NEW YORK CITY — GFI Realty Services has brokered the sale of 529 East 235th Street, a seven-story apartment building located in the Woodlawn section of the Bronx. The 53-unit apartment building sold for $9.3 million or $175,000 per unit. Josh Orlander and Aron Taub of GFI brokered the transaction for both parties. Constructed in 1938, the property is located within close proximity to Woodlawn Metro-North train station, the 233rd Street subway station and Van Cortlandt Park.
Northeast
NEW YORK CITY — Ariel Property Advisors has brokered the sale of Brooklyn properties totaling more than $5 million. In the first transaction, One Sullivan Place, a 40-foot-wide development site with 20,400 buildable square feet, sold for $2.5 million. The property is located at the corner of Washington Avenue in the Crown Heights section of Brooklyn. Jonathan Berman, Akil Rossi, Daniel Tropp and Mark Spinelli of Ariel Property Advisors represented the buyer, a local developer. In the second transaction, a local investor acquired a three-story, 4,500-square-foot mixed-use building at 156 Graham Ave. from a private owner. Located in the East Williamsburg area of Brooklyn, the property sold for $1.6 million. Berman, Tropp and Spinelli represented both parties in the transaction. In the last transaction, a local business owner purchased a three-story, mixed-use property located at 486 Halsey St. in the Bedford-Stuyvesant neighborhood of Brooklyn for $975,000. Berman, Rossi, Tropp and Spinelli represented the buyer and seller, a private owner, in the transaction.
LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $58.6 million in acquisition financing for a multifamily property located in Manhattan’s Financial District. The borrower, San Francisco-based Carmel Partners, acquired 15 Cliff Street, an apartment building with 156 units and ground-floor retail space. The seven-year mortgage, which was provided by a regional balance sheet lender, features an interest-only component and a floating rate that was swapped to a fixed rate for a portion of the term. Aaron Birnbaum of Meridian’s New York office and Seth Grossman of the company’s Carlsbad, Calif., office negotiated the transaction.
BRISTOL, PA. — New York-based Angelic Real Estate has arranged a $9.6 million loan for the acquisition of Island View Crossing, an office building in Bristol. Located along the Delaware River northeast of downtown Philadelphia, the 180,000-square-foot property is currently leased to Lenox and Strategic Distribution, among others. The property was converted from a soap factory into an office building. Gabriel Silverstein and Louis D’Lando of Angelic led the financing team, which secured the loan. The undisclosed borrower plans to upgrade the building’s common areas and amenities.
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. has brokered the sale of a Walgreens property in Union City. Located at 3333 Park Ave., the 11,000-square-foot property sold for $5.25 million. Jaime Weiss and Arnold Litt of Weiss Realty represented both the seller and the 1031 buyer in the transaction.
NEW YORK CITY — Marx Development plans to develop an AC Hotel by Marriott at 112-24 Astoria Blvd. near LaGuardia Airport in New York. Construction for the 126-room hotel is expected to break ground in October. Designed by DSM Design Group and Andres Escobar, the six-story, 99,000-square-foot hotel will feature approximately 3,800 square feet of meeting space, fitness and business centers, a breakfast area, bar and lounge, and 72 parking spaces. Eastern Union Funding arranged a $3.75 million loan to purchase a 16,141-square-foot lot, which will be the future site of the hotel. Shaya Ackerman of Eastern Union Funding brokered an 18-month bridge loan provided by Maxim Capital Group for the development.
MIDDLETOWN, N.Y. — Colliers International has brokered the sale of The Plaza at Crystal Run at 400 North Galleria Dr. in Middletown. NorthEnd Equities purchased the 95,000-square-foot shopping center for $3.95 million. Built in 1994, the property comprises a two-story, 86,000-square-foot building tenanted by Petco and Off Track Betting; a 9,000-square-foot, free-standing building occupied by Pier 1 Imports; and a shadow-anchor Olive Garden. Jacklene Chesler of Colliers International’s Parsippany, N.J., office represented the undisclosed seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of six walk-up residential buildings in New York City’s Upper East Side. SW Management purchased the 69,740-square-foot portfolio for $47.8 million from Pan Am Equities. The five-story apartment buildings, which offer 150 free-market and rent-stabilized units, are located at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the transaction.