New York

Jamestown Acquires 49 Percent JV Stake in Two Manhattan Office Properties

by Amy Works February 9, 2016

NEW YORK CITY — Jamestown LP, a national real estate investment and management company, has acquired a 49 percent joint venture stake in ownership of two office properties in Manhattan for an undisclosed sum. Under the new partnership agreement, George Comfort & Sons and Loeb Partners Realty will together retain a majority interest in the assets. The properties include 63 Madison Avenue, a 15-story, 870,000-square-foot office building that is fully occupied by notable tenants such as New York Life and CBS; and 200 Madison Avenue, a 26-story, 750,000-square-foot office building that is 99 percent leased to 20 tenants, including Philips-Van Heusen, Roche BoBois and Greater New York Mutual Insurance. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured provided financial advice for the transaction.

February 9, 2016

Multifamily New York Northeast Retail

Eastern Consolidated Negotiates $9M Sale of Brooklyn Mixed-Use Property

by Amy Works February 9, 2016

NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.

February 9, 2016

Multifamily New York Northeast Retail

Cignature Realty Negotiates $21.6M Sale of Residential Building in Manhattan

by Amy Works February 8, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a residential building located at 4300 Broadway in Upper Manhattan. Quantum Equities sold the property to Sugar Hill Capital Partners for $21.6 million. Built in 1955, the six-story, elevator-serviced building features 54 residential units and a 6,000-square-foot vacant retail space. The rent-regulated building features a mix of studios and one- and two-bedroom apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both parties in the off-market transaction.

February 8, 2016

Multifamily New York Northeast Seniors Housing

The Kendal Corp. Opens First Phase of Seniors Housing Community in Upstate New York

by Amy Works February 8, 2016

ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.

February 8, 2016

Multifamily New York Northeast

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $23.5M Apartment Building in Manhattan

by Amy Works February 5, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.

February 5, 2016

Multifamily New York Northeast

TerraCRG Brokers $20.7M Sale of 58-Unit Multifamily Building in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a 58-unit multifamily building located at 15-25 Crown St. in Brooklyn’s Crown Heights neighborhood. Sterling Equities acquired the 51,000-square-foot multifamily building from BCB Property Management for $20.7 million, or $357,000 per unit. The six-story building features one four-bedroom unit, nine three-bedroom units, 19 two-bedroom units, 27 one-bedroom units and two studio apartments. Adam Hess, San Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.

February 4, 2016

Multifamily New York Northeast

GFI Realty Negotiates $3.8M Sale of Two Apartment Buildings in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of two apartment buildings located at 684A and 684B Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Local investors acquired the properties from Joseph Rizzuto for $3.8 million. The two four-story apartment buildings feature 12 residential units and a ground-floor retail unit. Isaac Moskowitz of GFI Realty Services represented the seller, while Yosef Katz, also of GFI, represented the buyers in the transaction.

February 4, 2016

New York Northeast Retail

QIC Acquires Majority Stake in 1.3 Million SF Shopping Center in New York

by Amy Works February 4, 2016

YONKERS, N.Y. — QIC has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 percent stake in Westchester’s Ridge Hill shopping center in Yonkers. The 1.3 million-square-foot open-air shopping center is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick’s Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores. This agreement with Forest City brings the total number of assets acquired by QIC on behalf of clients to 11.

February 4, 2016

Hospitality New York Northeast Top Stories

Hersha Hospitality Trust Sells JV Interest in Seven Manhattan Hotels for $571.4M

by John Nelson February 4, 2016

NEW YORK CITY — Hersha Hospitality Trust (NYSE: HT) has signed definitive agreements to sell ownership interests in seven of its limited-service hotels in Manhattan for a total purchase price of $571.4 million. The Philadelphia-based hotel REIT sold its interests to joint venture partner Cindat Capital Management Ltd. Totaling 1,087 rooms, the hotels include Holiday Inn Express Times Square, Candlewood Suites Times Square, Hampton Inn Times Square, Hampton Inn Chelsea, Hampton Inn Herald Square, Holiday Inn Wall Street and Holiday Inn Express Wall Street. “Manhattan’s preeminence as a financial, cultural and technological hub, combined with the security and scarcity of its real estate, provides significant yield for a strategic, long-term partner such as Cindat,” says Neil Shah, president and chief operating officer of Hersha Hospitality. “We intend to utilize a portion of the sale proceeds to make hotel investments in Washington, D.C., and California, continue our share repurchase program and repay debt.” The proposed joint venture is structured with Cindat as the preferred joint venture partner holding a 70 percent ownership stake, while Hersha retains a 30 percent equity interest. Cushman & Wakefield represented Hersha in the transaction. Hersha will continue to fully own 10 hotels in New York City …

February 4, 2016

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