New York

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

Multifamily New York Northeast

Eastern Consolidated Arranges $42M Sale of Residential Co-op in SoHo

by Amy Works February 3, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of all of the shares of a residential co-op building located at 61-63 Crosby St. in SoHo. The four-story, 20,600-square-foot property sold for $42 million, or more than $2,000 per square foot. The building consists of loft apartments on the second, third and fourth floors, and an artist studio/loft apartment and one retail space on the ground floor. The property also features 6,537 square feet of development rights. Peter Hauspurg and Michael Coghill of Eastern Consolidated, along with former Eastern brokers David Schechtman and Abie Kassin, represented the co-op owners, while Adelaide Polsinelli, also of Eastern, represented the buyer, Crosby 61 LLC, in the transaction.

February 3, 2016

New York Northeast Retail

SL Green, The Moinian Group Sign Nordstrom as Retail Anchor for 3 Columbus Circle in NYC

by Amy Works February 3, 2016

NEW YORK CITY — SL Green Realty Corp. and The Moinian Group have signed a lease with Nordstrom to anchor three levels of retail space at 3 Columbus Circle in New York City. The store has signed a 23-year lease for 43,000 square feet of retail space. The new location will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57th Street. Derek Trulson of JLL and Stephen Stephanou of Crown Retail Services represented Nordstrom, while Jeff Winick of Winick Realty Group represented the landlord in the lease transaction.

February 3, 2016

New York Northeast Retail

Forest City Realty Trust Closes Sale of Barclays Center Arena, Brooklyn Nets to Onexim

by Amy Works February 2, 2016

NEW YORK CITY — Nets Sports and Entertainment, a subsidiary of Forest City Realty Trust, has completed the previously announced sale of its equity interests in Barclays Center arena and the Brooklyn Nets basketball team to Onexim Sports and Entertainment Holding USA. The purchase price for the non-controlling 20 percent equity interest in the team was $125.1 million, and the purchase price for the 55 percent equity interest in the arena was $162.6 million. The transaction values the team at approximately $875 million and the arena at $825 million, inclusive of debt for each asset. Evercore ISI advised Net Sports and Entertainment in the transaction.

February 2, 2016

New York Northeast Retail

New York Life Real Estate Investors Acquires Majority Interest in Retail Center in New York

by Amy Works February 2, 2016

MOHEGAN LAKE, N.Y. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired a majority interest in Cortlandt Town Center in Mohegan Lake from an entity controlled by Acadia Realty Trust. Located on Route 6, the 641,000-square-foot power center is 97 percent leased to a variety of national tenants, including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michaels, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The acquisition price was not released.

February 2, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $31M Sale of Residential Building in Brooklyn

by Amy Works February 2, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a loft-style apartment building located at 305 McGuinness Blvd. in Brooklyn’s Greenpoint neighborhood. An undisclosed buyer acquired the five-story property from Ronny Ben-Dov for $31 million. The 53,124-square-foot property features 38 residential units, 19 parking spaces, a fitness center and common courtyard, as well as an unfinished rooftop with panoramic views of the Manhattan skyline, Queens and Brooklyn. Brendan Maddigan and Clint Olsen of Cushman & Wakefield exclusively handled the transaction.

February 2, 2016

Loans Multifamily New York Northeast

Lustig Capital Arranges $66.6M Construction Loan for Condo Conversion in Manhattan

by Amy Works February 1, 2016

NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.

February 1, 2016

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