NEW YORK CITY — Gracious Home has retained A&G Realty Partners to manage the sale of the lease of its 17,000-square-foot retail property in Manhattan’s Chelsea neighborhood. The retailer is selling the lease on the property due to its recent Chapter 11 bankruptcy filing. Located between Broadway and Sixth Avenue, the property features 8,500 square feet of street-level space and 8,500 square feet of lower level space.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 13-buildng multifamily portfolio located in Manhattan’s Inwood section. A private real estate investor acquired the portfolio from the long-term private owner for $63.6 million. The portfolio consists of 13 five-story walk-up buildings located on Sherman, Post and Vermilyea avenues and Academy Street. The properties offer a total of two retail stores and 359 residential units in a mix of 93 one-bedroom, 210 two-bedroom, 51 three-bedroom and five superintendent units. Ron Solarz and Matthew Sparks of Eastern Consolidated represented the seller and procured the buyer. Gary Meese, also of Eastern Consolidated, was the analyst for the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of four buildings in Brooklyn. Robert Burton and Keegan Mehlhorn of Cushman & Wakefield represented the undisclosed seller in the transactions, which totaled $27.5 million. The portfolio includes 975 Washington Avenue, a 36,732-square-foot, 44-unit multifamily property that sold for $10.5 million; 762 E. Third Street, 32,000-square-foot, 42-unit multifamily building that sold for $8.5 million; 1812 East 18th Street, a 29,500-square-foot, 34-unit multifamily property that sold for $7.6 million; and a 2,133-square-foot industrial property located at 5614 Third Ave., which sold for $850,000. The names of the buyers were not released.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
NEW YORK CITY — BCB Property Management has completed the disposition of a four-building multifamily asset located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights neighborhood. Related Cos. acquired the buildings for $30 million. Totaling 52,543 square feet, the asset features 13 two-bedroom units, 11 three-bedroom apartments and 24 four-bedroom units. Approximately half of the 48 units were rent-stabilized at the time of sale. Stephen Palmese of Cushman & Wakefield represented the seller in the transaction.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.
LONG ISLAND CITY, N.Y. — Blackstone Mortgage Trust has provided a nearly $200 million loan for the acquisition of the historic Falchi Building in Long Island City, Queens. Savanna, a New York City-based real estate investment manager, purchased the mixed-use building from Jamestown LP. The five-story, 711,194-square-foot building occupies a full city block bounded by 47th and 48th avenues. Originally constructed in 1922, the building at one time served as a warehouse and distribution facility for Gimbels department store. The Gimbels chain of stores closed in 1987. Falchi is currently 90 percent leased to tenants such as City of New York, Uber, Lyft, Spaces (Regus), Juice Press and Doughnut Planet. Savanna will implement a $35 million capital improvement plan at Falchi. The improvements will focus on building amenities and infrastructure work for the office tenants, such as upgrading building systems, modernizing elevators, renovating common corridors and bathrooms and developing new ground-floor retail. Mitch Arkin, Joe Grotto Jr., Haley Fisher, Dan D’Agnes and Kelli Berke of Cushman & Wakefield will work closely with Savanna to lease the property’s office space. David Tricarico, also of Cushman & Wakefield, will handle retail leasing. Eastdil Secured brokered the sale and arranged acquisition financing. Savanna …
NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.
NEW YORK CITY — Bentall Kennedy has purchased The Addison, a high-rise multifamily property located at 225 Schermerhorn St. in Brooklyn. Waterton sold the 271-unit property for $154.2 million. Constructed in 2011, the property features a 26-story building and 15-story building with 65 studio, 117 one-bedroom and 89 two-bedroom units, with an average size of 715 square feet per unit. Additionally, the property features 6,610 square feet of ground-floor retail space and a 109-space parking garage. Andrew Scandalios, Rob Hinckley, Jeff Julien and Matthew Lawton of HFF represented the seller in the deal.
NEW YORK CITY — ATCO Properties & Management has acquired an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. RPW Group sold the 18-story building for $108 million. Newsday, Jason Wu, Thom Browne, Fidelus Technology, Spanish American Institute and Reem Bridal occupy the 165,000-square-foot building. MetLife provided a mortgage loan for the acquisition of the property. Richard Baxter (now with Colliers International) and Anthony Ledesma of JLL represented the seller in the deal. There were no outside brokers for the buyer.