BRONXVILLE, N.Y. — HLC Equity, a national real estate investment holding group and property manager, has sold a retail property located at 12-14 Cedar St. in Bronxville. The 27,699-square-foot building sold for an undisclosed price. The retail property currently houses a longtime tenant, A&P, under the terms of a triple-net lease. Lawrence Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the transaction. The buyer was not disclosed.
NEW YORK CITY — JMH Development and Madison Estates have acquired 70 Henry Street in Brooklyn’s Brooklyn Heights neighborhood for $7.5 million. The partnership plans to develop a boutique condominium development on the site. JMH Development and Madison Estates have selected Morris Adjmi as architect of record for the project. The partnership most recently developed The Townhouses of Cobble Hill in Brooklyn’s Cobble Hill neighborhood.
NEW YORK CITY — The Durst Organization has signed xAd Inc., a location-focused mobile advertising company, to a 10-year lease at One World Trade Center in Lower Manhattan. The company will occupy the entire 60th floor — 43,849 square feet — at the 3 million-square-foot office tower. xAd will relocate to the new space from 401 Park Avenue South in summer 2015. One World Trade Center is at 72 percent of projected stabilized net operating income, totaling 1.9 million square feet in the building. Jon Mayeske and Jamie Katcher of Cushman & Wakefield represented the tenant in the transaction. The ownership was represented by Eric Engelhardt of The Durst Organization; Cushman & Wakefield’s Tara Stacom, Alan Stein, James Searl and Justin Royce; and Jodi Pulice of JRT Realty.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building portfolio in Brooklyn. A long-term investor purchased the assets for $24.1 million from a local seller. The portfolio includes 256 E. 37th St., 2902 Cortelyou Road, 3613 Avenue D and 414 East 34th St. The portfolio features 164 apartment units and six commercial units. David Berger of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 533 W. 142nd St. in New York City’s West Harlem neighborhood. The seven-unit building sold for $2 million. The property has been completely renovated to turnkey condition and is now 100 percent free market. Peter Von Der Ahe, Scott Edelstein, Matthew Fotis and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 320 Van Brunt St. in Brooklyn. The 3,975-square-foot property sold for $1.2 million. Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.
NEW YORK CITY — Vaughn College of Aeronautics and Technology has unveiled its multi-phase expansion, renovation and sound abatement project at the college’s main campus in Flushing. Located at 86-01 23rd Ave., the project, which cost $40 million, included the installation of building envelope sound insulation, renovations, re-programming and building system upgrades to all campus components undergoing renovations. The renovated buildings include the main structure, built in 1940; 1983 classroom building built in 1983, and a two-story classroom building and a hangar with a 65-foot observation tower, both of which were built in 1997. The renovations were financed from two sources: Vaughn received grant funds totaling approximately $32 million from the Federal Aviation Administration and The Port Authority of New York and New Jersey; and the college invested $7 million in the project from its own funds. The project team included Ensign Engineering, John Ciardullo Associates, Stalco Construction, Langan Engineering and Environmental Services, DVL Consulting Engineers, Peter George Associates and Graf & Lewent Architects.
NEW YORK CITY — Colliers International and Lee & Associates have brokered a 51,223-square-foot lease at 1251 Avenue of the Americas in New York City. Bernstein Litowitz Berger & Grossman LLP inked a long-term relocation for the space in the 54-story, 2.4 million-square-foot office tower. The law firm plans to occupy the space by year-end 2015 and will occupy the entire 44th floor with additional space on the 41st floor and concourse level. Robert Koslow of Colliers International and Howard Rosen of Lee & Associates co-brokered the lease on behalf of the tenant. Peter Shimkin and David Falk of Newmark Grubb Knight Frank represented the landlord in the transaction.