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SELLING POINTS: Marcus & Millichap sells $45M Westchester portfolio

● MARCUS & MILLICHAP
White Plains portfolio trades for $45M

A Westchester apartment portfolio has traded for $45 million.

Marcus & Millichap brokered the sale of the three-property, 104-unit portfolio in White Plains, New York.

The sale prices represents $433,000 per unit. All three assets were constructed in 2015 in downtown White Plains.

“The new owner’s strategy is to hold the properties long term,” said Victoria Fisher of Marcus & Millichap’s Westchester office.
Fisher and Marcus & Millichap’s Jim Evans represented the seller, the properties’ developer, Lighthouse Living LLC and The Daten Group LLC. The pair also procured the buyer, a Westchester-based investor.

The properties are The Dylan, a four-story apartment building at 42 Waller Avenue; La Gianna, a five-story property at 10 Dekalb Avenue and; The Reed, a three-story building at 115 N Broadway.

● CUSHMAN & WAKEFIELD
Partners have big plans for former Johnson & Johnson complex

PCCP, LLC announced that its joint venture with Vision Real Estate Partners has acquired 185 and 201 Tabor Road in Morris Plains, New Jersey.

The asset is a 66-acre corporate campus composed of two properties, one a Class A office building and the other a series of Class B and C office buildings slated for redevelopment.

The seller was the previous occupant, Johnson & Johnson.

185 and 201 Tabor Road in Morris Plains, New Jersey.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala, and Noble Carpenter III acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.

Built in 2006, the 240,000 s/f 185 Tabor Road is one of the newest and highest quality office buildings in Morris County.
Constructed in phases from the 1950s to the 1990s, 201 Tabor Road is a series of Class B and C connected buildings totaling 644,000 s/f on approximately 45 acres.

Given its age, the buyers believe the highest and best use is to demolish the existing structure and redevelop the site.
The corporate campus is situated within walking distance of the Morris Plains Train Station and 10 minutes from the intersection of Interstates 287 and 80, with immediate access to Routes 202 and 10.

In addition, the property is very close to two New Jersey transit rail lines with direct connection to New York City, Newark and Hoboken.

“Our joint venture viewed this as an opportunity to acquire a vacant high-quality asset in 185 Tabor Road at an attractive basis well below replacement cost,” said Ryan Dodge, Vice President with PCCP.

“We also see further upside through a redevelopment/rezoning opportunity in 201 Tabor Road, which, once repositioned, we believe that we will see strong interest from local market occupiers.”

The Tabor Road campus sits immediately adjacent to Honeywell’s new global headquarters.

● NKF CAPITAL MARKETS
Midtown office building has buyer options

NKF Capital Markets has been retained as the exclusive agent for the sale of 384 Fifth Avenue, an eight-story office building in midtown.

 

The team is comprised of Paul Davidson, David Noonan, Jennifer Schwartzman, William Lee and Paul Talbot.

384 Fifth Avenue is 32,000 s/f with total FAR measuring 53,745 s/f. According to the brokers, it has received significant upgrades to its infrastructure including a new elevator and an updated fire safety system.

The building can be vacated so the new owner can occupy the property, redevelop the existing building or demolish and build to the lot’s full potential, said Davidson.

“384 Fifth Avenue has tremendous potential given its prime location and proximity to numerous lines of transportation,” added Davidson.

“This building is a cornerstone in Midtown and has boundless opportunity to generate significant business and retail opportunities to the area.”

The property is near the Empire State Building, within walking distance of both Penn Station and Grand Central Terminal, in addition to countless subway lines.

● LEE & ASSOCIATES NYC
College buys office condo

Lee & Associates NYC announced the sale of a Fifth Avenue office condo for $18.4 million.

384 Fifth Avenue

Brett Zelner, executive managing director/principal, arranged the sale of the 18,000 s/f 14th floor at 420 Fifth Avenue to Marist College.

The space will serve as an alumni and information center in New York City. Adult graduate programs and executive offices will also be housed here.

The Class-A commercial condominium sits at the corner of Fifth Avenue and East 38th Street near Bryant Park in the heart of Midtown’s commuter triangle of Grand Central Terminal, Penn Station and the Port Authority.

“This will be an amazingly convenient Manhattan outpost for Marist, a renowned educational institution,” said Zelner.
“It will serve as a gathering place for the school’s large alumni and graduate student contingent in the city.”

Marist College will take occupancy of the new space in December of 2018. The seller was A.M. Property Holding Corp.

● MINRAV DEVELOPMENT 
Israelis close on Kips Bay Music School

Israeli developer Minrav Development has closed on its purchase of the Turtle Bay Music School building at 242 East 52nd Street.

According to public records, the sale closed at $11 million.

The school has called the 13,000 s/f building home for many years. According to Crains, which first reported the deal, it plans to use profits from the sale to purchase a commercial condo to continue operations

Built in 1900, the building is four-stories divided into classrooms.

● CORCORAN GROUP
National Academy sells townhouse for $25M

1083 Fifth Avenue

The National Academy of Design has sold an Upper East Side townhouse for $25 million, according to city records.

The 15,000 s/f building at 1083 Fifth Avenue was purchased by an LLC called Ogden Codman, a reference to the architect who re-designed the property.

Corcoran agent Carrie Change represented the Academy in the sale of the six-story, five bedroom townhouse.

The property was originally part of a bigger portfolio the Academy hoped to sell as part of a cost-cutting.

The other properties at 3 East 89th Street and 5-7 East 89th Street were also offered in a $120 million job lot.

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