New York

ARM Real Estate Group Brokers Sale of Retail Property in Queens

by Amy Works May 15, 2015

NEW YORK CITY — ARM Real Estate Group has brokered the sale of a corner retail building located in the Woodside neighborhood of Queens. The Daniel Group purchased the 9,500-square-foot property for $2.8 million from 5401 Nb LLC. Located at 540-01 Northern Blvd. and built in 1952, the property features three retail spaces: a Chinese restaurant, a convenience store and a carpet shop. The buyer plans to reposition the property once the current leases expire. Anand Melwani of ARM Real Estate Group represented both parties in the transaction.

May 15, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground for Residential Project in Washington Heights

by Amy Works May 14, 2015

NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.

May 14, 2015

Multifamily New York Northeast

Akelius US LLC Purchases Apartment Building in Manhattan

by Amy Works May 13, 2015

NEW YORK CITY — Sweden-based Akelius through its U.S. company, Akelius US LLC, has acquired an apartment building along East 21st St. in Manhattan’s Gramercy Park for an undisclosed price. Built in 1930, the property features 196 apartment units. This is the company’s second acquisition in the United States. Additional details of the transaction were not disclosed.

May 13, 2015

New York Northeast Office Restaurant Retail

TerraCRG Brokers $26.7M Purchase of Brooklyn Development Site

by Amy Works May 12, 2015

NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.

May 12, 2015

Multifamily New York Northeast

Rail Realty Breaks Ground on 74-Unit Apartment Complex in New York

by Amy Works May 12, 2015

PORT JEFFERSON, N.Y. — Port Jefferson-based Rail Realty has broken ground for the development of an apartment complex in Port Jefferson. The two-building community will feature 74 one- and two-bedroom, market-rate apartment units. Additionally the community will feature full amenities and secure on-site parking. The Town of Brookhaven Industrial Development Agency provided economic incentives for the project, which is expected to create 69 construction jobs and five permanent positions.

May 12, 2015

Multifamily New York Northeast

GFI Realty Arranges $10.3M Sale of Two Brooklyn Multifamily Properties

by Amy Works May 12, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of two contiguous multifamily buildings located at 241-245 Ocean Parkway in Brooklyn’s Kensington section. The assets sold for $10.3 million, or $323,000 per residential unit. The properties consist of a combined 32 two- and three-bedroom apartment units and 24,000 square feet of air rights. The buyer plans to renovate the properties. Neither the buyer nor the seller were disclosed; Erik Yankelovich of GRI Realty represented the both parties in the transaction

May 12, 2015

Healthcare Industrial New York Northeast

Norvin Healthcare Properties Acquires 45,000 SF Property in Long Island City for $66M

by Amy Works May 11, 2015

NEW YORK CITY — An affiliate of New York City-based Norvin Healthcare Properties has acquired a two-story, 45,000-square-foot property, located at 21-21 44th Dr. in Long Island City, for $66 million. Simultaneously with the acquisition, Norvin entered into a 31-year triple-net lease with NYU Langone Medical Center. NYU Langone Medical Center plans to redevelop the industrial property into a multi-specialty ambulatory care facility. The name of the seller was not disclosed.

May 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $38M Sale of Four Multifamily Buildings in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Washington Flats portfolio, a grouping of four contiguous apartment buildings in Brooklyn’s Clinton Hill neighborhood. The portfolio sold for $38 million, or $364 per square foot. Located at 425 and 435 Grand Ave., 29 Putnam Ave. and 90 Downing St., the 104,365-square-foot portfolio features 128 residential apartments, with 121 rent-stabilized, three rent-controlled and four free-market units. At the time of sale, the properties participated in the HPD Home Program, which provides housing for low-income tenants and 52 of the rent-stabilized units operate under the Home Program. Stephen Palmese of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

May 11, 2015

Multifamily New York Northeast Student Housing

Colliers Arranges Sale of Development Site for Student Housing Facility in Buffalo

by Amy Works May 11, 2015

BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.

May 11, 2015

Multifamily New York Northeast

Alpha Realty Brokers $2.5M Sale of Multifamily Building in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.

May 11, 2015

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