New York

JV Tops Out 30-Unit Luxury Condominium Project in Brooklyn

by Amy Works January 25, 2016

NEW YORK CITY — Avery Hall Investments, in partnership with Aria Development Group, has topped out 465 Pacific Street, its 30-unit luxury condominium project in Brooklyn’s Boerum Hill neighborhood. Designed by Morris Adjmi, the property will feature residential units ranging from one to five bedrooms, a 3,000-square-foot terraced penthouse, a 1,300-square-foot communal rooftop terrace, indoor parking, a fitness center, children’s playroom and doorman service. The property is managed by Stribling Marketing Associates and is already more than 90 percent sold.

January 25, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $2.6M Sale of Development Site in Brooklyn

by Amy Works January 25, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

January 25, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $90M Sale of Office Building in Downtown Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.

January 22, 2016

New York Northeast Office

Kalmon Dolgin Affiliates Arranges $1.8M Sale of Commercial Property in Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.

January 22, 2016

Multifamily New York Northeast

GFI Realty Arranges $27M Sale of 67-Unit Apartment Building in Manhattan

by Amy Works January 21, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story, walkup building located at 322-326 E. 82nd St. in Manhattan’s Upper East Side. A French investor acquired the 40,320-square-foot property from The Maidman Family for $27 million as part of a 1031 exchange. The property features 67 apartment units. Yisroel Pershin and Barak Jacobov of GFI Realty represented the seller, while Erik Yankelovich, also of GFI, represented the buyer in the transaction. Additionally, Roni Abudi of GFI Realty arranged $15.2 million in acquisition financing from Investor’s Bank for the deal.

January 21, 2016

New York Northeast Retail

Brookfield Proposes to Acquire Rouse Properties in All-Cash Offer of $17 Per Share

by Amy Works January 21, 2016

NEW YORK CITY — Brookfield Asset Management Inc. has made an unsolicited offer to buy the majority stake of mall owner Rouse Properties Inc. that it doesn’t already own for $17 in cash per share, or approximately $657 million. Brookfield currently owns about 33 percent of Rouse’s outstanding shares. The proposed price represents a premium of 26 percent to the closing price of Rouse shares on Jan. 15, and a 19 percent premium to the 30-day volume-weighted average trading price of Rouse shares. The proposal was presented to the Rouse Board of Directors on Jan. 16. Rouse Properties (NYSE: RSE), a New York City-based publicly traded real estate investment trust, is a regional mall owner. The company’s portfolio includes 35 malls and retail centers in 21 states encompassing approximately 24.1 million square feet. Rouse was created in 2012 when General Growth Properties Inc. spun off a portfolio of 30 malls. According to the Wall Street Journal, Toronto-based Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) acquired a 33 percent stake in the Rouse portfolio by leading a $30 billion restructuring of General Growth Properties to help it emerge from bankruptcy in 2010. Brookfield Asset Management describes itself as a global alternative asset manager with …

January 21, 2016

Multifamily New York Northeast Retail

GFI Realty Brokers $15.8M Sale of Multifamily/Retail Property in Brooklyn

by Amy Works January 20, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily and retail property located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. A group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group acquired the asset from Anthony Fernicola for $15.8 million. The property consists of 18 residential units, one retail shop and 5,700 square feet of air space. At the time of sale, 16 residential units and the retail unit were vacant. The new ownership plans to complete interior and exterior renovations at the property and will use the additional air rights to expand the size of the retail facility. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, while Koshkerman and James Tenaglia of M & J Realty Group represented the seller in the transaction.

January 20, 2016

Multifamily New York Northeast

Cignature Realty Associates Arranges $4.5M Sale of Manhattan Apartment Building

by Amy Works January 20, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 541 W. 144th St. in Manhattan’s Hamilton Heights neighborhood. A local real estate investor acquired the five-story walk-up for $4.5 million, or 18.5 times the rent roll. The 14,190-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the seller, 144 Street Properties LLC, and the buyer in the transaction.

January 20, 2016

Multifamily New York Northeast Seniors Housing

IPA Negotiates $48M Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by Amy Works January 19, 2016

BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.

January 19, 2016

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Arranges $3.2M Sale of Mixed-Use Property in Manhattan

by Amy Works January 19, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.

January 19, 2016

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