NEW YORK CITY — Taconic Investment Partners and Ares Management have completed the disposition of 318 residential units at MeadowWood at Gateway, a multifamily property located at 12205 Flatlands Ave. in Brooklyn. The Pinnacle Group purchased the units for $53 million. MeadowWood at Gateway features 19 high-rise and garden-home buildings offers studio, one-, two-, three- and four-bedroom in a mix of for-sale and rental units. Taconic and funds managed by Ares originally purchased the 983 unsold condominiums units out of the 1,152 units at MeadowWood in 2006 and completed a $40 million renovation program at the property. Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.
NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an industrial property located at 35 Division Place in Brooklyn. The 10,000-square-foot asset sold for $3.5 million. The undisclosed buyer plans to renovate the property for its food distribution business. Jakub Nowak and Jim McGuckin of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the deal.
NEW YORK CITY — Prodigy Network has signed option agreements to acquire two buildings in the NOMAD section of Manhattan for a total of $95.4 million. The company will acquire a 12-story, 45,000-square-foot loft building located at 114-116 East 25th St. for $48 million, and a 12-story loft building located at 331 Park Ave. S. for $47.4 million. These acquisitions mark the fourth and fifth Manhattan project for Prodigy, a real estate crowdfunding company.
NEW YORK CITY — Marcus & Millichap has brokered the sale of the Newel Building, a property located at 425-429 East 53rd St. in Midtown Manhattan. Rakema Holdings LLC, an affiliate of Ruder Finn, acquired the property for $30.7 million, or $900 per square foot. Built in 1926, the five-story building features 34,125 square feet of commercial space, including a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom. Anthony Finno of Marcus & Millichap represented the seller, Newel LLC, in the transaction.
DOBBS FERRY, N.Y. — Saber Real Estate Advisors has completed demolition and begun construction for Rivertowns Square, a $150 million mixed-use development in Dobbs Ferry. Slated to open next year, the project will feature a hotel, restaurants, and boutique retail and entertainment space. Rivertowns Square is currently 80 percent pre-leased to a variety of tenants, including Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian Bistro, My Gym, The Learning Experience, New York Sports Club, Starbucks Coffee, GNC and a luxury movie theater. Leasing for the project is being handled by Greenstone Realty of Manhattan.
NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.
NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Colliers International has brokered the sale of Edgewater Plaza, a seven-story office building located at One Edgewater Plaza in Staten Island. Edgewater Plaza Loft LLC acquired the 268,938-square-foot property for $21.5 million. At the time of sale, 181,172 square feet of the property was occupied by The City of New York Board of Elections, The New York Police Department and Staten Island University Hospital, among others. Jacklene Chesler, Richard Madison and Jeffrey Oram of Colliers represented the undisclosed seller in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 90,000-square-foot flex property located at 1351 and 1339 Jerome Ave./1320 and 1342 Inwood Ave. in the Mount Eden section of the Bronx. Jerome Avenue Storage Associates LLC, operating as American Self-Storage, purchased the property by executing its lease option to buy for $9 million from Boss Realty LLC/Plaza Packaging. The property features high ceilings, multiple loading docks and drive-in entrances. Grant Dolgin and Dmitri Gourianov of KDA represented both parties in the transaction.