SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding restaurant property located at 942 W. Jericho Turnpike in Smithtown. The 3,610-square-foot property sold for $2.6 million in an all-cash transaction. Burger King occupies the property under a long-term lease, which begin in late 2014. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller, which were not disclosed.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.
NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.
NEW YORK CITY — Keen Realty has partnered with Summit Investment Management LLC to form Keen-Summit Capital Partners LLC (Keen-Summit). Keen-Summit’s offerings will include real estate transactional and advisory services, corporate finance services and capital solutions. Keen-Summit is based in the New York City metro area, while Summit Investment will continue to be based in Denver.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building, 283-unit apartment complex located at 1711-1751 Fulton St. in Brooklyn’s Bedford-Stuyvesant neighborhood. Bushburg Properties purchased the 277,200-square-foot complex for $38 million from E&M Associates. In addition to the residential space, the property features nine commercial units, as well as parking spaces. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction.
NEW YORK CITY — RKF has arranged the sale of a retail and office property located at 497 Broome St. in New York City’s SoHo district. John Dee Corp. sold the 5,700-square-foot property to an undisclosed buyer for $18.75 million. The former home of The Original Teddy Bear factory, the property features 1,200 square feet of ground-floor retail space and 4,500 square feet of office space. Brian Segall and Chris Masi of RKF represented both parties in the 1031 exchange transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story walk-up apartment building located at 255 Himrod St. in Brooklyn’s Bushwick neighborhood. The vacant property, which is fully renovated, sold for $1.95 million or $325,000 per unit. Constructed in 1931, the property features six apartment units. Daniel Shragaei of GFI represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.
NEW YORK CITY — Acadia Realty Trust is nearing the completion of a $3.7 million capital improvement campaign at five properties located in Brooklyn’s Sheepshead Bay neighborhood. Located at 3780-3858 Nostrand Ave., the properties total more than 70,500 square feet of office and retail space. The capital improvements program includes renovations to the façade, storefronts, vacant office suites, lobbies, elevators and bathrooms. Additional improvements are underway to reopen the below-grade garage to better service tenants and customers. Acadia Realty Trust originally purchased the portfolio in 2012 for $18.5 million.
