New York

AvalonBay Sells 504-Unit Multifamily Community in New York City Suburb for $147M

by Haisten Willis September 7, 2016

NANUET, N.Y. — AvalonBay Communities Inc. (NYSE: AVB) has sold eaves Nanuet, a 504-unit multifamily community in the New York City suburb of Nanuet, for $147 million. A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The community is situated on 54 acres at 100 Avalon Gardens Drive. HFF represented AvalonBay in the transaction. The property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway. Nanuet’s Metro North train station and park and ride lot are also located nearby. The 97 percent-leased community includes 64 buildings with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet. Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages, and patios/balconies. Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts, and a resident lounge with a fireplace and business center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Robert Borny led the HFF investment sales team representing the seller. “Demand for well-located, value-add multifamily housing continues to …

September 7, 2016

Multifamily New York Northeast

Sinatra & Co. Real Estate Acquires 410-Apartment Portfolio in Buffalo Suburbs for $24.3M

by Amy Works September 6, 2016

HAMBURG AND TONAWANDA, N.Y. — Sinatra & Co. Real Estate (SCRE) has acquired 410 apartments in Hamburg and Tonawanda for $24.3 million. The deal includes a $21 million three-property multifamily portfolio in Hamburg consisting of the 184-unit Lincoln Square Apartments at 4055 Knoll Drive, the 126-unit Washington Square Apartments at 5546 Scranton Road and 40-unit Colonial Court Apartments at 5045 Berg Road. The remaining 60 units, located in Tonawanda, were purchased for $3.3 million. The sellers were NOCO Energy Corp. and Liberatore Management Group. The transaction was funded through the refinance of a local SCRE portfolio that has undergone value-add renovations. Largo Financial Group helped secure the debt financing.

September 6, 2016

New York Northeast Retail Top Stories

Kimco Realty Acquires Remaining Interest in Four-Property Retail Portfolio for $170.7M

by Katie Sloan September 6, 2016

NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million. The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed. The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Ga.; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pa.; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Va., approximately 50 miles southwest of Washington, D.C. Portfolio tenants include Nordstrom Rack, Marshalls, Old Navy and Newk’s Eatery at Perimeter Expo; TJ Maxx, Lane Bryant, PetSmart and Starbucks Coffee at Cranberry Commons; Michaels, Best Buy, TJ Maxx and Bed Bath & Beyond at Cypress Towne Center; and Petco, Giant Food, Staples and Subway at Doc Stone Commons. In a separate transaction, Kimco recently acquired Kentlands Market Square, a 251,000-square-foot, open-air shopping center located in the Washington, D.C., suburb of Gaithersburg, Md., for $95 million. Whole Foods Market anchors the …

September 6, 2016

Multifamily New York Northeast

Private Investors Acquire 60-Unit Multifamily Building in Queens for $17M

by Amy Works September 2, 2016

NEW YORK CITY — Three private investors, JD Broadway Realty, JE Broadway Realty and 90-31 Whitney Broad, have acquired a multifamily building located at 90-31 Whitney Ave. in the Elmhurst section of Queens. Whitney LLC sold the six-story property for $17 million. Built in 1936, the 67,200-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty Group represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.

September 2, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Brookhill Properties Expands Portfolio with Acquisition of Mixed-Use Property in Manhattan

by Amy Works September 2, 2016

NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.

September 2, 2016

Multifamily New York Northeast

GFI Realty Services Arranges $4.3M Sale of Apartment Building in Manhattan

by Amy Works September 2, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 250 Sherman Ave. in Manhattan’s Inwood section. Lewis Barbanel of Barberry Rose Management acquired the property from a local investor for $4.3 million. The five-story, 17,350-square-foot building features 20 residential units. Daniel Shragaei of GFI represented the seller, while Sasha Berg, also of GFI, represented the buyer in the transaction.

September 2, 2016

Multifamily New York Northeast

Rosewood Realty Facilitates $17M Sale of 51-Unit Residential Portfolio in Brooklyn

by Amy Works September 1, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a Section 8 housing portfolio located in Brooklyn’s Gravesend section. Orbach Group acquired the portfolio from Black Spruce Management for $17 million. The 51-unit portfolio comprises 17 buildings located at 2320-2336 W. 12th St. and 2315-2321 W. 13th St. The buildings feature 34 three-bedroom units, 17 one-bedroom apartments and 17 parking spaces. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction.

September 1, 2016

Loans Mixed-Use New York Northeast Office Retail

Thorofare Capital Secures $15.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 31, 2016

NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.

August 31, 2016

Industrial Loans New York Northeast Office

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $40M Sale of Storage Facility in Manhattan

by Amy Works August 30, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.

August 30, 2016

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