NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 41-29 41st St. in the Sunnyside section of Queens. Norcor Management acquired the building for $15 million, or $306,000 per unit. The 40,800-square-foot multifamily property features 49 apartment units. Josh Orlander of GFI Realty represented the buyer, while Daniel Shragaei, also of GFI Realty, represented the seller, an Astoria, Queens-based firm that primarily manages residential properties in Queens.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. The asset sold for $5.1 million. Built in 2007, the property features 18 apartments, five stores and 26 parking spaces. Jacob Aronov of Alpha Realty, along with a team of brokers from Besen & Associates, represented the undisclosed buyer and seller in the transaction.
NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …
WHITE PLAINS, N.Y. — A joint venture between SL Green and Renaissance Office Partners has entered into an agreement to sell an office building located at 7 Renaissance Square in White Plains. The gross sales price is $20.7 million, or $316 per square foot. Located at the Ritz Carlton complex, the building feature 65,600 square feet of office space. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions. The name of the buyer was not released. Jeff Dunne of CBRE represented the sellers in the deal.
NEW YORK CITY — Hodges Ward Elliott has arranged a $69 million loan on behalf of an institutional real estate investment firm for the refinancing of an office building. The property is located at 31 W. 27th St. in Manhattan’s Midtown South neighborhood. The 12-story, loft-style building offers 144,000 square feet of office space. The funding, which was provided by TD Bank, will allow the owner to complete its strategic business plan for the property, which was recently repositioned.
NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a retail condominium located at 37 Warren St., also known as 136 Church St., in Manhattan’s Tribeca neighborhood. HUBB NYC Properties acquired the corner property for $11.2 million, or $3,934 per square foot, in an all-cash transaction. The property features 2,847 square feet on the ground level and 1,364 square feet on the lower-level space. The property was vacant at the time of sale. Will Suarez of Cushman & Wakefield arranged the transaction.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of an apartment building located at 231 N. Henry St. in Brooklyn’s Greenpoint neighborhood. The six-unit property sold for $3 million. The buyer, a limited liability company, plans to reposition the property, which is one of the largest brick six-family buildings in the neighborhood. Shaun Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and secured and represented the buyer, a limited liability company, in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the residential condominium portion of 92 Pinehurst Ave. in Manhattan’s Hudson Heights neighborhood. Pinehurst Partners LP sold the residential portion of the property for $25.5 million, or $350 per square foot. The residential portion of the elevator-serviced, 72-unit building contains 72,896 square feet above grade of which the usable residential area is approximately 60,000 square feet. James Nelson and Mitchell Levine of Cushman & Wakefield handled the transaction.
SUNNYSIDE, N.Y. — Marcus & Millichap has arranged the sale of Sunnyside Gardens, an apartment building located at 41-05 Skillman Ave. in Sunnyside. A limited liability company acquired the 16-unit apartment building for $4.3 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, in the transaction.