Mixed-Use

PHILADELPHIA — A joint venture between Philadelphia-based Resource Real Estate and a private hedge fund has purchased the whole mortgage loan of School Lane House Apartments, a 338,546-square-foot mixed-use property with 494 residential units and 12 retail units. The two-building, 11-story property is located at 5450 Wissahickon Ave. in Philadelphia’s East Falls area and includes a fitness center and parking garage. Mark Thomson and Zachary Pierce of Marcus & Millichap represented the seller, an East Coast commercial bank, and procured the joint venture.

NEW YORK CITY — Massey Knakal has brokered the $18.75 million sale of a mixed-use development site at the former Stella D’oro Bakery at 184-190 W. 237th St. in New York City’s north Bronx. The property sits on 5.2 acres and is comprised of 167,000 square feet, which includes a two-story factory building and a one-story garage/retail complex. The site will be redeveloped into a 162,000-square-foot retail complex. Karl Brumback of Massey Knakal represented the sellers in the transaction. Metropolitan Realty Associates and Angelo, Gordon & Co. purchased the property.

NEW YORK CITY — Massey Knakal has brokered the $8.1 million sale of two adjacent mixed-use buildings in Manhattan’s Upper West Side at 450 and 452 Amsterdam Ave. The properties are approximately 18,500 square feet combined with four stores and 16 apartments, and the sales price equates to approximately $437 per square foot. The buildings are both five-stories and have been owned by a New York family for multiple generations. Massey Knakal’s Hall Oster and Paul Smadbeck had the exclusive listing for the properties.

NEW YORK CITY — A mixed-use building comprised of nine apartment units and seven retail stores located at 825-829 Flatbush Ave. in Brooklyn has been purchased for $2.8 million. The property has a total 13,059 square feet of rentable space, with 9,792 square feet as multifamily space and 3,267 square feet of retail space. Naomi Shu of Marcus & Millichap Real Estate Investment Services’ Manhattan office represented both the buyer and seller in the transaction.