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Deals & Dealmakers

Selling points: CLP buys Gold Coast community, Partners build condos at 45 Broad Street

Castle Lanterra Properties

CLP pays $147M for Gold Coast community

Castle Lanterra Properties (CLP) has completed the acquisition of Alexan CityView, a 544-unit apartment community situated on 7.4 acres along the waterfront in Bayonne.

The sale price was $147.5 million. The seller was a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction.

“This is a core-plus opportunity, a class A property that was constructed in 2010, currently with 91 percent occupancy,” said Elie Rieder, owner of CLP. “It is a good opportunity on a price-per-unit, cap rate and yield basis.”

The property features an array of amenities, including a 9,000 s/f clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. The property also is LEED Silver certified.

“Although the property already offers an amenity package that is superior to what is available at other nearby properties, we plan additional upgrades to the amenities, including updates to the clubhouse and an expansion of the gym,” said Benjamin Loney, Head of Acquisitions.

The renamed Harbor Pointe is the initial development on the Peninsula at Bayonne Harbor, a 420-acre man-made peninsula, and offers water views and a panorama of Lower Manhattan.

“The peninsula is the only location along the Gold Coast that still has vacant land that is also master-planned, without the need to re-purpose any other land for construction,” said Loney.

“The surrounding area features a number of opportunities for growth, and we are in discussions with landowners of neighboring parcels to either joint venture with them on putting together combined amenities when they start to build, or to purchase their land to expand what we are able to offer our residents.”

Madison Equities/ Pizzarotti & C. Spa

Partners to build condo at 45 Broad Street

Madison Equities, in partnership with Italian multi-national construction services company, Impresa Pizzarotti & C. Spa, have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million.

The announcement was made by Robert Gladstone, principal of Madison Equities and Giorgio Cassina, managing director of the foreign department of Pizzarotti.

45 Broad Street is a vacant site offering approximately 290,000 s/f of FAR for development.

Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium to offer views of the skyscape and New York Harbor. The developers will deliver condominium units for occupancy in 2019.

45 Broad Street will be designed by architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.

Pizzarotti IBC, the US branch of the group, will be the Construction Manager and the builder.

Pizzarotti IBC, managed by Frank DeGrande and Rance MacFarland, is already working on residential and hotel projects in Manhattan and Brooklyn.

“We are delighted to acquire this marvelous site, so beautifully assembled and rich with potential,” said Gladstone

“Pizzarotti’s real estate experience in markets such as Italy, France and the Principality of Monaco is of great value to our partners, and working with Madison Equities on such a unique project in New York is a wonderful new opportunity to bring all of our expertise to this development,” Cassina said.

HFF marketed the site on behalf of the seller, LCOR. The HFF investment sales team was led by senior managing director Andrew Scandalios, managing director Jeff Julien, director KC Patel and senior managing director Jose Cruz.

L&L Holding Co. / Allianz

Allianz buys majority share in 114 Fifth Ave.

L&L Holding Company, together with property investment and asset manager Allianz Real Estate, announced the formation of a joint venture partnership for the recapitalization of 114 Fifth Avenue in the Midtown South submarket.

Following the recapitalization, Allianz is now a majority owner of the venture with L&L, who will continue to serve as the general partner of the venture, the managing agent and the leasing agent for the 19-story, 350,000 s/f office tower, located on the southwest corner of 17th Street.

The purchase price was $209 million, though other financial terms of the deal were not disclosed.

The announcement comes on the heels of the successful completion of a $45 million building-wide redevelopment of the property. The multi-million dollar project commenced in 2013 after L&L and private equity partner Lubert-Adler acquired a 99-year leasehold interest.

Over the past 12 months, L&L has achieved 345,552 s/f of leases, resulting in 100 percent occupancy at 114 Fifth Avenue.

Among the building’s most notable new tenants are digital media company Mashable; financial services firm Capital One; online media firm Gawker Media; news organization First Look Media. Retail tenants include Bank of America and Lululemon.

