NEW YORK CITY — Being developed by Barone Management, the new Marriott Fairfield Inn & Suites in New York City is slated to top out in July. Located at 538 W. 58th St., the 86,000-square-foot hotel will feature 226 rooms in two seemingly separate structures, an 18-story tower and adjoining 10-story building. The property will feature a streetside plaza, an office center, a fitness center and a breakfast bar. Gene Kaufman Architect is serving as architect for the project.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 186 Greenpoint Ave. in Brooklyn’s Greenpoint neighborhood. The asset sold for $2.5 million, or $348 per square foot, in an all-cash transaction. The 25-foot by 112.5-foot lot features 7,194 buildable square feet for residential development. Additionally, plans have been approved by the Department of Building to construct a five-story six-unit residential building on the property. Brendan Maddigan of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a freestanding retail property located on Guy R. Brewer Boulevard in Queens. The 10,500-square-foot asset sold for $15.6 million, or $1,494 per square foot. Built in 2010, the property is occupied by Walgreens. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented the seller and buyer in the transaction. The names of the buyer and seller were not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 309 Amsterdam Ave. in Manhattan’s Upper West Side. The four-story property sold for $6.6 million, or $1,630 per square foot. The 4,800-square-foot property features a 1,200-square-foot retail space and three one-bedroom apartments. The property was delivered vacant. The undisclosed buyer plans to reposition the property for rental. Paul Smadbeck and Robert Stufano of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Madison Realty Capital has completed the disposition of a multifamily property located at 385 Union Ave. in Brooklyn’s Williamsburg neighborhood. Originally in foreclosure and under management of a receiver, the six-story property sold for $37.4 million. The 40,000-square-foot property features 47 residential units. The property was sold in an off-market transaction facilitated by Aaron Jungreis of Rosewood Realty Group, who represented both parties. The name of the buyer was not released.
NEW YORK CITY — Silvershore Properties has acquired a mixed-use property, located at 149 Rivington St. in New York City’s Lower East Side, for $2.8 million. The buyer plans to redevelop the four-story, walk-up building into a larger property with additional residential and retail units by adding two floors to create two duplex apartments and build out the two retail floors on the lower level. No brokers were involved in the transaction. The name of the seller was not disclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of four properties in Brooklyn totaling $7.4 million. In the first transaction, Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Properties represented the seller and buyer, both private investors, in the $2.3 million sale of a vacant lot at 876 Bergen Ave. in Prospect Heights. The property is zoned R7A and contains 10,847 buildable square feet as-of-right. In the second transaction, Tropp, Spinelli and Berman represented the seller and buyer, both private investors, in the trade of a property, which contains two residential units and one commercial unit, located at 154 Graham Ave. in East Williamsburg. The 4,500-square-foot asset sold for $1.9 million. In the final transaction, Shimon Shkury, Berman, Spinelli and Tropp represented the seller and buyer, both private investors, in the sale of two industrial properties, located at 402-422 Snediker Ave. and 485-515 Van Sinderen Ave. in East New York. The buildings, which total 33,500 square feet, sold for $3.2 million.
NEW YORK CITY — The Kaufman Organization has brokered a 10-year lease for 46,000 square feet of office space at 111 West 19th St. in New York City. Law360, a LexisNexis company, is relocating to the space from its Union Square offices at 860 Broadway and 200 Park Avenue South. The company’s new space can accommodate up to 300 staffers, including reporters and business professionals. Steven Kaufman, Barbara Raskob and Yvonne Chang of the Kaufman Organization represented the landlord, 19th Street Associates LLC, while Paul Ippolito of Newmark Knight Grubb Knight represented the tenant in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a 15-year, 1,400-square-foot lease for the Eatery in Hell’s Kitchen. The popular restaurant is relocating to 788 Ninth Ave. from another location on the block. James Famularo and Jeff Geoghegan of Eastern Consolidated represented the owner, while Ravi Idnani, also of Eastern Consolidated, represented the tenant in the transaction.
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.
