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SELLING POINTS: Fortis building downtown tower; Harbor Group makes second apartment buy

maiden lane development
Fortis to build new
downtown tower

Cushman & Wakefield represented Maiden Lane Development LLC in the sale of 151-161 Maiden Lane to Fortis Property Group for $64 million or $257 per buildable square foot.
“We were very pleased with the results of the sale,” said Vassilis (Bill) Kefalas, of Maiden Lane Development LLC.
“When we acquired the site at the end of 2010, there was little sale or development activity downtown, but we saw great investment potential. The price is a testament to a reinvigorated lower Manhattan and the unique aspects of the site.
“This investment exceeded all of our return expectations given the short window that we had to deploy our capital. We wish Fortis well in its development of what should be a wonderful addition to the lower Manhattan skyline.”

Rendering of what could be built at 151 Maiden Lane

A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso and John LiGreci, along with Bruce Mosler, chairman of Global Brokerage and George Giannopoulos, Senior Associate, represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire block just south of the dynamic South Street Seaport redevelopment project that allows a developer to build a substantial mixed-use project with spectacular views,” said Hwang, a Cushman & Wakefield executive vice president.”
151-161 Maiden Lane is a waterfront site that spans an entire block and is bounded by Maiden Lane, South Street, Fletcher Street and Front Street.
The property allows Fortis Property Group the opportunity to develop a mixed-use, 249,242 s/f building, with up to 138,468 s/f for residential use and the remaining 110,774 s/f for commercial/hotel use or 249,242 s/f for full commercial/hotel use.
Additionally, the site is comprised of two contiguous lots, has no height restrictions and allows for the construction of a single mixed-use tower or two individual developments.
151-161 Maiden Lane is situated within the historic area around Pier 17 South Street Seaport, which is scheduled to begin construction in the fall.
Since 2002, the neighborhood has seen an influx of residents as more than 11 million square feet of office space was converted to residential.

massey knakal
Chinatown site hits market

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 164-168 Canal Street.
The property is located on the corner of Canal and Elizabeth Streets in Manhattan’s Chinatown neighborhood. The asking price is $63,000,000.
The six-story building contains approximately 49,950 rentable square feet and is 70% occupied by tenants such as Citibank and NY Life & Co.
This property features two lobbies and is serviced by two high-speed elevators, a full-time
concierge, central HVAC throughout the building, and security cameras.
Additionally, there is approximately 3,178 s/f of air rights, which could be used for a potential penthouse.
Located a block away from the Bowery, the potential roof top addition can be used for residential or commercial use.
Chinatown, the Lower East Side and the Bowery have recently become extremely popular with international buyers and artists alike, say Paul Massey and Nick Petkoff, who are marketing the site.
“The limited supply of high quality buildings with large and efficient floor plates makes this property a unique asset with great potential to attract additional institutional tenants,ˮ added the brokers.

the arker companies
Arker makes $27M purchase on Staten Island

Dane Professional Consulting Group, a company that specializes in affordable housing and real estate, brokered the sale of 195 and 231 Steuben Street in Staten Island, NY.
The Steuben buildings are seven-story 98,700 s/f mid-rise style apartment buildings containing 99 units, each with it’s own elevator and parking lot.


Dane PCG exclusively worked with the buyer, The Arker Companies, an affordable housing preservation developer, and the seller, DelShah Capital, a full-service real estate debt acquisition, development and management firm.
The Arker Companies purchased Steuben as part of a tax-exempt bond financing deal.The purchase price was $27 million. Rehabilitation and completion of the complex is expected for 2014.
Heidi Burkhart, president of Dane PCG, says of the transaction, “Staten Island is greatly overlooked by the majority of New Yorkers and I personally admire both Daniel Moritz of The Arker Companies and Michael Shah of DelShah Capital for their commitment to the community.
“Both parties were very focused on the preservation of the housing, the needs of the agencies, and most importantly, the needs of the tenants in Staten Island.”

eastern consolidated
Team sees big picture

The 9,995 s/f building at 149-151 East 78th Street known as the Ackerman Institute for the Family building has been sold for $18,250,000.
An anonymous developer bought the five-story, 32-foot-wide townhouse located between Lexington and Third Avenues, a site with additional air rights and a total buildable square footage of approximately 23,661 s/f.
“Timing and structure were critical as the sellers required both top-tier pricing and a long term close with a releasable deposit,ˮ said Ben Tapper, senior director at Eastern Consolidated, who noted that, in the midst of negotiating the sale, Ackerman also had to find a new home.
Tapper co-represented the seller with Marion Jones while Eastern vice chairman and principal Brian Ezratty procured the buyer.
As part of the assignment the Eastern team was tasked with identifying a new home for the nonprofit that would meet the growing space needs of the institute.
According to Ezratty, the Eastern team arranged for the buyers to agree to a highly unusual 12-month close as well as a deposit, roughly 45% of the sale price that would be releasable from escrow toward the purchase and renovation of new space.
“An alternative structure – such as sale leaseback — would have incurred property taxes from which the non-profit was exempt,” explained the broker.

●harbor group international

162-164 East 82nd St

Harbor makes second
apartment buy

Harbor Group International, LLC announced that affiliates of the company have acquired a 37-unit apartment building on Manhattan’s Upper East Side at 162-164 East 82nd Street, between Lexington and Third Avenues, for $16.15 million.
HGI intends to invest an additional $950,000 for structural, mechanical and façade improvements as well as upgrades to common areas and amenities.
In addition, capital will be available to renovate rent-stabilized units as they become available.
“This is the second residential property HGI has purchased this year in one of Manhattan’s most desirable neighborhoods,” said Jordan E. Slone, chairman & CEO of HGI.
“We believe strongly in this market and that our renovation plan along with increased operating efficiencies will provide the best possible value to our investors.”
The transaction comes less than two months after HGI’s acquisition of 334-338 East 79th Street for $20.5 million.

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