NEW YORK CITY — ABJ Properties has acquired a package of multifamily buildings located in Central Harlem and Brooklyn for $21.1 million. The buildings total 106,681 square feet and 100 units. The Lenox Avenue Portfolio is a package a three contiguous mixed-use walk-up buildings located at the corner of West 138th Street and Lenox Avenue in Central Harlem. The 59,835-square-foot portfolio contains 54 residential units and seven retail units. The remaining buildings are a 25,933-square-foot apartment building at 1848-1845 Eastern Parkway with 22 apartment units and a 20,913-square-foot building at 179 Mother Gaston Blvd. with five one-bedroom units and 12 two-bedroom apartments. Victor Sozio, Shimon Shkury, Michael Tortorici and Joshua Kwilecki of Ariel Property Advisors represented the seller, a private investor, in the transaction.
NEW YORK CITY — Savanna and its joint venture partner, Hornig Capital Partners, have completed the redevelopment of 95 Evergreen Avenue in Brooklyn’s Bushwick neighborhood. The joint venture acquired the five-story, 165,000-square-foot former Schlitz Brewery in 2015 and implemented a $30 million project to transform the building into high-end office and retail space. The project included renovating and upgrading the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. Fogarty Finger designed the new space. Initially built for Schlitz brewing operations, the building features 15- to 37-foot ceilings and efficient floor plates of up to 37,500 square feet. New features to the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles. Mitchell Arkin and Joseph Cirone of Cushman & Wakefield are marketing the office space, while Andrew Clemens of Ripco Real Estate is handling leasing for the retail space.
NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a retail property located at 156 Lawrence St. in Brooklyn. A private investor acquired the 1,612-square-foot property for $4.9 million, or more than $3,000 per square foot. Michael Cimino, Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.
NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …
NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-story apartment building located at 83-05 34th Ave. in the Jackson Heights section of Queens. Pd 34th LLC sold the property to a private investor for $3.6 million. Built in 1928, the 13,179-square-foot building features 16 apartment units. Michael Guttman of Rosewood represented the seller and buyer in the deal.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story co-op apartment building located at 121-131 Fort George Ave. in the Hudson Heights section of Manhattan. Fort George Property LLC, Fort George Realty LLC and NY Tryon sold the building to Fort George Housing LLC and NYC Partnership Housing Development Fund for $9.5 million. All of the co-op shares were sold in the transaction. Built in 1960, the building features 44 apartment units. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the deal.
NEW YORK CITY — EVO Real Estate Group has arranged the acquisition of an office condominium located at 633 Third Ave. in the Midtown section of New York City. Zionist Organization of America acquired the 10,105-square-foot property from Time Equities for $9.3 million. The buyer is relocating from 4 E. 34th St. and plans to take occupancy of the space in September. Jonata Dayan and Jonathan Ben-Dayan of EVO represented the buyer, while Brandon Medeiros provided in-house representation for the seller.
NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.