NEW YORK CITY — Eastern Consolidated has brokered the sale of two contiguous sites on the West Side of Manhattan, New York City, for a combined $26.25 million. 433-439 West 37th Street, a parking lot, and 431 West 38th Street, a three-story vacant building and lot, were sold to provide space for construction of an 86,000-square-foot residential rental building. The combined lots contain approximately 125 square feet of frontage. David Schechtman and David Johnson of Eastern Consolidated represented the seller, a private family, in the $19 million sale of 433-439 West 37th Street, and Eric Anton and Ronald Solarz of Eastern Consolidated procured the buyer, 433, LLC. Johnson, along with Ronda Rogovin and Alan Miller of Eastern Consolidated represented the private seller in the $7.25 million sale of 431 West 38th Street, and Anton, Solarz and Schechtman represented the buyer.
Northeast
CAMBRIDGE, MASS. — HEI Cambridge, an affiliate of HEI Hotels & Resorts, has agreed to acquire the 210-room Hotel@MIT from University Park Phase II Limited Partnership, a joint venture between Forest City and MIT. Located at 20 Sidney St. in Cambridge, the luxury full-service hotel anchors University Park at MIT. The hotel features 15,000 square feet of conference and meeting space and a range of amenities. Completion of the transaction is expected at year-end. MIT will continue its ownership of the land. The sale was brokered by Jones Lang LaSalle Hotels. The sale price was undisclosed.
NEW YORK CITY — Massey Knakal has brokered the $11.9 million sale of a 187-foot by 80- foot development site in downtown Brooklyn, New York City. Tyler Hospitality, which purchased the property from Nevins Realty, plans to build a hotel at the site. Located at 300 Schermerhorn, the site contains approximately 83,000 square feet of buildable space for a mixed-use development project, or 90,000 square feet for a community-use property. Brian Leary of Massey Knakal represented the seller in the transaction. In addition, Massey Knakal has brokered the $1.6 million sale of a three-story, mixed-use building in the Greenpoint neighborhood of Brooklyn, New York City. The 25-foot-wide property, located at 916 Manhattan Ave., features two large floor-thru apartments and a ground-floor retail unit with a backyard. The 4,750-square-foot property is underbuilt according to C4-3 zoning, allowing for 8,500 square feet of commercial space. The building was vacant when delivered to the buyer, Brooklyn investor Marek Swiatkowski. Massey Knakal represented the buyer and the seller, Thomas McGinn of Brooklyn, in the transaction.
NEW YORK CITY — The Irvine office of Johnson Capital has arranged $6 million in permanent fixed-rate financing for an 11-story apartment building in Manhattan, New York City. The 37-unit building comprises 41,692 square feet of space and has recently undergone extensive renovations.
NEW YORK CITY — Construction is underway on warehouse-inspired development 80 Metropolitan Avenue, comprising approximately 200,000 square feet, in the Williamsburg neighborhood of Brooklyn, New York City. Developed by Steiner Equities Group, the property features 114 loft residences in a six-story building and nine three-story townhouses. Loft sizes will range from 529-square-foot studios to 1,483-square-foot three-bedroom residences. The lofts will feature 10-foot ceilings, oversized windows, lapacho walnut flooring and views of the Williamsburg Bridge, the East River and Manhattan. Townhouses will range in size from 2,038 to 2,361 square feet. The townhouses will include private backyards, a second-floor terrace and parking space at the door. Residents will be able to purchase one of 24 rooftop cabanas, enclosed parking spaces and storage units. Amenities will include an indoor swimming pool, a fully equipped windowed fitness center, a yoga room, a bike room, a Zen garden, a lounge/media room with a kitchenette, a refrigerated lobby storage for grocery deliveries and an all-day concierge. Prices begin at $395,000. Occupancy is slated for early 2009.
NEW YORK CITY — Gemini Real Estate Advisors has acquired the 78-room Times Square Comfort Inn in Manhattan, New York City, from M & R Hotel Times Square, LLC, for $31.74 million. The select-service hotel is located at 305 W. 39th St., between 8th and 9th Ave., near New York City’s midtown corporate district and main tourist attractions.
NEW YORK CITY — GFI Realty Services has brokered the $16.5 million sale of 215 West 108th Street and 210 West 109th Street, residential buildings in Manhattan, New York City. Shawn Sadaghati of GFI represented the buyer, Morris Moinian, and Roni Abudi and Dan Suissa of GFI represented the seller, Mitchell Banchik, in the transaction. The five- and six-story walkups, totaling 31,425 square feet with an additional 22,948 square feet of air rights, contain a total of 44 units. The units, 31 of which are free market, are primarily two- and three-bedroom renovated apartments.
NEW YORK CITY — Metro Supply has purchased a 57,500-square-foot flex building from a partnership that includes Cook and Krupa for $6.05 million. Located at 43-50 10th St. in the Long Island City neighborhood of Queens, New York City, the property includes 10,000 square feet of parking space. The property will continue to be used as a combination office and incubator building. The buyer plans to use the upper floors to house office tenants, while the lower floors will house smaller businesses moving into the area. Joseph Eliasoph of Sholom & Zuckerbrot Realty represented the buyer in the transaction, and John Ritter, Larry Smith and Frank Zuckerbrot, also of Sholom & Zuckerbrot, represented the seller.
PHILADELPHIA — Wrightwood Capital has provided $9.83 million on behalf of the sponsor, a joint venture between 806 Capital and Seligsohn Soens Hess, to finance the acquisition of 1201 Chestnut Street in Philadelphia. The 15-story office building will undergo upgrades as part of the transaction. Totaling approximately 90,000 square feet, the building features three retail suites at street level. Office spaces occupy the remaining floors. The complex is located between three courthouses and near a variety of restaurants and retail amenities, as well as Thomas Jefferson Hospital, in the Center City/Market East submarket. The sponsor’s planned improvements include upgrading the lobby, elevator landings and restrooms and leasing the available space at market rents. Josh Zegen of Alpine Commercial Capital sourced the financing. A 36-month loan was structured by Wrightwood Capital.
SOMERVILLE, MASS. — Upland Capital Corp. has purchased 212 Elm Street, an office and retail building in Somerville, from Paradigm Properties for $19.6 million. The four-story, 66,217-square-foot building was 100 percent leased at the time of sale. Tenants include Arrowstreet, Inc., Citizens Bank, Tibco and Powderhouse Productions. Tad Lee and Leigh Freudenheim of Meredith & Grew procured the buyer in the transaction. Lee and Freudenheim will continue to market the property, and Paradigm Properties will continue to manage it.