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Deals & Dealmakers

On The Scene: Knakal, Cushman extremely active

AGENTS

A stabilized portfolio of 110 buildings encompassing 250 apartment units in one of the United States’ strongest rental markets is being offered for sale by Madison Hawk Capital Markets Group. 94% of the 110 properties included in the offering are located in Massachusetts, the majority situated in Worcester County. The remaining units are located in Rhode Island (5%) and Connecticut (1%).
• The portfolio consists of 41 single-family homes, 19 two-family homes, 35 three-family homes and 15 buildings with four or more units, all of which have undergone extensive capital improvements over the past five years.
• The owner-managed properties maintain a 98.5% occupancy rate with a high quality tenant base and generates a Net Operating Income of $1,770,000.
• The bid deadline for this portfolio is Thursday, March 3, 2016.

•••
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a multifamily building at 509 West 212th Street. The property is located on the north side of West 212th Street between Broadway and 10th Avenue in Manhattan’s Inwood neighborhood. The five-story, residential apartment building consists of approximately 37,940 gross square feet and features a total of 44 residential units. The unit mix consists of 19 one-bedroom units and 25 two-bedroom units. Of the 44 units, 41 are rent stabilized, two are rent controlled and one is currently occupied by the super. Recent capital improvements to the property include a new boiler and roof assembly in 2015. The property is located within proximity to Inwood Hill Park, Fort Tyron Park and The Cloisters. Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield is exclusively marketing this property with Jonathan Hageman and Robert M. Shapiro. The starting bid is at $2,500,000.

 

SALES

EPIC Commercial Realty announced the sale of 66 Patchen Avenue and 473 Kosciuszko Street in Bedford–stuyvesant, Brooklyn.Investment Sales Directors Ryan Winchester & Yagnesh Vangala sold 66 Patchen Avenue for $2,095,000 and 437 Kosciusko Street for $1,250,000.
• 66 Patchen is located between Quincy Street and Lexington Avenue, two blocks from the Gates Avenue J & Z train station. It is a four-story residential building with eight units.
• 473 Kosciuszko Street is located between Lewis and Stuyvesant Avenues, three blocks from the Kosciuszko Street J train station. It is a four-story residential building with four units.

•••
Cushman & Wakefield announced the following sales:
• A loft-style apartment building at 305 McGuinness Boulevard in Brooklyn’s Greenpoint neighborhood was sold for $31,000,000. The five-story luxury building contains approximately 53,124 s/f. It consists of 38 residential units, 19 parking spaces, a fitness center and a common courtyard. The property also features an unfinished rooftop which offers views of the Manhattan skyline, Queens and Brooklyn. The seller was Ronny Ben-Dov. Brendan Maddigan exclusively handled this transaction with Clint Olsen.
• The 50% fee interest in the property located at 323-335 West 96th Street. The property is located between West End Avenue and Riverside Drive on the Upper West Side. The sale price was $27,000,000. The land is currently subject to a 99-year ground lease which commenced in October 2000. At the beginning of the lease term, the Lessee constructed a new 15-story, elevator apartment building totaling approximately
133,700 gross square feet. There are 172 residential units and 2 commercial units. Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield, who exclusively handled this transaction with Hall Oster and Jonathan Hageman.
• A NNN leased retail property at 163-30 Cross Bay Boulevard, in the Howard Beach neighborhood of Queens, was sold for $12,600,000. Bob Knakal handled this transaction along with Jonathan Hageman and Brian Sarath. The building was originally constructed in 2009 and underwent another substantial renovation in 2014. The current configuration offers a large parking lot in the rear of the building which holds 42 permitted spaces. The building consists of approximately 9,767 feet and is currently net leased to Duane Reade through October 2028 with a corporate guarantee from Walgreen’s(S&P BBB). Duane Reade subsequently sub-leased the space to Key Foods.
• An elevator-serviced apartment building, located at 440 West 47th Street in Midtown West, sold for $23,500,000. The five-story building consists of one commercial unit and 46 residential apartments, of which 16 are rentstabilized and 30 are free market. The sale price equates to approximately $760 per square foot. Bob Knakal handled this transaction with Jonathan Hageman and Chris Brodhead.

 

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