NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.
TOTOWA, N.J. — Cushman & Wakefield has been appointed as leasing agent for a 113,000-square-foot, Class A office property in Totowa. The property is a former call center located at 515 Union Blvd. and is currently undergoing a multi-million dollar redevelopment by the owner, Totowa Investment Group. Slated for delivery later this year, the building sits on 6.6 acres and offers close proximity to major retailers and hospitality providers along the route 46 corridor. Frank Truesdell, Christian Politan and Adam Matloff of Cushman & Wakefield are heading the assignment.
SEYMOUR, CONN. — Fischer Commercial Real Estate has arranged the sale of a 12,980-square-foot office building in downtown Seymour. Alan Fischer of Fischer represented both the buyer and seller in the all-cash transaction. The building, located at 115 Main St. on .8 acres, is the former home of a Bank of America branch. The buyer is a local investor who plans to reconfigure the space into multiple office suites and street retail.
NEW YORK CITY — A partnership between investment and development firm HFZ Capital Group and an affiliate of New York-based Westbrook Partners is undertaking a multifamily conversion project involving a landmark building in Manhattan. The partnership will transform The Belnord, a 215-unit apartment building that was constructed in 1908, into a luxury condo community. Designed by Hiss and Weekes, an architecture firm active in New York between 1899 and 1933, the 14-story building is located on Manhattan’s Upper West Side and was given landmark status in 1980. The cost of the project was not disclosed. However, The Real Deal reports that HFZ paid approximately $575 million to New York-based Extell Development Co. for the site in 2015. The New York real estate publication also reports that the conversion of all units into luxury condos is expected to generate sales proceeds of more than $1.3 billion. Robert A.M. Stern Architects is providing design services for the redevelopment of The Belnord. “We are thrilled to partner with Westbrook Partners as we carry out our vision to transform The Belnord into a luxury residential development that is unlike anything on the Manhattan market today,” says Ziel Feldman, chairman and founder of HFZ Capital. …
NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.
PENNSYLVANIA AND MARYLAND — Pillar Financial has originated more than $20 million in fixed-rate, full interest-only 10-year terms through Fannie Mae for the refinancing of a manufactured housing community portfolio. The portfolio consists of three properties in Pennsylvania and one in Maryland. Cullen O’Grady of Pillar sourced the portfolio through Michael Cordes of Columbia National Real Estate Finance. The three Pennsylvania-based properties, The Chesapeake Estates at Grantville, Chesapeake Estates at New Oxford and Walnut Grove, include a total of 689 pads. All three are located 15 miles northeast of Harrisburg, Pa. The Maryland property, called Darlington Mobile Homes Estates, is located 35 miles northeast of Baltimore and has 67 pads.
NEW YORK CITY — Madison Square Realty has negotiated a 20,000-square-foot lease for Carver Federal Savings Bank at 1825 Park Ave. in Harlem following the $20 million sale of the bank’s historic headquarters at 125th St. in February. The building had been fully occupied by Carver since 1958. Carver leased the top floor of 1825 Park Ave., which offers views of Harlem and Manhattan. Madison Square Realty CEO Eric Yarbro facilitated both the building sale and the new lease on behalf of the bank. Savanna, the owner of the 12-story building at 1825 Park Ave., also known as the Lee Building, recently completed a capital improvement plan for the property that resulted in it becoming the first ever Wired Certified Gold building in Harlem. Mitch Arkin of Cushman & Wakefield and Ellen Israel of JRT Realty represented Savanna in the lease transaction. Carver was founded in 1946 and is the nation’s largest bank founded and run by African-Americans.
LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.
NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.