NEW YORK CITY — Avison Young has arranged the sale of a seven-story parking garage located at 19 W. 20th St. in Manhattan’s Flatiron District. Extell Development sold the property to 19-25 West 20th Street Property LLC for $32.2 million. The 52,000-square-foot property is under a long-term lease to Icon Parking. Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley of Avison Young represented the seller.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.
NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.
MANCHESTER, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Countryside Village, a multifamily apartment community in Manchester. Merion Realty Partners acquired the asset from Fairfield Residential for $46 million. Located at 60 Village Circle Way, the 448-unit apartment property consists of 17 three-story buildings and a clubhouse. The unit mix features one- and two-bedroom apartments, with an average unit size of 894 square feet. Community amenities include lighted tennis and basketball courts, a swimming pool, a playground, a dog park, and a two-story sundeck and patio. Richard Robinson and Jennifer Athas of IPA represented the seller and procured the buyer in the deal.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-property multifamily portfolio in Manhattan’s Washington Heights neighborhood. Prana Investments acquired the portfolio from A&E Real Estate Holdings for $45.5 million. The five-story building are located at 29-45 Sickles St., 30 Sickles St. and 95 Thayer St. The properties total 148,850 square feet. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer, while Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.
RAHWAY, N.J. — Gebroe-Hammer Associates has arranged the sale of Meridia at Waters Edge, an apartment community located at 4 City Hall Plaza in Rahway. 4 City Hall Plaza Urban Renewal LLC acquired the 108-unit property from Meridia’s Water Edge Urban Renewal Rahway LLC for $29.33 million. Built in 2014, the five-story residential building features one- and two-bedroom layouts. On-site amenities include a fitness center, laundry rooms, business center and lounges. Ken Uranowitz and Gehane Triarsi of Gebroe-Hammer represented the seller and identified the buyer in the deal.
WATERBURY, CONN. — Katz Properties has acquired Mattatuck Commons, a shopping center in Waterbury, for $21.6 million. Situated on 17.72 acres along Route 69, the center features 147,241 square feet of retail space. At the time of sale, the property was 78 percent occupied by a variety of national tenants, including ShopRite, Sleepy’s, Goodwill, GameStop and Taco Bell. The name of the seller was not released.
ALLENTOWN, PA. — City Office REIT has completed the sale of its office property located on Corporate Parkway in Allentown. The 178,330-square-foot building sold for $44.9 million, with an expected 6.6 percent net operating income yield. Proceeds from the sale were used to repay approximately $4 million of mortgage debt. Additionally, the seller plans to acquire assets as part of a like-kind 1031 exchange. With the sale of this non-strategic asset, the City Office REIT has been able to align its portfolio entirely within its target markets.
Ivanhoé Cambridge, Callahan Capital Acquire Remaining Interest in 1211 Avenue of the Americas in NYC
NEW YORK CITY — Ivanhoé Cambridge and its partner, Callahan Capital Properties, have acquired the remaining 49 percent interest in 1211 Avenue of the Americas in Midtown New York City for an undisclosed price. Built in 1973, the 44-story tower features 2 million square feet of Class A office space. Additionally, the building has direct access to the Rockefeller Center Concourse amenities and subway.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of Chelsea Pines Inn, located at 317 W. 14th St. in Manhattan’s Chelsea neighborhood for $13.7 million. The five-story, 8,550-square-foot hotel features 23 rooms and an additional 8,625 buildable square feet of air rights. The hotel features movie-themed rooms, high-end luxury linens, bath amenities and WiFi. Brock Emmetsberger, Jonathan Hageman and Andy Posil of Cushman & Wakefield represented the sellers, Jay Lesiger and Tom Klebba, in the deal. The name of the buyer was not released.