NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.
CONCORD, N.H. — Marcus & Millichap has brokered the sale of a 5,800-square-foot TGI Friday's located at 221 Loudon Road in Concord. The restaurant traded for $1.62 million at a 8.06 percent cap rate. TGI Friday's currently has 7.5 years remaining on a 10-year lease, which includes four 5-year renewal options with rent escalations. The Marcus & Millichap team of Robert Horvath, Adam Mancinone, Todd Tremblay and Blake Barbarisi represented the seller, Connecticut-based Crown Point Real Estate Investors. Emily McGranaghan of Boston Condo Group procured the buyer, Massachusetts-based 571-575 Broadway LLC.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $5.25 million for an apartment building located in the Bronx, New York City. The six-story property features 78 rent-stabilized units, 90 percent of which are occupied. The loan carries a 1-year, interest-only term followed by a 30-year amortization schedule. Max Herzog and Michael Diaz of CBRE Capital Markets' Debt & Equity Finance Group arranged the loan on behalf of the undisclosed borrower through a local bank.
WATERVLIET, N.Y. — Groundbreaking has occurred for an $18 million renovation of Van Rensselaer Village, a 12-building, 100-unit affordable housing community located in Watervliet. Construction will include substantial interior renovations that will reduce the unit count to 80 and add energy-efficient appliances and systems to units and buildings. Windows and insulation will be replaced, central air conditioning will be installed and the exteriors of the buildings will receive new siding and roofs. Omni Housing Development is completing the project on behalf of the Watervliet Housing Authority. The project architect is CK Dennis Architects.
NEW YORK CITY — Levien & Co. is working on behalf of the Lower East Side Tenement Museum to redevelop 10,500 square feet of space at 103 Orchard St. in Manhattan for the new Sadie Samuelson Levy Immigrant Heritage Center. The approximately $5 million project will include the redevelopment of the lower three floors of the building for use as a museum. The upper floors of the building will continue to be occupied as residential apartments but will be restored for use by the museum as they become vacant. Perkins Eastman is the project architect and Kel-Mar Designs is the general contractor.
MASSACHUSETTS, NEW YORK AND CONNECTICUT — Arbor Commercial Funding has arranged $1.4 million in Fannie Mae DUS financing for Pyramid Apartments, a 16-unit property located in Hyde Park, Mass. The loan carries a 10-year term, a 30-year amortization schedule and a 5.98 percent note rate. John Kelly of Arbor's Boston office originated the financing. In addition, Edward Petti of Arbor's New York City office originated $1.85 million in Fannie Mae DUS financing for 1922 McGraw Avenue Cooperative, a 53-unit property located in the Bronx. The loan carries a 10-year term, a 30-year schedule and a 6.05 percent note rate. Finally, Kelly originated another Fannie Mae DUS loan in Seymour, Conn. The $1.61 million loan was for the 43-unit Sunny Knoll Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.15 percent note rate.
NEW YORK CITY — NorthMarq Capital has arranged $18 million in Freddie Mac financing for 2161-2169 Broadway, a 76-unit apartment property located in Manhattan, New York City. The loan carries a 10-year term and a 30-year amortization schedule. Craig Bjornsund of NorthMarq's New York Metro regional office secured the loan on behalf of the borrower, Colorado Associates.
NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has completed the sale of a 4,960-square-foot flex building located at 340 Old Maple Ave. in North Haven. The buyer, JPK Unlimited, plans to renovate the property and take occupancy in early May. Albert Scafati of Press/Cuozzo represented the seller, New England Lathing Co. Joe Cifarelli represented the buyer. The property traded for $407,500.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) have provided a total of $5.17 million in financing for the renovation of four affordable housing properties located in the Park Slope, Cobble Hill and Sunset Park neighborhoods of Brooklyn, New York City. The buildings contain a total of 25 residential units and five commercial spaces. Returning tenants will occupy 13 of the units. The HPD contributed $3.87 million toward the financing package, and the CPC contributed $1.3 million. The borrow was a non-profit developer. Construction financing for the renovations was also provided by the HPD and Washington Mutual.
PLAINSBORO, N.J. — Gebroe-Hammer Associates has brokered the sale of Deer Creek Apartments in Plainsboro for $26.4 million. The 288-unit community is located at 305 Deer Creek Drive. It consists of 24 buildings with a mix of one- and two-bedroom units with rents ranging from $900 to $1,400. Community amenities include an outdoor pool, sports courts and walking paths. Joseph Brecher of Gebroe-Hammer procured the buyer, The Orbach Group, and negotiated the off-market deal with the seller, AIMCO.