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.
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
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.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
NEW YORK CITY — CTA Architects, as architect, and Brend Renovation, as general contractor, have completed a $10 million exterior renovation of Morningside Gardens, a six-building, 980-unit apartment complex in Manhattan’s West Harlem section, for Morningside Heights Housing Corp. The project repaired 560,000 square feet of façades and 80,500 square feet of roofs. Renovations included repairs to and repointing of the brick façade; replacement and repairs of deteriorated and delaminated metal-clad blue stone window sills; renovations to selection flashings, lintels and concrete balconies and rails; gutter and scupper drain repairs; waterproofing of roofs; replacement of all roof rails; and repairs to rooftop elevator bulkheads. Morningside Heights Housing Corp. manages the apartment complex and support facilities.
NEW YORK CITY — Ariel Property Advisors has brokered two transactions of multifamily properties in Northern Manhattan. In the first deal, an undisclosed buyer acquired a 15,300-square-foot property, located at 304 E. 147th St. in Hamilton Heights, for $7.3 million. The building features 33 residential units in a mix of studio, one- and two-bedroom layouts. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Joshua Kwilecki of Ariel Properties represented the buyer and undisclosed seller. In the second transaction, an undisclosed buyer acquired an 11,105-square-foot apartment building located at 422 Saint Nicholas Ave. in Central Harlem for $4.3 million. The building features two two-bedroom units and eight three-bedroom units, as well as 9,178 square feet of air rights for future development. Victor Sozio, Joshua Kwilecki and Matthew Gillis represented the buyer and undisclosed seller in the deal.
EASTCHESTER, TUCKAHOE AND GREENBURGH, N.Y. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8.9 million permanent loan secured by three properties in Westchester County, N.Y. The borrower is a long-term owner of the properties, which include a retail strip center in Eastchester and two warehouse/industrial buildings in Tuckahoe and Greenburgh. The warehouse buildings are net-leased to Verizon. Jeanne Cronin of Q10 secured the five-year loan, which features a 30-year amortization schedule, through a community bank for the borrower.
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened yesterday, is the third property in Starwood’s 1 Hotel brand. The property features 20,000 square feet of meeting/event space, a 24-hour fitness center, rooftop bar and pool and a 12,000-square-foot indoor/outdoor restaurant.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
HARRIMAN, N.Y. — NAI James E. Hanson has brokered the sale of an industrial building, located at 2 Bailey Farm Road in Harriman. Contract Packaging Services acquired the 96,500-square-foot property from Why Associates for an undisclosed price. Situated on 20 acres, the property features five loading docks and 80 parking spaces, as well as the option for a 100,000-square-foot expansion. The buyer exercised its purchasing option on the property after completing a five-year lease at the location. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the seller in the deal.