NEW YORK CITY — American Realty Capital New York City REIT Inc. (NYCR) has entered into an agreement to acquire an institutional-quality office building in downtown Manhattan for $253 million, exclusive of closing costs. Located at 123 William St., the 545,000-square-foot property is currently 81 percent leased. The property’s largest tenants include the State of New York, the City of New York, the United States of America, the Securities Training Corp. and McAloon & Friedman PC. Additional terms of the transaction were not released.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a commercial loft building located at 34 West 17th St. in New York City’s Flatiron District. Extell Development sold the 25,000-square-foot property for $20 million to Atkins & Breskin Co. The 10-story, pre-war building features ground-level and basement retail components. Additionally, the currently vacant property is zoned for residential, office, retail or mixed-use development. Ronald Solarz, Chris Matousek and Michael Levine represented the seller and procured the buyer in the deal.
NEW YORK CITY — Marcus & Millichap has brokered the sale an apartment building located at 425-431 West 205th St. in Manhattan’s Inwood neighborhood. The six-story, 72-unit elevator building sold for $12.6 million, or $175,000 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller, a private individual, and the buyer, a family partnership, in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a commercial property located at 340 Wythe Ave. in the Williamsburg neighborhood of Brooklyn. The 8,633-square-foot property sold for $7.5 million. The property site is zoned M3-1, which allows for approximately 17,266 gross buildable square feet of commercial development, including office or retail space. Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG represented the seller in the deal.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a five-story multifamily building, located at 309 West 111th St. in New York City’s Morningside Heights section. The 12,310-square-foot property sold for $6.5 million. The 16-unit property offers a mix of two- and three-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups, in the deal.
NEW YORK CITY — Richmond, Va.-based Media General Inc. has leased the entire 62nd floor of the Empire State Building in New York City. The company plans utilize the 26,782-square-foot space to centralize its six digital media companies and national sales headquarters into one location. Fred Posniak provided in-house representation for the landlord, Empire State Realty Trust, along with William Cohen, Jonathan Tootell and Shanae Ursini of Newmark Grubb Knight Frank. James Gross and Peter Gross of Douglas Elliman Commercial represented Media General in the deal.
YAPHANK, N.Y. — United Baking Co. has signed a leased for 38,500 square feet of storage space at 95 Horseblock Road in Yaphank. Situated in Eastern Suffolk County, the 181,000-square-foot property offers close proximity to the Long Island Expressway, Sunrise Highway and multiple other transportation routes. United Baking Co. is the manufacturing and parent corporation of Shirley, N.Y.-based Uncle Wally’s, a baked goods company. Tommy Tsiolis provided in-house representation for the landlord, Long Island Industrial, while Jack O’Connor of Newmark Knight Grubb Frank represented the tenant in the transaction.
NEW YORK CITY — Meridian Capital Group has negotiated a $22.5 million loan for the acquisition of an office condominium in Brooklyn. The three-year, interest-only loan, which was provided by a regional balance sheet lender, features a floating rate and two one-year extension options. The loan is for the acquisition of the top four floor, totaling 76,500 square feet, of Montague Pavilion Condominium. Built in 1960, the 14-story office building is located at 195 Montague St. in Brooklyn. Tal Bar-Or of Meridian’s New York City headquarters brokered the acquisition loan on behalf of the sponsor.
NEW YORK CITY — Avison Young has brokered a 10-year lease for Trolman, Glaser & Lichtman P.C. at 747 Third Ave. in Manhattan. The law firm will occupy the entire 23rd floor, totaling 9,310 square feet, of the Class A office building. The law firm is currently located at 777 Third Ave. and is expected to relocate in second quarter 2015. Michael Gottlieb, Anthony Lopresti and Jason Meister of Avison Young represented the tenant, while Michael Lenchner of Sage Realty Corp. provided in-house representation for the landlord, William Kaufman Organization.
NEW YORK CITY — TerraCRG has arranged the acquisition of a development site located at 1525 Bedford Ave. in Brooklyn’s Crown Heights neighborhood. Adam America purchased the site for $32.5 million. The site offers 144,404 buildable square feet and 500 feet of wrap-around frontage along Eastern Parkway, Bedford Avenue and Lincoln Place. The buyer plans to develop a mixed-use property on the site, which is one block away from Franklin Station with access to the 2, 3, 4 and 5 subway lines. The new development will feature residential condominiums, ground-level retail space, a gym, basketball courts, tenant lounge with complimentary WiFi, a roof deck and modern amenities. Approximately 20 percent of the residential units will be affordable housing. Ofer Cohen of TerraCRG represented the buyer in the transaction. The seller was not disclosed.