NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
New York
MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged a $2 million first mortgage loan for a multifamily property located at 33 Williams St. in Mount Vernon’s Fleetwood section. Built in 1932, the seven-story property, which is situated on 1.1 acres, features 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard. The self-liquidating loan was placed with a savings bank at a 15-year fixed interest rate of 3.6 percent. Jeremiah Houlihan of Houlihan-Parnes arranged the financing for the undisclosed borrower.
NEW YORK CITY — Cushman & Wakefield and DTZ have completed their merger to form one of the largest commercial real estate services firms in the world. The new company will have a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management and $191 billion in transaction value. The firm will be led by Chairman and CEO Brett White and Global President Tod Lickerman. “This is a game-changing event in commercial real estate,” says White. “Both legacy firms has been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together — capturing the momentum in the market and clearly claiming our position at the top of the industry.” Cushman & Wakefield now operates in more than 60 countries around the world, providing global commercial real estate service in every service line and every major geographical area in the world. Cushman & Wakefield is majority owned by an investor group led by TPG, PAG and OTTP.
Paradigm Commercial Real Estate Secures $47M Refinancing for 25-Building Retail Portfolio
by Amy Works
CEDARHURST, N.Y. — Cedarhurst-based Paradigm Commercial Real Estate LLC has secured $47 million in refinancing for a package of 25 retail buildings located throughout the Bronx and Westchester counties. The properties are occupied by mom-and-pop shops, most of which have short-term leases. Michael Edery of Paradigm Commercial arranged the fully non-recourse loan, which features a 70 percent loan-to-value, for the borrower, a private family office. Proceeds of the loan will be used to expand the borrower’s portfolio, which currently includes 100 properties.
NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an office building located at 1713 Eighth Ave. in Brooklyn’s Greenwood Heights neighborhood. The four-story, 12,800-square-foot building sold for $5.3 million, or $418 per square foot, in an all-cash transaction. The property consists of 47 small units set up as creative artist or office spaces. Aaron Warkov and Richard Velotta of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.
NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a warehouse building located at 521 Bergen Ave. in the South Bronx. The six-story, 44,070-square-foot warehouse sold for $6 million, or $136 per square foot, in an all-cash transaction. The property, which is zoned for both commercial and residential use, features a freight elevator and full basement. Nick Burns and David Simone of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.