NEW YORK CITY — Madison Realty Capital and Steelpoint Property Group have acquired 78 Prospect Park West, a multifamily property located at Prospect Park West between Third and Fourth streets in Brooklyn’s Park Slope neighborhood. The long-term ownership sold the seven-story, 41,113-square-foot building for $28 million in an off-market transaction. Built in the 1920s, the property features 40 apartment units, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments, as well as initiate a capital expenditure program to modernize the property and enhance operating efficiencies. Aaron Mazor of TOWN Residential and Jonathan Butwin and Scott Dweck of TOWN Commercial represented both parties in the transaction.
Northeast
NEW YORK CITY — An affiliate of Harbor Group International LLC has completed the disposition of an elevator apartment building, located at 334 E. 79th St. in Manhattan’s Upper East Side. The 46-unit property sold for $25.5 million, or $940 per square foot, in an all-cash transaction. The eight-story building features four studio units, seven one-bedroom apartments, 31 two-bedroom units, two three-bedroom apartments and two four-bedroom units. Robert Shapiro and Thomas Gammino Jr. of Cushman & Wakefield handled the transaction.
NEW YORK CITY — Kolorbar, an upscale full-service beauty salon, has signed a lease for retail space at 306 E. 86th St. on Manhattan’s Upper East Side. The salon, which operates three additional stores in Manhattan, will occupy 1,500 square feet on the ground floor and 1,200 square feet in the basement of the building. The tenant is currently building out the space, including the installation of marble floors and an all-glass front, with occupancy expected in early November. Matthew Ball of Winick Realty Group represented the tenant, while Patty Holmstrom and Jeeun Elizabeth Kim, also of Winick Realty, represented the landlord, KMR Management, in the transaction.
NEW YORK CITY — A partnership between Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease for 511 Fifth Avenue, a 160,000-square-foot Class A building on the southeast corner of 43rd Street in Midtown Manhattan. The 17-story building serves as the New York headquarters for Israel Discount Bank and offers 20,000 square feet of retail space. The partnership will operate the property during the lease term, as well as undertake renovations and assume responsibility for leasing. Bruce Mosler, David Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett of Cushman & Wakefield represented the building’s owner, a group of family trusts, in the transaction. Raymond Sanseverino and Richard Nardi of Loeb & Loeb LLP provided legal representation for the owners, while Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee.
NEW YORK CITY — A limited liability company has acquired an apartment property located at 2325 Foster Ave. in Brooklyn. The 27-unit property sold for $4.8 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged three multifamily property sales in the Bronx totaling $4.7 million. In the first transaction, a private investor acquired a four-story, 21-unit apartment building located at 868 Faile St. for $2.7 million, or $150 per square foot. The property consists of 15 two-bedroom units and six three-bedroom apartments. In the second deal, a 7,912-square-foot multifamily property located at 614 E. 168th St. sold for $1.2 million, or $160 per square foot. The building features eight two-bedroom apartment units. In the final transaction, a three-story, walk-up building located at 1744 Merrill St. sold for $830,000, or $165 per square foot. The building features three one-bedroom units, four two-bedroom units and a two-car garage. The names of the sellers and buyers in the transactions were not released. Jason Gold, Scot Hirschfield, Michael Tortorici and Marko Agbaba of Ariel Properties Advisors represented the buyers and sellers in the transactions.
NEW YORK CITY — Alpha Realty has brokered the sales of two multifamily properties located in Brooklyn. In the first transaction, Glenn Raff and Jacob Aronov of Alpha Realty negotiated the sale of a property located at 105 Boerum Place in Boerum Hill. The 4,376-square-foot building sold for $2 million, or $457 per square foot. In the second deal, Lev Mavashev and Scott Schwartz of Alpha Realty represented the buyer and seller in the sale of a property located at 145 Somers St. in Ocean Hill. The 7,211-square-foot building sold for $1.1 million, or $208 per square foot.
WORCESTER, MASS. — Liberty Properties has executed a 74,000-square-foot lease with A. Schulman Inc. at New Bond Business Park at 10 New Bond St. in Worcester. The international supplier of high-performance plastic compounds and resins will use the facility as a warehouse supporting its primary operation located on Millbrook Street in Worcester. The building is in the process of undergoing a complete renovation of the existing 225,000 square feet of remaining space. The renovation includes new HVAC systems, roof, flooring and façade, as well as renovated loading areas. Construction is underway, with phased occupancy beginning in September 2015. James Umphrey and David Cohen of Kelleher & Sadowsky Associates represented both the landlord and tenant in the transaction.
SPRINGFIELD, MASS. — China Railway Rolling Stock Corp. has broken ground on its 200,000-square-foot facility in Springfield. Situated on 40 acres, the $60 million facility will be used to manufacture 284 subway cars for the Massachusetts Bay Transportation Authority (MBTA). MBTA awarded the China-based company a $566 million contract to supply care for Boston’s Red and Orange subway. The company purchased the former Westinghouse-owned land for $12 million. China Railway Rolling Stock Corp. was recently formed through a merger between China North Locomotive and Rolling Stock Industry Corp. and the China South Locomotive and Rolling Stock Corp. The company plans to begin production next year and deliver its first cars in 2018.
PHILADELPHIA — A joint venture between affiliates of Alterra Property Group and Stockton Real Estate Advisors has acquired an office building located at 1760 Market St. in Philadelphia’s Center City. Located at the corner of 18th and Market streets, the 15-story, 126,000-square-foot property is occupied by Allied Barton, GSA Federal Transit Administration and The Philadelphia Trust Company, among others. The partnership plans to reposition the building as a premier location for Philadelphia’s business community. The repositioning will include retrofitting the exterior with LED lighting and upgrades to the lobby and common areas to give the building a more contemporary look. Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. The sales price was not disclosed.