Wednesday, November 5, 2025
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Multifamily

MultifamilyNortheast

ART & DESIGN BUILDING TRADES FOR $31.5M

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NEW YORK CITY — Marcus & Millichap has arranged the $31.5 million sale of the Art & Design Building at 1059 Third Ave. in Manhattan. The price translates to $1,146 per square foot, setting a new record for East Midtown commercial real estate, according to a statement. The buyer plans to demolish the 22,250-square-foot office, showroom and retail building and develop the property into high-end condominiums. The property is located near Trump Plaza, Bloomingdale's and the Bloomberg Building. Tanya Siegel and Kailin Zhu of Marcus & Millichap represented the seller in the transaction. Massey Knakal represented the buyer.

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MultifamilyNortheast

GFI ARRANGES $8.3M SALE OF SUNSET PARK MIXED-USE BUILDING

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NEW YORK CITY — GFI Realty Services has arranged the $8.3 million sale of 4112 4th Ave., a mixed-use building in Brooklyn. The 43,280-square-foot building contains 57 apartments and seven stores. The building is centrally located to the Gowanus Expressway as well as the D, N and R subway lines. Erik Yankelovich of GFI Realty Services represented the buyer, a local family, in the transaction. Joseph Landau of GFI represented the sellers, a partnership of local investors.

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MultifamilyNortheast

BURLINGTON MANAGEMENT ACQUIRES 18 APARTMENT UNITS

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CHELSEA, MASS. — Burlington Management has acquired 18 apartment units at 156-160 Park St. an 161-165 Pearl St. in Chelsea for $1.5 million. The apartments are housed in two, three-story rowhouse buildings. The Pearl Street building contains 10,296 square feet and the Park Street building includes 8,966 square feet. Both buildings have separate entrances and on-site washers and dryers. Carl Christie and Dan McGee of NAI Hunneman represented the seller in the transaction. They also procured the buyer.

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Seniors HousingSoutheast

CNL INVESTS $21.6M IN SENIORS HOUSING PROJECT

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LADY LAKE, FLA. — CNL Healthcare Trust has agreed to invest $21.6 million in the 96-unit HarborChase of Villages Crossing, a to-be constructed assisted living and memory care community in Lady Lake. The two-story building will total 91,000 square feet. Harbor Retirement Associates is the project developer and will provide management services under a long-term contract upon completion. CNL owns 100 percent of the project.

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MultifamilySoutheast

NASHVILLE APT. COMPLEX SELLS FOR $37.5M

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NASHVILLE, TENN. — Pollack Shores Real Estate Group has sold the 220-unit Velocity in the Gulch, a multifamily property located at 320 11th Ave. S. in Nashville, for $37.5 million. Amenities include a sky lounge with outdoor cabanas, gym and controlled access parking garage. Walton Street Capital was the buyer. The seller had previously converted the property from condominium units to for-rent apartments. The sale did not include the 43 condo units or the ground-level retail.

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MidwestMultifamily

THREE CHICAGO APARTMENT BUILDINGS SELL FOR $4M

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CHICAGO — Marcus & Millichap has arranged the $4 million sale of three apartment buildings in Chicago. The assets were located at 4709 W. Belmont Ave., 4844 West Henderson St. and 4539 W. Wellington Ave. The buildings feature 62 units and four street-level retail spaces. Joe Smazal and James Clough of Marcus & Millichap represented the seller, a local private investor. James Ziegler of Marcus & Millichap represented the buyer, a limited liability company.

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