NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the sale of 1306 Fteley Avenue, an apartment building totaling 69 units in the Soundview Section of the Bronx. The six-story, 69,060-square-foot property sits on the southeast corner of Fteley Avenue and East 172nd St. Marco Lala of Marcus & Millichap’s Manhattan office represented both buyer and seller.
NEW YORK CITY — Beech Street Capital has provided a $14.8 million Fannie Mae loan to refinance two Section 8 apartment buildings in Manhattan’s Hamilton Heights. The property is comprised of 89 units and has had an occupancy of more than 97 percent over the past 2 years. Joe Klein of Meridian Capital Group originated the transaction. The loan has a 10-year term with a 9.5-year yield maintenance and a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has facilitated the $2.4 million purchase of an 8-unit apartment building in New York’s Chelsea neighborhood. The property is located at 308 W. 22nd St. and fetched a capitalization rate of 4 percent. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap represented both buyer and seller in the transaction.
HOBOKEN, N.J. — Mission Fifty, a co-working space, will open its doors in the 3,000-square-foot penthouse of the Hoboken Business Center at 50 Harrison St. in Hoboken. The space includes offices, Internet connection, phones, printers, mail services and a conference room. Founders Aaron Price, Michael Pierce and Greg Dell’Aquila set up the space for entrepreneurs and freelancers to rent work space at a daily or monthly rate.
NEW YORK CITY — Pebblebrook Hotel Trust has acquired a 49 percent interest in a joint venture with Denihan Hospitality Group that owns six upscale hotels in Manhattan valued at $910 million, which includes $596.6 million in mortgage and mezzanine debt. Pebblebrook will make a $153.6 million equity investment in the joint venture, and Pebblebrook and Denihan will make all decisions jointly. The six hotels — Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin — comprise 1,640 guest rooms.
NEW YORK CITY — U.S. Republic Core Fund, an affiliate of USAA Real Estate Co., has joined RXR Realty and Broadway Partners in a joint venture to recapitalize 340 Madison Avenue, an approximately 750,000-square-foot Class A office building in Manhattan’s Grand Central submarket. Part of the recapitalization includes 12-year first mortgage financing from Cornerstone Real Estate Advisers. The property is 92 percent leased to tenants including SunGard, National Financial Partners and PNC Financial Services Group, as well as ground-level retailers Verizon Wireless, Starbucks, Coach and Van Laack.
ROBBINSVILLE, N.J. — Matrix Development Group has acquired 4 Applegate Drive, a 265,014-square-foot Class A warehouse site in Robbinsville from Allstate Investment. Matrix has also executed two leases for 80 percent of the building and capitalized the site in a venture with its partners at Morgan Stanley. BudCo East Coast has signed a 153,200-square-foot lease and Longchamp USA has leased 55,345 square feet at the site. Matrix is planning a $1.8 million renovation, which will include adding a truck court and loading doors to the site. Mindy Lissner and Stacey Weinberg of CB Richard Ellis represented Allstate in the property sale and Matrix was represented in-house. Jason Goldman of Cushman & Wakefield of New Jersey, Inc. represented BudCo and Joel Lubin of Jones Lang LaSalle represented Longchamp in the lease negotiations. Matrix was represented in-house in the lease transactions.
NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property portfolio of multifamily properties located mostly in the Bronx. The portfolio consists of more than 1,000 units. The refinancing was originated by Meridian Capital Group. Joel Goodman, Tyrone Purdie, Amy Sodeinde and Kanett Curtis, all of Beech Street, underwrote the transaction and Linda Clark of Beech Street acted as the closer. Michael Kesselman and Matt Texler were Meridian’s brokers.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the $8.05 million sale of 203 West 107th Street, a 34,514-square-foot apartment community in New York City. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the buyer, a private investor, and seller, a limited liability company, in the transaction. The asset has a 3.45 percent cap rate. The property is nine stories tall and contains 28 residential units.
NEW YORK CITY — Jericho, N.Y.-based Metropolitan Realty Associates (MRA) and its equity partner Angelo Gordon & Co. have sold a 188,500-square-foot mixed-use property for $39.25 million, or about $208 per square foot. The buyers are real estate investor David Werner and Carlton Associates Inc., both of New York City. The two building complex sits at 1000 Stewart Ave. and 500 Endo Blvd. in Garden City on Long Island. The sale is the result of an auction conducted by Eastdil Secured’s Michelle Mahl, Josh King, Adam Spies and Adam Etra. The buyers represented themselves in the transaction. MRA and Angelo Gordon acquired the building in 2005 from Bristol Myers Squibb.