David Levinson, Chairman and CEO of L&L Holding Company, said, “We are pleased to be joined by Allianz Real Estate, a company with a strong track record in the U.S. and beyond, and look forward to working with them to further maximize the value of this distinctive class A property located in one of the nation’s hottest office districts.”

Eastdil Secured and Savills jointly advised the seller.

GFI Realty Service

Swedes continue to bulk up New York portfolio

GFI Realty Service arranged the $15 million sale of 415 Washington Avenue, a six-story, 25-unit apartment building located in Clinton Hill, Brooklyn.

Erik Yankelovich and Shawn Sadaghati brokered the transaction. The seller is Arik Lifshitz of DSA Management and the buyer is Swedish invetment and development firm, Akelius USA.

The elevator building consists of a mix of two-, three-, and four-bedroom residential units. A pre-war building, 415 Washington’s large residences feature the high ceilings, large closets and hardwood floors associated with buildings of that era.

“In recent months, Akelius USA has become very active in New York, aggressively acquiring hundreds of multifamily units in prime neighborhoods in Manhattan and Brooklyn,” said Yankelovich.

“As the company sought to continue to add to its New York City portfolio, we connected them with this off-market multifamily building that provided the sort of stable investment opportunity they were looking for.

Sadaghati said. “DSA Management had acquired the property for $10.25 million barely over a year ago. They ultimately chose to sell the property, as the value has gone up tremendously within a short period of time, and decided to transition into another deal.”

Thor Equities

Harbor buys Thor retail

Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Avenue in Midtown Manhattan to Harbor Group International for $68 million, company executives announced.

“We continue to believe strongly in the Fifth Avenue corridor,” said Joseph Sitt, CEO of Thor Equities.

“However, we felt the time was right to sell this property, after successfully implementing our business plan of improving a prime retail location and securing a nationally recognized tenant.”

Thor Equities recently signed women’s contemporary jewelry and accessory retailer Charming Charlie to the majority of the building’s retail space on the first and second floors, after purchasing the 20,000 s/f property in 2011 for $32.5 million.

New York REIT

REIT continues non-core sell-off

New York REIT has entered into an agreement to sell 163 Washington Avenue in Brooklynfor $38.05 million, or approximately $914 per square foot, at a capitalization rate of 4.7 percent.

Located in the Clinton Hill neighborhood, 163 Washington Avenue is a Class A quality apartment building consisting of 49 rental units, one commercial unit, and 38 parking spaces.

Michael Happel, CEO and president of NYRT, commented, “We are very pleased to announce this pending sale, which marks the latest step in our previously stated strategic initiative to sell non-core assets.

“We continue to receive substantial interest in the four other assets we have for sale outside of Manhattan and are continuing to work with Holliday Fenoglio Fowler and Cushman & Wakefield to pursue these opportunities.”

Holliday Fenoglio Fowler, LP acted on the Company’s behalf in this transaction. The HFF investment sales team representing the seller was led by managing directors Rob Rizzi, Jeff Julien and Rob Hinckley.

HFF

Collins sells Yonkers apartment development

Holliday Fenoglio Fowler has closed the sale of Hudson Park, a multi-housing community situated along the Hudson River in downtown Yonkers, New York.

HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. Strategic Capital was the purchaser.

Overlooking the Hudson River waterfront in downtown Yonkers, Hudson Park is situated at the Yonkers Metro North commuter rail station.

The property consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club.

Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom luxury apartments and approximately 15,500 s/f of office and retail space.

Hudson Park North, the second phase of the development, was completed in spring 2008 and has 294 one- and two-bedroom luxury apartments, as well as a free-standing parking garage.

In addition, the property includes a 0.23-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor.

The ground breaking for this development occurred in mid-September with an expected completion date of mid-2017.  The completed residential component of Hudson Park is 98 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Steve Simonelli and Michael Oliver.  Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction.

“The entrance of foreign capital into the Westchester market, and more specifically Yonkers, is an example of how the investment community perceives the submarket to have significant growth,” stated Cruz.

