New York

TerraCRG Arranges Three Brooklyn Mixed-Use Buildings Sales Totaling $3.83M

by Amy Works December 18, 2014

NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.

December 18, 2014

New York Northeast

Schorsch Resigns, ARCP Announces Management, Corporate Governance Changes

by Amy Works December 17, 2014

NEW YORK CITY — American Realty Capital Properties Inc. (ARCP) has made changes to its management and corporate governance. Nicholas Schorsch has resigned as executive chairman of ARCP, the ARCP board of directors and the boards of directors of the non-traded REITs managed by Cole Capital, ARCP’s private capital business. Additionally, David Kay has stepped down as chief executive officer of ARCP and from the ARCP board of directors. Lisa Beeson stepped down as president and chief operating officer. William Stanley has been appointed lead independent director and chairman of the nominating and corporate governance committee for ARCP. Effective immediately, Stanley will serve as interim CEO and interim chairman of the board until permanent replacements are named. The search for a new CEO and chairman of the board has commenced. In addition to the management changes, ARCP is reviewing and re-evaluating its business relationships and strategies, as well as enhancing its corporate governance structure. ARCP is a self-managed commercial REIT focused on investing in single-tenant freestanding commercial properties subject to net leases with high-credit quality tenants. Additionally, ARCP acquires and manages assets on behalf of the Cole Capital non-traded REITs.

December 17, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges $2.3M Sale of Brooklyn Apartment Building

by Amy Works December 17, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

December 17, 2014

New York Northeast Retail

Kimco Realty to Acquire Blackstone’s Interest in 39-Property Retail Portfolio for $512.3M

by Amy Works December 16, 2014

NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …

December 16, 2014

Loans Multifamily New York Northeast

HFF Arranges $61.75M Loan for 120-Unit Residential Tower Development

by Amy Works December 16, 2014

NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.

December 16, 2014

Healthcare Loans New York Northeast

Meridian Capital Closes $49M in CMBS Financing for Brooklyn’s Calko Medical Center

by Amy Works December 16, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.

December 16, 2014

Multifamily New York Northeast

Greystone Acquires Harlem Land Parcels for Mixed-Use Development

by Amy Works December 16, 2014

NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.

December 16, 2014

Mixed-Use New York Northeast

TerraCRG Arranges $8.63M Sale of Park Slope Mixed-Use Building

by Amy Works December 15, 2014

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.

December 15, 2014

New York Northeast Retail

RKF Arranges $18.5M Sale of Retail Property in Brooklyn

by Amy Works December 12, 2014

NEW YORK CITY — RKF has brokered the sale of a retail property, located at 197-205 Smith St. in Brooklyn’s Cobble Hill neighborhood. The 20,000-square-foot property sold for $18.5 million. The property offers 10,000 square feet on the ground floor and a 10,000-square-foot basement. Included in the sale are air rights for 10,000 buildable square feet that allows for future expansion. Brian Segall and Ernie Getz of RKF represented the seller, John Dee Corp., and the buyer, a partnership between Jackson Group, Aurora Capital and ACHS Management, in the transaction.

December 12, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $80.75M Sale of Manhattan Mixed-Use Portfolio

by Amy Works December 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

December 11, 2014

Newer Posts

Older Posts