New York

Alpha Realty Brokers Four Sales in Brooklyn Totaling $9.7M

by Amy Works March 14, 2016

NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.

March 14, 2016

Multifamily New York Northeast

WinnCompanies Breaks Ground on $15.4M Multifamily Rehab Project in Jersey City

by Amy Works March 11, 2016

JERSEY CITY, N.J. — WinnCompanies has broken ground for the $15.4 million rehabilitation at Brunswick Estates in Jersey City. Slated for completion in early 2017, the top-to-bottom renovation will modernize the 131 apartments, grounds and safety systems at the project. Additionally, the renovation will address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy and ADA compliance issues. The renovation work will modernize the kitchens, bathrooms and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Additionally, the heating and plumbing systems will be upgraded and common areas will be created within an existing central structure and will include a management office, tenant lounge and multimedia area. The Architectural Team is serving as architect and DiMarco Constructors is the general contractor on the project. WinnResidential, the property management arm of WinnCompanies, will manage resident and maintenance services at Brunswick Estates. Public-private partners on the project include Greater Bergen Community Action, Jersey City Division of Community Development, New Jersey Economic Development Authority, New Jersey Housing and Mortgage Finance Agency, U.S. Department of Housing & Urban Development, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital and Boston Community Capital.

March 11, 2016

Mixed-Use Multifamily New York Northeast Office Retail

TerraCRG Arranges $6M Sale of Commercial Building in Brooklyn

by Amy Works March 11, 2016

NEW YORK CITY — TerraCRG has brokered the sale of a residentially-zoned commercial building located at 283 Greene Ave. in Brooklyn’s Clinton Hill neighborhood. Kilroy Architectural Windows sold the 13,300-square-foot property to an undisclosed seller for $6 million, or $375 per existing square foot. The two-story building features 16,085 buildable square feet and can be converted into residential lofts or repositioned as an owner/user residential or office building. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

March 11, 2016

Multifamily New York Northeast

Ariel Property Advisors Brokers $42.1M Sale of Three-Property Multifamily Portfolio in Central Harlem

by Amy Works March 10, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.

March 10, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Trinity Place Holdings Receives Approvals for 77 Greenwich Development

by Amy Works March 10, 2016

NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.

March 10, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $41M in Financing for Residential Property in New York

by Amy Works March 9, 2016

RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.

March 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital, USAA Real Estate Co. Acquire Mixed-Use Property in Manhattan

by Amy Works March 8, 2016

NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.

March 8, 2016

New York Northeast Office Retail

Mission Capital Secures $45M Loan for Savanna’s Acquisition of Manhattan Commercial Property

by Amy Works March 8, 2016

NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.

March 8, 2016

Healthcare New York Northeast

RD Management to Redevelop Retail Property into Regional Health, Wellness Center in New York

by Amy Works March 8, 2016

LATHAM, N.Y. — RD Management LLC, a real estate development and management organization, is redeveloping an existing retail property into a health and wellness plaza in Latham. Situated on New York State Route 2, the site, a former Kmart shopping center, spans 118,863 square feet. Located at 195 Troy Schenedtady Road and Swatling Road, the new health and wellness center will offer alternative and holistic healthcare services, close to Albany Medical School and Albany Pharmacy School, in addition to an existing 22,058-square-foot health and fitness training facility. RD Management owns 42 properties throughout New York and has more than 200 properties in its national portfolio.

March 8, 2016

Multifamily New York Northeast

Hodges Ward Elliott Brokers $140M Bronx Multifamily Portfolio Sale

by Amy Works March 7, 2016

NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.

March 7, 2016

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