NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.
GLASSBORO, N.J. — PRP Real Estate Investment Management has completed the sale of the Park Crest Village Apartments, a garden apartment community located in Glassboro. Chelsea Management purchased the 385-unit property for $23 million. At the time of sale, Park Crest Village was 94 percent occupied, up from 88 percent when PRP originally acquired the property in 2007.
NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of two interconnecting warehouses at 33-33 and 33-35 11th St. on the border of Astoria and Long Island City in Queens. JPRG Holdings purchased the properties, which total 57,400 square feet, for $14 million. The property features 19-foot ceilings, frontage along three streets, multiple loading docks and heavy power. Additionally, there is 1,700 square feet of parking on the lot. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the seller in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. Hentze Dor Realty represented the buyer in the deal.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of the Morrisania multifamily portfolio, a 17-building portfolio located in the Morrisania section of the Bronx. The 676-unit portfolio, which includes one vacant lot, sold for $85.5 million. The 17 buildings total 674,565 gross square feet and are clustered in an area between 165th and 169th streets and Sheridan and Clay avenues. Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield and Jason Gold of Ariel Advisors represented the seller, a developer and multifamily operator, and procured the buyer, an affordable housing operator, in the transaction. The new ownership plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 974 Saint Nicholas Ave. in Manhattan’s Washington Heights neighborhood. The asset sold for $15.5 million, or $330,000 per unit. Located between 159th and 160th streets, the six-story property features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations to the building include new parapets, new elevator and mechanicals, new stone flooring through the common areas, new hallway lighting and a full roof replacement. Additionally, the units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction.
WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of a warehouse building, located at 1320 Clifford Brown Walk in downtown Wilmington. 1320 CBW LLC purchased the four-story, 83,000-square-foot building, which is situated on two acres of riverfront property along the Brandywine River. The owner plans to convert the property into an 80-unit residential development called The Lofts at Clifford Brown Walk. The building was formerly home to Iron Mountain, Security Archives & Storage Company, and Kaumagraph. Jon Hicky of NAI Emory Hill Real Estate Services represented the seller, Sasco Realty Too Inc., in the transaction. Brett DiClemente of Newmark Grubb Knight Frank represented the buyer, which is an affiliate of Chatham Bay Group, a Wilmington-based development company.
PLAINFIELD, N.J. — Bussel Realty Corp. has brokered the sale of an industrial facility, located at 1280 North Ave. in Plainfield. TJK Associates sold the 19,400-square-foot property to 1280 North Avenue Associates for $1.45 million. The fully-leased building features 18-foot ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors. Additionally, the property offers access to Routes 28 and 22 and close proximity to Interstate 78. Gregory Irving and Manny Judah of Bussel Realty Corp. represented the seller, while Cresa New Jersey represented the buyer in the transaction.
HAMILTON, N.J. — Homewood Suites by Hilton has opened its first hotel in Hamilton. Located at 960 US Highway 130, the four-story hotel features 110 suites and is the tenth Homewood Suites property in New Jersey. The property features complimentary Internet, free hot breakfast and light evening dinner and drinks Monday through Thursday, fully equipped kitchens, separate living and sleeping spaces, a complimentary grocery shopping service and recreational options. The property is owned and operated by Kuser & 130 Associates LLC. Homewood Suites by Hilton is Hilton Worldwide’s international brand of upscale, all-suite, and extended-stay hotels.
NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.
RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.
