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Deals & Dealmakers

SELLING POINTS: Hudson Yards neighbor expected to pique developer interest; EVO principals buy an office building

●eastern consolidated
Hudson Yards neighbor hits market

A Chelsea development site is expected to attract offers from developers eager to capitalize on the emerging Hudson Yards neighborhood.
Eastern Consolidated has just been tapped to sell 393 Eighth Avenue, a site currently housing a four-story, mixed-use property.
The site’s beeing listed at $22.5 million by Chad Sinsheimer, a director with Eastern Consolidated, who along with associate Noah Buchwald, and director, Financial Services Chris Matousek, exclusively represents the seller.

393 Eighth Avenue
393 Eighth Avenue

“The property is well located on a prime Chelsea lot while also benefiting from being situated just one block from the unprecedented amount of new development occurring in the Hudson Yards District,” said Sinsheimer.
“There is tremendous upside potential for redevelopment into a commercial, residential, or mixed-use project.”
Located on the west side of 8th Avenue, between West 29th and West 30th Street, the 2,940 s/f lot is zoned for 26,460 s/f of residential or community facility development, or 17,640 s/f for commercial development.
There are also assemblage opportunities to grow the site afrom the other surrounding underbuilt properties and the excess development rights that are being offered for sale from Moynihan Station.

●evo real estate group
EVO principals buy office building

Two principals of EVO Real Estate Group, a member of NAI Global, have formed a partnership and purchased a 92,000 s/f, Class-A office building at 100 Mill Plain Road in Danbury, CT,

100 Mill Plain Road
100 Mill Plain Road

Ira Z. Fishman, CEO of EVO, along with EVO principal Nathan Halegua, EVO executive vice president Arnold Gamberg, and David Kaye of Rockledge Investments, bought the building from Lemle Danbury LLC for $12,400,000. Steven Bardsley of CBRE represented the seller.
The multi-tenant building, which is close to Interstate 84, has four stories and 300 parking spaces. “Most of our acquisitions are in New York, but when I discovered this opportunity in Danbury, we decided to consider Connecticut as well,” said Gamberg.
“Suburban buildings tend to have stable rents, which yield steady cash flows. We determined, therefore, that 100 Mill Plain Road is an excellent investment.”
Fishman and Halegua have a history of investing together. Most recently, together with EVO principals Dana L. Moskowitz and Josh Halegua, they purchased the retail condo at 132 Mulberry Street and syndicated its ownership for their investors under an entity known as 132 Mulberry Partners LLC.

● hff
Google it; Gramercy portfolio has plenty of potential

Heads up Google! Brokers are touting a Gramercy Park offering as the ideal home for employee housing.
With 250,000 new jobs created by 7,000 tech firms in New York in the past five years, the HFF investment sales team marketing a two-building apartment portfolio at 210 East 22nd Street said the properties are “ideal for acquisition by a major technology company and conversion to much needed employee housing.ˮ

220 East 22nd Street
220 East 22nd Street

Broad Street Development (BSD) and its partner Crow Holdings have retained HFF to market a 208-unit portfolio.
The joint venture purchased the mid-rise, loft-style multifamily properties at 210 & 220 East 22nd Street in 2012.
Since then, they’ve spent $4 million on new windows, rooftops and landscaped private gardens.
As well as the tech angle, “potential investors have the option to maintain the assets as luxury rentals; convert to condominiums; or do a complete ground-up development – a rare opportunity in the tree-lined Gramercy Park neighborhood,ˮ say the sellers in a press release.
The two properties are mainly comprised of studio and one-bedroom units. All have undergone renovations.
The HFF investment sales team working on behalf of BSD and Crow Holdings is led by Andrew Scandalios, along with Jeffrey Julien and Rob Hinckley.

●thor equities
Thor pays $11M for Noho retail

Thor Equities has acquired the retail condominium at 50 Bond Street in NoHo.
Located between Bowery and Lafayette Street, the 6,400 s/f two-level space has 30 ft. of frontage on Bond.

JOE SITT
JOE SITT

Built in 1896 by architects Cleverdon & Putzel, it also has six full-floor residential condominiums.
“50 Bond Street is a beautiful late 19th-century building on the most sought after block in NoHo, which has become one of the trendiest retail and residential neighborhoods in all of New York City,” said Joseph Sitt, CEO of Thor Equities.
In addition to 50 Bond Street, Thor Equities owns 30 Bond Street in NoHo.
RKF arranged the $11 million sale. RKF managing director Brian Segall represented the seller, Stewart & Sons, and the buyer.

● HPNY
Soho retail snatched up

A three story retail building in Soho has traded for $8,500,000. Located at 220 Lafayette Street, the ground floor is occupied by a women’s lingerie company called Cosabella. There is landmarks approval to building a single family townhome on top of the existing structure.
The seller was a long time family owner. Ivan Hakimian, president of HPNY, was involved in the purchasing entity.

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