New York

HFF Brokers $14.2M Brooklyn Multifamily Sale

by Jaime Lackey June 23, 2015

NEW YORK CITY — HFF has brokered the $14.2 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood. Caton Acquisition Partners LLC purchased the asset free and clear of existing debt from Second City Real Estate. 2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, near the Church Avenue subway station. Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground-floor retail space, which is fully occupied by a local daycare center. Rob Rizzi, Jeff Julien, Rob Hinckley and Steven Rutman of HFF marketed the asset on behalf of the seller.

June 23, 2015

Loans New York Northeast Retail

EagleBridge Capital Arranges $7.5M Loan for Four-Building Portfolio

by Amy Works June 23, 2015

NORWOOD, MASS. — EagleBridge Capital has arranged $7.5 million in permanent mortgage financing for four buildings located on Vanderbilt Avenue in Norwood. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan, which was provided by a leading financing institution. Totaling 149,550 square feet, the four properties include 36-76, 45, 190-196 and 375 Vanderbilt Ave., including the Vanderbilt Club and three flex buildings. Tenants at the properties include Office Gallery International, Subway, Orange Leaf Frozen Yogurt, Comcast, International Auto Parts, Exide Technologies, Home Theater Concepts and the Neponsit Valley Chamber of Commerce.

June 23, 2015

Industrial New York Northeast

Kalmon Dolgin Affliliates Brokers $6.2M Sale of 60,000 SF Industrial Property

by Amy Works June 23, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of an industrial property, located at 507 Osborn St. in Brooklyn. The 60,000-square-foot property sold for $6.2 million. The property features high ceilings and open space. Neil Dolgin of KDA, along with Christopher Halliburton of Halstead Property LLC, represented the seller, Tuck It Away Osborn LLC. Halliburton also represented the buyer, Knight Collision Experts Inc. in the transaction.

June 23, 2015

Multifamily New York Northeast

Investment Group Sells Gotham Court in Manhattan for $29.1 Million

by Jaime Lackey June 22, 2015

NEW YORK CITY — A partnership of two joint ventures that purchased Gotham Court on Manhattan’s Lower East Side for $19.1 million in 2013 has sold the properties to HUBB NYC for $29.1 million. Gotham Court, built in 2004, includes 152 Ludlow St. and 149-151 Essex St. The properties are situated across from the Essex Crossing mixed-use development. 152 Ludlow Street is a five-story walk-up with two duplex rentals and a retail space occupied by the music venue Cake Shop. 149-151 Essex Street is a seven-story elevator building with 20 rental units and two retail spaces. After purchasing the properties in 2013, the sellers renovated a number of apartments and leased a vacant retail space to Tijuana Picnic. The principals of one joint venture include Nathan Halegua and Josh Halegua of Jonis Realty and Martin Newman, an independent real estate investor. The principals of the other joint venture are David Schneiderman and Joshua Landau of Four Winds Real Estate. A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter, along with Eric Hoberman of law firm Kriss & Feurstein LLP, represented the partnership in the sale.

June 22, 2015

Multifamily New York Northeast

Cushman & Wakefield Arranges $15M Sale of Four Multifamily Buildings in Manhattan

by Amy Works June 22, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of four multifamily properties located in Manhattan’s Washington Heights neighborhood for $15 million. The properties include 508-512 West 158th St., 516 West 159th St. and 522 West 161st St. The properties total 62,680 square feet and offer a total of 78 residential units and one commercial space. The residential mix includes one one-bedroom unit, 38 two-bedroom units, 38 three-bedroom units and one four-bedroom unit. The sale represents the final tranche of the New Manhattan Portfolio to close. The portfolio was divided into four portions, which were sold with an aggregate value of $55.1 million. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction.

June 22, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Brokers $14.7M Sale of Mixed-Use Property in the Bronx

by Amy Works June 22, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 67,000-square-foot mixed-use property at 135-145 W. Kingsbridge Road in the Bronx’s Kingsbridge Heights section. The asset sold for $14.7 million, or $220 per square foot. The six-story walk-up building features 10 fully occupied retail stores and 57 apartments. Adelaide Polsinelli of Eastern Consolidated represented the seller, and Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction. The names of the buyer and seller were not released.

June 22, 2015

New York Northeast Retail

10,000 SF Dollar Tree Opens at Medford Plaza in New York

by Amy Works June 22, 2015

MEDFORD, N.Y. — A 10,000-square-foot Dollar Tree location has opened at Medford Plaza in Medford. Additional tenants at the retail center include Island Recreation, Edible Arrangements, Brick House Cardio, Medford Pastaria and Dunkin’ Donuts. Vintage Vapors is also slated to join the roster. Robert Delavale of Garden City, N.Y.-based Breslin Realty represented the undisclosed landlord in the transaction.

June 22, 2015

Multifamily New York Northeast

CPEX Completes $6M Sale in South Slope Area of Brooklyn for Condo Development

by Jaime Lackey June 19, 2015

NEW YORK CITY — CPEX Real Estate has arranged the $6 million sale of 186-190 21st Street in Brooklyn. The CPEX Development & Conversion Sales Team sold the two adjacent lots to Sterling Town Equities for $300 per buildable square foot — a record price for the Greenwood Heights/South Slope neighborhood. The buyer plans to develop a condominium project on this site. The combined footprint at the sites is approximately 10,017 square feet. The property is zoned R6B with a maximum floor area ratio of 2.0, allowing for a total of 20,034 buildable square feet. The site currently consists of one small office building, delivered vacant, which will be demolished.

June 19, 2015

BCDA-Aerial-Image-credit-Dattner-Architects-Bernheimer-Architecture

Multifamily New York Northeast

Jonathan Rose Cos. to Develop BCD:A, a $51M Mixed-Use Project in Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …

June 18, 2015

Multifamily New York Northeast

Forest City JV Begins Construction on 38 Sixth Avenue at Pacific Park Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …

June 18, 2015

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