NEW YORK CITY — BGC Partners (NASDAQ: BGCP), a global brokerage company, has entered into agreements to acquired Apartment Realty Advisors (ARA) and its members. ARA is the nation’s largest privately held, full-service investment brokerage network focusing exclusively on the multi-housing industry. The acquisition is expected to significantly drive the growth of Newmark Grubb Knight Frank (NGKF), which is a part of BGC Partners, within the multi-housing capital markets space. The companies will be purchased for a total cash consideration of approximately $110 million. Additional cash and equity-based earn outs may be paid if certain performance targets are met in future periods. After closings, the acquired companies are expected to generate annual revenues in excess of $100 million and pre-tax distributable earnings in excess of $20 million. The deals, which are each subject to closing conditions, are expected to close in stages with a majority expected to close during the first quarter of 2014.
NEW YORK CITY — BRP Development Corp. plans to redevelop the long-vacant Renaissance Ballroom, located at 2341-2349 Adam Clayton Powell Blvd. in Harlem, into a mixed-use development. The development company purchased the site from Abyssinian Baptist Church for an undisclosed price. The new project, Renny, will feature 134 mixed-income residential units, 17,500 square feet of retail space, 20,580 square feet of community facility space and 67 below-grade parking spaces. The development team is aiming to achieve LEED Silver certification with the project, which will feature solar panels, water-saving plumbing systems, an energy-efficient boiler and green roofs. Construction is slated to begin in first quarter 2015, with completion scheduled for 2017.
NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.
LAKEWOOD, N.J. — HFF has arranged the sale of an industrial flex facility, located at 150 Oberlin Ave. in Lakewood. Cedar Group of NJ LLC purchased the 74,000-square-foot facility free and clear of existing debt from LNR Property LLC for an undisclosed price. Situated on 6.28 acres, the multi-tenant facility was renovated in 2000 and features 20- to 28-foot clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces. Current tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Jordan Avanzato of HFF represented the seller in the transaction.
POUGHKEEPSIE, N.Y. — Cronheim Mortgage has secured $7.7 million in financing for Nine Mall Plaza in Poughkeepsie. The 99,765-square-foot shopping center is occupied by Babies R Us, Aldi, H&R Block, Verizon, Supercuts and a variety of local retailers, including a dance studio and nail salon. The loan was structured with a 10-year initial term, a 22.5-year amortization schedule and flexible prepayment options for the borrower, Nine Mall Investors LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
EAST MANCHESTER TOWNSHIP, N.Y. — Hillwood Investment Properties, a Perot company, has acquired a 95-acre tract in East Manchester Township for an undisclosed price. The site is approved for a 1.2 million-square-foot industrial building that Hillwood Investment Properties plans to build on a speculative basis. Located along I-83 in Northern York County, Trade Center-83 will feature 36-food clear heights, a cross-dock configuration, 190-foot truck court depth, dual driveway access for multiple tenants and an ESFR sprinkler system. Additionally, the project benefits from a LERTA Tax Abatement providing tenants with an incentive equating to $0.48 per square foot over the 10-year LERTA term. Construction is scheduled to begin this year with delivery slated for fourth-quarter 2015. Michael Hess of CBRE served as broker for the acquisition and has been retained to market Trade Center-83 for lease.
RYE, N.Y. — HFF has brokered the sale of International Corporate Center at Rye, an office property located in Rye, Westchester County, N.Y. Faros Properties sold the 180,000-square-foot, Class A property for $39.5 million. Located at 555 Theodore Fremd Ave., the property, which was renovated in 2012, features three office buildings connected by a five-story glass rotunda lobby. On-site amenities include a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard. At the time of sale, the property was 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. Jeff Julien, Jose Cruz and Andrew Scandalios of HFF represented the seller. Richard Goldstein of Goldstein & Associates Realty represented the undisclosed buyer in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.