NEW YORK CITY — Houlihan-Parnes Realtors has brokered the sale of a mixed-use property located at 4062-4072 White Plains Road (also known as 690 East 229th St.) in the Wakefield neighborhood of the Bronx. Situated on an irregular 9,000-square-foot lot, the property features a three-story building with two retail stores and two apartments, and a one-story building with three retail stores and a used car sales lot. A Long Island-based management and holding company purchased the property for $1.4 million. Jerry Houlihan and James Coleman of Houlihan-Parnes Realtors arranged the transaction.
Mixed-Use
SMYRNA, GA. — Atlanta-based Halpern Enterprises has begun construction on Belmont, a 48-acre mixed-use development in Smyrna, a northwest suburb of Atlanta. The property will feature restaurants, retail, single-family homes and luxury rental apartments at the site of the former Belmont Hills Shopping Center. David Weekley Homes will build 153 detached single-family homes at the intersection of Windy Hill and Atlanta roads in a neighborhood dubbed the Village of Belmont. Homes will be priced from the high $200,000s to more than $400,000. Wood Partners will build the multifamily portion in a 274-unit property known as Alta Station at Belmont. Pre-leasing is expected to begin in the spring of 2015. Halpern Enterprises will develop the retail portion with the first stores expected to open in the summer of 2015.
ALPHARETTA, GA. — North American Properties (NAP) has announced three new retailers for Phase II of Avalon, a $600 million mixed-use development in Alpharetta. NAP recently secured commitments from Lily Pulitzer, Brooks Brothers and Peek Boutique, which will be joined by 12 more retailers and restaurants in Phase II. The second phase of Avalon will feature 90,000 square feet of upscale retail and restaurants, a 250,000-square-foot Class A office building above retail space, 276 luxury rental homes above retail space, a freestanding 300,000-square-foot office building and a 325-room hotel and conference center. Phase I, which is 97 percent leased, will open to the public on Oct. 30.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 1424-1428 Lexington Avenue, a five-story, mixed-use walk-up in Carnegie Hill on the Upper East Side. The 13,520-square-foot corner property sold for $12.6 million. Situated on the northwest corner of Lexington Avenue and East 93rd Street, the property includes an additional 13,881 square feet of unused development rights, which are subject to Landmarks Preservation Commission approval. The building features nine residential units and three ground-floor commercial units occupied by Ottomanelli Brothers Restaurant, Vela Pizzeria and Pet Central. David Kriss of Kriss & Feuerstein LLP was the attorney for the buyer, while Allen Schole of Ellenoff Grossman & Schole LLP provided legal counsel for the seller.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 1227 Broadway in Brooklyn’s Bushwick neighborhood. The 7,065-square-foot building sold to a private investor for $2.7 million or $382 per foot. Renovated in 2006, the mixed-used building offers six free-market residential units and one retail unit. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
BOSTON — Rockland Trust has provided financing for Holland Companies to develop two projects in Boston: a condominium building in Back Bay and a mixed-use property in the South End. Located at 451 Marlborough St., Four51 is a residential property that will feature 30,000 square feet of living space with eight luxury units ranging in size from 2,000 to 5,200 square feet. Construction began on the project, which was designed by Hacin Architects, in July 2013 and is scheduled for completion in spring 2016. Holland’s second project, Jordan Lofts, is a mixed-use property located at 477 Harrison Ave. in Boston’s South End. The building will feature 4,800 square feet of retail space and 12 residential units. Construction began in October 2013 and is slated for completion in spring 2015.
DORAL, FLA. — Miller Construction Co. breaks ground on Gateway Center Doral, an 84,000-square-foot mixed-use development in the metro Miami city of Doral. The $9 million project will feature retail and high-end boutique office space in Doral’s N.W. 87th Avenue retail and restaurant corridor. The project team includes developer DBH Properties Ltd. and architect DYNAMICA ARCHITECTURE + INTERIOR DESIGN. Miller Construction expects to deliver the property in spring 2015.
HYATTSVILLE, MD. — ECHO Realty LP and its partner The Bernstein Cos. have broken ground on The Gateway at University Town Center, an 83,400-square-foot mixed-use property in Hyattsville. The two-story asset will be located at the intersection of East-West Highway and America Boulevard. The property will be anchored by a 54,400-square-foot Safeway and feature tenants such as Unleashed by Petco, Phenix Salon and an undisclosed medical office practice. ECHO has selected Facchina Co. Inc. as the site work contractor for the development and will select a general contractor for the development in the near future.
NEW YORK CITY — Teaneck N.J.-based Treetop Development has completed two transactions in New York City. In the first transaction, Treetop Development, along with its partner, Latus Partners, sold a four-building rental portfolio to E&M Associates for $29 million. The portfolio consists of 82 two- and three-bedroom apartments and 11 commercial spaces located at 1917 Seventh Ave., 110 St. Nicholas Ave., 120 West 116th St. and 100 West 116th St. Aaron Jungreis of Rosewood Realty Group brokered the transaction. Treetop Development utilized the first transaction as a springboard to acquire an apartment portfolio located on Adam Clayton Powell Boulevard in Harlem. The company purchased the portfolio of 41 rental homes and six commercial spaces from Sugar Hill Capital Partners for $11.25 million. The properties are located at 2261 Adam Clayton Powell Blvd., 2267-2269 Adam Clayton Powell Blvd., 2271-2273 Adam Clayton Powell Blvd. and a vacant lot at 2265 Adam Clayton Blvd. Peter Vanderpool of Cignature Realty served as broker for the transaction, while Efram Friedman of Herrick Feinstein provided legal counsel to Treetop Development.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 15-17 West 116th Street, a mixed-used property in Central Harlem. Malcolm Shabazz Court LLC sold the property to 15 West 116 LLC for $13.8 million in an off-market transaction. Constructed in 2005, the nine-story building features 38 apartment units and ground-floor retail space. The property is under a 20-year 421A tax abatement program with 12 years remaining, which does not prohibit the owner from acquiring new financing from any institutional lender. The transaction was subject to the purchaser being approved by two city agencies (The NYC Department of Housing Preservation and Development and Housing Development Corp.), along with the assumption of subsidized financing. Peter Carillo and Andrew Sasson of Eastern Consolidated represented the seller; Carillo also procured the buyer in the transaction. Gregory Reid of Reid Rodriguez & Rouse provided legal counsel for the seller, while Ira Nesenoff of Nesenoff & Miltemberg was the attorney for the buyer.