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.
NEW YORK CITY — Madison Realty Capital has provided a $90 million first mortgage loan for a to-be-developed 232-unit apartment community and an existing community facility in Brooklyn’s Bushwick neighborhood. The undisclosed borrower will use the loan proceeds to retire all existing debt and develop two residential buildings at 889 Bushwick Ave. and 340 Evergreen Ave. In addition to the residential developments, the site also features a newly renovated 152,674-square-foot community facility at 871 Bushwick Ave. that is triple-net leased on a long-term basis to a national non-profit organization.
NEW YORK CITY — Emerald Equity Group has acquired a portfolio of 47 multifamily buildings from Fairstead Capital and E+M Associates for $357.5 million. The properties total 712,571 square feet and are located in Manhattan, predominantly within the neighborhood of East Harlem. Fairstead Capital and E+M Associates acquired the portfolio from a special servicer in 2013 for an undisclosed sum. The portfolio includes 112 E. 103rd St., 411 E. 118th St. and 291 Pleasant Ave. in East Harlem. British investment firm Dawnay Day owned the portfolio until the properties fell into foreclosure in September 2009, according to reports by The New York Times. The now-defunct firm acquired the properties in 2007 for $225 million. Brookfield Property Partners (NYSE: BPY) provided nearly $300 million in financing for the acquisition, according to reports by The Real Deal. A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the seller and procured the buyer in the transaction. Mitchell Taras of Sadis & Goldberg provided legal representation to the seller, and Jeffrey Zwick of Jeffrey Zwick & Associates PC provided legal representation to the buyer. Emerald Equity Group is an investment and management firm specializing in rental apartments in …
NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily portfolio located in Brooklyn. A&E acquired the portfolio for $89 million. Totaling 243,000 square feet and 265 units, the properties are located at 230 Ocean Parkway, 483 Ocean Parkway, 80 Woodruff Ave., 65 Ocean Ave. and 100 Lefferts Ave. Aaron Jungreis of Rosewood represented the buyer and seller in the transaction.
MELVILLE, N.Y. — A joint venture between Treeline and The KABR Group has acquired a four-story office building located at 3 Huntington Quadrangle in Melville, roughly 40 miles outside New York City. Hines REIT sold the 408,000-square-foot property for $35.8 million. William Schroeder designed the building, which was built in 1971. Jose Cruz of HFF represented the seller in the transaction. Chris Peck, Geoff Goldstein, David Giancola, Alex Staikos and Jordan Avanzato of HFF secured financing on behalf of the buyer through Wells Fargo Bank.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 159-18 Northern Blvd. in the Flushing area of Queens in New York City. Flushing Bank sold the property to an undisclosed local buyer for $13.2 million. The 28,764-square-foot site has more than 112 square feet of frontage along Northern Boulevard and 55 square feet of frontage along 159th Street. The site includes a two-story, 9,213-square-foot commercial building and 38,831 square feet of air rights. Stephen Palmese and Stephen Preuss of Cushman & Wakefield handled the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a retail center located at 6661 Broadway in the North Riverdale neighborhood of The Bronx, the northernmost borough of New York City. A local investor acquired the 4,750-square-foot property for $1.5 million. The property consists of six stores and 30,000 square feet of air rights. Shawn Sadaghati of GFI Realty represented the seller, a local investor, while Aron Taub, also of GFI, represented the buyer in the transaction.
NEW YORK CITY — The Durst Organization has acquired the development site of Queens Plaza Park in New York City for $173 million. The project is a 77-story residential tower currently under construction in the Long Island City submarket of Queens. The 1 million-square-foot building will feature approximately 1,000 residential units. The project also includes a one-acre public park and renovations to the Queens Plaza subway station entrance. The seller was a joint venture between Property Markets Group and Kamran Hakim, a New York-based real estate investor. The building is expected to open in 2019. Development plans call for assistance under New York’s 421-a tax exemption program, which will require at least 25 percent of the units to be affordable per New York City guidelines. As part of the acquisition, The Durst Organzation also purchased the landmark Queens Clock Tower Building, which is situated adjacent to the new development. Built in 1927, the property was once the tallest building in New York City outside of Manhattan, though it will now be dwarfed by the new project. Rosenberg & Estis served as legal counsel to The Durst Organization on the acquisition, as well as the $90 million first mortgage loan on the …