NEW YORK CITY — New York REIT Inc. has entered into a definitive agreement to sell an apartment building located at 163 Washington Ave. in Brooklyn. The sales price is $38 million, or approximately $914 per square foot. Situated in Brooklyn’s Clinton Hill neighborhood, the property features 49 rental units, one commercial unit and 38 parking spaces. Holliday Fenoglio Fowler represented New York REIT in the transaction, which is expected to close in the fourth quarter. The name of the buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at W. 204th and W. 207th streets in Manhattan’s Inwood neighborhood. The 49-unit property sold for $15.8 million, or $375 per square foot, in an all-cash transaction. The six-story, 42,108-square-foot building consists of 44 rent-stabilized units, three free-market apartments, one rent-controlled unit and one superintendent’s unit. Robert Shapiro of Cushman & Wakefield handled the transaction.
DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.
YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center located in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffler and Brake. The Food Lion recently underwent a $2 million renovation. Christopher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millichap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released.
WARREN AND BRIDGEWATER, N.J., AND WESTBOROUGH AND MARLBOROUGH, MASS. — HFF has arranged $83.4 million in refinancing for a portfolio of office assets totaling 14 buildings and 946,374 square feet in New Jersey and Massachusetts. HFF secured the floating-rate loan through JP Morgan Chase & Co. and Rialto Capital for the borrower, Normandy Real Estate Partners. The properties are a two-building, 228,393-square-foot asset at 20 and 25 Independence Blvd. in Warren; a 40,565-square-foot building at 999 Frontier Road in Bridgewater; the four-building, 105,500-square-foot Flanders Business Park in Westborough; and the seven-building, 571,916-square-foot Marlborough Technology Park in Marlborough. Jon Mikula, Riaz Cassum and Porter Terry of HFF represented the borrower in the financing transaction.
PHILADELPHIA — Equus Capital Partners has acquired Hill House Apartments, a high-rise multifamily property located in Philadelphia’s Chestnut Hill neighborhood. The 188-unit property sold for $42 million and was 95 percent occupied at the time of timing. The property offers a mix of studios, one-, two- and three-bedroom apartments, as well as underbuilding parking, a fitness center and an outdoor pool. Equus plans to invest $5 million to improve the common areas and amenities of the property, as well as complete the unit interior upgrades that began under prior ownership. The acquisition marks the first multifamily investment for Equus Investment Partnership X LP, the latest discretionary fund managed by Equus. Madison Apartment Group, the multifamily operating arm of Equus, will manage the community. Greg Curci of Equus oversaw the acquisition for the firm, while Rittenhouse Realty Advisors represented the undisclosed seller in the transaction.
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.
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.