New York

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works December 10, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

December 10, 2014

Loans New York Northeast Retail

Houlihan-Parnes Realtors Arranges $1.6 M in Refinancing for Retail Building

by Amy Works December 10, 2014

MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.

December 10, 2014

New York Northeast Retail

DLC Management Corp. Acquires 2.58M SF Retail Portfolio

by Amy Works December 9, 2014

TARRYTOWN, N.Y. — DLC Management Corp. has acquired an 11-asset retail portfolio totaling 2.58 million square feet. The properties are located in New York, North Carolina, Arkansas and Tennessee. The acquisition is the largest in DLC’s history and the properties match well with the company’s operations and represent large, high-quality assets with strong anchor tenants. Additionally, the portfolio offers value-add opportunities through property stabilization. The portfolio includes: 2015 Walden Ave. (26,500 square feet), Union Consumer Square (386,320 square feet), Walden Consumer Square (253,225 square feet) and Walden Place (68,002 square feet) in Cheektowaga, N.Y.; Batavia Commons (49,431 square feet) and BJ’s Plaza (95,846 square feet) in Batavia, N.Y.; Premiere Place (414,639 square feet) in Williamsville, N.Y.; River Hills (315,234 square feet) in Asheville, N.C.; Spring Creek (588,606 square feet) and Steele Crossing (261,665 square feet) in Fayetteville, Ark.; Towne Center (390,607 square feet) in Murfreesboro, Tenn. Additional terms of the transaction were not released.

December 9, 2014

New York Northeast Office

SL Green Increases Stake in 1745 Broadway Office Condo

by Amy Works December 9, 2014

NEW YORK CITY — SL Green Realty Corp. has acquired additional ownership interest in the 674,000-square-foot office condominium at 1745 Broadway in New York City. The condominium is leased entirely to Random House. SL Green originally acquired a 32.26 percent stake in the property in 2007 and is now increasing its ownership to 56.88 percent as a result of recent transactions. The majority of the interests, consisting of general partnership and limited partnership interests, where purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interest, the company has consolidated management of the property. Designed by Skidmore, Owings & Merrill, the 50-story office building was completed in 2003.

December 9, 2014

Multifamily New York Northeast

Acuity Capital Partners Buys Six-Building Manhattan Portfolio for $30M

by Amy Works December 9, 2014

NEW YORK CITY — Chicago-based Acuity Capital Partners has purchased a six-building portfolio in Upper Manhattan for $30 million. The portfolio consists of 102 apartment units and 21 retail spaces. The buildings include 1697-1701 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2093 Amsterdam Ave. in Washington Heights. The portfolio sold for 12.88 times its current rent roll. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and seller, a local real estate investor, in the deal.

December 9, 2014

Industrial New York Northeast

Kalmon Dolgin Affiliates Arranges 10,000 SF Lease in Brooklyn

by Amy Works December 9, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered a 10,000-square-foot lease for United Yoram, a 40-year-old national medical supply distributor. The company will relocate from a warehouse in Gowanus to 933 Stanley Ave. in Brooklyn. The new space offers two drive-in doors and finished office space. Allison Chambers of KDA represented the tenant, while Hillel Galosher of S&Z represented the landlord, Casella Food.

December 9, 2014

Multifamily New York Northeast

Alpha Realty Brokers $8.3M Sale of Brooklyn Multifamily Property

by Amy Works December 8, 2014

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 306 Fifth Ave. in Brooklyn’s Park Slope neighborhood. The asset, which features 10 residential units and one commercial unit, sold for $8.3 million. Additionally, the six-story, 16,525-square-foot building has a 421(a) tax abatement in effect until 2025. The sellers were the original developers of the building, and the buyer was a private Manhattan-based investor. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.6 percent. Lev Mavashev of Alpha Realty represented both parties in the deal.

December 8, 2014

Multifamily New York Northeast

Ariel Property Advisors Brokers Two Sales Totaling $5.8M in Central, East Harlem

by Amy Works December 8, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily building in Central Harlem and a development site in East Harlem for a combined total of $5.8 million. In the first transaction, a real estate investment firm purchased 227 West 150th St. in Central Harlem for $3.6 million. The five-story, 14,554-square-foot building features 21 residential units. In the second transaction, a developer acquired a development site at 318 East 117th St. in East Harlem for $2.2 million. The property includes a three-story, vacant warehouse and features approximately 7,569 buildable square feet. Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property represented the sellers and procured the buyers in both deals.

December 8, 2014

Multifamily New York Northeast

Madison Realty Capital, USAA Real Estate Co. to Develop $88.5M Multifamily Project

by Amy Works December 5, 2014

NEW YORK CITY — Madison Realty Capital (MRC) in partnership with USAA Real Estate Co. are developing a 170,918-square-foot multifamily building on the corner of Waverly and Atlantic avenues in the Clinton Hill neighborhood of Brooklyn. The partnership has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions to assemble a 27,466-square-foot site with 170,918 square feet of development potential. Initially MCR purchased 551 Waverly Ave. for $23.5 million and has now closed on three adjacent properties for $7.5 million to complete the site assemblage with frontage along Atlantic Ave. The partnership expects a total investment of $88.5 million to complete the project. The eight-story residential building will feature 191 apartments, including studio, one- and two-bedroom units, retail storefronts along Atlantic Avenue. Additionally 27,515 square feet of the building will be below grade and used for amenity space, storage space and 96 parking spaces.

December 5, 2014

Multifamily New York Northeast

The Moinian Group, Tishman Construction Top Off 1,174-Unit Residential Tower

by Amy Works December 5, 2014

NEW YORK CITY — The Moinian Group, along with Tishman Construction, have topped off 605 West 42nd Street, a 1,174-unit residential tower at the northwest corner of West 42nd Street and 11th Avenue in Manhattan. Upon completion, the property will offer studios, one- and two-bedroom units with 939 as market-rate apartments and 235 as permanently affordable apartments. Additionally, there will be penthouses on the top floors. On-site amenities include a 70,000-square-foot clubhouse, complete with indoor and outdoor pools and spa services. The building, which is designed by Goldstein Hill & West Architects, is slated to begin pre-leasing in spring 2015.

December 5, 2014

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