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Deals & Dealmakers

SELLING POINTS: Riese selling Union Square development site; Cushman shopping 135-unit NJ apartment portfolio

● AVISON YOUNG
Union Square development site offered at $32M

The Riese Organization is selling its former TGIF restaurant building in Union Square
The site at 34 Union Square (pictured top) is being offered for sale by Avison Young for $32 million.
A corner space offering up to 26,000 buildable square feet, 34 Union Square East has been priced at $32 million.
Avison Young principals James Nelson and Todd Korren secured the assignment. Nelson along with Charles Kingsley and Toku Saito, will market the site.
“Given its potential for development and prime location in the Union Square area, we are expecting high interest from a variety of investors,” said Nelson.
Featuring 26 feet of frontage on Union Square East and over 125 feet of frontage on East 16th Street, 34 Union Square East currently holds a 6,500 s/f building that was formerly a TGIF restaurant.
The property is directly across from Union Square Park, which attracts a mix of users including students and professionals. The neighborhood is home to more than 75,000 residents, 140,000 employees and 60,000 students, and attracts over 344,000 pedestrians daily.
Nearby, the city plans to create the Union Square Tech Training Center, a 240,000 s/f new development, on t

● HIGHCAP GROUP
Medical center pitched as alternative asset

The Hellenic Medical Center in Astoria is being offered for sale for the first time since it was built.
Josh Goldflam, co-founder and principal of Highcap Group, is listing the property at 30-70 31st Street in Astoria for $12,500,000.
Built in 2010, the medical center consists of over 15,800 s/f of space fully leased to a roster of medical tenants that includes the North Shore / LIJ.
Located on the corner of 31st Street and 30th Drive, it is one block from the 30th Avenue subway station, and three blocks from Mount Sinai Hospital. T
The elevator building has a modern office design with roof deck and a leased cellar space. According to Goldflam, nearly half of the building is being leased at below market rate rents for the area.
“There is very a limited supply of modern medical office buildings in Astoria and, a prime location between the subway and hospital, makes this a rare and very intriguing opportunity for any type of investor. The market in Astoria is very safe and insulated like many of the better neighborhoods in Manhattan, making it a great alternative for most investors who want to park their money on the island of Manhattan.”

● K&R preservation
Developer planning upstate overhaul

K&R Preservation, a Manhattan-based affordable housing development firm owned and operated by Francine Kellman and Brian Raddock, announced the acquisition and planned rehabilitation of two senior apartment complexes in upstate New York.
The 92-unit Governor Clinton Apartments located at 1 Albany Avenue, and the 104-unit Senior Housing Alexander Yosman Apartments located at 295 Broadway, both in Kingston, as well as the 56-unit Mountain View Apartments, at 7974 Main Street, and 84, 86 Maple Avenue in Hunter, NY, were acquired for $23,000,000.
K&R plans to invest $44,000 per unit — or $11 million total — in the restoration program.
All sites currently receive Section 8 subsidies. With the acquisition, the buildings will continue to remain affordable and receive the subsidy for the next 40 years.
Kellman commented, “The purchase and rehabilitation of the Landmark Apartments using a Wells Fargo Fannie Mae Insured Mortgage, a State Subsidy Loan provided by the New York State Housing Finance Agency and the benefit of project-based Section 8 will eliminate the risk of 252 affordable housing units in Ulster and Greene Counties from converting to market rate units.
“With a limited supply of affordable housing in Ulster and Greene Counties and very high demand for senior and multifamily housing in general in the region, this project will preserve affordability and thus provide a long-term benefit to the community,” she added.
The renovations will take place in multiple phases which will allow tenants to remain in their units and avoid any relocation costs.
According to Raddock, “Upon completion of the scheduled rehabilitation work, the project will provide comparable or better-quality housing than other housing in the market area.”

● CUSHMAN & WAKEFIELD
Jersey owner looking for offers on 135-unit portfolio

A 135-unit multifamily portfolio in one of New Jersey’s tightest rental markets is being offered for sale.
Located in Iselin, Avenel, Rahway and Colonia, the properties – all developed within the past five years – are 98 percent occupied, according to Cushman & Wakefield, which is representing the seller.
Andy Schwartz, who is heading the assignment with Brian Whitmer, Mark Phillips and members of the firm’s New Jersey capital markets practice, said, “The Woodbridge submarket has a multifamily vacancy rate of just six percent, with projected rent growth of more than 13 percent in the next five years.
“In short, this is a highly attractive opportunity for any investor looking to gain or grow a foothold in a thriving multifamily market.”
The properties feature contemporary designs and high-end materials and finishes, and are located within a five- or 10-minute drive of one another.
Portfolio addresses include at 444 Lincoln Hwy. in Iselin; 1400 St. George Ave., 475 Avenel St., 345 Edgerton Blvd. and 151 Piper Ave. in Avenel; 1299 St. George Ave. in Colonia; and 195 W. Scott Ave. in Rahway.
The offering includes a fully approved, 39-unit development site located adjacent to the Edgerton Blvd. property.

● SILVERBACK DEVELOPMENT
Silverback adds to Stamford portfolio

Silverback Development has paid $12.4 million for a two-building, 128,000 s/f office complex in Stamford, CT.
Comprising two six-story office towers, the property is located at 1111-1117 Summer Street,.
“We believe Stamford is one of the most promising resurgent real estate markets in the Tri-State Area right now, as evidenced by the influx of millennials, real estate, healthcare and tech companies flocking to the area,” said Alan Glick, vice president of development at Silverback.
Silverback now owns five buildings in downtown Stamford, including 777 and 733 Summer Street and 612 Bedford Street.
The developer aims to bring the 50 percent occupied office complex to full occupancy over the next year.

● HFF
Princeton neighbor scooped up

Holliday Fenoglio Fowler announced the sale of Steward’s Crossing, a 240-unit multi-housing community in Lawrenceville, Mercer County, New Jersey.
The HFF team marketed the property on behalf of Merion Realty Partners and a joint venture partner. Berkshire Group was the buyer.
Located at 1000 Stewards Crossing Way, the property is located near both Princeton and the state capital of Trenton. Totaling 240 homes spread throughout 12 buildings and 24 acres, it has a wooded, park-like atmosphere and amenities that include a clubhouse, 24-hour fitness center, tennis court, swimming pool and walking path.
It has a mix of one-, two- and three-bedroom floor plans, which feature renovated kitchens and bathrooms, washers and dryers and walk-in closets.
The HFF team representing the seller included Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all working with HFF’s Philadelphia multi-housing team, including Mark Thomson, Carl Fiebig and Fran Coyne.
“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said.

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