HUNTINGTON, N.Y. — Island Associates has brokered the sale of a six-acre land parcel on Jericho Turnpike in Huntington. Matrix/Crest Group acquired the property for $7.8 million. The buyer plans to redevelop the site into a LA Fitness with two or three pad sites. The site offers access to Jericho Turnpike and W. Hills Road, which see more than 35,000 passing cars each day. Roger Delisle of Island Associates represented the seller, a former Rice Chevrolet car dealer, and the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 168 Driggs Ave. in Brooklyn. The asset, which features six rental units, sold for $3 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a developer, and secured the buyer, a limited liability company, in the transaction.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.
NEW YORK CITY — Avanath Capital Management, in joint partnership with Oak Tree Management, has acquired a four-property multifamily portfolio in Brooklyn. The rent-stabilized apartment buildings sold for $60 million in an off-market transaction. Totaling 149 units, the properties are 50 Greene Ave., 597 Grand Ave., 800 Bergen St. and 471 Vanderbilt Ave. The joint venture plans to implement various improvement and upgrade programs at the properties. The four assets were purchased through Avanath Affordable Housing II LLC, a fund with $200 million of equity commitments.
NEW YORK CITY — Rosewood Realty Group has brokered three apartment building sales in New York totaling $20.7 million. In the first transaction, Aaron Jungreis of Rosewood represented the undisclosed buyer and the undisclosed seller in the $12.5 million sale of 41 sponsor co-op units at 360 Central Ave. in Lawrence, Long Island. The units are part of a 129-unit co-op building that was built in 1973. In the second transaction, Michael Guttman of Rosewood represented the seller, 90 Clermont Avenue LLC, and the undisclosed buyer in the $4.6 million sale of 90 Clermont Ave. in Brooklyn’s Fort Greene neighborhood. Built in 2008, the six-story, 7,648-square-foot elevator building features seven apartments. In the third deal, Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor, in the sale of an apartment building located at 66 W. 138th St. in Harlem. Built in 1990, the five-story, 10,955-square-foot property features 20 apartments and sold for $3.6 million.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located at 336-338 Starr St. in Brooklyn. The two six-unit buildings sold for $3.5 million. Shaun Riley, Thomas Shihaden and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, a limited liability company, in the transaction.
NEW YORK CITY — KKR & Co. LP, a global investment firm, will purchase approximately 343,000 square feet (the top ten office floors) at 30 Hudson Yards and will relocate its corporate offices to the office tower in 2020. Related Cos. and Oxford Properties Group are developing 30 Hudson Yards. Designed by Bill Pedersen of Kohn Pedersen Fox, the 90-story tower will strive for LEED Gold certification. KKR is the second commercial office tenant to invest in and plan a move to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired approximately 1.5 million square feet of space in the building for its 5,000-plus employees. KKR is the seventh corporate office tenant to announce plans to move to Hudson Yards. Boies, Schiller & Flexner will move its New York City offices to 55 Hudson Yards. Coach Inc. has purchased more than 600,000 square feet of space in 10 Hudson Yards, L’Oréal USA, German software engineering firm SAP and social media-first digital agency VaynerMedia will locate at 10 Hudson Yards when the building opens in early 2016.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Ave. in the Spring Creek area of Brooklyn. The two-story property consists of a 20,000-square-foot ground floor, 20,000-square-foot basement, and 20,000-square-foot yard. Neil Dolgin and Gary Mayzlin of KDA represented both the buyer, 950 Georgia Holdings LLC, and the seller, LMJI LLC, which built the property in 2007. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement. The property includes 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement.
NEW YORK CITY — Quinlan Development Group and Building and Land Technology (BLT) are redeveloping the 100-year-old The Pioneer Warehouse at 41 Flatbush Avenue in downtown Brooklyn. The $30 million redevelopment of the 10-story property, which will be renamed The Pioneer Building, will result in approximately 235,000 square feet of modern office space and 25,000 square feet of retail space ready for occupancy in second quarter 2016. Located near the Barclays Center and Atlantic Terminal, The Pioneer Building is well along in a comprehensive redevelopment to enhance the building’s barrel-vaulted terra cotta ceilings, brick walls and ornate limestone façade. The interior finishes and exterior enhancements have been designed by architects Beyer Blinder Belle. New features include new, oversized, energy-efficient windows, state-of-the-art tenant-controlled HVAC units, industrial-sized elevator cabs, a renovated lobby, a landscaped roof terrace with views of all of Downtown Brooklyn and the New York Harbor, and an on-site bicycle storage facility. The property owners have named Bruce Mosler, Mikael Nahmias, and Joseph Cirone of Cushman & Wakefield as exclusive leasing agents.