NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site in Brooklyn’s Park Slope section. Located at 359 Seventh St., the site sold for $1.86 million or more than $450 per buildable square foot. The buyer plans to construct a condominium on the 20.5-foot wide vacant lot, which offers approximately 4,100 buildable square feet. Mark Spinelli, Michael Tortorici, Daniel Tropp and Jonathan Berman of Ariel Properties represented the seller, a private investor, and procured the buyer in the transaction.
NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 88 Schermerhorn St. in the Brooklyn Heights neighborhood of Brooklyn. Rockwood Capital and Heights Realty Advisors purchased the site for $11 million or $330 per buildable square foot. The 3,333-square-foot includes vacant 10,570-square-foot building. Zoned for C5-4 with a special downtown Brooklyn overlay, the site has a maximum floor area ratio of 10, permitting up to approximately 33,330 buildable square feet as of right for residential use. Sean Kelly of CPEX’s Development & Conversion Investment Sales team represented the seller, 88 Schermerhorn LLC, which originally purchased the property in 2013 for $3.75 million. CPEX also procured the buyers in the deal.
NEW YORK CITY — Meridian Capital Group has arranged a $50.6 million mortgage to refinance a multifamily portfolio of properties located throughout Brooklyn and New York City. The borrower is Manhattan-based Fine Times Inc. The 17-property multifamily building portfolio totals 281 units located on West 68th Street, West 69th Street, West 70th Street, West 71st Street, West 73rd Street on Manhattan’s Upper West Side and on Columbia Heights, Pierrepont Street and Montague Terrance in the Brooklyn Heights neighborhood of Brooklyn. The seven-year loan, provided by a regional balance sheet lender, features a 3.38 percent fixed rate, three years of interest-only payments and a 30-year amortization schedule. Shamir Seidman of Meridian Capital’s New York City headquarters negotiated the transaction.
YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.
NEW YORK CITY — Alpha Realty has brokered the sale of 306 Fifth Avenue, a residential building located in the Park Slope section of Brooklyn. The six-story building sold for $8.3 million. Built in 2002, the 16,525-square-foot building features 10 residential apartments and one commercial unit. Additionally, there is a 421(a) tax abatement in effect on the property until 2025. Lev Mavashev of Alpha Realty represented the seller, the original developers, and the buyer, a Manhattan-based investor, in the off-market transaction. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.8 percent.
NEW YORK CITY — New York City-based HAP Investments LLC is developing a new project at 284 Wadsworth Ave. in Washington Heights. Known as HAP 4.1, the six-story, 11,000-square-foot development will offer 10 one- and two-bedroom apartments and basement space. The project team will employ Insulated Concrete Form (ICF) wall system for building construction. HAP has selected Design AIDD Architecture to design the project. HAP is currently developing 11 other projects in Upper Manhattan and Chelsea as well as one in Jersey City, N.J.
NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.
NEW YORK CITY — The CPEX Industrial sales team has brokered the sale of a warehouse building located at 74 Kent Street in Brooklyn. Leeds United Construction Group LLC purchased the building for $7.5 million or $420 per square foot in an all-cash transaction. Leeds plans to convert the building into a combination of office and retail space. The three-story, 17,845-square-foot property was delivered vacant. Jacob Tzfanya and Christopher Burti of CPEX represented the undisclosed seller in the transaction.
NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.
NEW YORK CITY — Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts. Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Manhar, in the transactions.