NEW YORK CITY — Marcus & Millichap has arranged the sale of 17-27 West 125th Street, a 57-unit apartment property in Manhattan for $13.6 million. Brokers Peter Von Der Ahe, Glen Kunofsky, Scott Edelstein and Seth Glasser of Marcus & Millichap’s Manhattan marketed the property on behalf of the seller, a private investor. The buyer, also a private investor, was also secured and represented by the firm’s Manhattan team. The property includes 115 square feet of frontage on 125th Street.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $3.1 million sale of 239 Prospect Place, a four-story, walk-up apartment building located in the Prospect Heights section of Brooklyn. The transaction translates to 11.25 times the rent roll and $258,000 per unit. The property, constructed in 1931, includes 12 apartments totaling approximately 8,580 square feet. Shlomo Antebi, a director at GFI Realty Services Inc., represented the seller and the buyer in this transaction, both local investors. The buyer plans to keep the building as a long-term investment property within his existing portfolio, according to GFI.
Improvement in the city's employment picture is adding fuel to the fire of an already heated multifamily market. As we enter the summer, the vital signs of continued improvement in apartment operations — rising market rents and lower vacancy — are in place. Investors’ attraction to the relative stability of this market is growing. This is evident as overseas capital and a greater number of private investors join apartment REITs and private equity players, increasing the competition for market listings and compressing cap rates in their wake. On the employment side, the financial sector has yet to rebuild headcounts to the pre-recession level. The loss of this traditional payroll leader during economic expansion has been replaced with the technology and business services’ broad job growth throughout the metro. These sectors have emerged as the new employment leaders, and the expansions of Google, Microsoft, Facebook and others are having a positive impact not only for the apartment market but also for allied employment sectors generating additional renter demand. Additionally, New York City’s emergence as a venture capital powerhouse, closely trailing Silicon Valley and now ahead of Boston, supports additional demand throughout the market. With sound apartment operations in place, investor competition …
NEW YORK CITY — HFF has arranged $100 million in long-term financing for a 510-unit, high-rise residential property in Manhattan’s Murray Hill neighborhood. Prudential Mortgage Capital Co., the commercial real estate finance business of Prudential Financial Inc. (NYSE: PRU), provided the 20-year, fixed-rate loan. The 39-story building is located on 39th Street between First and Second avenues and includes studio, one- and two- bedroom units. Community amenities include a doorman, parking garage, laundry facilities and bicycle storage. The HFF team representing the borrower included senior managing director Michael Tepedino, managing director Steven Klein and associate director Jennifer Keller. Sarah Teunis, director, and Kathryn Bradford, senior analyst, represented Prudential.
WATERBURY, CONN. — Fairmount Heights Associates LP has sold Country Village Apartments, a 232-unit, HUD-subsidized property in Waterbury, for $17 million. Constructed in 1948, Country Village Apartments is situated on 30 acres and is one of the largest apartment complexes in Waterbury. Fairmount Heights purchased the property in January 1983. Steve Pappas of Chozick Realty represented Fairmount Heights Associates in the transaction. The buyer is Country Village Apartments LLC, which secured an additional $15 million in CHFA financing through tax credits for property renovations. The renovation plans include new kitchens, appliances, bathrooms, flooring, windows, doors, roofs, common areas, as well as improvements to the landscaping and playgrounds.
NEW YORK CITY — RKF has arranged the $9.2 million sale of a 6,800-square-foot mixed-use building located at 325 Bowery in Manhattan. Robert Futterman, chairman and CEO, and Brian Segall, senior director at RKF, represented the seller, 325 Bowery Development LLC, and the buyer, Atlas Bowery LLC, an affiliate of Atlas Capital Group LLC, in the transaction. Located on the northeast corner of 2nd Street, 325 Bowery includes retail and loft-style residential space on four floors above a basement and sub-basement. Peels NYC café occupies the ground floor.
WILMINGTON, DEL. — Marcus & Millichap has arranged the $1.6 million sale of, a 2,315 square-foot net-leased property located in Wilmington. Kentucky Fried Chicken and Taco Bell occupy the building, which is located at 1917 Lancaster Ave. Russell Wachtler, investment associate, and Glen Kunofsky, executive vice president investments at Marcus & Millichap’s Manhattan office, along with Donald MacLaren, first vice president investments of Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a private investor.
NEW YORK CITY — The estate of Leona Helmsley has agreed to sell the Park Lane Hotel on Central Park South in New York City to a group of investors led by the Witkoff Group for $650 million, according to the Wall Street Journal. The Witkoff team plans to convert the bulk of the 46-story property into luxury condominiums. Presently, it is unclear if there are plans to tear down the 370,000-square-foot hotel and build a new tower, or whether the developer would convert the existing hotel into condominiums. The Park Lane hotel was part of the real estate portfolio of Harry Helmsley, who died in 1997. Since the death of Leona Helmsley in 2007, the Helmsley estate has gradually been selling off its remaining properties. CBRE Group began soliciting bidders for the Park Lane this past spring.
EDISON, N.J. — Mack-Cali Realty LP, an operating partnership of Mack-Cali Realty Corp. (NYSE: CLI), has refinanced its $600 million unsecured revolving credit facility with a group of 17 lenders, arranged by J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. The unsecured facility, which is expandable to $1 billion, carries an interest rate equal to LIBOR plus 110 basis points. The credit facility, which also carries a facility fee of 20 basis points, has a four-year term with two six-month extension options.
EDISON, N.J. — NorthMarq’s Boston office has arranged a $14.2 million first mortgage loan for the refinancing of an industrial portfolio in Edison. The properties are located at 300 Columbus Circle and 400 Raritan Center and total 204,440 square feet. Financing was based on a five-year term and includes a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through a life insurance company lender.