“The level of interest in the property was very high given the quality of the buildings, additional development rights and location along the train line.”

Cushman & Wakefield

C&W marketing DUMBO condo package

Cushman & Wakefield has been retained on an exclusive basis to sell a package of condominium units located in BridgeView Tower at 189 Bridge Street.

The property is located between Nassau and Concord Streets on the border of Downtown Brooklyn and DUMBO. The asking price is $32 million.

Built in 2008, the 18-story, 58-unit luxury building features a 24-hour doorman, a lobby with approximately 20 ft. ceilings, a fitness center, and two private outdoor areas with tables and grills.

The package consists of one retail unit, a two-level parking garage with 30 spaces, and 29 residential units, of which one is a two-story penthouse.

The retail unit is leased to Amarachi Lounge, a popular restaurant and bar, until March 2026.

All of the residential units are leased and feature stainless steel and glass kitchen cabinetry, and granite countertop, in-unit washer and dryers,built-in wine coolers, maple hardwood floors, and private terraces.

The building offers shuttle service to the Jay Street F train stop and is in walking distance to multiple subway stops.

“This offering presents a rare opportunity to acquire a low-maintenance, high cash flowing asset with tremendous upside,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Stephen Palmese.

“The asset is ideally located in the center of the thriving Brooklyn Tech Triangle, straddling Downtown Brooklyn and DUMBO,” added Palmese.

The Carlton Group

RFR taps Carlton to sell Stamford portfolio

The Carlton Group has been retained by RFR Holding to sell and/or recapitalize an 800,000 square foot Class A office and residential portfolio in Stamford, CT.

Local professionals predict the portfolio will attract bids of over $250 million.

The portfolio is located adjacent to the Stamford Town Center Mall, a high-end regional retail center.

The assets are also within walking distance of the Stamford Transportation Center, which offers direct access to Manhattan, Westchester and the Northeast Corridor via Metro North Railroad and Amtrak service.

The portfolio consists of two Class A office towers, a mixed use office and residential property and a residential development site.

The two Class A office properties are 88 percent leased and the mixed use property presents the opportunity to increase net operating income by leasing up current office vacancy and renovating the 106 apartment units to increase rents.

In addition, the as of right development site permits the construction of a 345 unit residential tower.

Ownership will entertain an outright sale or a joint venture transaction on the entire portfolio or on individual assets.

HFF

ARC offloads retail property

Holliday Fenoglio Fowler has closed the $12 million sale of Essex Square, a 16,000 s/f retail strip center located within the Route 17 retail corridor in the New York City suburb of Lodi, New Jersey.

HFF marketed Essex Square on behalf of the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired all cash.

Essex Square is a 100-percent-occupied center leased to national and regional tenants.

The HFF investment sales team representing the seller was led by managing directors Chris Munley and Kevin O’Hearn and senior managing director Jose Cruz.

“Retail assets of this nature continue to be in high demand from multiple equity sources around the country,” Munley said.

American Realty Capital

Trust continues hotel buying spree

American Realty Capital Hospitality Trust, Inc. has completed the  acquisition of 10 hotels for a purchase price of $150.1 million from Summit Hotel Properties  a publicly-traded hotel real estate investment trust.

This transaction represents the first 10 of 26 hotels that the company announced it will be acquiring from Summit for a total purchase price of $347.4 million.

In addition, ARC Hospitality currently has another 18 hotels under contract with unrelated Sellers for $392.4 million. ARC Hospitality intends to close on all of the acquisitions during the next eight months consistent with previous announcements, for an aggregate of 44 hotels.

The 10 hotels announced are all branded with Marriott International and Hilton Hotels & Resorts and are located in Baton Rouge, Louisiana; Flagstaff, Arizona; Fort Wayne, Indiana; Medford, Oregon; and El Paso, Texas. The acquisition increases ARC Hospitality’s current lodging portfolio to 132 hotels totaling 16,014 rooms across 32 states.

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