NEW YORK CITY — Kinsey Capital has arranged the sale of a retail property located at 730 Lexington Ave. in Manhattan’s Midtown East neighborhood. An affiliate of Ashkenazy Acquisition Corp. acquired the 4,111-square-foot property from The Aldo Group for $18.5 million, or $4,500 per square foot. Brent Glodowski of Kinsey Capital was the sole broker in the transaction.
NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 50-foot wide vacant lot at 1655 Madison Ave. in Manhattan’s East Harlem neighborhood. The property sold for $7 million, or $391 per buildable square foot. The site is zoned R7-2/C1-5, which provides as-of-right approximately 17,887 buildable square feet for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Josh Berkowitz of Ariel Property Advisors represented the seller, a private investor, while Michelle Abramov of Highcap Group represented the buyers, a private group of international investors, in the transaction.
QUAKERTOWN, PA. — Bensalem, Pa.-based Roddy Inc. has arranged the sale of an industrial property located at 472 California Road in Quakertown. The buyer, 472 California Road LP, acquired the 125,091-square-foot property from 472 California Road Partners LP for $3.8 million. The fully heated building features a sprinkler system, 18 tailgate loading doors, three drive-in doors and approximately 24,718 square feet of office space. Ceiling heights range from 15 feet to 23 feet throughout the building. Sean Durkin of Roddy Inc. represented the seller, 472 California Road Partners LP, in the transaction.
YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.
STAMFORD, CONN. — Mission Capital Advisors has arranged a $24.5 million loan for an office building located 9 W. Broad St. in Stamford. The borrower was a joint venture between certain funds managed by Westport Capital Partners and Forstone Capital. The 191,000-square-foot property was recently repositioned and upgraded by the ownership, which acquired the nearly vacant property in 2013. The property now features a ground-floor cafeteria, fitness center, conference rooms, lobbies and common areas. Additionally, the building features 540 on-site parking spaces and a shuttle service to the Stamford Transportation Center. Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn of Mission Capital represented the borrower in the financing.
PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an industrial site located at 102 Sandford St. in Brooklyn’s Bedford-Stuyvesant neighborhood. American Almond Products sold the property, which served as its national headquarters, sold for $11.9 million, or $409 per square foot, in an all-cash transaction. The 37,500-square-foot property features a 29,125 square feet of factory and warehouse space and approximately 8,375 buildable square feet for additional development. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The name of the buyer was not released.
SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.
CAMBRIDGE, SOMERVILLE AND BRIGHTON, MASS. — Akelius has acquired 258 apartments in Boston in two separate transactions. The transactions, which totaled $92 million, included five properties. One property, which was constructed in 1964, is located in Cambridge with immediate proximity to Harvard University, while the other four properties were built around 1920 and are located in Somerville and Brighton. Jordan Milewicz handled the transaction. The names of the sellers were not released.
