NEW YORK CITY — ARM Real Estate Group has arranged the sale of 476 Union Avenue in Brooklyn’s East Williamsburg neighborhood. 476 Union Avenue LLC, a local design and development firm, purchased the mixed-use property from a local family for $2.4 million. Constructed in 2004, the two-building, 4,243-square-foot property features three units in the front three-story building and one unit in the rear building. The buyer plans to demolish the rear building and extend the depth of the front building and add an additional floor or two to the existing structure. The property’s zoning allows for a retail use on the ground floor so the new owner plans to convert the ground-floor apartment into retail space. Anand Melwani and Harrisson Zavala of ARM Real Estate Group represented both parties in the transaction.
Mixed-Use
MIAMI — Cohen Financial has secured a $38.2 million bridge loan for the acquisition of land and pre-development of River Landing, a mixed-use development in Miami. Upon completion, River Landing will feature 428,542 square feet of retail space and 508 multifamily units. Kevin O’Grady, Daniel Sheehan, Gregory Newman and Eric McGlynn of Cohen Financial secured the loan with North Star Realty Finance Corp. on behalf of the borrower, River Landing Development LLC.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use property located at the corner of 61st Street and Fifth Avenue in Brooklyn’s Sunset Park neighborhood. The 9,250-square-foot property features six apartments and two commercial units. The property sold for $2.9 million or $308 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transaction. The buyer and seller were not disclosed.
ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and OA Partners have broken ground on Annapolis Junction Town Center, a mixed-use, transit-oriented development in Annapolis Junction, equidistant from Baltimore and Washington, D.C. The $180 million property will feature 100,000 square feet of Class A office space, 416 luxury apartment residences, a 150-room hotel, 17,250 square feet of retail space and a new transit station for the Maryland Rail Commuter line featuring a 700-space parking garage. The MARC station and parking garage will open in the fall of this year, and the retail, office, hotel and apartment components will open in 2016. The project team includes office developer Corporate Office Properties Trust, residential and retail developer Southern Management Corp. and general contractor Whiting-Turner Construction Co.
NEW YORK CITY — Friedman-Roth Realty Services has brokered the sale of two adjacent four-story buildings in Midtown East for $11.1 million. Located at 988 and 990 Second Avenue, the 9,180-square-foot, triple-net leased properties feature five residential apartments and a sushi restaurant. Jim Mann and Lily Ren of Friedman-Roth represented the buyer, a private investor, and Richard Libbey of M.A. Salazar represented the seller, a long-time family investor, in the transaction.
NEW YORK CITY — RKF has arranged the sale of a 27,164-square-foot mixed-use property located at 257 Water Street in Lower Manhattan. 257 Water Street LLC bought the property from 810-257 Water Street LLC for $23 million. Located at the northwest corner of Water Street and Peck Slip, the property consists of two commercial and residential buildings, including 20 market-rate apartments. Mark Joseph Steakhouse and Acqua Restaurant & Wine Bar occupy the property’s ground-floor retail spaces. The transaction also included additional air rights that allow for future residential expansion. Jeff Fishman, Patricia Garcia and Jonathan Butwin of RKF represented both the seller and buyer in the transaction.
DAVENPORT, IOWA — Love Funding has arranged a $7.5 million HUD loan for the Union Arcade commercial building in downtown Davenport. The loan will be used to convert Union Arcade into a mixed-use, market-rate multifamily residential and retail space. Harry Cheatham of Love Funding’s St. Louis office secured the HUD loan for the building’s owner, Financial District Properties. The non-recourse loan features a 40-year term. The lower level of the Union Arcade was built in 1915 to house the Union Savings Bank and Trust. The upper level was built in 1924. The property has been awarded federal and state historic tax credits. Once the renovation is complete, Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space.The historic building’s renovation is a part of the revitalization of downtown Davenport. Financial District Properties, which bought the building in 2012, is also investing $10 million to create 29 apartments in Davenport’s Wells Fargo building downtown.
DENVER – A 1.1-acre site at the corner of 18th and Wewatta in the Central Platte Valley area near Denver has sold to Portman Holdings for $10.8 million. The site is across the street from the newly renovated Union Station, which will open this July. Portman is partnering with Hensel Phelps Development Group to develop 200,000 square feet of office space, which will include retail and hotel components.
SAN DIEGO – A 15,400-square-foot parcel of land in the San Diego submarket of La Jolla has sold to SARE Investments (c/o Colrich) for $2.9 million. The parcel is located at 5702 La Jolla Blvd., in the Bird Rock neighborhood. The buyer plans to develop a high-end mixed-use project on the site. It will feature ocean-view condominiums, 5,500 square feet of ground-floor retail and a rooftop deck. The property had been fully entitled by the seller, the Krambs Family Trust. The off-market transaction was executed by Victor Krebs of Colliers International.
NEW YORK CITY — A joint venture between The Kalikow Group and Steelpoint Property Group has acquired a pre-war, four-story mixed-use building located at 517 Second Avenue in Manhattan’s Kips Bay/Gramercy neighborhood. Rana Associates sold the property for $5.1 million. The building features an existing ground-floor restaurant and apartments on the other floors. The apartments are currently vacant.