Northeast

THE MAYFLOWER BUILDING ON THE LOWER EAST SIDE SELLS FOR $11.3M

by admin January 31, 2013

NEW YORK CITY — Red Brick Properties has sold a mixed-use building known as The Mayflower at 221-223 East Broadway for $11.3 million. The 21,309-square-foot property was built in 1907 and consists of 26 apartment units, six stores and two cellphone antennas. Recent upgrades to the building include a lobby renovation, a new boiler, intercom system and security cameras. Michael DeCheser and Robert Burton of Massey Knakal represented the seller in the transaction. The buyer was a Long Island-based investor.

January 31, 2013

FLORIDA-BASED BURGERFI EXPANDS CHAIN TO NYC

by admin January 31, 2013

NEW YORK CITY — Florida-based chain BurgerFi will open its first New York City location next week at 1571 Second Ave. on the Upper East Side. The fast-casual restaurant bases its food on the roadside burger stand of the 1950s and 1960s, but with the inclusion of all-natural ingredients. The chain prides itself on its “farm-to-tray” approach, which means humanely raised, antibiotic- and hormone-free beef. Menu items include Wagyu Kobe hot dogs, vegetarian quinoa burgers and frozen custard. The opening is the first of two planned Manhattan locations for the chain. Nationwide, there will be 16 outposts by the end of February, and the plan is to have 60 across the country by the end of the year.

January 31, 2013

Northeast Office

MARCUS & MILLICHAP ARRANGES SALE OF 71,866 SF OFFICE BUILDING

by admin January 31, 2013

HENRIETTA, N.Y. — Marcus & Millichap has arranged the $5.8 million sale of a 71,866-square-foot NY State Department of Transportation office building in Henrietta. The property is located at 1530 Jefferson Road. Steven Stoehrer and Preet Sabharwal of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer, a developer.

January 31, 2013

Multifamily Northeast

TWO BUILDINGS SELL FOR $12.3M ON CLINTON BLOCK

by admin January 31, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of two apartment properties, 436-438 W. 52nd St. and 434 W. 52nd St., in the Clinton neighborhood of Manhattan. Buildings 436-438, which include 28 units, sold for $8 million. Building 434, a 14-unit property, sold for $4.3 million. Michael Besen and Matthew Slonim of Besen & Associates represented the seller in the 436-438 W. 52nd St. transaction. Glenn Raff, also of Besen, represented the buyer, a local private investor. Raff represented both parties in the 434 W. 52nd St. transaction.

January 31, 2013

Northeast

GA KEEN TO MARKET LONG ISLAND NATIONAL GOLF CLUB

by admin January 31, 2013

RIVERHEAD, N.Y. — GA Keen Realty Advisors is selling the Long Island National Golf Club in Riverhead through a bankruptcy sale process. Located at 1793 Northville Turnpike, minutes from Hamptons, the public club is known for its links-style design created by golf course architect Robert Trent Jones Jr. The 150-acre site is also suitable for residential development, pursuant to its current zoning designation. Along with the 18-hole course, the sale will also include a pro shop, grill and clubhouse with full-service restaurant.

January 31, 2013

Northeast Office

ATLAS CAPITAL SNAGS OFFICE BUILDING ON WEST 43RD STREET FOR $62.4M

by admin January 30, 2013

NEW YORK CITY — Atlas Capital has acquired 311-319 West 43rd St., a 14-story office building between Eighth and Ninth avenues in New York City, for $62.4 million. The 185,000-square-foot building is fully occupied and home to several theater and design firms. Atlas may invest in improvements, bringing the Class B office space to Class A. However, the firm is also considering a full or partial residential conversion when leases expire. Peter Hauspurg, Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller, Zurbarry Associates. Ezratty also procured the buyer, who assumed the seller's mortgage in the form of a securitized loan.

January 30, 2013

Hospitality Northeast

PENNSYLVANIA HAMPTON INN TRADES FOR $16.8M

by admin January 30, 2013

ALTOONA, PA. — HIAP and MMRE LP have sold the 111-room Hampton Inn in Altoona for $16.8 million. The sale also included vacant lots and two residential properties. The property is situated off I-99 at the West Plank Road exit. The hotel is surrounded by a significant amount of retail space, including the neighboring Logan Valley Mall and an adjacent Cracker Barrel Restaurant and Champs Sports Bar & Grill. Geoff Davis, Ted Anka and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.

January 30, 2013

Northeast Office

FAROS, CASPI ACQUIRE 145,000 SF OFFICE PROPERTY IN WHITE PLAINS

by admin January 30, 2013

WHITE PLAINS, N.Y. — In a joint acquisition, Faros Properties and Caspi Development have purchased the former Nestle headquarters at 120 Bloomingdale Road in White Plains. The six-acre property and its 145,000-square-foot office building sold at a deep discount for $10.5 million. The property, previously appraised at $33 million, was acquired from a special servicer after the previous owner defaulted on its CMBS loan. The new owners plan to extensively renovate the property by this fall. The building features a private roof deck, on-site property management, 24/7 building access and a private, 100-car parking deck. Carl Austin of Austin Corporate Properties represented the buyers. Joseph Garibaldi of Jones Lang LaSalle represented the seller, C-III Realty Services.

January 30, 2013

Northeast Office

AD COMPANY TAKES SPACE IN FORMER NEW YORK TIMES BUILDING

by admin January 30, 2013

NEW YORK CITY — Felix/CityGrid Media, a local advertising service, has signed a new five-year lease for 26,000 square feet at 229 W. 43rd St. in New York City. The deal marks the first lease completed in the newly renovated building, which was previously occupied by The New York Times. Felix/CityGrid Media will occupy a portion of the sixth floor in the 747,852-square-foot building. Brian Waterman, Lance Korman, Jonathan Tootell and Brent Ozarowski of Newmark Grubb Knight Frank represented the building owner, Equity One Properties, in the transaction. Steven Rotter, Scott Panzer and Ryan Masiello of Jones Lang Lasalle represented the tenant.

January 30, 2013

Civic Northeast

NON-PROFIT COMMUNITY FACILITY SELLS TO BOWERY MISSION FOR $5.3M

by admin January 30, 2013

NEW YORK CITY — The Bowery Mission Society has acquired a six-story, non-profit community facility at 315 E. 115th St. in New York City for $5.3 million. The 21,390-square-foot building previously housed a mother and baby program. David Lebenstein, Robair Reichenstein and Debra Wollens of Cassidy Turley represented the seller, Palladia Inc., in the transaction. Cornerstone Advisory represented the buyer.

January 30, 2013

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