and three commercial units. Robert Shapiro and David Simone of Cushman & Wakefield represented the undisclosed seller in the deal.

March 1, 2017

Multifamily New York Northeast Seniors Housing

Marcus & Millichap Arranges Sale of 277-Bed Seniors Housing Property in Ballston Spa, New York

by Amy Works February 28, 2017

BALLSTON SPA, N.Y. — Marcus & Millichap has brokered the sale of Maplewood Manor, a skilled nursing facility located in Ballston Spa. At the time of sale, the 277-bed facility was 95 percent occupied. The facility was constructed in 1972, with additions in 1978 and 1979. Joshua Jandris, Mark Myers and Charles Hilding of Marcus & Millichap represented the seller, a New York county, and procured the buyer, a private investor with an operator tenant, in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.

February 28, 2017

Multifamily New York Northeast

New York Residence Inc. Facilitates Purchase of 31,000 SF Multifamily Building in Manhattan

by Amy Works February 27, 2017

NEW YORK CITY — New York Residence Inc. has brokered the purchase of a multifamily and retail building located at 165-167 Williams St. in downtown Manhattan. A private European equity fund acquired the 31,000-square-foot property from an investor group led by Eli Tabak of Bluestone Group for an undisclosed price. Originally built in 1907 as an office building, the 10-story building features ground-floor retail space, leased to Downtown Pharmacy, and 12 apartments on the upper floors. Thomas Guss and Saul Lalic of New York Residence Inc. represented the buyer, while Victor Sozio and Jesse Greshin of Ariel Property Advisors represented the seller in the transaction.

February 27, 2017

Multifamily New York Northeast

Rosewood Realty Group Negotiates $10.2M Sale of Multifamily Portfolio in Brooklyn

by Amy Works February 27, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a portfolio of four contiguous multifamily buildings in Brooklyn’s Bedford-Stuyvesant neighborhood. 242-248 Bainbridge Partners acquired the portfolio from 242-248 Bainbridge Residences LLC for $10.2 million. Totaling 29,200 square feet, the properties offer 32 apartments, including 18 rent-stabilized units and 14 market-rate units. Michael Guttman of Rosewood represented the buyer and seller in the deal.

February 27, 2017

New York Northeast Office

Zar Property NY Acquires Loft Office Building in Midtown Manhattan for $83.1M

by Amy Works February 24, 2017

NEW YORK CITY — Zar Property NY has acquired a 145,170-square-foot office building located at 250 W. 54th St. in Midtown Manhattan. Ascot Properties Limited Partnership sold the property for $83.1 million. Paul Davidson, Roy Lapidus and Chip Parker of Newmark Grubb Knight Frank represented the seller in the deal.

February 24, 2017

Multifamily New York Northeast Top Stories

Pantzer Properties, Savanna Sell 795-Unit Apartment Community in New York for $208M

by Kristin Harlow February 24, 2017

BELLPORT, N.Y. — A joint venture between Pantzer Properties Inc. and Savanna has sold Atlantic Point Apartments in Bellport, on Long Island, for $208 million. The 795-unit apartment community is located at 1220 Orchid Circle. The community was built in two phases in 2003 and 2004. Situated on 115 acres, the property comprises 137 two-story buildings totaling 183 one-bedroom, 346 two-bedroom and 266 three-bedroom apartment units. The units average 1,133 square feet. Amenities include outdoor swimming pools, tennis courts, and a two-story clubhouse with a fitness center, locker rooms, half-court basketball court, media room, business center, community room and kitchen/bar area. The property was 96 percent leased at the time of sale. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The buyer was not disclosed. Pantzer Properties is an East Coast-based apartment owner with nearly $3 billion in real estate assets. Savanna, a real estate investment manager and institutional fiduciary based in New York City, focuses on property investments throughout the city’s five boroughs. Since 2006, the company has invested over $3 billion in properties totaling nearly 14 million square feet. —Kristin Hiller and Amy Works

February 24, 2017

Multifamily New York Northeast

Alpha Realty Brokers $5.4M Sale of Multifamily Building in Brooklyn

by Amy Works February 23, 2017

NEW YORK CITY — Alpha Realty has arranged the sale of a multifamily property located at 2342 Atlantic Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Witnick Real Estate Partners acquired the 16,700-square-foot property from Up Realty for $5.4 million, or $327 per square foot. Lew Mavashev of Alpha Realty represented the seller, while Jacob Aronov, also of Alpha Realty, represented the buyer in the off-market transaction.

February 23, 2017

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