NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.
New York
NEW YORK CITY — Silvershore Properties has acquired a mixed-use building located at 1071 Cypress Ave. in the Ridgewood neighborhood of Queens for $10.6 million. The 33,500-square-foot property features 39 rent-stabilized residential apartments and five mom-and-pop stores, totaling 5,000 square feet. Cypress Realty LCC sold the property, which it originally purchased in 1986. No brokers were involved in the transaction.
NEW YORK CITY — Bottom Line Construction & Development LLC has broken ground for Baldwin Park, a boutique residential building at 306 W. 148th St. in West Harlem. The six-story property will feature six floor-through condominiums featuring two bedrooms, two baths, balconies and stainless steel appliances, as well as a rooftop deck. APEX Building Group is serving as general contractor, while financing was provided by 100 Miles Fund managed by Procida Funding & Advisors. The property is slated for a summer 2017 occupancy.
NEW YORK CITY — Onex Real Estate Partners has launched sales for Grand Two, the second building within The Grand at Sky View Parc in Flushing, Queens. Currently under construction, the 258-condo Grand Two is the second phase of the three buildings that will comprise The Grand at Sky View Parc. Designed by Peter Clewes and architectsAlliance, the residential units feature top-of-the-line finishes, floor-to-ceiling windows, balconies, washers/dryers, stainless steel Bosch appliances, quartz countertops and spa-like bathrooms. The property will feature a mix of studios, one-, two- and three-bedroom condos, ranging in size from 470 to 2,050 square feet with pricing ranging from $493,000 to more than $2 million. Upon build out, the development will bring a total of 750 additional homes and amenities to the mixed-use development. On-site amenities will include a 24-hour staffed lobby and concierge, a five-acre landscaped rooftop garden, and basketball court and tennis courts. During its opening weekend, Grand Two made $85 million in condominium sales.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.
First Niagara Provides $3.5M in Financing for New Bivona Child Advocacy Center in Rochester
by Amy Works
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided $3.5 million in financing to Bivona Child Advocacy Center in Rochester. The financing includes construction and permanent loans, as well as a historic tax credit investment in the rehabilitation of the non-profit’s new location at The Skalny Building, previously known as the Old Stone Warehouse. Located at 1 Mount Hope Ave., the 30,000-square-foot building will house many of the non-profit’s partner agencies, including law enforcement, Child Protective Services, prosecutors, medical professionals, social workers, therapists and advocates. NH Architecture provided architectural services and CP Kelly & Associates served as general contractor for the project, which opened in September.
Slate Property Group, GreenOak Real Estate to Acquire RiverTower in Manhattan for $390M
by Katie Sloan
NEW YORK CITY — A joint venture of Slate Property Group and GreenOak Real Estate is in contract to acquire RiverTower at Sutton Place, a 38-story multifamily complex located at 420 E. 54th St. in Manhattan’s Sutton Place neighborhood. The purchase price is $390 million. The building is comprised of 311 one-, two- and three-bedroom units. Building amenities include a bicycle room, porte-cochere driveway, 182-car below grade parking garage, a 28,000-square-foot landscaped plaza, dual street entrances and a fitness center. Originally developed by Harry Macklowe in 1982, the property was purchased by Equity Residential in 2010. Slate and GreenOak plan to implement a comprehensive building renovation and unit upgrades throughout. RiverTower is located in close proximity to both the United Nations and the East River. Nearby public transportation includes the “E” and “6” subway lines, and easy access to FDR Drive. Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller, Equity Residential, in the transaction. Slate Property Group is an owner, operator and developer of residential and commercial real estate in the New York metropolitan area. During the last six years, principals of Slate Property Group have purchased in excess of $1.5 billion in real estate assets. …
NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.
HFF Secures $89M in Refinancing for Retail, Office Building in NYC’s Meatpacking District
by Amy Works
NEW YORK CITY — HFF has arranged $89 million in refinancing for a retail and office building located at 401 W. 14th St. in the Meatpacking District. MetLife provided the borrower, Taconic Investment Partners, with a 15-year, interest-only, fixed-rate loan. The four-story building is 100 percent leased to Hugo Boss, The Kooples, Apple Inc. and Raptor Capital Management. HFF secured the financing on behalf of the borrower.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of The Duke Properties Brooklyn Portfolio, a package of four multifamily buildings and one mixed-use property in Brooklyn. The assets sold for $16.7 million, or $382 per square foot, in an all-cash transaction. The properties are located at 29 Brooklyn Ave., 137 MacDonough St., 235 Malcolm X Blvd., 1509 Pacific Ave. and 300 Palmetto St. Totaling approximately 43,750 square feet, the buildings feature 49 apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.