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.
Multifamily
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.
ROUND ROCK, TEXAS — NorthMarq Capital recently arranged approximately $8.11 million in joint venture/equity capital for Sunrise Apartments, a 384-unit multifamily community located on Sunrise Boulevard north of Old Settler’s Boulevard in Round Rock. NorthMarq arranged the joint venture and equity placement for the borrower, a national apartment development company, through its relationship with Arsenal Real Estate Funds.
TEMPE, ARIZ. — Phoenix-based Colgate Group LLC has acquired the University Properties portfolio, a 268-unit apartment community portfolio located on Lemon Street in Tempe, for $21.4 million. The 303,239-square-foot portfolio consists of four properties: University Place, University Pointe, University Square and University Gardens. John Kobierowski and Greg Thielen of Hendricks & Partners’ Phoenix office represented the seller, Corona del Mar, Calif.-based University Properties, in the transaction.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of two adjacent multifamily buildings, located at 2310-2312 N. Lincoln Ave. in Chicago, for $3.16 million. The property consists of six residential units and two commercial spaces. Joe Morgan of Essex represented the undisclosed buyer. The seller was also undisclosed
LINCOLN, NEB. — Green Park Financial has provided a $5.18 million acquisition loan for Claremont Apartments, an 89-unit student housing property located in Lincoln. The loan carries a 9-year term with 1 year extended maturity, 5 years interest only and a 30-year amortization. It has an 80 percent loan-to-value ratio with a 1.20x debt-service coverage ratio. The borrower is Prime Property Investors. Will Baker of Green Park Financial originated the loan.
BLOOMINGTON, ILL. — Marcus & Millichap has arranged the sale of Broadstone Apartments, a 34-unit multifamily community located at 1600 R.T. Dunn Dr. in Bloomington, for approximately $2 million. All of the units contain three bedrooms, and the community features an on-site workout facility, parking and storage space assigned to each unit. Sean Lyons and Shaun Buss of Marcus & Millichap’s Chicago office listed the property, and John Olar and Kolman Bubis, also of the firm’s Chicago office, sold the property. The buyer and seller in the transaction were undisclosed.
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 — 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.
HOUSTON — South Houston LP, a Dallas-based limited partnership, has purchased the 156-unit Granada Terrace apartment community located at 1301-1305 Avenue A in South Houston from Santa Clarita, Calif.-based Granada Terrace LTD. Jeff Eisenhardt of Hendricks & Partners’ Houston office negotiated the transaction on behalf of the seller. The sale price was undisclosed. The community currently is being operated as a 100 percent project-based Section 8 Housing Assistance Program property.