HFF BROKERS SALE, ARRANGES FINANCING FOR 361-UNIT APARTMENT BUILDING

NEW YORK CITY — HFF has brokered the sale of and arranged financing for Avalon Chrystie Place, a 14-story apartment building located at 229 Chrystie St. in SoHo. Ashkenazy Acquisition Corp. purchased the property for an undisclosed price. HFF marketed the property on behalf of the seller. Additionally, HFF worked on behalf of the buyer to place a senior acquisition loan with the Bank of China and secured preferred equity through a commingled fund managed by American Realty Advisors. The 361-unit property features studio, one- and two-bedroom units averaging 739 square feet, as well as 72,329 square feet of fully occupied ground-level retail space that is anchored by Whole Foods. On-site amenities include a 24-hour concierge service, fitness center, rooftop sundeck and resident storage. Andrew Scandalios, Jose Cruz and Jeffrey Julien of HFF represented the seller. John Pelusi, Mike Tepedino and Jennifer Keller of HFF secured the financing for the buyer.