NEW YORK CITY — Thor Properties has purchased a Class A office property at 180 Livingston Street, located between Smith and Hoyt streets in downtown Brooklyn, from Treeline Cos. Stephen Palmese of Cushman & Wakefield brokered the $85 million all-cash sale. The property is a 154,000-square-foot office condominium that occupies floors three through six of the building and features three office tenants, with the MTA serving as the anchor. The property also holds development potential with an additional approximately 142,525 buildable square feet as-of-right, which can be expanded to approximately 213,155 square feet with use of an inclusionary housing bonus. The sale price equates to approximately $552 per square foot.
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NORTH BELLMORE, N.Y. – The North Bellmore Public Library Board of Trustees has selected Elite Construction as construction manager for the expansion and renovation of the library building located at 1551 Newbridge Rd. in North Bellmore. Designed by the Pleasantville, N.Y.-based architectural firm of Gallin Beeler Design Studio (GBds), the project will completely renovate and expand the outdated library structure, originally constructed in 1962 and expanded in 1986. The improvements will include a gut renovation of the existing two-story, 13,000-square-foot building and a 4,200-square-foot addition. The project is financed through a 15-year, $8.9 million bond issue approved by the North Bellmore voters in May of 2015. In addition to Elite and GBds, the project team includes structural engineer The Di Salvo Engineering Group; mechanical, electrical, and plumbing (MEP) engineer TAS Engineering; and civil engineer Galli Engineering.
NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.
NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.
NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.
NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
YONKERS, N.Y. — Holliday Fenoglio Fowler LP (HFF) has brokered the sale of Hudson Park, a multifamily community situated along the Hudson River in downtown Yonkers. Strategic Capital purchased the property, which consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club. Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom units and approximately 15,500 square feet of office and retail space. Hudson Park North was completed in spring 2008 and has 294 one- and two-bedroom apartments, as well as a free-standing parking garage. The property also includes a nearly quarter-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor. The groundbreaking for this development occurred in mid-September with an expected completion date of mid-2017. The completed residential component of Hudson Park is 98 percent leased. HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. The HFF investment sales team representing the seller was led by Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Steve Simonelli and Michael Oliver. Shearman & Sterling LLP provided legal counsel to Strategic Capital …
The total retail inventory in the Rochester market amounts to 62.5 million square feet. Over the past year, the market has seen an overall decrease in the vacancy rate. The vacancy rate went from 8.0 percent in first quarter 2015 to 7.9 percent in the current quarter. Overall net absorption was positive 182,160 square feet. The general retail sector of the market, which includes all freestanding retail buildings except those contained within a center, reported a vacancy of 4.3 percent at the end of the second quarter 2015. The general retail space in Rochester is 34.3 million square feet. Average rental rates are currently at $12.26 per square foot. The shopping center sector — which consists of 19 million square feet and comprises community centers, neighborhood centers and strip centers — posted 10.9 percent total vacancy and average asking rates of $10.28 in second quarter 2015. Power center space is currently reported to be nearly 4 million square feet with a vacancy rate of 7.5 percent, and a slight decrease in rental rates to $13.46 per square foot. Malls in the Rochester market consist of lifestyle centers, regional malls and super-regional malls. The vacancy rate was 21.2 percent at the …
New York City is booming. The local economy is the strongest it has ever been, with total employment numbers reaching all-time highs totaling over 4.2 million jobs through May 2015. This has led to a strong office market performance during the first six months of 2015, as office-using employment continues to grow, up 2.5 percent over the past 12 months. Demand for space continues to keep availability below 10 percent, and at 9.6 percent, Manhattan availability is down 50 basis points from last year. Despite minimal increases in Manhattan overall asking rents, up only 2.9 percent year-over-year through June, some submarkets are exceeding previous record-high asking rents from 2008. The demand from creative and tech tenants looking for space in Midtown South over the past few years has pushed asking rents up 19.1 percent above all-time highs. Downtown overall average asking rents have reached historical highs this year as well, and at $57.78 per square foot, rents are 10.3 percent higher than the previous highs in 2008. Most of this increase can be attributed to new construction at the World Trade Center site. Despite this, Midtown overall asking rents are still 5.3 percent off historical highs from 2008. Throughout Midtown, …
SYRACUSE, N.Y. — Apple Hospitality REIT has closed on the acquisitions of the 102-room Courtyard by Marriott Syracuse Downtown at Armory Square and the 78-room Residence Inn by Marriott Syracuse Downtown at Armory Square for a combined purchase price of $42 million. The Courtyard and Residence Inn hotels, both located at 300 West Fayette Street within the historic Armory Square area of Downtown Syracuse, are approximately two miles from Syracuse University as well as the State University of New York Upstate Medical University and Upstate University Health System. Both hotels opened in 2013.