NEW YORK CITY — GFI Realty Services has brokered the sale of a five-building multifamily portfolio in the Bronx. The portfolio, which consists of 206 units, sold for $24 million or $117,000 per unit. The adjacent properties are located at 922-926, 932-934, 938-940 and 944 Bronx Park South and 2137 Vyse Ave. Shulem Paneth and Eli Matyas of GFI Realty Services represented the buyer, while Yosef Katz, also of GFI Realty, represented the seller, Rising Development-BPS LLC, in the transaction.
The New York Capital Region’s industrial market has experienced strong growth over the past 24 months, and promises a continued pattern of growth for the next 12 to 24 months. As the office market in the central business district struggles to right itself fueled by the State’s tenuous occupancy of numerous privately held properties, the industrial marketplace has flourished with extended commitments from existing users and the entrance of new users. Upstate New York is making a name for itself in the nanotech industry, and a great deal of national and international attention has been drawn to the region. In addition to activity driven by high-tech companies, national distribution and manufacturing groups have committed to the region or have focused their site searches in the Capital District. The most significant job creation mechanism in the region has been the nanotech industry. Billions of private and public sector money has been invested since 2010 into Luther Forest Technology Campus in Malta, N.Y., as well as SUNY Polytechnic Institute (also known as the Colleges of Nanoscale Science and Engineering). These facilities have placed our region firmly on the international map and have transformed the appearance of New York’s Capital Region. The strongest …
NEW YORK CITY — New York-based ABS Partners Real Estate has invested $10 million for a capital improvement campaign at 915 Broadway, a 20-story office/retail property located at the southwest corner of 21st Street and Broadway in New York City. The firm tapped GKV and Javier Delagarza Architecture to design new corridors, high-end restrooms, high-grade lighting, elliptical ductwork, and well-appointed pantries. Additionally, the upgrades include full-glass office fronts, wood floors and open ceilings. Renovations took place on the fifth floor, after which the entire floor was leased to tenants, including Path Interactive and Gradian. Now work has commenced on the tenth floor.
YORKTOWN HEIGHTS, N.Y. — Houlihan-Parnes Realtors has placed an acquisition loan and credit facility totaling $13.2 million on two properties in Yorktown Heights. Located at 2649-2651 Strang Blvd., the corporate park contains a total of 209,078 square feet of rentable office space, which will be managed and leased by GHP Office Realty. The interest-only loan, which was placed with a local bank, features a 3.875 percent interest rate for three years, a renewal option and a flexible pre-pay schedule. Kelly Houlihan-Buckley and James Houlihan of Houlihan-Parnes secured the financing. John Hughes and James Maloney of Great American Title arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel to the undisclosed borrower. GHP Office Realty is the office building division of Houlihan-Parnes Realtors LLC.
NEW YORK CITY — TerraCRG has brokered the sale of a three-building mixed-use portfolio in Brooklyn’s Prospect Lefferts Gardens neighborhood. The buildings sold for $4.75 million or $284 per square foot. Located at 608-612 Flatbush Ave., the 16,749-square-foot portfolio offers 21 residential units and three commercial spaces. Adam Hess, Sam Shalumov, Chris Pechlivanides and Edward Setton of TerraCRG handled the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of Nameoke Street, a four-story apartment building located in the Far Rockaway section of Queens. The asset sold for $1.75 million or $102,941 per unit. The 13,912-square-foot asset features 17 apartment units. The seller was a private long-term owner and the buyer was a private investor from Brooklyn. Lev Mavashev and Jacob Aronov of Alpha Realty arranged the off-market transaction.
YONKERS, N.Y. — A wholly owned subsidiary of Urstadt Biddle Properties Inc. has acquired a 51 percent equity interest in a joint venture that owns McLean Plaza Shopping Center in Yonkers for $7.8 million. Built in 1982, the 57,000-square-foot center is occupied by a 35,000-square-foot A&P Supermarket, other tenants includes Duane Reade pharmacy, an E-Z Pass Service Center, Dunkin’ Donuts and Ridgewood Savings Bank. The purchase price is subject to the company assuming its share of a $2.78 million first mortgage payable that encumbers the shopping center. The company purchased its interest from an affiliate of The Great Atlantic & Pacific Tea Company (A&P), which is a tenant at the shopping center. In conjunction with the purchase, A&P modified its lease and extended the initial term until 2034. The remaining 49 percent of the joint venture is owned by entities owned by the two real estate families that originally developed the shopping center with A&P.
EAST MEADOW, N.Y. — Stalco Construction and Ehasz Giacalone Architects have completed the $700,000 renovation and upgrade of The Peter W. Addiego Health Sciences Library at the Nassau University Medical Center in East Meadow. Renovations and upgrades to the two-story 12,000-square-foot building includes an improved layout design, energy-efficient building systems and new interior finishes. The project team included Stalco as the general contractor, Ehasz Giacalone Architects as interior designer, SCC Construction Management Group as construction manager and KP Professional Engineering as mechanical engineer.
NEW YORK CITY — Deka Immobilien GmbH, in a joint venture with New York-based Ashkenazy Acquisition Corp., has acquired 522 Fifth Avenue in New York. Morgan Stanley sold the property for $170 million. The two-level asset offers 8,411 square feet of corner retail space with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and enhance the property, potentially adding approximately 16,000 square feet of retail space and expanding the property’s storefront by 44 feet. Robert Stamm of Savills Studley’s U.S. cross-border group represented Germany-based Deka in the acquisition. Deka has real estate assets under management globally on behalf of private and institutional clients. The total value of those assets is €25 billion (US$31.7 billion). This transaction is the firm’s first joint venture acquisition in the United States.
NEW YORK CITY — Meridian Capital Group has negotiated $10.7 million in refinancing for a three-property multifamily portfolio located in Brooklyn. Totaling 33 units, the properties are located on Roebling Street, South Second Street and Bedford Avenue in the Williamsburg neighborhood of Brooklyn. The five-year loan, which was provided by a national balance sheet lender, features a 3 percent fixed interest rate and a 30-year amortization schedule. Judah Hammer of Meridian’s New York City headquarters secured the financing.
