NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — TerraCRG has brokered the sales of two multifamily buildings in Brooklyn totaling $8.9 million. In the first transaction, a 16-unit multifamily property located at 851 Franklin Ave. in Crown Heights sold for $5.5 million, or $652 per square foot. The fully renovated 8,440-square-foot property features six two-bedroom units, six studio units and four one-bedroom apartments. Additionally, the property features bike storage, laundry facilities and storage lockers for tenants. In the second deal, a 16-unit multifamily building located at 4109 Seventh Ave. in Sunset sold for $3.4 million, or $257 per square foot. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in both transactions.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.
NIAGARA FALLS, N.Y. — KeyBank has provided $12 million in capital to help develop Niagara City Lofts in Niagara Falls. The adaptive reuse project will convert an existing vacant public high school building, which was built in 1923, into 61 units of workforce housing, affordable housing, market-rate apartments and commercial community space. The project is being funded in partnership with the NYS Housing and Community Renewal Division, NYS Empire State Development Corp. and RBC Tax Credit Equity. Rob Likes and Joe Eicheldinger of KeyBank secured the financing for the borrower.
ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.
MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.
BINGHAMTON, N.Y. — Houlihan-Parnes Realtors has arranged the sale of a 13-property multifamily portfolio in Binghamton. The 113-unit asset sold for an undisclosed price. The properties are located at 97 Oak St.; 12 Grand Blvd.; 89, 93, 95, 126, 128, 157 and 162-164 Chapin St.; and 99, 101 and 103 Murray St. Ed Graf of Houlihan-Parnes brokered the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Fortuna Realty Group LLC has acquired a Wyndham-franchised hotel located at 37 W. 24th St. in Manhattan’s Flatiron District for $60 million. Fortuna plans to convert the 124-key hotel — built in 2008 — into a high-end boutique hotel. The investor bought the property out of bankruptcy at auction from an undisclosed seller. The hotel is situated directly off Fifth Avenue, and around the corner from Mario Batali’s acclaimed Italian marketplace Eataly and Madison Square Park. The hotel’s neighborhood has emerged as a popular location for New York’s technology, advertising, marketing and information technology sector, and is a hub for restaurants and nightlife. The new acquisition will join Fortuna’s portfolio of upscale “lifestyle hotels,” including Hotel Hugo and Hotel Indigo Chelsea, both in Manhattan, and The Garden City Hotel, located on Long Island. Wayne Cook and David Glanz of law firm Windels Marx LLP represented Fortuna in the transaction. U.S. Trust provided an undisclosed amount of acquisition financing. Based in New York City, Fortuna Realty Group LLC is a privately held real estate investment and development company with a focus in hospitality. — Katie Sloan
MELVILLE, N.Y. — RUI Credit Services has expanded its lease by 11,834 square feet at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The company will now occupy 30,845 square feet on the second floor of the 165,310-square-foot office building, which is owned by The Feil Organization. Richard Caputi of Cresa Long Island represented RUI, while Nicholas Forelli and David Turino provided in-house representation for landlord.